How Does QuickBooks Categorize Items

question 25

Multiple Choice

How does QuickBooks categorize items?

• A)Non-inventory items
• B)Inventory items
• C)Service items
• D)All the above.

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Definitions:

Control

In the context of financial reporting, control refers to the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Shareholding

The ownership interest represented by holding shares of stock in a company.

Subsidiaries

Companies that are controlled by another company, known as the parent company, through the ownership of more than half of their voting stock or through other control mechanisms.

Directors

Individuals appointed or elected to oversee the management and make strategic and policy decisions for a corporation or organization.