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9 Cards in this Set
- Front
- Back
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Which three accounts are needed in the Chart of Accouts to work iwth inventory in Simply Accounting?
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An inventory Asset account, an Inventory Sales account (in the Revenue Section), and an inventory Cost Account (in the Expense section).
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What does the abbreviation C.O.G.S. mean?
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Cost of Goods Sold.
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What is the difference between an inventory and service item?
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Inventory items are stocked on the shelves and can be verifies by physical count. Services are intangible.
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What is the purpose of the Minimum Level field in the Inventory Ledger?
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To remind you to order more, if the current stock falls below a specified level.
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True or False? If you create inventory and service items, you do not have to type in full details of these items when inputting purchases and sales.
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True
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Which report will show the Quantity and Value of inventory currently on hand?
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The Inventory Summary Report
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Which report will show the Year-To-Date sales and cost of inventory items?
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The Inventory & Services Statistics Report.
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True or False? Service items are linked to revenue or expense accounts as they cannot be stored for later sale.
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True
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How is an item cost calculated by Simply Accounting?
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Cost = Total Inventory Value
Quantity on Hand |
