To Change the Quantity on Hand for an Inventory Item

question 70

Multiple Choice

To change the quantity on hand for an inventory item, you_______ .

• A)Prepare an Inventory Valuation Detail report
• B)Change the Opening Balance Invoice
• C)Edit the item in the Products/Services List
• D)Edit the Inventory Asset account

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts and prepare the company's books for the next period.

Statement of Income

A report detailing the earnings, expenses, and net profit of a business over a fiscal period, illustrating the financial performance.

Zero Balance

A situation where an account's balance is exactly zero, indicating no funds or no outstanding amount.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for revenues earned, expenses incurred, and depreciation, ensuring the total debits equal the total credits before financial statements are prepared.