Question 12: Match these QuickBooks Online terms with their best descriptions. FIFO This increases in the profit and loss report when you sell products. DROP HERE Cost of Goods Sold This assumes the first product purchased is the first product sold. DROP HERE Purchase order This is a document sent to a vendor to order inventory products. DROP HERE Vendor credit This can be recorded either for an expense or for products and services, and then applied to an unpaid bill. DROP HERE Question 6: Match these QuickBooks Online financial terms with their descriptions. Audit log Reflects the financial position of the business on a specified date DROP HERE Audit history Tracks each change to customer and vendor transactions, who made the change, and when DROP HERE Balance sheet Tracks who logged in and when and what each user added, edited, voided, or deleted DROP HERE Profit and Loss Statement Reports the income, less the cost of goods sold and expenses for a specific period DROP HERE Question 5: Match these reports with the information they display. Physical Inventory Worksheet Shows the total value of your inventory and the average cost of each product Inventory Valuation Summary Compares stock on hand with the QuickBooks Online quantity Inventory Valuation Detail The list that contains inventory reports Sales by Product/Service Detail Shows information about purchases, sales, and product returns