Deck 3: Focus on Receivables When Providing Services

Question 1

When a return is made for a Sales Receipt, a is completed.

A)Sales Receipt Return
B)Credit Memo
C)Refund Receipt
D)Voided Transaction

Answer 1

C

Question 2

In QuickBooks Online, the Accounts Receivable register replaces the Sales Journal.

Answer 2

False

Question 3

The Customer Balance Summary shows the balances for all customers who owe the company money.

Answer 3

True

Question 4

Cash is the only payment method accepted for a Cash Sale.

Question 5

The current date is always printed on .

A)Customer Balance Detail
B)Bank Deposit Summary
C)Transaction List
D)Journal

Question 6

A sale on account means that the sale was paid for at the time of purchase.

Question 7

A new sales item may be entered when recording a sale on an invoice.

Question 8

When a customer on account pays his bill you record a(n) .

A)Sales Receipt
B)Payment Receipt
C)Credit Memo
D)Invoice

Question 9

A sale on account is recorded on a(n) .

A)Invoice
B)Receive Payment
C)Sales Receipt
D)Charge Account Receipt

Question 10

When an invoice is it is removed from the customer's register.

A)Voided
B)Deleted
C)Edited
D)Paid