21 when a customer is billed when the project job reaches specified milestones what 4314447

21 when a customer is billed when the project job reaches specified milestones what 4314447

21.When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use?
A.Purchase Order billing
B.Estimates
C.Progress billing
D.Normal (end-of-job) billing

22.Online bill pay allows you to:
A.Sell goods over the internet
B.Email invoices to customers
C.Receive online payments from customers
D.QuickBooks does not support online bill pay

23.When recording a payment from a customer, if the customer does not send the full amount:
A.Record the full amount as paid and make a note in the To Do List to follow up with the customer regarding the remainder of the payment
B.You can record the partial payment but must leave the funds in the Undeposited Funds account until receiving the full payment
C.You must wait until the customer pays the full amount to record the payment
D.Enter the amount received in the Amount field in the Customer Payment window

24.The Undeposited Funds account:
A.Partial payments received from customers
B.Holds funds received but not deposited in the bank
C.Funds the company owes vendors
D.Petty Cash funds

25.Which report provides information on customers who have overdue accounts?
A.Accounts Receivable Aging Summary
B.Accounts Receivable Aging Detail
C.Customers with Open Invoices
D.Collections Report

26.Briefly explain the difference between creating a sales receipt and creating an invoice.

27.Name 3 (three) reasons why a job for a customer might be “pending”.

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