QuickBooks Chapter 6 (Latest); Questions and
Answers
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
, QuickBooks Chapter 6 (Latest); Questions and
Answers
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
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
, QuickBooks Chapter 6 (Latest); Questions and
Answers
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
