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How quickbooks desktop pro calculate the value of inventory

Assignment Help Financial Accounting
Reference no: EM132943487

Problem 1: There are two methods of tracking vendor deposits described in the Supplemental Guide training. What is the primary difference between them?

A One method works for sales tax purposes, whereas the other method does not

B The first method shows the deposit as a credit in the vendor's account. The second method shows the deposit as an asset

C One method requires a year-end journal entry to adjust the vendor deposits. The other method requires a journal entry every month

D The first method assumes the client is using the cash basis of accounting. The second method assumes the use of the accrual basis

Problem 2: Which statement is true concerning how QuickBooks Desktop Pro and QuickBooks Desktop Premier calculate the value of inventory?

A QuickBooks Desktop supports the average cost method

B QuickBooks Desktop supports FIFO, LIFO, and average cost

C Once a method has been chosen it cannot be changed

D QuickBooks Desktop supports the use of different costing methods with different items

Reference no: EM132943487

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