Question 1

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

Accepted Answer

False

Question 2

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

Accepted Answer

Adding a company logo to the company file will make the logo appear on the company's Home Page and on its Business Forms.

Question 3

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

Accepted Answer

Credit cards are a type of payment method and must be entered as such in order to be accepted in a transaction.

Question 4

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

Accepted Answer

The text states that "Sales tax will be charged on all inventory/product items."

Question 5

In the text, Venice is categorized as a .

Accepted Answer

The text mentions Venice as a location, as it is described as a city in Italy that is built on water. There is no mention of it being classified as a class or a main office.

Question 6

QBO shows the Discount after Sales Taxes on sales forms.

Accepted Answer

QBO shows the Discount after Sales Taxes on sales forms because it is the standard accounting practice to apply discounts after taxes have been calculated.

Question 7

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

Accepted Answer

California Sales Taxes are typically charged on tangible personal property, which includes inventory items, but not on services or sales discounts.

Question 8

When recording an NSF check, you include charges for .

Accepted Answer

When recording an NSF (Non-Sufficient Funds) check, you need to include charges for the original invoice, bank fees, and company fees for NSF checks. Therefore, all of the above options are the best choice.

Question 9

The FIFO method of inventory valuation uses .

Accepted Answer

FIFO stands for "first in, first out" and is a method of inventory valuation that assumes that the first items added to inventory are the first sold or used. This method follows the actual flow of goods and is generally considered the most logical and intuitive method of inventory valuation.

Question 10

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

Accepted Answer

The answer of The Customer Balance Summary report lists all...

Quiz 6: Focus on Receivables When Selling Inventory Items, Use Locations and Classes, Accept Credit Cards for Customer Payments, Collect Sales Tax, Give Customer Sales Discounts, and Record Nsf Checks