Question

8.If the wrong inventory is selected in a purchase, you can make the correction before posting by –

Select one:

a. opening a new purchase invoice and entering the correct work

b. selecting the incorrect field, entering the correct item, re-entering the quantity

c. removing the purchase invoice from the edit menu and choosing redo

d. re-selecting the supplier from the suppliers list and recording the purchase from scratch

9.The most recent purchase price becomes the default for the next invoice when –

Select one:

a. you type in the amount and the quantity, there is no need to calculate unit price

b. a sale causes the inventory level to drop below zero

c. a new price has been entered for an inventory purchase

d. the inventory is over stocked

10.When you complete an item assembly journal entry to assemble new inventory –

Select one:

a. the quantity of assembled items will decrease

b. the quantity of assembly components will increase

c. you must transfer inventory items one at a time

d. additional setup costs are divided equally among the assembled items

Answer 1

8. The correct answer is option "b"

Reason: If you have selected wrong inventory in purchase, you can go directly to that wrong inventory name and select the correct item as per purchase invoice and check the quantity of the same item is properly enetered.

9. The correct answer is option "c"

Reason: If you change the price of a particular invoice, then that price will be automatically refelected in the invoice when you enter the next invoice of that item.

10. The correct answer is option "d"

Reason: In case of assembling of the various inventory items, all additional set up costs are equally divided among all the assembled item put into the production line.