Question

Which product/service type should be used when setting up products sold by a company that uses a perpetual inventory system?

Select one:

A. Product

B. Non-inventory part

C. Service

D. Inventory part

When preparing a bank deposit which of the following is a best practice?

Select one:

a. Group all customer payments with the same payment method together in one deposit

b. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit

c. Deposit all customer payments one at a time using the Bank Deposit form

d. Leave payments in the undeposited funds account

To account for an insufficient funds check from a customer using a credit memo, you must use a service item for the bounced check. What account would you select for the income accountwhen setting up the bounced check service item?

Select one:

a. Cost of Goods Sold

b. Checking

c. Accounts Receivable

d. Bank Fee

Answer 1

It is a system of record, which Answers page:01 option D is corrat D. inventory part Explanation perpetual inventory system: basically records all the movements of inventory → It is kept by track of inventory balance whether any purchase or sale of inventory is » All returns of inventory also recorded Therefore the item type that should be used when Setting up products by a company that perpetual inventory system is inventory part . other options like; produit, non - inventory port , service not related to perpetual inventory system. done ore Uses