Question

CHAPTER 3–Sales and Receivables: Service Items 222 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. (Note: the question numbers do not refer to the chapter objectives.) 3.01. An Invoice is prepared to record a sale on account. 3.02. Using an incorrect date will not affect the results of reports. 3.03. You may never make corrections to bank deposits. 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.

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Answer 1

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3.01	False.	Invoice is prepared for every type of sales whether credit or cash.
3.02	False.	Incorrect will produce incorrect reports.
3.03	False.	If there is error then correction entry should be made to correct bank deposits.
3.04	True.	Yes there is an option to convert invoice to excel format.
3.05	True.	New product or service is to be added by amending invoice and it cannot be added in sales receipt.
3.06	True.	Yes the customer summary report shows the amount receivable from customers.
3.07	True.	Yes we can add any number of items in invoice and sales receipts.
3.08	True.	Yes there is an option to add new customer on the fly.
3.09	True.	We can cancel the invoice but cannot delete it.
3.10	True.	Yes the trial balance shows the account balances in debit and credit format.