Deck 6: Focus on Receivables When Selling Inventory Items, Use Locations and Classes, Accept Credit Cards for Customer Payments, Collect Sales Tax, Give Customer Sales Discounts, and Record Nsf Checks

Question 1

When a returned item has been paid for, a Credit Memo is recorded.

Answer 1

False

Question 2

A company logo can be added to the company file and will appear on the Home Page and on Business Forms.

Answer 2

True

Question 3

Credit Cards must be entered as a(n) before they may be accepted in a transaction.

A)Product/Service Item
B)Account
C)Payment Method
D)Company Setting

Answer 3

C

Question 4

In the text, sales tax is charged on all inventory/product items.

Question 5

In the text, Venice is categorized as a .

A)Location
B)Class
C)Main Office
D)Both A and B

Question 6

QBO shows the Discount after Sales Taxes on sales forms.

Question 7

In the text, California Sales Taxes are charged on sold.

A)Inventory Items
B)Service Items
C)Sales Discounts
D)All of the above

Question 8

When recording an NSF check, you include charges for .

A)Original Invoice
B)Bank Fees
C)Company Fees for NSF Checks
D)All of the above

Question 9

The FIFO method of inventory valuation uses .

A)Average Cost
B)Last in, First out
C)First in, First out
D)First in, Last out

Question 10

The Customer Balance Summary report lists all of the unpaid invoices for each customer.