Chapter 8 Review Questions
1. If your vendor ships more than you ordered on a purchase order (an over shipment), which of the following actions would not be appropriate?
A. You could refuse the extra shipment and send it back to the vendor without recording it in QuickBooks
B. You could receive the extra shipment using an inventory adjustment transaction
C. You could receive the extra shipment into inventory and keep it (and pay for it)
D. You could receive the extra shipment into inventory, and then send back and record a bill credit in QuickBooks
2. When Setting up a group item, where do you enter the sale price?
A. Enter the price in the sales price field
B. Enter the price in the item pricing list
C. The group item does not include a sale price field
D. Enter the price in the set price window
3. To activate QuickBooks inventory:
A. Select the file menu and then select preferences
B. Select purchases – vendors
C. Consult your accountant to determine the proper inventory valuation method
D. Select edit menu, then select preferences then click on the items & inventory preference tab. Finally, click on the option that activates inventory
4. The inventory asset account:
A. Tracks open purchase order of inventory items
B. Decreases when inventory is purchased
C. Increases when inventory is sold
D. Increases when inventory is purchased
5. In QuickBooks pro and premier, inventory can do all of the following except:
A. Provide reports on the status of each item in inventory including how many are on hand and how many are on order
B. Use the lifo or fifo method of determining inventory cost
C. Calculate gross profit on inventory sold
D. Track the open purchase orders for every inventory item
Chapter 9 Review Questions
1. In quick Books you are allowed to pass through billable expenses to customers:
A. Only if you paid by credit card
B. If you paid by check or credit card, but you don’t assign the customer or job to the expense
C. If you used a bill, check or credit card charge and assign the customer or job to which the expense applies
D. None of the above
2. Which account type can be uses in the expense tab of a purchase transaction to make the expense billable?
A. Cost of goods sold
B. Expense
C. Other expense
D. All of the above
3. If you want to assign expenses to a customer: job, but do not want to pass them through for reimbursement, do the following in a purchase transaction:
A. Do not assign the customer: job; just enter the information in the memo field
B. Assign the customer: job, and then click the checkbox in the billable column to remove the checkmark
C. Delete the invoice icon
D. A or B
4. Which of the following tabs appear in the choose billable time and costs window:
A. Items
B. Expenses
C. Time
D. All the above
5. In the invoice, you can automatically markup the pass-through expenses using the markup account option. It is available in the choose billable time and costs window on:
A. Items tab
B. Expense tab
C. Time tab
D. All the above
Chapter 10 Review Questions
1. An easy and convenient way to process payroll in QuickBooks for employees on different payroll schedules would be to:
A. Move all employees onto a single schedule
B. Use the payroll schedule function in QuickBooks
C. Outsource payroll
D. Make all employees independent contractors
2. Which of the following payroll periods is not an options in QuickBooks?
A. Quarterly
B. Biweekly
C. Daily
D. Semiannually
3. Which payroll item cannot be created in the payroll setup interview:
A. Commissions
B. Bonus
C. Medical insurance deduction
D. You can create all items above during the payroll setup interview
4. Which is not an option when setting the accrual period for sick and vacation time?
A. Beginning of year
B. Every month
C. Every paycheck
D. Every hour on paycheck
5. The payroll setup interview will not allow you to:
A. Edit the default name for payroll items
B. Associate deduction and withholding items with vendors
C. Set the pay rate for employees
D. Add two employees with exactly the same name