QuickBooks Chapter 5 (2024/25); Questions and Answers 100% Correct

QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
If a return is made after an invoice has been paid in full, a refund check is issued

along with a


credit memo. ✔✔True


QuickBooks automatically applies a payment received to the most


current invoice. ✔✔False


Sales tax will be calculated automatically on an invoice if a


customer is marked taxable. ✔✔True


A new sales item may be added only at the beginning of a period. ✔✔False


Items on a Sales Order are immediately removed from inventory. ✔✔False


Report formats may be customized. ✔✔True


The Discounts & Credits button on the Receive Payments window allows

discounts to be applied


to invoices being paid by clicking Cancel. ✔✔False


Cash sales are recorded in the Receive Payments window and marked paid.

✔✔False

, QuickBooks Chapter 5 (2024/25); Questions
and Answers 100% Correct
If a customer issues a check that is returned marked NSF, you may charge the

customer the


amount of the bank charges and any penalty charges you impose. ✔✔True


Sales tax must be calculated manually and added to sales receipts. ✔✔False


Information regarding details of a customer's balance may be obtained by

viewing ______.

A. the Trial Balance


B. the Customer Balance Summary Report


C. the Customer Balance Detail Report


D. an invoice for the customer ✔✔C. the Customer Balance Detail Report


Even though transactions are entered via business documents such as invoices

and sales receipts,


QuickBooks keeps track of all


transactions ______.


A. in a chart