39. How should vacation time be entered for an employee who receives regular hourly pay? a. Type the amount of vacation pay in the Employee Summary b. Click the Vacation button and enter the total amount of vacation pay c. Choose Vacation Hourly Rate and enter the number of vacation hours d. Choose the Vacation Pay icon in the Employee Centre 40. The report prepared for employees who have terminated their employment with the company is the: a. Employee Earnings Summary b. Employee Withholding Report c. Employee TDI Review List Report d. Record of Employment Report 41. Which method of inventory valuation does QuickBooks use? a. FIFO b. Specific Invoice c. LIFO d. Average Cost (Weighted Average) 42. What type of account is the Inventory Losses account? a. Liability b. Expense c. Contra-asset d. Asset 43. If an error is made when adjusting inventory, it can be corrected by: a. Using the Previous and Next button to display the original adjustment and then editing the incorrect entry b. Completing a second adjustment that reverses and corrects the original adjustment c. Deleting the original adjustment and entering a new adjustment d. Recording a sales or purchase invoice to increase or decrease the inventory amount 44. How do you cause QuickBooks to record a refund rather than a credit memo on the Create Credit Memos/Refunds form when processing a sales return? a. Click the Refund button b. Change the default bank account to Bank - Refund c. Click the Use Credit to button and select Give Refund d. Change the customer name to Refund