Computer Accounting Study Set 2

Business

Quiz 4 :

Vendors and Inventory

Quiz 4 :

Vendors and Inventory

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The Balance Sheet shows the accounting equation.
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True False
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True

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QBO organizes and monitors accounts payable.
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True

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When QBO_Student Name purchases and receives inventory, they are:
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Multiple Choice
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B

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A report that breaks the analysis into operating, investing, and financing activities is called:
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The money a company owes to a supplier or vendor is called:
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The account reconciled in Chapter 4 is Accounts Receivable?
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Using the Bank Statement, go to the Journal to reconcile checking account activity.
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In QBO, an up-to-date record of inventory is maintained and tracked.This is called:
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Bills are entered to record an expense or purchase of assets.
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The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:
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__________ report economic information about the business.
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__________ are purchases on account from vendors.
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QBO_Student Name receives bank statements at the end of the quarter.
True False
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Before you reconcile, the check register balance does not include the bank's service charge.
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A product that is purchased from vendors for sale to customers is called a/an:
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In Chapter 4, checking Expense and Sales transactions and the October 30th trial balance is the starting point for your data.
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The account distribution for sales of inventory on account is:
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When you enter bills for a vendor, Accounts Payable and the vendor are debited.
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The account distribution for purchases of inventory on account is:
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Use products and services to enter consistent transaction descriptions, prices and rates.
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