Chapter 2 Sage 50 with 100% complete
solutions
Which three items are needed in the chart of accounts - correct answer ✔✔Inventory asset account,
inventory sales account and inventory cost account
Difference between service and inventory - correct answer ✔✔services are intangible, inventory has
physical count
Purpose of minimum level in inventory ledger - correct answer ✔✔To remind you to order more
If you create inventory and service items, you do not have to type in full details of these items when
inputting purchases and sales. - correct answer ✔✔True
Which report will show the Quantity and Value of inventory currently on hand? - correct answer
✔✔Inventory Summary report
Which report will show the Year-To-Date sales and cost of inventory items? - correct answer ✔✔The
Inventory & Services Statistics Report.
Service items are linked to revenue or expense accounts as they cannot be stored for later sale. - correct
answer ✔✔True
how is item cost calculated - correct answer ✔✔total inventory value/quantity on hand
solutions
Which three items are needed in the chart of accounts - correct answer ✔✔Inventory asset account,
inventory sales account and inventory cost account
Difference between service and inventory - correct answer ✔✔services are intangible, inventory has
physical count
Purpose of minimum level in inventory ledger - correct answer ✔✔To remind you to order more
If you create inventory and service items, you do not have to type in full details of these items when
inputting purchases and sales. - correct answer ✔✔True
Which report will show the Quantity and Value of inventory currently on hand? - correct answer
✔✔Inventory Summary report
Which report will show the Year-To-Date sales and cost of inventory items? - correct answer ✔✔The
Inventory & Services Statistics Report.
Service items are linked to revenue or expense accounts as they cannot be stored for later sale. - correct
answer ✔✔True
how is item cost calculated - correct answer ✔✔total inventory value/quantity on hand
