NAME KEY
QUICKBOOKS DESKTOP 2018:
A COMPLETE COURSE
CHAPTER 5 EXAM
Sales And Receivables: Merchandising Business
TRUE/FALSE
ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE
QUESTION NUMBER.
the customer the amount of the penalty charges you impose.
money, a refund check is issued along with a credit memo.
T 6. 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.
account to the most current invoice.
invoices.
discount term.
EXAM KEY 5-
2
QUICKBOOKS DESKTOP 2018: A Complete Course
MULTIPLE CHOICE
WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED
BEFORE THE QUESTION NUMBER.
you must .
A. print the report in landscape orientation
B. use Fit report to one-page wide option
C. change the column width manually
D. all the above
Report.
A. voided
B. deleted
C. corrected
D. printed
the account.
A. Income account: Purchases Discounts
B. Expense account: Sales Discounts
C. Cost of Goods Sold account: Merchandise Discounts
D. Asset account: Inventory Asset
credit memo is prepared and .
A. a refund check is issued
B. the amount of the return may be applied to the balance owed for the
invoice
C. the customer determines whether to apply the amount to the balance
owed or get a refund check
D. any of the above
for QuickBooks DT to calculate the sales discount on the entire sale.
A. Subtotal
B. last sales item
C. no special item is required
D. QuickBooks DT does not calculate the discount, it must be computed
manually
Exam Chapters 5-7—Key EXAM 5-
3
QuickBooks DT .
A. denies the transaction
B. automatically approves the transaction
C. provides a dialog box allowing you to approve the transaction
D. requires you to change the customer’s credit limit
invoices and sales receipts, QuickBooks DT keeps track of all
transactions .
A. in a chart
B. in the master register
C. on a graph
D. in the Journal
the correct amount of the sales discount is calculated .
A. automatically by QuickBooks DT on the full amount
B. automatically by QuickBooks DT on the amount due after the credit is
subtracted
C. manually by using QuickMath
D. any of the above
A. LIFO
B. average cost
C. FIFO
D. Actual Cost
A. on the total invoice amount
B. only if payment is received on or before the due date
C. if terms offer a discount
D. All the above
FILL-IN
IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY
COMPLETES THE SENTENCE.
21. When receiving payments from customers, QuickBooks DT places the amount
EXAM KEY 5-
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QUICKBOOKS DESKTOP 2018: A Complete Course
item immediately before a nonprofit discount.
24. If a customer pays with a debit or credit card, it is the same as paying
Income or Revenue accounts.