1. The report that totals balances by debits and credits to verify that general ledger accounts balance is called the:
General Ledger Trial Balance
Income Statement
General Ledger
Balance Sheet
2. A list of all the accounts, used by a company, showing an identifying number for each account is called:
A general journal
An Inventory Journal
A chart of accounts
A balance sheet
3. After posting journal entries, you should verify the balances in individual accounts by printing the:
General Ledger Trial Balance report
Income Statement report
General Journal report
Balance Sheet report
4. What is the correct journal entry when you purchase inventory stock items?
Dr. The Accounts Payable/Vendor account; Cr. The Inventory account
Dr. The Accounts Receivable/Customer account; Cr. The Sales account
Dr. The Inventory account; Cr. The Accounts Payable/Vendor account
Dr. The Cash account; Cr. The Revenue account
5. What would you select from the main menu if an employee breaks a piece of inventory?
Vendors and Payables??Inventory Adjustments
Vendors and Payables>>Damaged Inventory
Inventory and Services>> Inventory Adjustments
Inventory and Services>>Inventory Returns
6. The report that lists all the accounts and the identifying number assigned to each account is called:
Chart of Accounts
General Ledger
General Journal
General Ledger Trial Balance
7. If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to:
Check the Tasks windows
Check the maintenance menus
Click on Options; Global and uncheck the three boxes in the Hide General Ledger Accounts section
Reset the defaults in the Accounting Behind the Screens selection
8. On a sales invoice, the field that links the transaction to inventory items sold on the transaction is called the:
Customer Name field
Item field
Customer ID field
Type field
9. The inventory item class used to identify goods purchased and held for resale is called the:
Stock item
Non-stock item
Service item
Activity item
10. The inventory system where an up-to-date record of inventory is maintained is called the:
Retail
Periodic
Perpetual
None of the above