Question 23. 23. After posting journal entries, you should verify the balances in individual accounts by printing the: General Ledger Trial Balance report Income Statement report General Journal report Balance Sheet report

Question 24. 24. What is the correct journal entry when you purchase inventory stock items?

Dr. The Accounts Payable/Vendor account; Cr. The Inventory account Dr. The Accounts Receivable/Customer account; Cr. The Sales account Dr. The Inventory account; Cr. The Accounts Payable/Vendor account Dr. The Cash account; Cr. The Revenue account

Question 25. 25. What would you select from the main menu if an employee breaks a piece of inventory?

Vendors and Payables??Inventory Adjustments Vendors and Payables>>Damaged Inventory Inventory and Services>> Inventory Adjustments Inventory and Services>>Inventory Returns

Question 26. 26. The report that lists all the accounts and the identifying number assigned to each account is called:

Chart of Accounts General Ledger General Journal General Ledger Trial Balance

Question 27. 27. If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to:

Check the Tasks windows Check the maintenance menus Click on Options; Global and uncheck the three boxes in the Hide General Ledger Accounts section Reset the defaults in the Accounting Behind the Screens selection

Question 28. 28. On a sales invoice, the field that links the transaction to inventory items sold on the transaction is called the:

Customer Name field Item field Customer ID field Type field

Question 29. 29. The inventory item class used to identify goods purchased and held for resale is called the:

Stock item Non-stock item Service item Activity item

Question 30. 30. The inventory system where an up-to-date record of inventory is maintained is called the:

Retail Periodic Perpetual None of the above