1)QuickBooks...

a, automatically calculates and records early payment discounts based on customer payment terms, invoice date, and payment date when a customer payment is entered.

b. displays a discount date when a customer payment is entered but does not calculate a discount amount.

C. estimates early payment discount amounts bsed on customer payment terms, invoice date, and payment date.

d. None of the above statements is true.

2)Which of the following statement is false? a. A preferred vendor can be entered for inventory part items.

b. The description entered in the sales information section of the new item window for inventory part items will appear on invoices and sales receipts.

c. The COGS Account field for an inventory part item represents the account that will be debited when an inventory partis sold.

d. The cost entered when setting up an inventory part item is used to value the inventory.

3)Which customer would most likely not have to pay sales tax?

a. Mary, who is purchasing a case of print cartridges to sell at the downtown location of Mary's Office Supplies Shop

b. Fred, who is purchasing a case of paper to use at Intel.

c. Frances, who is purchasing a vehicle to be used to deliver products to her customers.

d. All of the above customers would likely be required to pay sales tax.

4)..........is entered for each customer in the Customer Center.

a. A sales tax item and a sales tax code

b. Only a sales tax code

c. Only a sales tax item

d. No sales tax information