QuickBooks Chapter 3 Questions and Answers Already Graded A+

QuickBooks Chapter 5 Questions and
Answers Already Graded A
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




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