QuickBooks Online – Chapter 5-Questions

1. Which of the following procedure will complete the purchase procedure in a company? a. Approving suppliers invoice b. Checking the invoice c. Receiving the material by stores department d. Making the payment

What is another name for the bill that the seller sends to the buyer when the buyer purchases merchandise on account? Group of answer choices purchase requisition receiving report invoice purchase order

What document signals that a company should record thepurchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice

Which document would be used to support the recording of  a sale on account?   Question 49 options:   Sales order   Purchasing order   Shipping label   Sales Invoice

A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?B. Who creates the Sales order?C. Who gets copies of the Sales Order?In the space below, please answer parts A, B, and C.

Which one of the following documents is not needed to process a payment to a vendor? Group of answer choices 1.vendor invoice 2.packing slip 3.check request 4.purchase order

When goods are received, the receiving clerk should match the good with_____?          A. The vendor invite and the vendor shipping document          B. The purchase order and the requisition form          C. The vendor shipping document and the purchase order           D. The vendor invite and the purchase order

Answe these questions in relation to accounting packages systems

Business documents used to keep track of sales and purchases are called _____.   F.O.B. shipping point terms of sale     invoices F.O.B. destination

Sunset Graphics often buys inventory after receiving a sales order from the customer. Suppose you are asked to prepare one UML class diagram that combines both the sales and collection process and the purchases and payments process. What would be shared among those processes? What would be unique to each process? Why?

Accounting Information System Prepare a step-by-step payment flowchart for a bookstore business, who's ordering inventory from their supplier. Provide an analysis/explanation of the flow of the flowchart.

In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which step does not occur before shipping the goods to the customer? Check inventory availabilityPick and pack the goodsCheck customer creditBill the customerObtain the customer order

1. List the steps to record sales under a perpetual inventory system as a buyer and a seller. 2. Provide original examples to support your response.

Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales return day book.   ?

Question 15 Which feature helps streamline the purchasing process once a customer approves an estimate? Create invoice from estimate O Price Rules O Create purchase order from an estimate Create invoice from purchase order

What is an estimate in QuickBooks Online? Select an answer: An estimate is a document that outlines a customer's purchase history. An estimate is a document that shows a customer's payment history. An estimate is a document that outlines the expenses a business expects to incur in the future. An estimate is a document that outlines the products or services a business plans to provide to a customer.

The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ? Select one: a. Sales account O b. Accounts receivable account O c. Purchase Return account O d. Sales Return account

Activity 1. Classify Me Instruction: Identify each element or account title if it can be found on a service or merchandising business. Complete the table by putting a (v) check mark or (X) cross mark in the corresponding columns. ACCOUNTS SERVICE MERCHANDISING BUSINESS BUSINESS Ex. Professional Fees Sales Consulting Revenue Purchases Cost of Sales Inventory Beginning Referral Revenue Freight-In Purchase Returns and Allowances Advertising Revenue Purchase Discount Freight-out Unearned Revenue Utilities Expense Depreciation Expense Allowance for Bad debts Sales discount Supplies Sales Returns and allowances Advances to suppliers Advertising Expense

Seller is notified of goods returned by the buyer when he receives a a. bill O b. debit memo Oc credit memo O d. invoice

Accounting Information System   Prepare a payment flowchart for a bookstore business, who's already ordered items from their supplier, and will be paying the price of the said items. Provide an analysis/explanation of the flow of the flowchart.