answer accounting questions 494427

Chapter 8 Review Questions 1. If your vendor ships more than you ordered on a purchase order (an over shipment), which of the following actions would not be appropriate? A. You could refuse the extra shipment and send it back to the vendor without recording it in QuickBooks B. You could receive the extra shipment using an inventory adjustment transaction C. You could receive the extra shipment into inventory and keep it (and pay for it) D. You could receive the extra shipment into inventory, and then send back and record a bill credit in QuickBooks 2. When Setting up a group item, where do you enter the sale price? A. Enter the price in the sales price field B. Enter the price in the item pricing list C. The group item does not include a sale price field D. Enter the price in the set price window 3. To activate QuickBooks inventory: A. Select the file menu and then select preferences B. Select purchases – vendors C. Consult your accountant to determine the proper inventory valuation method D. Select edit menu, then select preferences then click on the items & inventory preference tab. Finally, click on the option that activates inventory 4. The inventory asset account: A. Tracks open purchase order of inventory items B. Decreases when inventory is purchased C. Increases when inventory is sold D. Increases when inventory is purchased 5. In QuickBooks pro and premier, inventory can do all of the following except: A. Provide reports on the status of each item in inventory including how many are on hand and how many are on order B. Use the lifo or fifo method of determining inventory cost C. Calculate gross profit on inventory sold D. Track the open purchase orders for every inventory item Chapter 9 Review Questions 1. In quick Books you are allowed to pass through billable expenses to customers: A. Only if you paid by credit card B. If you paid by check or credit card, but you don’t assign the customer or job to the expense C. If you…