Quickbooks Online Advanced Questions With Solutions 2023

Quickbooks Online Advanced Questions With Solutions 2023 Inventory Management - ANS Tracks the Quantity Purchase Costs Sales Revenue Cost of Goods Sold What method of Inventory does it track? - ANS First in First Out (FIFO) Which subscription are Inventory features available - ANS Plus Advanced Value of an Inventory Item - ANS Amount Paid for it What happens when you record the purchase of an inventory item? - ANS Inventory Asset Account on the Balance Sheet increases Quantity on Hand Increases What happens when you record the sale of an inventory item? - ANS Inventory Asset Account on the Balance Sheet decreases by original cost Quantity on Hand Decreases Increases Cost of Goods Sold Increases Sales by Amount Paid What is Gross Profit? - ANS Difference between Income account and Cost of Goods Sold Account How do you enable Inventory? - ANS Gear Icon Account and Settings Sales Products & Services (Pencil Icon) Check track inventorty on hand How do you add an inventory Item? - ANS Gear Icon or Sales Center Products & Services New Select Type as Inventory