Accounting 120 - Computerized Accounting Systems » Fall 2022 » Ch 7 Quiz

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Question #1
If you received inventory without a bill, once the bill has arrived you could do all of the following, except:
A.   Enter the bill and wait for the inventory to arrive
B.   Enter the bill against the inventory already recorded
C.   Enter the inventory and bill at the same time
D.   Enter the inventory and then enter the bill separately
Question #2
The Purchase Orders window is used to record which one of the following transactions?
A.   An order to purchase goods from a vendor
B.   Cash purchases of supplies
C.   Services received but not yet paid
D.   A customer order to purchase goods
Question #3
Which order of tasks is used when purchasing inventory?
A.   Enter Invoice > Write Check
B.   Purchase Order > Receive Items > Receive Bill > Pay Bills
C.   Purchase Requisition > Receive Inventory > Pay Bills
D.   Enter Bills > Pay Bills
Question #4
The Open Purchase Orders Report gives information about:
A.   Purchase Orders from foreign companies only.
B.   Purchase Orders for items ordered but not yet received.
C.   Purchase Orders from domestic companies only.
D.   All Purchase Orders.
Question #5
Which window is used to pay sales taxes?
A.   Write Checks
B.   Create Invoice
C.   Manage Sales Tax
D.   Enter Bills
Question #6
Which one of the following is not a vendor transaction?
A.   Make deposits
B.   Order inventory
C.   Receive bills
D.   Receive inventory
Question #7
Which of the following activities and QuickBooks window used to record it is incorrect?
A.   Order goods; Purchase Order
B.   Sell goods and bill customers; Invoice
C.   Record inventory information; Inventory List
D.   Record vendor information; Vendors List
Question #8
Which one of the following is usually classified as an inventory item?
A.   Items purchased and used by the company such as office supplies
B.   Goods purchased for resale to customers
C.   Items purchased for a specific customer job
D.   Items purchased and the quantity on hand does not need to be tracked
Question #9
The Inventory Stock Status by Item report is used when:
A.   Vendors offer a purchase discount on inventory items
B.   The computers go down
C.   Inventory items are physically placed in the warehouse
D.   A list is needed of the quantity of inventory on hand and on order
Question #10
What QuickBooks activity comes next in this series of business activities: Purchase Order > Receive Items > Enter Bills > ________
A.   Deposit
B.   Pay Bills
C.   Receive Payments
D.   Vendors List

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