Entering Inventory Part items detail results in the creation of which of the following accounts: a. Retained Earnings b. Opening Balance Equity c. Supplies d. Cost of Goods Sold Sales Tax details must always be the same for all customers. 17. By entering customer information and amounts due, QuickBooks will create a(n) a. Subsidiary A/P Ledger 22. b. Subsidiary A/R Ledger c. Inventory System d. General Ledger 18. By entering vendor information and amounts owed, QuickBooks will create a(n) a. Subsidiary A/P Ledger 23. b. Subsidiary A/R Ledger c. Inventory System d. General Ledger a. True 24. In order to connect to subsidiary ledgers for customers and vendors, there must be at least one of the following account types designated in the General Ledger: a. Accounts Receivable type b. Accounts Payable type C. Both "a" & "b" d. Neither "a" nor "b" b. QuickBooks utilizes which of the following inventory costing methods: a. First-In, First-Out b. Last-In, First-Out c. Average Cost d. Specific Identification The balance of the Inventory account is entered by a. Creating Service Items info. b. Creating Inventory Part Items info. c. Inputting the balance in total into the General Ledger d. Input of all prior purchases & sales of items 25. b. False. All amounts and all accounts determined automatically by QuickBooks will never need to be changed. a. True b. False An advantage of using a pre-set chart of accounts would be: a. Less user training necessary b. No danger of assigning incorrect account types C. More familiar account titles used d. Easier to compare statements and reports