In accounting terms, inventory refers to

a$.$ the ready$-$made merchandise that is sold to customers for a profit.

b$.$ unsold goods that must either be sold for no profit or returned to the manufacturer.

c$.$ goods that have been purchased by customers.

d$.$ goods sold on account.

Before you can enter inventory transactions in QuickBooks Online, you must

a$.$ establish a file for each inventory item.

b$.$ purchase an add$-$on module for the software.

c$.$ determine which items can be sold on account and which cannot.

d$.$ download product specifications from the manufacturer or distributor.

Inventory item files are included in the

a$.$ Products and Services List.

b$.$ Fixed Asset Products and Services List.

c$.$ Other Assets List.

d$.$ Chart of Accounts.

What are the two types of inventory systems?

a$.$ periodic and perpetual

b$.$ rotating and non$-$rotating

c$.$ immediate and delayed

d$.$ static and dynamic

Prior to the availability of low$-$cost computers and accounting software, only businesses with used the perpetual system.

a$.$ low$-$volume, high$-$cost

b$.$ low$-$volume, low$-$cost

c$.$ high$-$volume, high$-$cost

d$.$ high$-$volume, low$-$cost

With computerized accounting systems, the perpetual inventory system

a$.$ is used only by small, low$-$volume companies.

b$.$ has largely been replaced by the periodic inventory system.

c$.$ is used only by large, high$-$volume companies.

do can be used bymost companies