Quiz 3: Payables and Purchases: Service Business

Business

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Statement: "The _______ section of a check is used to record the check date, payee, and amount for the actual check. The _____ area of a check is used to record the accounts used for the bill, the amount for each account used, and transaction explanations." Answer: Check face, detail Justification: The check window is divided into two main areas, namely check face and detail area. The information such as date, payee name, check amount, and more are present in the check face. The transaction accounts and amounts are indicated in the detail area.

Statement: "When using QuickBooks' graphs information regarding the percentage of accounts payable owed to each vendor is displayed as a. " Answer: (A) Pie chart Justification: The graphs showing the information on the proportion of accounts payable owed to each dealer is presented in the form of a pie chart for better clarity.