Bills $($vendor invoices$)$ entered in QBO are purchases made on account.

True

False

All bills $($vendor invoices$)$ will increase the A$/$P liability account.

True

False

Immediate payment via check for product, services or other expenses at time of purchase can only be processed using the "Check" task function $.$

True

False

Purchase orders do not effect a company's accounts until products are received or services are rendered.

True

False

The inventory account is not effected by products received from vendors.

True

False

Products purchased and received that affect inventory are recorded in the "Items Detail" section of a bill $($vendor invoice$)$ in QBO.

True

False

All bills received from vendors will increase the accounts payable liability account.

True

False

A Retained Earnings account is typically used for a Sole Proprietor form of business entity.

True

False