QuickBooks Chapter 07 Test with
Certified Solutions
1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product.
✔✔True
2: There is no limit to the number of inventory products you can enter in QuickBooks Online.
✔✔True
3: The difference between the cost and the sales price is an expense. ✔✔false
4: You can verify goods were NOT received without applying the receipt of inventory to a
purchase order. ✔✔true
5: QuickBooks Online can receive incomplete orders by leaving the purchase order until the
complete order has arrived. ✔✔false
6: When you give a refund to a customer, you must issue a refund receipt. ✔✔True
Certified Solutions
1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product.
✔✔True
2: There is no limit to the number of inventory products you can enter in QuickBooks Online.
✔✔True
3: The difference between the cost and the sales price is an expense. ✔✔false
4: You can verify goods were NOT received without applying the receipt of inventory to a
purchase order. ✔✔true
5: QuickBooks Online can receive incomplete orders by leaving the purchase order until the
complete order has arrived. ✔✔false
6: When you give a refund to a customer, you must issue a refund receipt. ✔✔True
