Asked by Tiber Septims on Jun 01, 2024
Verified
In QBO,how are the Open Purchase Orders report and the Physical Inventory Worksheet different?
A) Open Purchase Orders compares inventory on hand in QBO with what was ordered and the Physical Inventory Worksheet represents purchase orders that were received.
B) Open Purchase Orders represents purchase orders for items ordered but not yet received and Physical Inventory Worksheet compares inventory on hand in QBO with a confirmation of what was sent by our vendors.
C) Open Purchase Orders represent purchase orders for items ordered but not yet received and the Physical Inventory Worksheet compares inventory on hand in QBO with a physical count of goods.
D) Open Purchase Orders represent purchase orders for items ordered but not yet received and the Physical Inventory Worksheet compares inventory on hand in QBO with what is physically required to meet customer demands.
Open Purchase Orders
These are purchase orders issued by a business that have not yet been fulfilled or invoiced by the supplier.
Physical Inventory Worksheet
A document used to record the actual count of physical inventory on hand at a specific point in time.
Purchase Orders
Purchase orders are formal documents issued by a buyer to a seller, specifying types, quantities, and agreed prices for products or services.
- Learn the steps for producing financial reports within QuickBooks Online (QBO).
Verified Answer
ZK
Zybrea KnightJun 06, 2024
Final Answer :
C
Explanation :
The Open Purchase Orders report represents purchase orders for items that have been ordered but not yet received, while the Physical Inventory Worksheet compares inventory on hand in QBO with a physical count of goods. Therefore, option C is the correct one.
Learning Objectives
- Learn the steps for producing financial reports within QuickBooks Online (QBO).