Question $1$ Question $2$

How do you start looking for the cause of general ledger and inventory

subledger discrepancies?

Run the Inventory Subledger Discrepancy report

Review the account mappings of all inventory items

Run a report on inventory asset transactions with unspecified products$/$services

Run a Profit and Loss for the period showing details of all sales and purchases

Review the account types and detail types of all inventory accounts Question $3$

Mike's Cafe is a popular eatery in Ottawa that sells coffee beans,

branded merchandise, and ready$-$to$-$eat dishes. They use the z$-$tape

from their register $($which details the day's sales and payment totals$)$

and enter a daily sales summary into QuickBooks Online using a sales

receipt. The z$-$tape shows that some customers paid using MasterCard,

Visa, and Amex.

When assigning the Income Account field on the MasterCard, Visa, and

Amex payment items, which account should be selected?

Accrued liability

Sales of Product Income

Sales Discount

Cost of Goods Sold

Undeposited Funds Question $4$

Which of these transactions can be made recurring? Select all that apply.

Journal entry

Deposit

Delayed charge

Pay bill

Receive payment

Payroll chequeQuestion $5$

Which of the following are a type of recurring transaction? Select all that

apply.

Scheduled

Unscheduled

Reminder

Ad hoc

Variable

Fixed

Paused

Which of the following will cause discrepancies between the general

ledger and the inventory subledger? Select all that apply.

Expenses that use products$/$services

Journal entries that affect inventory

Expenses that affect inventory but don't use products$/$services

Journal entries that affect cost of goods sold

Invoices that don't use products$/$services