QUESTION 21

1. The Canada Revenue Agency (CRA) requires you to keep a current federal and provincial TD5 form on file for each of your employees. For Qubec employees, you must keep a federal TD5 form and a provincial form on file.

True

False

QUESTION 22

1. The three ways to input time data are as follows:

a.

Weekly time sheets, single time activities, add hours to pay cheque.

b.

Weekly time sheets, single time activities, Vehicle Mileage report.

c.

Single time activities, Stopwatch, Vehicle Mileage report.

d.

Single time activities, QuickBooks Timer, Vehicle Mileage report.

QUESTION 23

1. QuickBooks Online does not reimburse mileage for employees through the payroll. You would need to setup the employee as a vendor, and then create a billable expense.

True

False

QUESTION 24

1. Which of the following best describe QuickBooks On-Line method to cost inventory?

a.

The last units purchased (Last In) to be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

b.

The average cost of an inventory item, equals the total cost of the items currently in stock, divided by the number in stock.

c.

The first units purchased (First In) will be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

d.

The next units purchased (Next In) to be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

QUESTION 25

1. A bundle is a way of grouping products and services that you often sell together. Bundles save time when you create sales transactions. Instead of entering each product or service as a separate line item, you just enter the bundle itself.

True

False