Quickbookds Chapter 7

Question 1

When you create a new item for a product you sell, it is classified as a(n) _______ item.

Group of answer choices

a.Service

b.Non-inventory

c.Inventory

d. Product

Question 2

To pay for small expenses using cash, you use the ________ account.

Group of answer choices

a. Cash

b.Transfer

c. Petty Cash

d. Undeposited Funds

Question 3

To take a discount on Expenses or Bills that are not for merchandise ordered, you use the ________ Discount account.

Group of answer choices

a.Sales

b. Purchase

c. Inventory

d. Merchandise

Question 4

Which report shows every transaction recorded in Debit/Credit format?

Group of answer choices

a.Trial Balance

b.Journal

c.Transaction List by Vendor

d. Expenses List

Question 5

If you purchase inventory items and pay for them at the same time, you record the purchase on a(n) _______ forms(s).

Group of answer choices

a.Expense

b. Purchase Order and Bill

c. Bill

d. Vendor