QUESTION 9 Under the perpetual inventory system, when inventory is purchased the inventory (asset) account is decreased. accounting records are maintained that continuously show the current inventory quantity and value. the cost of goods sold is no longer needed to arrive at gross profit. when inventory is sold, the inventory account is increased. QUESTION 10 This inventory report displays the on-hand status and reorder point, if entered. Pending Builds Inventory Stock Status by item Physical Inventory Worksheet Inventory Valuation Summary QUESTION 11 Which of the following does the Item List not contain? type of item, number, description, cost, and sales tax status general ledger posting accounts for inventory asset cost of goods sold, and sales preferred customers all products or services sold by the company QUESTION 12 The Non-inventory Part type is used for products sold that are not maintained in inventory. not updated or tracked in QuickBooks. the same as Service type for service revenue items. used for the sales of services on account or for cash. QUESTION 13 When recording a sale of taxable inventory items on account in the Create Invoices window, the default accounts include Accounts Receivable and Sales. Inventory and Cost of Goods Sold. Sales Tax Payable. All of the choices are correct. QUESTION 14 shows the cost of inventory on hand. The shows the cost of goods sold, while the o income statement: balance sheet statement of cash flows; balance sheet income statement: statement of cash flows balance sheet; income statement QUESTION 15 Terms of indicate a 2% reduction of the invoice amount if payment is made within 10 days of the invoice date. If early payment is not made, the total amount is due within 30 days. 02/10, EOM 2 Net 10, 30 Days 02/10, Net 30 Net 2/10, 30 Days QUESTION 16 The QuickBooks Desktop Setup window is first used O to restore a company file. to create the subsidiary ledgers. to back up a company file. to select the method of New Company Setup