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					   A withdrawal by an owner in a partnership reduces the owner’s capital
   No matter where transactions are recorded, they all appear in the Journal
   The Make Payment dialog box appears on the screen after the credit card reconciliation is
    complete.
   If a customer issues a check that is returned NSF, you may charge the customer the amount of
    the bank charges and any penalty charges you impose.
   To see the bill payment information, checks must be printed individually.
   If a customer has a balance for an amount owed and a return is made, a credit memo is
    prepared and the amount of the return is applied to the balance owed for the invoice.
   Since sale discounts are a cost of doing business, they are categorized as an expense.
   If the Quantity and Price Each are entered on an invoice, pressing the tab key will cause
    QuickBooks Pro to calculate and enter the correct information in the Amount column of the
    invoice.
   A discount received for a purchase of merchandise is recorded in the cost of goods sold
    Merchandise Discounts.
   A single purchase order can be prepared and sent to only one vendor.
   Changes to an inventory quantity are made by clicking Adjust Qty on Hand icon on the
    QuickBooks Home Page.
   Adjustments for accrual basis accounting generally include adjustments to office supplies.
   Once an account has been used, then name can still be changed.
   Purchase, Sales, and Inventory information must be entered when creating an inventory item.
   If an invoice is deleted, it will not show up in the Customer Balance Detail Report.
   QuickBooks Pro keeps track of sales tax liability and will prepare the payment of sales taxes to
    the appropriate agency when using the Pay Sales Tax feature of the program.
   Orders for merchandise are prepared using QuickBooks Pro Purchase Order form.
   To change a column width in a report without changing the size of the print, you must change
    the column width manually.
   If a return is made by a customer and the customer does not owe you any money, a refund
    check is issued along with a credit memo.
   In order for the entire invoice to receive a discount, a subtotal must be used as an item
    immediately before a nonprofit discount.
   The Subtotal item must appear before the Nonprofit Discount item on an invoice in order for
    QuickBooks to calculate the sales discount on the entire sale.
   A credit received from a vendor for the return of merchandise can be applied to a payment to
    the vendor.
   You may use QuickBooks Pro’s pay bills feature to pay bills using a check or credit card.
   If reports are prepared as of January 31 of the current year, net income will appear in the Profit
    & Loss Statement and Balance Sheet.
    Receiving all of an order closes the Purchase Order.
   The Sales Tax Liability report shows the total taxable sales and the amount of sales tax owed.
   If an invoice is entered and causes a customer’s account to exceed its limit, QuickBooks Pro,
    provides a dialogue box allowing you to approve the transaction.
   The adjusting entry for depreciation may be made in the depreciation account register.
   When receiving payments from customers, QuickBooks Pro places the amount received in an
    account called Undeposited Funds until the bank deposit is made.
   Even though transactions are entered via business documents such as invoice and sales receipts,
    QuickBooks Pro keeps track of all transactions in the Journal.
   Receipt of purchase order items can/should be recorded before the bill arrives.
   If you change the minimum quantity for an item, it becomes effective immediately.
   The accounts that may be reconciles are all balance sheet accounts.
   The Subtotal item calculates the sales discount.
   To print a reconciliation report that lists only totals, select summary.
   Except for American Express, the credit card deposits are made into the checking or bank
    account, and bank fees for the charge cards are deducted directly from the bank account.
   The Fixed Asset list includes the name of the asset, the date of the purchase, cost of the asset,
    asset account to use and description of the asset.
   QuickBooks Pro automatically applies payments received to the oldest open invoice.
   When using QuickBooks Pro to pay bills that have been recorded in the enter bills window, you
    may use the pay bills feature so QuickBooks Pro will write all the checks or prepare the credit
    card charges and the bills will be marked “Paid.”
   At the end of the year, QuickBooks Pro transfers the net income into retained earnings.
   If an order is received with a bill but is incomplete, QuickBooks Pro will record the bill only for
    the amount needed.
   When receiving a discount for merchandise purchased, you use the Cost of Goods Sold
    Merchandise Discounts account to record the discount.
   If the word –Split- appears in the Split column of a report rather than an account name, it means
    that the transaction is split between two or more accounts or items.
   You may use a credit card to pay for inventory items.
   For owner withdrawals in a partnership, QuickBooks Pro allows you to establish a separate
    account for each owner’s withdrawals.
   The Discount Info button (Discounts and Credits) on the Receive Payments window allows
    discounts to be applied to invoices being paid by clicking Done.
   In a partnership, each owner received a portion of the profits based on the percentage of
    his/her investment in the business.
   The accrual basis of accounting matches income for the period against expenses for the period.
   The retained earnings account should not be deleted.
   To give a discount to a nonprofit organization, you must create a new discount item.

				
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