21 when creating a new quickbooks data file for an existing company quickbooks autom 4314463

21.When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets inventory item balances with an entry to the:
A.Uncategorized Expenses account
B.Uncategorized Income account
C.Opening Balance Equity account
D.Capital Stock account

22.The purchasing transaction cycle for a merchandising company is:
A.Create Purchase Order > Receive Inventory > Record Bill > Pay Bill > Print Check
B.Create Invoice > Receive Payment > Record Deposits
C.Create Purchase Order > Receive Payment > Record Deposits
D.Create Invoice > Receive Inventory > Pay Bill > Record Deposits

23.The sales transaction cycle for a merchandising company is:
A.Create Purchase Order > Receive Inventory > Record Bill > Pay Bill > Print Check
B.Create Invoice > Receive Payment > Record Deposits
C.Create Purchase Order > Receive Payment > Record Deposits
D.Create Invoice > Receive Inventory > Pay Bill > Record Deposits

24.QuickBooks classifies the sales tax rate as a(n):
A.Customer List item
B.Vendor List item
C.Item not stored in the accounting system
D.Inventory item (Item List)

25.Wholesale customers:
A.Pay no sales tax
B.Pay sales tax
C.Pay a manufacturing tax
D.Pay sales tax on labor only

26.Briefly explain how the supplies on hand account is adjusted at the end of the period.

27.Name 2 (two) differences between accounting for a service company and a retail shop.