1) Which invoice layout in MYOB is most appropriate when recording inventory transactions?

Select one:

a. Professional

b. Item

c. Service

d. Miscellaneous

2) The Undeposited Funds Account in MYOB:

Select one:

a. All of these options

b. Is a temporary clearing account recording each individual cash receipt

c. Is cleared when the amounts receipted are actually banked

d. Is used to assist with the reconciliation of the bank account

3)When customer records are set up in MYOB to track accounts receivable, payments received from customers can be processed as:

Select one:

a. All of these options

b. Receive Payments in the Sales Module

c. a general journal entry in Accounts module

d. Receive Money in Banking module

4) A business has set up MYOB to use a perpetual inventory system. When a purchases of inventory on credit is processed the accounting result is:

Select one:

a. Dr Purchases, Dr GST Collected, Cr Accounts Payable

b. Dr Inventory, Dr GST Collected, Cr Accounts Payable

c. Dr Inventory, Dr GST Paid, Cr Accounts Payable

d. Dr Purchases, Dr GST Paid, Cr Accounts Payable

5) After navigating to the Purchases command centre and then selecting Pay Bills, MYOB allows users to record the following transactions:

Select one:

a. Purchases on credit

b. Cash receipts from suppliers

c. Cash payments made to suppliers

d. None of these options