Question $11$ of $35$

There are two methods of tracking vendor deposits described in the Supplemental Guide training. What is the primary difference between them?

A One method works for sales tax purposes, whereas the other method does not

B $$ The first method shows the deposit as a credit in the vendor's account. The second method shows the deposit as an asset

$$ One method requires a year$-$end journal entry to adjust the vendor deposits. The other method requires a journal entry every month

D $$ The first method assumes the client is using the cash basis of accounting. The second method assumes the use of the accrual basis

Question $12$ of $35$

Which statement is true concerning how QuickBooks Desktop Pro and QuickBooks Desktop Premier calculate the value of inventory?

A $$ QuickBooks Desktop supports the average cost method

B $$ QuickBooks Desktop supports FIFO, LIFO, and average cost

C $$ Once a method has been chosen it cannot be changed

D $$ QuickBooks Desktop supports the use of different costing methods with different items

Question $13$ of $35$

What is the purpose of the Total Value in the Adjust Quantity$/$Value window?

A Assigns cost codes to inventory

B $$ Allows you to correct the on$-$hand quantity of an inventory item

C Lets you adjust inventory to track the components used in manufacturing

D $$ Lets you enter a new value for an inventory item to correct errors or record a loss

Question $14$ of $35$

Which of the following describes a transaction that you would enter in the Enter Credit Card Charges window?

A $$ Charges to the checking account

B $$ Credit card purchase from a vendor

C $$ Credit card refunds back to customer

D $$ Merchant Service processing fees

Question $15$ of $35$

What does the Beginning Balance in the Begin Reconciliation window represent?

A $$ The sum of all previously reconciled transactions in the account

B $$ It always represents the ending balance on last month's bank statement

C $$ The beginning balance for the account entered when QuickBooks was set up

D $$ An internal calculation made by QuickBooks that is not relevant to the reconciliation process