Deck 7: Inventory

Question 1

The Open Purchase Orders Report gives information about:

A)Purchase Orders for items ordered but not yet received
B)All Purchase Orders
C)Purchase Orders from domestic companies only
D)Purchase Orders from foreign companies only

Answer 1

A

Question 2

The Physical Inventory Worksheet is used when:

A)inventory items are physically placed in the warehouse
B)the computer system goes down
C)taking a physical count of inventory on hand
D)All the choices are correct

Answer 2

C

Question 3

Which window is used to pay sales taxes?

A)Create Invoice
B)Write Checks
C)Manage Sales Tax
D)Enter Bills

Answer 3

C

Question 4

The Purchase Orders window is used to record which one of the following transactions?

A)A customer order to purchase goods
B)An order to purchase goods from a vendor
C)Services received but not yet paid
D)Cash purchases of supplies

Question 5

If you received inventory without a bill,once the bill has arrived you could do all of the following,except:

A)Enter the bill against the inventory already recorded
B)Enter the inventory and then enter the bill separately
C)Enter the bill and wait for the inventory to arrive
D)Enter the inventory and bill at the same time

Question 6

Which of the following reports is typically used when counting inventory on hand?

A)Inventory Valuation Summary
B)Inventory Valuation Detail
C)Inventory Stock Status by Item
D)Physical Inventory Worksheet

Question 7

Which report provides information on items ordered but not received?

A)Accounts Payable Aging Detail
B)Accounts Payable Aging Summary
C)Open Purchase Orders Report
D)Physical Inventory Worksheet

Question 8

Vendor reports can be accessed in QuickBooks in all of the following ways except:

A)Reports Center

B)Vendors Center
C)Reports Menu
D)All the choices are correct

Question 9

Which of the following activities and QuickBooks window used to record it is incorrect?

A)Sell goods and bill customers; Invoice
B)Record inventory information; Inventory List
C)Record vendor information; Vendors List
D)Order goods; Purchase Order

Question 10

The Inventory Stock Status by Item report is used when:

A)Vendors offer a purchase discount on inventory items
B)A list is needed of the quantity of inventory on hand and on order
C)The computers go down
D)Inventory items are physically placed in the warehouse

Question 11

A non-inventory item is:

A)Goods purchased for resale to customers
B)An item purchased for a specific customer job
C)A service purchased from a vendor
D)A service sold to a vendor

Question 12

Which one of the following is not a vendor transaction?

A)Receive inventory
B)Receive payments
C)Order inventory
D)Receive bills

Question 13

Which order of tasks is used when purchasing inventory?

A)Enter Bills > Pay Bills
B)Enter Invoice > Write Check
C)Purchase Order > Receive Items > Receive Bill > Pay Bills
D)Purchase Requisition > Receive Inventory > Pay Bills

Question 14

Which one of the following is usually classified as an inventory item?

A)Goods purchased for resale to customers
B)Items purchased and the quantity on hand does not need to be tracked
C)Items purchased and used by the company such as office supplies
D)Items purchased for a specific customer job

Question 15

What QuickBooks activity comes next in this series of business activities: Purchase Order > Receive Items > Enter Bills > ______

A)Receive Payments
B)Pay Bills
C)Deposit
D)Vendors List

Question 16

Which one of the following activities is not shown in the Vendors section of the Home page?

A)Write Checks
B)Pay Sales Taxes
C)Pay Bills
D)Purchase Orders

Question 17

Sales taxes are:

A)Charged on sales to other retailers
B)Charged on retail sales to customers
C)Paid by the retailer on sales to vendors
D)Paid by the vendor

Question 18

What QuickBooks activity comes next in this series of business activities: Invoice > Receive Payments > ______

A)Make Deposit
B)Receive Payments
C)Pay Bills
D)Vendors List

Question 19

Recording a purchase of inventory using QuickBooks involves all the following steps except:

A)Create purchase order to order items from vendor
B)Receive item and record as inventory
C)Create invoice order to bill customers for purchases
D)Receive bill and record obligation to pay vendor later

Question 20

How does QuickBooks categorize items?

A)Non-inventory items
B)Inventory items
C)Service items
D)All the choices are correct

Question 21

Describe the three types of items: Inventory items,Non-inventory items,and Services. Provide examples of each.

Question 22

Briefly describe a 3-way match and how it can be used to improve internal control.

Question 23

Briefly describe how sales tax payments flow from customers to government entities.