for each statement about setting up products or services, select yes or no.\nwhen setting up a product you…

for each statement about setting up products or services, select yes or no.\nwhen setting up a product you must provide the price, the income account and the cost of goods sold account used.\nboth products and services require you to identify if the item is non - taxable.\nonce you set the type of product, you cannot edit it later.\nwhen setting up a service you should enable show product/service column on sales forms.

for each statement about setting up products or services, select yes or no.\nwhen setting up a product you must provide the price, the income account and the cost of goods sold account used.\nboth products and services require you to identify if the item is non - taxable.\nonce you set the type of product, you cannot edit it later.\nwhen setting up a service you should enable show product/service column on sales forms.

Answer

Answer:

  1. Yes
  2. Yes
  3. No
  4. No

Brief Explanations:

  1. In accounting - related product - setup, price, income and cost of goods sold accounts are important.
  2. Tax - status is crucial for both products and services in accounting.
  3. Product types can usually be edited later in business systems.
  4. Enabling the product/service column on sales forms is not a must - have for service setup.