Question 1

A sale on account means that the sale was paid for at the time of purchase.

Accepted Answer

A sale on account means that the sale was not paid for at the time of purchase, rather a credit or invoice was issued and payment is expected at a later date.

Question 2

When an invoice is it is removed from the customer's register.&#10;A)Voided&#10;B)Deleted&#10;C)Edited&#10;D)Paid

Accepted Answer

B

Question 3

A sale on account is recorded on a(n) .&#10;A)Invoice&#10;B)Receive Payment&#10;C)Sales Receipt&#10;D)Charge Account Receipt

Accepted Answer

An invoice is used to record a sale on account, indicating that the customer will pay at a later date.

Question 4

The types of Product/Service items that can be added include: .&#10;A)Non-inventory&#10;B)Service&#10;C)Inventory&#10;D)All of these Product/Service Items can be added

Accepted Answer

All of these types of Product/Service items, including Non-inventory, Service, and Inventory, can be added to most accounting or inventory management systems, allowing businesses to track a wide range of items they sell or use in operations.

Question 5

In QuickBooks Online, invoices replace the Sales Journal.

Accepted Answer

In QuickBooks Online, invoices are used to record sales transactions, effectively replacing the traditional Sales Journal used in manual accounting systems.

Question 6

When a customer on account pays his bill, you record a(n) .&#10;A)Sales Receipt&#10;B)Payment Receipt&#10;C)Credit Memo&#10;D)Invoice

Accepted Answer

When a customer on account pays their bill, you record a Payment Receipt. This documents the payment received from the customer, reducing their outstanding balance.

Question 7

When a return is made for a Sales Receipt, a is completed.&#10;A)Sales Receipt Return&#10;B)Credit Memo&#10;C)Refund Receipt&#10;D)Voided Transaction

Accepted Answer

The answer of When a return is made for a...

Question 8

The Customer Balance Detail shows the total of all cash sales for each customer.

Accepted Answer

The Customer Balance Detail report primarily shows the outstanding balances of customers, detailing invoices, payments, and current balances, rather than totaling all cash sales.

Question 9

Cash is the only payment method accepted for a Cash Sale.

Accepted Answer

Other payment methods such as credit cards, debit cards, or mobile payments can also be accepted for a cash sale; the term "cash sale" often refers to the immediate payment at the time of the transaction rather than the payment method.

Question 10

A new sales item may be entered when recording a sale on an invoice.

Accepted Answer

When recording a sale on an invoice, a new sales item can be entered to reflect the specific product or service being sold, allowing for accurate tracking and inventory management.

Deck 3: Sales and Receivables: Service Items