Reference no: EM132741879

Problem 1: The three ways to input time data are as follows:

a. Weekly time sheets, single time activities, add hours to pay cheque.

b. Weekly time sheets, single time activities, Vehicle Mileage report.

c. Single time activities, Stopwatch, Vehicle Mileage report.

d. Single time activities, QuickBooks Timer, Vehicle Mileage report.

Problem 2: QuickBooks Online does not reimburse mileage for employees through the payroll. You would need to setup the employee as a vendor, and then create a billable expense.

• True
• False

Problem 3: Which of the following best describe QuickBooks On-Line method to cost inventory?

a. The last units purchased (Last In) to be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

b. The average cost of an inventory item, equals the total cost of the items currently in stock, divided by the number in stock.

c. The first units purchased (First In) will be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

d. The next units purchased (Next In) to be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.