QuickBooks Chapter 5 Questions and
Answers Passed with 100%
In the perpetual inventory system, the inventory quantity and values are updated ✔✔after each
purchase and sale of inventory items
This report shows all purchase information for each inventory item, including vendor name, cost
per unit, quantity purchased, and total cost. ✔✔Purchases by Item Detail
In the periodic inventory system, separate records __________ maintained for inventory items,
and the inventory account __________ adjusted for purchases and sales. ✔✔are not; is not
In addition to the Reports option on the main menu bar, QuickBooks also allows you print many
inventory reports from the __________ window. ✔✔Lists
Sales discounts are typically offered to customers to encourage ✔✔early payment of outstanding
invoices
When are you prevented from deleting an inventory item from the Item List? ✔✔when it has a
balance or has been part of a transaction during the current period
, To record a cash purchase and receipt of an inventory item, begin by clicking __________ on the
main menu bar. ✔✔Banking
When using the Intuit Product Invoice template in the Create Invoices window to record a sale of
inventory on account, which of the following is not one of the default posting accounts?
✔✔Accounts Payable
Inventory adjustments resulting in an inventory reduction are posted to the Inventory Adjustment
account, which is a(n) __________ account. ✔✔cost of goods sold
This inventory report displays the on-hand status of each inventory item and whether it should be
reordered. ✔✔Inventory Stock Status by item
When an inventory item is sold for cash, the transaction is recorded in the __________ window.
✔✔Enter Sales Receipts
The Pay Sales Tax window is accessed from the __________ menu on the main menu bar.
✔✔Vendors
Answers Passed with 100%
In the perpetual inventory system, the inventory quantity and values are updated ✔✔after each
purchase and sale of inventory items
This report shows all purchase information for each inventory item, including vendor name, cost
per unit, quantity purchased, and total cost. ✔✔Purchases by Item Detail
In the periodic inventory system, separate records __________ maintained for inventory items,
and the inventory account __________ adjusted for purchases and sales. ✔✔are not; is not
In addition to the Reports option on the main menu bar, QuickBooks also allows you print many
inventory reports from the __________ window. ✔✔Lists
Sales discounts are typically offered to customers to encourage ✔✔early payment of outstanding
invoices
When are you prevented from deleting an inventory item from the Item List? ✔✔when it has a
balance or has been part of a transaction during the current period
, To record a cash purchase and receipt of an inventory item, begin by clicking __________ on the
main menu bar. ✔✔Banking
When using the Intuit Product Invoice template in the Create Invoices window to record a sale of
inventory on account, which of the following is not one of the default posting accounts?
✔✔Accounts Payable
Inventory adjustments resulting in an inventory reduction are posted to the Inventory Adjustment
account, which is a(n) __________ account. ✔✔cost of goods sold
This inventory report displays the on-hand status of each inventory item and whether it should be
reordered. ✔✔Inventory Stock Status by item
When an inventory item is sold for cash, the transaction is recorded in the __________ window.
✔✔Enter Sales Receipts
The Pay Sales Tax window is accessed from the __________ menu on the main menu bar.
✔✔Vendors
