Question 1

Which one of the following statements about inventory prices for foreign customers is not correct -

Accepted Answer

A)   foreign prices may be entered in the inventory ledger
B)   inventory prices in the ledger may be stated only in the home currency
C)   prices may be based on the exchange rate at the time of the sale
D)   prices may be based on the exchange rate in the customer's ledgerE) C) and D)
F) None of the above

Question 2

You can access the assign tax codes feature from -

Accepted Answer

A)   the Company Sales Taxes settings window
B)   the Payables tax codes settings window
C)   the Receivables tax codes settings window
D)   the ledger records for customers or suppliersE) A) and D)
F) None of the above

Question 3

The currency setting for a bank account is changed in -

Accepted Answer

A)   the settings window for the general ledger
B)   the account tab screen of the bank's ledger record
C)   the class options tab screen of the bank's ledger record
D)   the bank tab screen of the bank's ledger recordE) B) and C)
F) None of the above

Question 4

Which one of the following general statements is not correct -

Accepted Answer

A)   HST is never charged on services, only GST is charged
B)   you cannot add details for inventory cost and quantity once you finish entering the history
C)   services are not involved in inventory item assembly entries
D)   item assembly does not involve customers or suppliersE) A) and C)
F) B) and C)

Question 5

Which of the following can be done from the inventory ledger -

Accepted Answer

A)   change inventory profit evaluation from markup to margin
B)   create a ledger for Services Revenue
C)   create a new inventory item
D)   all of the aboveE) A) and B)
F) A) and C)

Question 6

You cannot enter separate inventory prices for -

Accepted Answer

A)   individual inventory asset accounts
B)   preferred customers
C)   individual inventory items
D)   foreign customersE) None of the above
F) B) and C)

Question 7

One of the following is required when import duties are charged on purchases -

Accepted Answer

A)   change the inventory ledger settings to charge duty on inventory items
B)   change the payables ledger settings to charge import duties
C)   enter a linked account to track import duties
D)   change the system settings to charge import dutiesE) B) and D)
F) All of the above

Question 8

Creating the record for inventory items requires -

Accepted Answer

A)   input of the item assembly costs linked accounts
B)   input of the quantity on hand
C)   input of the inventory item linked asset account
D)   all of the aboveE) C) and D)
F) A) and B)

Question 9

To allow the choice between using the exchange rate or ledger information for individual foreign inventory prices, you should -

Accepted Answer

A)   make the choice in the ledger record for the inventory item
B)   make the choice in the inventory ledger settings screen
C)   make the choice in the foreign customer's ledger record screen
D)   make the choice in the sales journal invoice screenE) All of the above
F) C) and D)

Question 10

From the inventory settings options screen you may choose all but one of the following -

Accepted Answer

A)   profit evaluation method
B)   method of sorting inventory
C)   inventory linked accounts
D)   allow inventory levels to go below zeroE) B) and C)
F) A) and D)

Question 11

If inventory statistics details are not entered you will -

Accepted Answer

A)   allow tracking of year-to-date inventory sales and purchases
B)   not be able to track year-to-date inventory sales and purchases
C)   allow tracking of number of transactions purchased
D)   allow tracking of number of transactions soldE) A) and B)
F) C) and D)

Question 12

You might use the assign tax codes feature -

Accepted Answer

A)   to change tax codes already assigned to customers
B)   change the tax codes for all customers from a single screen
C)   remove tax codes already assigned to customers
D)   for all of the aboveE) A) and B)
F) All of the above

Question 13

Which of the following choices are not options when using the inventory ledger -

Accepted Answer

A)   accessing inventory lists from the home window or the inventory & services window
B)   item assembly costs or adjustment write-off costs
C)   sort inventory by item and name
D)   profit evaluation method by markup or marginE) A) and B)
F) A) and D)

Question 14

Which one of the following statements about inventory items is not correct -

Accepted Answer

A)   you will be unable to change the opening value after you finish entering the history
B)   you will be unable to change the quantity on hand after you finish entering the history
C)   you will be able to change the value and quantity after you finish entering the history
D)   linked inventory accounts are not required in order to finish entering the historyE) A) and B)
F) B) and C)

Exam 16: Questions Velocity

Which of the following choices are not options when using the inventory ledger -

Correct Answer
verified

The currency setting for a bank account is changed in -

Correct Answer
verified

Which of the following can be done from the inventory ledger -

Correct Answer
verified

Creating the record for inventory items requires -

Correct Answer
verified

To allow the choice between using the exchange rate or ledger information for individual foreign inventory prices, you should -

Correct Answer
verified

Which one of the following statements about inventory items is not correct -

Correct Answer
verified

One of the following is required when import duties are charged on purchases -

Correct Answer
verified

From the inventory settings options screen you may choose all but one of the following -

Correct Answer
verified

You cannot enter separate inventory prices for -

Correct Answer
verified

Which one of the following general statements is not correct -

Correct Answer
verified

You can access the assign tax codes feature from -

Correct Answer
verified

If inventory statistics details are not entered you will -

Correct Answer
verified

Which one of the following statements about inventory prices for foreign customers is not correct -

Correct Answer
verified

You might use the assign tax codes feature -

Correct Answer
verified

Exam 16: Questions Velocity

Which of the following choices are not options when using the inventory ledger -

Correct AnswerverifiedShow Answer

The currency setting for a bank account is changed in -

Correct AnswerverifiedShow Answer

Which of the following can be done from the inventory ledger -

Correct AnswerverifiedShow Answer

Creating the record for inventory items requires -

Correct AnswerverifiedShow Answer

To allow the choice between using the exchange rate or ledger information for individual foreign inventory prices, you should -

Correct AnswerverifiedShow Answer

Which one of the following statements about inventory items is not correct -

Correct AnswerverifiedShow Answer

One of the following is required when import duties are charged on purchases -

Correct AnswerverifiedShow Answer

From the inventory settings options screen you may choose all but one of the following -

Correct AnswerverifiedShow Answer

You cannot enter separate inventory prices for -

Correct AnswerverifiedShow Answer

Which one of the following general statements is not correct -

Correct AnswerverifiedShow Answer

You can access the assign tax codes feature from -

Correct AnswerverifiedShow Answer

If inventory statistics details are not entered you will -

Correct AnswerverifiedShow Answer

Which one of the following statements about inventory prices for foreign customers is not correct -

Correct AnswerverifiedShow Answer

You might use the assign tax codes feature -

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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