Question

222 CHAPTER 3-Sales and Receivables: Service Items END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION ook NUMBER. (Note: the question numbers do not refer to the chapter objectives.) 3.01. An Invoice is prepared to record a sale on account. c om 3.02. Using an incorrect date will not affect the results of reports, 3.03. You may never make corrections to bank deposits motni 3.04. An Invoice may be exported to Excel 3.05. A new Product/Service item cannot be added when creating a Sales Receipt. 3.06. A Customer Balance Summary report shows you the balances for all customers who owe you money. 3.07. You may record the sale of more than one item on both Invoices and Sales Receipts. 3.08. You can add a new customer on the fly. 3.09. An Invoice may not be deleted. 3.10. The Trial Balance shows account totals in debit/credit format. MULTIPLE CHOICE WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. 3.11. The Customers List functions as the A. General Ledger B. Accounts Receivable Ledger C. Income Account D. Primary Account 3.12. The Sales by Customer Detail report shows information about ____for each customer. A. Credit Sales B. Cash Sales C. Sales on Account D. All of the above

Answer 1

3.01 True. An invoice is a document which is proof of sale to customer.

3.02 False. Incorrect date may lead to wrong reporting and therefore the same is not appropriate.

3.03 True. Bank deposits may not be altered as the same are verified with bank statements.However the same may be altered if reconciled with Bank Statement.

3.04 True. The same functionality is provided by many accounting softwares.

3.05 False. A new product/service can be added to invoice.