QuickBooks Chapter 6 Questions and
Answers Already Passed
Receipt of purchase order items is never recorded before the bill arrives. ✔✔False
A bill can be paid by check or credit card. ✔✔True
The Cost of Goods Sold account Merchandise Discounts is used to record discounts to
customers. ✔✔False
Voiding a purchase order removes every trace of the purchase order from the company records.
✔✔False
The Vendor Center displays the vendor list and information about individual vendors. ✔✔True
A single purchase order can be prepared and sent to several vendors. ✔✔False
Sales Tax account is automatically created if a company indicates that it charges sales tax on
sales. ✔✔True
, When a credit is received from a vendor for the return of merchandise, it may be applied to a
payment to the same vendor. ✔✔True
A new vendor cannot be added while recording a transaction. ✔✔False
A purchase order is closed automatically when a partial receipt of merchandise is recorded.
✔✔False
If you change the reorder point for an item, it becomes effective _____.
A. immediately
B. the beginning of next month
C. as soon as outstanding purchase orders are received
D. the beginning of the next fiscal year ✔✔immediately
If an order is received with a bill but is incomplete, QuickBooks will _____.
A. record the bill for the full amount ordered
B. record the bill only for the amount received
Answers Already Passed
Receipt of purchase order items is never recorded before the bill arrives. ✔✔False
A bill can be paid by check or credit card. ✔✔True
The Cost of Goods Sold account Merchandise Discounts is used to record discounts to
customers. ✔✔False
Voiding a purchase order removes every trace of the purchase order from the company records.
✔✔False
The Vendor Center displays the vendor list and information about individual vendors. ✔✔True
A single purchase order can be prepared and sent to several vendors. ✔✔False
Sales Tax account is automatically created if a company indicates that it charges sales tax on
sales. ✔✔True
, When a credit is received from a vendor for the return of merchandise, it may be applied to a
payment to the same vendor. ✔✔True
A new vendor cannot be added while recording a transaction. ✔✔False
A purchase order is closed automatically when a partial receipt of merchandise is recorded.
✔✔False
If you change the reorder point for an item, it becomes effective _____.
A. immediately
B. the beginning of next month
C. as soon as outstanding purchase orders are received
D. the beginning of the next fiscal year ✔✔immediately
If an order is received with a bill but is incomplete, QuickBooks will _____.
A. record the bill for the full amount ordered
B. record the bill only for the amount received
