Sales income is recognized in general ledger accounts

Assignment Help Financial Accounting

Reference no: EM13825086

1. Sales income is recognized in general ledger accounts when posting a:

Sales order

Sales quote

Sales invoice

Purchase order

2. To display the Job Profitability Report, what would you select from the menubar?

Reports & Forms; Payroll Reports, Job Profitability Report, Preview

Reports & Forms; Jobs, Job Profitability Report, Display

Reports & Forms; Jobs, Job Lists, Preview

Reports & Forms; Payroll, Jobs Profitability Report, Display

3. When an inventory item is assigned to the item class of Stock, what is the treatment of cost of goods sold?

Does not post at the time of invoicing

Posts at the time of invoicing

Posts at the time of ordering

Posts at the time of quoting

4. You need to set up a Job ID for Franklin Botanical Gardens in Chapter 6, so that you can track:

The employees' expenses and miles driven to the job

How much the merchandise cost

How much the merchandise sold for

The supplies and employee hours charged to this customer

5. If an inventory item is damaged, what would you select from the following selections on the Navigation Bar to record the damage:

Inventory & Services Navigation Center, click on the Prices icon

Inventory & Services Navigation Center, click on the Inventory Count icon

Inventory & Services Navigation Center, click on the Inventory Adjustments icon

Inventory & Services Navigation Center, click on the Track Packages icon

6. The purchase of inventory on account is recorded as a:

Debit to Inventory, credit to Accounts Payable

Debit to Accounts Payable, credit to Inventory

Debit to Inventory, credit to Accounts Receivable

None of the above

7. On the Navigation Bar, which of the following selections would make a general journal entry?

Inventory & Services Navigation Center, click on the Chart of Accounts icon and select View and Edit Accounts

Banking Navigation Center, link to General Journal Entry, select New General Journal Entry

Banking Navigation Center, click on the Write Checks icon and select New Check

System Navigation Center, link to Restore a backup and click on the General Journal Entry icon.

8. You can open the General Journal Entry window by clicking:

General Journal Entry under Shortcuts

Tasks>>General Journal Entry on the main menu

File>>Open>>General Journal Entries on the main menu

Both A and B

9. After entering a transaction in the General Journal Entry window, you post the transaction by clicking the icon named:

Save

Post

Recur

Keep

10. All of the following are internal controls features in PCA except:

Setting up user names, passwords, and access rights

Backing up files on a weekly basis

Limit access to information in pcas navigation centers

Audit trail reports that show what each user entered

Reference no: EM13825086

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