Question

CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5. Merging 6. Verify data 7. Inactive account I. Quantity 2. Inventory adjustment 3. Commented report 4. Transfer on hand Sales Tax Liability report 8. Number of inventory part items available at a point in time Transaction type used to record cash transfers between bank accounts Tool used to detect damage to a company's data file Tool used to transfer all activity from one ac Transaction type used to record corrections to inventory part item quantities or account into another account values Account that is unavailable for posting or searching Saved report that includes manually entered user comments Report of taxable and exempt sales revenue by jurisdiction nwous Multiple Choice 1. Adjustments to inventory can be made in QuickBooks: only to the quantity of inventory on hand. b. only to the value of inventory on hand. c. to both the value and quantity of inventory on hand. a. 2. When sales tax is charged to a customer, the amount is credited to an accounts payable account type A an Income account type. an other current liability account type. a sales tax payable account type. 3. When an inventory part item is sold in QuickBooks, at least fected. accounts are af- two b three c four d five 4. An inactive account in QuickBooks: can be used in transactions. b. can be used to filter reports. a. can be used in the search function. C. d. None of the above statements are true. 5. Recording proceeds from a bank loan could be done: through a general journal entry by entering a deposit. either by creating a. b. deposit. general journal entry or by entering the transaction as a a C.

Answer 1

Matching

1.Quantity on Hand. - Number of Inventory part items available at point of time

2.Inventory adjustments - Transaction type used to record corrections to inventory part item quantities or values.

3.Commented Report - Saved report that includes manually entered user comments

4.Transfer - Transaction Type used to record cash transfers between bank accounts

5.Merging - Tool used to transfer all activity from one account into another account

6.Verify data - Tool used to detect damage to company's data file

7.Inactive account - Accounts that is unavailable for posting or searching

8.Sales Tax Liability Report - Report of taxable and exempt sales Revenue

Multiple Choice

1.Adjustment to inventory can be made in Quickbooks:

c.to both the value and quantity of inventory on hand.

2.When sales tax is charged to a customer,the amount is credited to:

d.a sales tax payable account

3.When an inventory part is sold in Quickbooks , at least 4 accounts are affected

4.An inactive account in Quickbooks :

d.None of the above statements are true.

5.Recording proceeds from a bank loan could be done:

c.either by creating a general journal entry or by entering the transaction as a deposit.