Question 1

Which of the following activities and QuickBooks window used to record it is incorrect?

Accepted Answer

A) Sell goods and bill customers; Invoice 
B) Record inventory information; Inventory List 
C) Record vendor information; Vendors List 
D) Order goods; Purchase Order 
A) Sell goods and bill customers; Invoice 
B) Record inventory information; Inventory List 
C) Record vendor information; Vendors List 
D) Order goods; Purchase Order B

Question 2

What QuickBooks activity comes next in this series of business activities: Purchase Order > Receive Items > Enter Bills > ______

Accepted Answer

A) Receive Payments 
B) Pay Bills 
C) Deposit 
D) Vendors List 
A) Receive Payments 
B) Pay Bills 
C) Deposit 
D) Vendors List B

Question 3

Recording a purchase of inventory using QuickBooks involves all the following steps except:

Accepted Answer

A) Create purchase order to order items from vendor 
B) Receive item and record as inventory 
C) Create invoice order to bill customers for purchases 
D) Receive bill and record obligation to pay vendor later 
A) Create purchase order to order items from vendor 
B) Receive item and record as inventory 
C) Create invoice order to bill customers for purchases 
D) Receive bill and record obligation to pay vendor later C

Question 4

Sales taxes are:

Accepted Answer

A) Charged on sales to other retailers 
B) Charged on retail sales to customers 
C) Paid by the retailer on sales to vendors 
D) Paid by the vendor 
A) Charged on sales to other retailers 
B) Charged on retail sales to customers 
C) Paid by the retailer on sales to vendors 
D) Paid by the vendor

Question 5

The Physical Inventory Worksheet is used when:

Accepted Answer

A) inventory items are physically placed in the warehouse 
B) the computer system goes down 
C) taking a physical count of inventory on hand 
D) All the choices are correct 
A) inventory items are physically placed in the warehouse 
B) the computer system goes down 
C) taking a physical count of inventory on hand 
D) All the choices are correct

Question 6

Briefly describe a 3-way match and how it can be used to improve internal control.

Accepted Answer

A principle of internal control is to us

Question 7

Which window is used to pay sales taxes?

Accepted Answer

A) Create Invoice 
B) Write Checks 
C) Manage Sales Tax 
D) Enter Bills 
A) Create Invoice 
B) Write Checks 
C) Manage Sales Tax 
D) Enter Bills

Question 8

Which report provides information on items ordered but not received?

Accepted Answer

A) Accounts Payable Aging Detail 
B) Accounts Payable Aging Summary 
C) Open Purchase Orders Report 
D) Physical Inventory Worksheet 
A) Accounts Payable Aging Detail 
B) Accounts Payable Aging Summary 
C) Open Purchase Orders Report 
D) Physical Inventory Worksheet

Question 9

The Open Purchase Orders Report gives information about:

Accepted Answer

A) Purchase Orders for items ordered but not yet received 
B) All Purchase Orders 
C) Purchase Orders from domestic companies only 
D) Purchase Orders from foreign companies only 
A) Purchase Orders for items ordered but not yet received 
B) All Purchase Orders 
C) Purchase Orders from domestic companies only 
D) Purchase Orders from foreign companies only

Question 10

The Inventory Stock Status by Item report is used when:

Accepted Answer

A) Vendors offer a purchase discount on inventory items 
B) A list is needed of the quantity of inventory on hand and on order 
C) The computers go down 
D) Inventory items are physically placed in the warehouse 
A) Vendors offer a purchase discount on inventory items 
B) A list is needed of the quantity of inventory on hand and on order 
C) The computers go down 
D) Inventory items are physically placed in the warehouse

Question 11

Which one of the following is usually classified as an inventory item?

Accepted Answer

A) Goods purchased for resale to customers 
B) Items purchased and the quantity on hand does not need to be tracked 
C) Items purchased and used by the company such as office supplies 
D) Items purchased for a specific customer job 
A) Goods purchased for resale to customers 
B) Items purchased and the quantity on hand does not need to be tracked 
C) Items purchased and used by the company such as office supplies 
D) Items purchased for a specific customer job

Question 12

How does QuickBooks categorize items?

Accepted Answer

A) Non-inventory items 
B) Inventory items 
C) Service items 
D) All the choices are correct 
A) Non-inventory items 
B) Inventory items 
C) Service items 
D) All the choices are correct

Question 13

Which order of tasks is used when purchasing inventory?

Accepted Answer

A) Enter Bills > Pay Bills 
B) Enter Invoice > Write Check 
C) Purchase Order > Receive Items > Receive Bill > Pay Bills 
D) Purchase Requisition > Receive Inventory > Pay Bills 
A) Enter Bills > Pay Bills 
B) Enter Invoice > Write Check 
C) Purchase Order > Receive Items > Receive Bill > Pay Bills 
D) Purchase Requisition > Receive Inventory > Pay Bills

Question 14

Describe the three types of items: Inventory items,Non-inventory items,and Services. Provide examples of each.

