Student_ Quiz Result CH07

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Riverside City College *

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Accounting

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Jan 9, 2024

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10/29/23, 11:37 PM Student: Quiz Result https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSTStudXg3Zmt0ZVNaUEF5Y3ZSVlNHeGRrelMwU… 1/5 Answer: Nothing happens. It increases. It is closed out. The valuation automatically adjusts. Answer Provided It increases. Answer: Physical Inventory Worksheet : Compares inventory on hand to inventory recorded in QuickBooks Inventory Valuation Detail : Shows the specifics for transactions that affect inventory value Sales by Product/Service Detail : Shows the list that contains inventory reports Inventory Valuation Summary : Shows the value of inventory and average cost per product Answer Provided Physical Inventory Worksheet : Compares inventory on hand to inventory recorded in QuickBooks Inventory Valuation Detail : Shows the specifics for transactions that affect inventory value Sales by Product/Service Detail : Shows the list that contains inventory reports Inventory Valuation Summary : Shows the value of inventory and average cost per product Answer: While profit can be earned on services, it can't be earned on inventory. Find the difference between the item's original cost and its sales price. Your profit is what you sell the item for. Add the sales price and the item's original cost. Answer Provided Find the difference between the item's original cost and its sales price. Answer: Accounts Payable Accounts Receivable No account is debited. Cost of Goods Sold Answer Provided No account is debited. Answer: Open Purchase Order List Purchases by Vendor Detail Purchases by Product/Service Detail Expenses by Vendor Summary Answer Provided Open Purchase Order List Answer: Sales Tax Expense Student Name : Toni Castillo Quizz Name : Chapter 07 Test Points : 50 Out of 50 Grade : 100% Q #. Question Lesson/Chapter # Question Type Feedback Points Instructor Feedback Q 1 What happens to Cost of Goods Sold in the profit and loss report when you sell a product? Chapter 7: Multiple Choice Tracking Inventory – Behind the Scenes; (QBCU exam) 2.2 and 5.1 2.17/2.17 --- Q 2 Match each inventory report to what it shows. Chapter 7: Matching Reports and DYS 7-14; (QBCU exam) 5.1 2.17/2.17 --- Q 3 How do you determine profit on the sale of an inventory product? Chapter 7: Multiple Choice Cost of Goods Sold Account; (QBCU exam) 2.2 2.17/2.17 --- Q 4 What account is debited when a purchase order is created? Chapter 7: Multiple Choice Purchase Orders – Behind the Scenes; (QBCU exam) 2.2 and 5.1 2.17/2.17 --- Q 5 What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase order? Chapter 7: Multiple Choice Purchase Order Reports and DYS 7-5; (QBCU exam) 5.1 2.17/2.17 --- Q 6 What account is collected sales tax held in? Chapter 7: Multiple Choice Sales Tax; (QBCU exam) 2.2 2.17/2.17 ---

