Question

Lesson 4: Selling Up Inventory of items on 1. Any business that purchases items ready for resale keeps an hand for sale. 2. QuickBooks uses the __ __to determine the value of inventory, which equals the total cost of the items currently in stock divided by the number of items in stock. 3. Before you can track inventory, you need to verify the inventory tracking fea- ture is turned on in the _window. as an 4. For you to track inventory, you must enter each product into the inventory part. 5. When you use QuickBooks to manage your inventory, you will be able to track the _of items you have in stock and the__ _of your inventory after every purchase and sale. 6. The _window allows you to enter the product you want to order, the quantity, and the vendor. 7. You may receive items with a _or without a _attached. 8. The received. _window allows you to enter information for inventory parts 9. The _window allows you to specify the payment method (check or credit card), a date range through which to pay bills, and which bills to pay. 10. The _window allows you to enter the adjustment account and either the New Quantity or the Quantity Difference.

Answer 1

Answer to Q#1 (First question in the list): Any business that purchases items ready for resale keeps an INVENTORY of items on hand for sale. Justification: When a firm carries out a business of purchasing and reselling of items, such firm is said to be carrying out merchandise business. When such firm purchases some items for resale, those purchased items that are ready and available for sale on hand are technicalled as 'merchandise inventory' to the firm that holds those inventory. Purpose of such purchase transactions will be for reselling those items only. In accounting books, those items that were purchased and kept ready for resale are called as inventory of items on hand for sale.