Quiz Questions

For each question, select the best answer.

1. How do you add landed costs to inventory purchases?

a. Use the inventory item on a bill and a clearing Gl account on the inventory adjustment.

b. Use a clearing GL account on the bill and the same account on the inventory adjustment.

c. Use the inventory GL account on the bill.

d. Use a journal entry to transfer the expense to inventory.

2. In which situation should you use a bill credit?

a. The vendor over-charged on their invoice.

b. The vendor shipped the wrong product.

c. The vendor has an outstanding bill and an invoice for damages.

d. The vendor takes care of the business damage claim by paying the invoice.

3. How can you track the location of inventory items available for different types of customer sales

a. Create location-specific inventory items and use inventory adjustments.

b. Use inventory adjustments and location classes within existing inventory items.

c. Use location classes on the sales forms.

d. Review the Balance Sheet by Class.

4. When a customer sends a payment before the business creates an invoice, which process is corn receiving the payment?

a. Receive the payment using the Make Deposits form.

b. Create an invoice using an item mapped to the Customer Suspense current asset GL accoun

c. Wait to receive the payment until the sales department issues the invoice.

d. Create an invoice using an item mapped to the Customer Advance Payment GL account.