In QBO,A/R Aging and A/P Aging Reports Are Prepared Very

question 19

Multiple Choice

In QBO,A/R Aging and A/P Aging Reports are prepared very similarly with the following process:

• A)From the Navigation Bar select Reports and then the All Reports tab.Select either Manage Accounts Receivable or Manage Accounts Payable,then select either A/R Aging Summary or A/P Aging Summary.
• B)From the Navigation Bar select Accounting and then the Management Reports tab.Select either Manage Accounts Receivable or Manage Accounts Payable,then select either A/R Aging Summary or A/P Aging Summary.
• C)From the Navigation Bar select either Sales (A/R)or Expenses (A/P)and then the All Reports tab.Select either Manage Accounts Receivable or Manage Accounts Payable,then select either A/R Aging Summary or A/P Aging Summary.
• D)From the Navigation Bar select Reports and then the All Reports tab.Select Accounting Reports,then select either A/R Aging Summary or A/P Aging Summary.

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Definitions:

Mark-up

Elevating the base cost of merchandise to reimburse for overhead activities and profit.

Markdown

A reduction from the original price of an item to increase its attractiveness to buyers.

Overhead

The ongoing business expenses not directly attributed to creating a product or service.

Operating Profit

The profit earned from a firm's normal business operations, excluding deductions of taxes and interest.