Prior to the availability of low cost computers and

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9.Prior to the availability of low-cost computers and accounting software, only businesses with__________ goods used theperpetual system.a.high-volume, high-costc.low-volume, low-costb.low-volume, high-costd.high-volume, low-costANS: BPTS:1
10.How does QuickBooks refer to an entry in the Item List that is sold as an inventory item?PTS:1
11.TheItem Listcontains the following important piece of information for each product,exceptPTS:1
12.Which of the following isnotone of the choices available intheTypefieldof the Edit Itemwindow?PTS:1
13.TheCostfieldin the Edit Item window contains thea.selling price for the item, plus sales tax.c.cost of goods sold.b.unit cost for the item.d.selling price for the item.ANS: BPTS:1
14.TheCOGS Accountfield in the New Item window indicates the account to which _________should be posted.PTS:1
15.For inventory items in the Items List, theIncome Accountfield indicates the general ledgerposting account for
© Paradigm Publishing, Inc.Computerized Accounting with QuickBooks® 2018Page 2Chapter 5 Concepts Study Quiz
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b.revenue.d.cost of goods sold.ANS: BPTS:116.When adding inventory to the Items List in the New Item window, the default general ledgerposting account for the inventory balance sheet account is entered in the __________ field.PTS:1
17.When are you prevented from deleting an inventory item from the Item List?a.when it has been part of a transaction during the calendar yearb.when it has a balance or has been part of a transaction during the current periodc.when the item is still in stockd.when it has been part of a transaction during the fiscal yearANS: BPTS:1

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Inventory Item
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A Guide to Computer User Support for Help Desk and Support Specialists
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