Question 1

When you do not receive all the inventory items ordered, the original purchase order remains open for the remaining items.

Accepted Answer

A) True 
 B)False  True

Question 2

The Payee is the person or company making a payment.

Accepted Answer

A) True 
 B)False  False

Question 3

When taking an early payment discount, the discount amount is recorded on the ____.

Accepted Answer

A) Bill 
B) Make Payment 
C) Check 
D) Discount Form 
A) Bill 
B) Make Payment 
C) Check 
D) Discount Form A

Question 4

The Sales Tax Liability report is prepared in the____ .

Accepted Answer

A) Manage Payables section of Reports 
B) Review Expenses and Purchases section of Reports 
C) Accountant Reports section of Reports 
D) Sales Tax Center 
A) Manage Payables section of Reports 
B) Review Expenses and Purchases section of Reports 
C) Accountant Reports section of Reports 
D) Sales Tax Center

Question 5

When recording an early payment discount on inventory items, you use the_______ account.

Accepted Answer

A) Purchases Discount 
B) Merchandise Discount 
C) Sales Discount 
D) Discount Expense 
A) Purchases Discount 
B) Merchandise Discount 
C) Sales Discount 
D) Discount Expense

Question 6

A purchase return paid for by credit card is recorded as a Vendor Credit.

Accepted Answer

A) True 
 B)False

Question 7

A credit card purchase is recorded on a(n)_____ form.

Accepted Answer

A) Invoice 
B) Bill 
C) Expense 
D) Credit Card 
A) Invoice 
B) Bill 
C) Expense 
D) Credit Card

Question 8

A bill may be paid using cash, a check, or a company credit card.

Accepted Answer

A) True 
 B)False

Question 9

A Purchase Order is prepared to order inventory items to sell.

Accepted Answer

A) True 
 B)False

Question 10

If you ordered an inventory item, 15 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay _____in sales tax.

Accepted Answer

A) $32.40 
B) $0.00 
C) $2.40 
D) None of the above 
A) $32.40 
B) $0.00 
C) $2.40 
D) None of the above

When you do not receive all the inventory items ordered, the original purchase order remains open for the remaining items.

The Payee is the person or company making a payment.

When taking an early payment discount, the discount amount is recorded on the ____.

The Sales Tax Liability report is prepared in the____ .

When recording an early payment discount on inventory items, you use the_______ account.

A purchase return paid for by credit card is recorded as a Vendor Credit.

A credit card purchase is recorded on a(n)_____ form.

A bill may be paid using cash, a check, or a company credit card.

A Purchase Order is prepared to order inventory items to sell.

If you ordered an inventory item, 15 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay _____in sales tax.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases: Service Items

General Accounting and End-Of-Period Procedures

Sales and Receivables: Productsinventory and Service Items, Sales Tax, and Discounts

General Accounting, Inventory Adjustments, Pay Sales Taxes, Budgets, and End-Of-Period Procedures

Payroll

Accounting and Business Management FAQs

Filters

Exam 7: Payables and Purchases: Inventory, Bills, Payments, and Discounts

When you do not receive all the inventory items ordered, the original purchase order remains open for the remaining items.

The Payee is the person or company making a payment.

When taking an early payment discount, the discount amount is recorded on the ____.

The Sales Tax Liability report is prepared in the____ .

When recording an early payment discount on inventory items, you use the_______ account.

A purchase return paid for by credit card is recorded as a Vendor Credit.

A credit card purchase is recorded on a(n)_____ form.

A bill may be paid using cash, a check, or a company credit card.

A Purchase Order is prepared to order inventory items to sell.

If you ordered an inventory item, 15 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay _____in sales tax.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases: Service Items

General Accounting and End-Of-Period Procedures

Sales and Receivables: Productsinventory and Service Items, Sales Tax, and Discounts

General Accounting, Inventory Adjustments, Pay Sales Taxes, Budgets, and End-Of-Period Procedures

Payroll

Accounting and Business Management FAQs

Filters