Question
1.You have entered a Purchase Order in QuickBooks for $1,000 to purchase inventory.Which of the following accounts are affected? a.Inventory Account in increased by $1,000
1.You have entered a Purchase Order in QuickBooks for $1,000 to purchase inventory.Which of the following accounts are affected?
a.Inventory Account in increased by $1,000 and Chequing Account is decreased by
$1,000
b.Inventory Account is decreased by $1,000 and Chequing Account is increased by
$1,000
c.Inventory Expense is increased by $1,000 and Cost of Goods Sold Account is increased by $1,000
d.Inventory Expense is increased by $1,000 and Cost of Goods Sold Account is decreased by $1,000
e. None of the above
2.Which of the following GST/PST preferences are not available in QuickBooks?
a.GST/PST reporting period
b.Government tax agency to remit payments to
c.Default tax codes
d.Electronically file your GST/PST payment
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