Accepted Answer

Inventory items are goods that a busines

Question 15

Which one of the following activities is not shown in the Vendors section of the Home page?

Accepted Answer

A) Write Checks 
B) Pay Sales Taxes 
C) Pay Bills 
D) Purchase Orders 
A) Write Checks 
B) Pay Sales Taxes 
C) Pay Bills 
D) Purchase Orders

Question 16

A non-inventory item is:

Accepted Answer

A) Goods purchased for resale to customers 
B) An item purchased for a specific customer job 
C) A service purchased from a vendor 
D) A service sold to a vendor 
A) Goods purchased for resale to customers 
B) An item purchased for a specific customer job 
C) A service purchased from a vendor 
D) A service sold to a vendor

Question 17

Which of the following reports is typically used when counting inventory on hand?

Accepted Answer

A) Inventory Valuation Summary 
B) Inventory Valuation Detail 
C) Inventory Stock Status by Item 
D) Physical Inventory Worksheet 
A) Inventory Valuation Summary 
B) Inventory Valuation Detail 
C) Inventory Stock Status by Item 
D) Physical Inventory Worksheet

Question 18

Which one of the following is not a vendor transaction?

Accepted Answer

A) Receive inventory 
B) Receive payments 
C) Order inventory 
D) Receive bills 
A) Receive inventory 
B) Receive payments 
C) Order inventory 
D) Receive bills

Question 19

Briefly describe how sales tax payments flow from customers to government entities.

Accepted Answer

Customers pay sales tax to com

Question 20

The Purchase Orders window is used to record which one of the following transactions?

Accepted Answer

A) A customer order to purchase goods 
B) An order to purchase goods from a vendor 
C) Services received but not yet paid 
D) Cash purchases of supplies 
A) A customer order to purchase goods 
B) An order to purchase goods from a vendor 
C) Services received but not yet paid 
D) Cash purchases of supplies

Which of the following activities and QuickBooks window used to record it is incorrect?

What QuickBooks activity comes next in this series of business activities: Purchase Order > Receive Items > Enter Bills > ______

Recording a purchase of inventory using QuickBooks involves all the following steps except:

Sales taxes are:

The Physical Inventory Worksheet is used when:

Briefly describe a 3-way match and how it can be used to improve internal control.

Which window is used to pay sales taxes?

Which report provides information on items ordered but not received?

The Open Purchase Orders Report gives information about:

The Inventory Stock Status by Item report is used when:

Which one of the following is usually classified as an inventory item?

How does QuickBooks categorize items?

Which order of tasks is used when purchasing inventory?

Describe the three types of items: Inventory items,Non-inventory items,and Services. Provide examples of each.

Which one of the following activities is not shown in the Vendors section of the Home page?

A non-inventory item is:

Which of the following reports is typically used when counting inventory on hand?

Which one of the following is not a vendor transaction?

Briefly describe how sales tax payments flow from customers to government entities.

The Purchase Orders window is used to record which one of the following transactions?

Navigation and Settings

Chart of Accounts

Transactions

Banking

Customers and Sales

Vendors and Expenses

Employees and Payroll

Adjustments

Reports

Service Company

Merchandise Company

Features for Accountants

Desktop Versus Quickbooks Online

Review Guide

Filters

Exam 7: Inventory

Which of the following activities and QuickBooks window used to record it is incorrect?

What QuickBooks activity comes next in this series of business activities: Purchase Order > Receive Items > Enter Bills > ______

Recording a purchase of inventory using QuickBooks involves all the following steps except:

Sales taxes are:

The Physical Inventory Worksheet is used when:

Briefly describe a 3-way match and how it can be used to improve internal control.

Which window is used to pay sales taxes?

Which report provides information on items ordered but not received?

The Open Purchase Orders Report gives information about:

The Inventory Stock Status by Item report is used when:

Which one of the following is usually classified as an inventory item?

How does QuickBooks categorize items?

Which order of tasks is used when purchasing inventory?

Describe the three types of items: Inventory items,Non-inventory items,and Services. Provide examples of each.

Which one of the following activities is not shown in the Vendors section of the Home page?

A non-inventory item is:

Which of the following reports is typically used when counting inventory on hand?

Which one of the following is not a vendor transaction?

Briefly describe how sales tax payments flow from customers to government entities.

The Purchase Orders window is used to record which one of the following transactions?

Navigation and Settings

Chart of Accounts

Transactions

Banking

Customers and Sales

Vendors and Expenses

Employees and Payroll

Adjustments

Reports

Service Company

Merchandise Company

Features for Accountants

Desktop Versus Quickbooks Online

Review Guide

Filters