Multiple Choice:

41. When you want to create an invoice without inventory items, use the following form:

a. Sales invoice

b. Purchase invoice

c. Sales order

d. Service invoice

42. Cash paid to a creditor would be reported in the statement of cash flows under the:

a. Investing activities section

b. Financing activities section

c. Noncash investing and financing activities section

d. Operating activities section

43. Business managers and owners, depend on financial statements because:

a. Peachtree automatically calculates accurate financial statements

b. Financial statements are for internal use only

c. They have primary responsibility for the business

d. They can evaluate cash and make appropriate decisions

44. On the Navigation Bar, make the following selections to record a cash sale:

a. On the Customers & Sales Navigation Center, click on the Sales Invoices icon and select New Sales Invoice

b. On the Customers & Sales Navigation Center, click on the Receive Money icon and select View and Edit Payments Receive, Apply to Revenues tab, record the cash sale c. On the Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money From Customer, Apply to Revenues tab, record the cash sale d. On the Banking Navigation Center, click on the Receive Money icon and select Receive Money from Customer, Apply to Revenues tab, record the cash sale

45. The standard sales discount for Bellwether Garden Supply is:

a. No sales discount is offered

b. 1% if paid within 15 days

c. 2% if paid within 10 days

d. 5% if paid within 15 days

46. Expenses and revenues over a period of time are shown on the:

a. Statement of cash flow

b. Departmental gross profit report

c. Income statement

d. Balance sheet

47. The balance sheet lists:

a. Assets, liabilities, and capital of a business

b. Revenues and expenses of a business

c. The percentage of revenue at the end of the year

d. The percentage of debt at the end of the year

48. On the Navigation Bar, make the following selections to enter a customer receipt:

a. Tasks; Payments

b. Customers & Sales Navigation Center, click on the Sales Invoices icon and select View and Edit Sales Invoices

c. Customers & Sales Navigation Center, click on the Receive Money icon and select Receive Money from Customer

d. Vendors and Purchases Navigation Center, click on the Write Checks icon and select New Check

49. The report used to analyze profitability by department is called the:

a. Income Statement by Department Report

b. Intercompany Profitability Report

c. Departmental Profitability Report

d. Gross Profit by Department Report

50. Another name for the customer ledger is:

a. Accounts receivable ledger

b. Accounts payable ledger

c. Vendor ledger

d. Inventory ledger