Deck 6: Sales and Receivables: Product and Service Items

Question 1

In the text, California Sales Taxes are charged on sold.

A) Inventory Items
B) Service Items
C) Sales Discounts
D) All of the above

Answer 1

A

Question 2

In the text, Venice is categorized as a .

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

Answer 2

A

Question 3

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 3

D

Question 4

The Customer Balance Summary report lists the unpaid invoices for each customer.

Question 5

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 6

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 7

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

Question 8

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

Question 9

QBO shows the Discount after Sales Taxes.

Question 10

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