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True or False Quiz
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1
The vendors page is where the company keeps track of the suppliers you work with.
A)True
B)False
2
QBO's accounts payable system shows vendor activity.
A)True
B)False
3
In Chapter 4, to make sure you are starting in the correct place in the data, display the November 12 trial balance.
A)True
B)False
4
The transaction register shows the company's checking account.
A)True
B)False
5
The trial balance shows which checks, ATMs, and deposits cleared the bank.
A)True
B)False
6
Since Cloud_Ware buys on credit from various vendors, the business wants to keep track of the amount owed and the due dates of bills.
A)True
B)False
7
Recording the purchase of an inventory item increased Account 115 Merchandise Inventory on the Balance Sheet by the cost of the item and increased the Quantity on Hand for that Item.
A)True
B)False
8
Recording the sale of an inventory item increased the Inventory Asset account by the original cost of the item.
A)True
B)False
9
Information about a purchase is recorded by selecting the Create icon (+), then Sales Receipts.
A)True
B)False
10
The account distribution for a bill is a debit to Account 115 Merchandise Inventory and a credit to Account 201 Accounts Payable/Vendor.
A)True
B)False





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