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