QBO Chapter 4

Which of the following transactions would most likely have the transaction type bill payment?

Check written to pay the telephone bill entered in the previous month

When a bill is recorded, the account credited has a(n) ______________ account type.

Accounts payable

Which of the following accounts can be charged (debited) in the Category Details section of a Bill?

Any of the accounts listed can be charged in the Category Details section of a Bill.

Sheff Industries uses cash to pay for any postage due when mail is delivered. When the transaction is entered in QBO, the transaction type normally used is

Check

Company Seller provides consulting services on account to Company Purchaser. ___________ ould create a(n) ____________ document and send it to _________. Company Purchaser would enter it in their system as a(n) ____________

Company seller invoice company purchaser bill

Which of the following statements is NOT correct as it relates to vendors?

Once a vendor is made inactive, you can never make the vendor active again.

The account no. field in the vendor record refers to what account?

The account number assigned to the company by the vendor.

The following is a partial screenshot of the form used to enter a credit card purchase. What is the best description for what should be entered in the field labeled with a "1"?

The name of the vendor or business where the product or service was purchased

Three bills from the same vendor are displayed in the Pay Bills window. Which of the following statements is not true?

Three checks will automatically be created (one for each bill).

An A/P Aging Summary report shows

vendor balances in categories representing ranges of days past due.