QUESTION 9 Progress Invoicing is used when: O A business undertakes a job that lasts a long period of time and needs to bill customers as the job progresses O A business purchases from an outside vendor and needs a longer period of time to pay the purchase invoice O Customers have a bad credit rating O Estimates are used QUESTION 10 Which type of organization uses the Form. 1065 and Schedule K-1? O Sole Proprietorship O Partnership O Corporation 0 S Corporation QUESTION 11 The steps to record credit purchases are: O Receive Items > Write Checks O write Checks Print Check Enter Bills > Pay Bill > Print Check Create Purchase Order > Print Check QUESTION 12 A loan that is to be paid within one year is classified as a: Long-term Liability Current Asset Other Current Liability None of these