Deck 6: Sales and Receivables: Productsinventory and Service Items, Sales Tax, and Discounts

Question 1

QBO shows the Discount after Sales Taxes.

Answer 1

True

Question 2

When recording an NSF check, you include charges for .

A)Original Invoice
B)Bank Fees
C)Company Fees for NSF Checks
D)All of the above

Answer 2

D

Question 3

Payment methods allowed in QBO include: Credit Cards, eCheck, ACH transfers and EFT transfers.

Answer 3

True

Question 4

When a returned item has been paid for, a Credit Memo is recorded.

Question 5

In the text, Venice is categorized as a .

A)Location
B)Class
C)Main Office
D)Both A and B

Question 6

The FIFO method of inventory valuation uses .

A)Average Cost
B)Last in, First out
C)First in, First out
D)First in, Last out

Question 7

Credit Cards must be entered as a(n) before they may be accepted in a transaction.

A)Product/Service Item
B)Account
C)Payment Method
D)Company Setting

Question 8

A company logo can be added to the company file and will appear on the Home Page and on Business Forms.

Question 9

Which of the following, regarding Sales Taxes in QBO, is true?

A)QBO uses destination-based sourcing for determining the location used when calculating sales taxes
B)Sales taxes owed can be viewed in the Sales Tax Center when it is time to pay the sales taxes due
C)Sales tax calculations in QBO cannot be overridden
D)All of the above are true

Question 10

In the text, sales tax is charged on all inventory/product items.