Question 1

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 B

Question 2

When you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

Accepted Answer

A) True 
 B)False  True

Question 3

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

Accepted Answer

A) True 
 B)False  True

Question 4

The Payee is the person or company making a payment.

Accepted Answer

A) True 
 B)False

Question 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

If you ordered an inventory item, 10 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)  $1.60 
B)  $21.60 
C)  $0.00 
D)  None of the above 
A)  $1.60 
B)  $21.60 
C)  $0.00 
D)  None of the above

Question 9

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

Question 10

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

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

When you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

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

The Payee is the person or company making a payment.

The Sales Tax Liability report is prepared in the .

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

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

If you ordered an inventory item, 10 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay in sales tax.

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

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

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases

General Accounting and End-Of-Period Procedures

Sales and Receivables: Product and Service Items

General Accounting, End-Of-Period Procedures, and Budgets

Payroll

Appendix a Create a Company Using Quickbooks Desktop

Filters

Exam 7: Payables, Purchases, and Inventory

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

When you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

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

The Payee is the person or company making a payment.

The Sales Tax Liability report is prepared in the .

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

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

If you ordered an inventory item, 10 cans of dog food at $2.00 per can and the sales tax rate is 8 percent, you would pay in sales tax.

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

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

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases

General Accounting and End-Of-Period Procedures

Sales and Receivables: Product and Service Items

General Accounting, End-Of-Period Procedures, and Budgets

Payroll

Appendix a Create a Company Using Quickbooks Desktop

Filters