3/29/22 QBO Kahoot#3a-b-c Quiz

When entering a journal entry what happen if the debits don't equal the credits

• quickbooks will not allow you to record the transaction

• quickbooks sends the difference to an adjustment account

• nothing. Quickboks records the transaction as is

• Quickbooks asks you what to do with the unequal amount

Which of the following statements is true about merging

• you can merge an income account with an expense account

• you can merge a customer with a vendor entry

• you can merge expenses and items

• you can only merge names from the same type

You have 2 customers with the same name. How do you handle thhis in Quickbooks?

• as long as the address is different, you don't need to do anything

• use a middle initial in the display name to make one name different

• when setting up the second name click the generate unique identity check

• make sure the customer number is different

How do delayed charges affect a customer's balance?

• delayed charges reduce a customer's balance

• quickbooks does not have a delayed charge option

• delayed charges have no effect on a customer's balance

• delayed charges increase a customer's balance

Which of the following statements is true regarding Undeposited Funds in Quickbooks?

• undeposited funds is an item type usually associated with NSF fees

• undeposited funds is used to record payments before you make a deposit

• undeposited funds is an account used to record unpaid invoices

• undeposited funds is an item type usually associated with bad debt

What is one reason to not use a bank deposit or journal entry screen to record sales

• the income from the sale will not show up in the bank account

• it is a good idea to record sales through bank deposits and journal entries

• the cash flow report will be wrong

• if sales are recorded through the bank deposit screen, the sale won't appear

What transaction should you enter if a customer returns a damaged product or complains for a refund?

• credit memo

• customer return

• check or bill

• debit memo

How do you tell quickbooks that thhis customer's invoice should be due 30 days after they are issued

• set the customer's Terms to Net30

• set the due date on the next invoice you enter for the customer

• you have to set thhis on each invoice you enter for the customer

• select the checkbox next to due in 30 days

In QBO, entering a purchase order for inventory affects which accounts

• no account are affected because po are nonposting transactions

• income and accounts payable are affected

• it affects accounts payable only

• inventory assets and accounts payable are affected

Which of the following statements is true regarding vendor credit memos

• vendor credit memos are sent to you when your account is overdue

• vendor credit memo are the same as delayed charges

• vendor credit memos increase what you owe the vendor

• vendor credit memos reduce what you owe the vendor