In accounting terms, inventory refers to
a. the ready-made merchandise that is sold to customers for a profit.
b. unsold goods that must either be sold for no profit or returned to the manufacturer.
c. goods that have been purchased by customers.
d. goods sold on account.
Before you can enter inventory transactions in QuickBooks Online, you must
a. establish a file for each inventory item.
b. purchase an add-on module for the software.
c. determine which items can be sold on account and which cannot.
d. download product specifications from the manufacturer or distributor.
Inventory item files are included in the
a. Products and Services List.
b. Fixed Asset Products and Services List.
c. Other Assets List.
d. Chart of Accounts.
What are the two types of inventory systems?
a. periodic and perpetual
b. rotating and non-rotating
c. immediate and delayed
d. static and dynamic
Prior to the availability of low-cost computers and accounting software, only businesses with used the perpetual system.
a. low-volume, high-cost
b. low-volume, low-cost
c. high-volume, high-cost
d. high-volume, low-cost
With computerized accounting systems, the perpetual inventory system
a. is used only by small, low-volume companies.
b. has largely been replaced by the periodic inventory system.
c. is used only by large, high-volume companies.
do can be used bymost companies
In accounting terms, inventory refers to the ready-made merchandise that is sold to customers for a profit.
goods that have been purchased by customers goods sold on account
establish a file for cach inventory item. purchase an add-on module for the software. determine which items can be sold on account and which cannot. download product specifications from the manufacturer or distributor.
3. Inventory item files are included in the Products and Services List. Fixed Asset Products and Services List. Other Assets List. Chart of Accounts.
4.What are the two types of inventory systems? periodic and perpetual h rotating and non-rotating immediate and delayed
static and dynamic
5.Prior to the availability of low-cost computers and accounting software,only businesses with used the perpetual system low-volume,high-cost low-volume,low-cost high-volume, high-cost high-volume, low-cost 6. With computerized accounting systems, the perpetual inventory system is used only by small, low-volume companies. has largely been replaced by the periodic inventory system is used only by large, high-volume companies.