10/29/23, 11:37 PM Student: Quiz Result https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSTStudXg3Zmt0ZVNaUEF5Y3ZSVlNHeGRrelMwU… 2/5 Tax Income Collected Tax Expense Sales Tax Payable Liability Answer Provided Sales Tax Payable Liability Answer: Set up a new sales tax rate. Calculate the difference and send any funds due to the appropriate authority. Close out the current Sales Tax Payable Liability account. Edit the existing tax rate to reflect the change. Answer Provided Set up a new sales tax rate. Answer: refund receipt vendor credit purchase order credit memo Answer Provided credit memo Answer: the states in which you conduct business how many tax exemptions you have your company's name your industry Answer Provided the states in which you conduct business Answer: You ordered the wrong item. The customer changed their mind. An item was damaged in shipment. Too many items were shipped. Answer Provided The customer changed their mind. Answer: Whether it's an inventory or non-inventory item The difference between what you paid for the item and what you will sell it for The amount you paid for the item when purchased Sales tax Answer Provided The amount you paid for the item when purchased Answer: Non-inventory product : An item specially ordered for a customer Inventory valuation : Helps determine a product's purchase price Inventory item : A product stocked, tracked, and sold to customers Inventory adjustment : May be needed for broken or spoiled products Answer Provided Non-inventory product : An item specially ordered for a customer Inventory valuation : Helps determine a product's purchase price Q 7 The sales tax in Clara's area has changed. What should she do? Chapter 7: Multiple Choice Sales Tax (Warning!); (QBCU exam) 2.2.2 2.17/2.17 --- Q 8 Issue a _____ if a customer has been overbilled. Chapter 7: Multiple Choice Customer Returns and Credits; (QBCU exam) 2.4.4 and 3.3.7 2.17/2.17 --- Q 9 How you set up sales tax in QuickBooks depends entirely on: Chapter 7: Multiple Choice Sales Tax; (QBCU exam) 2.1.4 2.17/2.17 --- Q 10 What is NOT a situation for which you would record a vendor credit? Chapter 7: Multiple Choice Vendor Credits/Returns; (QBCU exam) 2.4.4 2.17/2.17 --- Q 11 What determines how much the Cost of Goods Sold account increases when you sell an item? Chapter 7: Multiple Choice Cost of Goods Sold Account; (QBCU exam) 2.2.1 2.17/2.17 --- Q 12 Match each inventory term to its best description. Chapter 7: Matching Tracking Inventory, Entering Inventory, Non-Inventory Products, and Inventory Adjustments; (QBCU exam) 2.2.4 2.17/2.17 ---

10/29/23, 11:37 PM Student: Quiz Result https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSTStudXg3Zmt0ZVNaUEF5Y3ZSVlNHeGRrelMwU… 3/5 Inventory item : A product stocked, tracked, and sold to customers Inventory adjustment : May be needed for broken or spoiled products Answer: You won't be able to purchase more of that product. The product can no longer be sold. Inventory tracking for that product is disabled. The product's inventory is no longer tracked, but previous transactions are not affected. Answer Provided The product's inventory is no longer tracked, but previous transactions are not affected. Answer: Create a bill to be paid later. Add the inventory to an estimate. Receive the inventory as an expense. Receive the inventory and pay by check. Answer Provided Add the inventory to an estimate. Answer: This can happen with the FIFO inventory method. It just means the items she ordered have different costs, based on when the supplier purchased them on their end. It could be an error. She should contact the supplier to discuss and request a new bill. It is likely for delivery or shipping charges. She should add the charge to the purchase transaction in QuickBooks. She should only pay for what she ordered. Answer Provided It is likely for delivery or shipping charges. She should add the charge to the purchase transaction in QuickBooks. Answer: Create a vendor credit associated with Mason's account record. Politely explain that all cash sales are final. Issue a credit memo so Mason's next purchase is discounted by the amount of the lawn ornament. Give Mason his money back and create a refund receipt. Answer Provided Give Mason his money back and create a refund receipt. Answer: FIFO Average cost Specific identification method LIFO Answer Provided FIFO Answer: Q 13 What happens when you make inventory tracking for a product inactive? Chapter 7: Multiple Choice Enabling Tracking; (QBCU exam) 1.2 and 2.2 2.17/2.17 --- Q 14 What is NOT an option when receiving inventory against a purchase order? Chapter 7: Multiple Choice Receiving Inventory Against a Purchase Order; (QBCU exam) 2.2 2.17/2.17 --- Q 15 Jaslene received a bill from her supplier that included more than the actual products purchased. What might the charges be for and what should she do? Chapter 7: Multiple Choice Adding an Expense to a Purchase Order Payment; (QBCU exam) 3.2.2 2.17/2.17 --- Q 16 Mason wants to return a lawn ornament he purchased from you with cash. What do you do? Chapter 7: Multiple Choice Customer Refunds; (QBCU exam) 2.4.4 and 3.3.7 2.17/2.17 --- Q 17 What method of inventory valuation does QuickBooks Online use? Chapter 7: Multiple Choice First In, First Out; (QBCU exam) 2.2.2 2.17/2.17 --- Q 18 Which "behind the scenes" image shows what happens when you receive inventory? Chapter 7: Multiple Choice Tracking Inventory - Behind the Scenes Inventory; (QBCU exam) 2.2.2 2.17/2.17 ---

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