Deck 6: Payables and Purchases: Merchandising Business

Question 1

Receiving part of an order closes the Purchase Order.

Answer 1

False

Question 2

The____ -basis of accounting matches income for the period against expenses for the period.

A)cash
B)credit
C)accrual
D)debit/credit

Answer 2

accrual

Question 3

Reports prepared using the Report Center may not be customized and memorized.

Answer 3

False

Question 4

A Purchase Order may be customized using the______ .

A)Layout Designer
B)Drawing menu
C)Customize Form button on the Home Page
D)a purchase order may not be changed

Question 5

QuickBooks DT keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Pay Sales Tax feature of the program.

Question 6

A single purchase order can be prepared and sent to several vendors.

Question 7

When a credit is received from a vendor for the return of merchandise, it may be applied to a payment to the same vendor.

Question 8

Since purchase discounts are a cost of doing business, they are categorized as an expense.

Question 9

Expense accounts for individual vendors may be assigned in the ______.

A)Check Register
B)General Journal
C)Expense Account Register
D)Vendor Center

Question 10

In QuickBooks DT, reports are not able to be customized to add a new column.

Question 11

When receiving a discount for merchandise purchased, you use the Cost of Goods Sold Merchandise Discounts account to record the discount.

Question 12

The ______report shows the amount of sales tax owed.

A)Sales Tax Revenue Summary
B)Vendor Balance Detail
C)Sales by Item Detail
D)Sales Tax Liability

Question 13

A new vendor cannot be added while recording a transaction.

Question 14

If you change the reorder point for an item, it becomes effective______ .

A)immediately
B)the beginning of next month
C)as soon as outstanding purchase orders are received
D)the beginning of the next fiscal year

Question 15

Receipt of purchase order items is never recorded before the bill arrives.

Question 16

Expense accounts for individual vendors may be assigned in the_______ .

A)Check Register
B)General Journal
C)Expense Account Register
D)Vendor Center

Question 17

When using QuickBooks DT to pay bills that have been recorded in the Enter Bills window, you must_____ and the bills will be marked "Paid."

A)write checks to pay bills
B)use a credit card to pay bills
C)use the Pay Bills feature to write the checks or prepare the credit card charges for bill payments
D)All the above

Question 18

QuickBooks DT uses the______ method of inventory valuation

A)LIFO
B)average cost
C)FIFO
D)Actual Cost

Question 19

A Commented Report may be_____ .

A)exported to Excel
B)printed
C)memorized
D)All the above

Question 20

To change a column width in a report without changing the size of the print, you may_____ .

A)print the report in portrait orientation
B)use Fit report to one-page wide option
C)change the column width manually
D)any of the above

Question 21

Information on Reminders may be displayed in _______ or_____form.

Question 22

Orders for merchandise are prepared using the__________ form.

Question 23

A report that you have customized by sizing, adding, and/or removing columns may be______ so the custom format is used each time it is prepared.

Question 24

Purchase, Sales, and Inventory information must be entered when creating a(n)______ item.

Question 25

To see the bill payment information, checks must be printed ______.