TRUE OR FALSE (40 %) Instructions: For each statement, write the word True or False to indicate your answer. 1. True False A withdrawal by an owner in a partnership reduces the owners capital. If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the penalty charges you impose. 2. True False 3. True False A single purchase order can be prepared and sent to several vendors. After changing the Preferences for Reports, those changes will be used automatically when preparing multiple reports. 4 True False QuickBooks keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Pay Sales Tax feature of the program. 5. True False If a return is made by a customer and the customer does not owe you any False 6. True money, a refund check is issued along with a credit memo. When a credit is received from a vendor for the return of merchandise, it may be applied to a payment to the same vendor. 7. True False Receiving part of an order closes the Purchase Order. False True 8 Reports prepared using the Report Center may not be customized and memorized. 9. False True Receipt of purchase order items is never recorded before the bill arrives True False 10. The Subtotal account calculates the sales discount. False True 11 When a customer uses a bank debit or credit card, the amount of the sale is placed into the Undeposited Funds account. When the actual bank deposit is made, the amount is deposited into the checking or bank account and bank fees for the cards are deducted directly from the bank account 12 False True Since purchase discounts are a cost of doing business, they are categorized False 13. True as an expense. A single purchase order can be prepared and sent to several vendors. False True 14. QuickBooks keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Pay Sales Tax feature of the program. Fa
TRUE OR FALSE (40 %) Instructions: For each statement, write t
TRUE OR FALSE (40 %) Instructions: For each statement, write the word True or False to indicate your answer. 1. True False A withdrawal by an owner in a partnership reduces the owners capital. If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the penalty charges you impose. 2. True False 3. True False A single purchase order can be prepared and sent to several vendors. After changing the Preferences for Reports, those changes will be used automatically when preparing multiple reports. 4 True False QuickBooks keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Pay Sales Tax feature of the program. 5. True False If a return is made by a customer and the customer does not owe you any False 6. True money, a refund check is issued along with a credit memo. When a credit is received from a vendor for the return of merchandise, it may be applied to a payment to the same vendor. 7. True False Receiving part of an order closes the Purchase Order. False True 8 Reports prepared using the Report Center may not be customized and memorized. 9. False True Receipt of purchase order items is never recorded before the bill arrives True False 10. The Subtotal account calculates the sales discount. False True 11 When a customer uses a bank debit or credit card, the amount of the sale is placed into the Undeposited Funds account. When the actual bank deposit is made, the amount is deposited into the checking or bank account and bank fees for the cards are deducted directly from the bank account 12 False True Since purchase discounts are a cost of doing business, they are categorized False 13. True as an expense. A single purchase order can be prepared and sent to several vendors. False True 14. QuickBooks keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Pay Sales Tax feature of the program. Fa
0 Comments