CHAPTER 6 Sales and Receivables: Product and Service Items 383 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the bank charges and any penalty charges you impose. 2. A Logo authorizes you to access custom forms. 3. Each Location of the business may use a different address and phone number. 4. Sales discounts are always calculated after sales tax has been entered. 5. All payments received by QuickBooks Online, including debit cards and credit cards, are placed in Undeposited Funds until the bank deposit is made. 6. Terms of 2% 10 Net 30 are used for NSF Check penalties. 7. Sales tax is a fee charged by government agencies on sales of products. 8. A Delayed Charge is added to the customer's balance. 9. Locations are allowed to select a descriptive name; such as, Store. 10. A Customer Note may be added by editing the individual account. 6 MULTIPLE CHOICE WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. Transactions may be categorized based on-and- A. Location and Class B. Settings and Class C. Locations and Settings D. Any of the above 2. To see the effects of the sales of products on inventory, you prepare a(n) report A. Inventory Asset Account B. Sales of Product Income C. Inventory Valuation Summary D. Cost of Goods Sold Summary When a customer qualifies for an early payment discount, the discount is recorded A. In the Sales Discount register B. As a Journal entry C. On a new Invoice D. On the original Invoice 3. CHAPTER 6 Sales and Receivables: Product and Service Items 383 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the bank charges and any penalty charges you impose. 2. A Logo authorizes you to access custom forms. 3. Each Location of the business may use a different address and phone number. 4. Sales discounts are always calculated after sales tax has been entered. 5. All payments received by QuickBooks Online, including debit cards and credit cards, are placed in Undeposited Funds until the bank deposit is made. 6. Terms of 2% 10 Net 30 are used for NSF Check penalties. 7. Sales tax is a fee charged by government agencies on sales of products. 8. A Delayed Charge is added to the customer's balance. 9. Locations are allowed to select a descriptive name; such as, Store. 10. A Customer Note may be added by editing the individual account. 6 MULTIPLE CHOICE WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. Transactions may be categorized based on-and- A. Location and Class B. Settings and Class C. Locations and Settings D. Any of the above 2. To see the effects of the sales of products on inventory, you prepare a(n) report A. Inventory Asset Account B. Sales of Product Income C. Inventory Valuation Summary D. Cost of Goods Sold Summary When a customer qualifies for an early payment discount, the discount is recorded A. In the Sales Discount register B. As a Journal entry C. On a new Invoice D. On the original Invoice 3
