Which 4 statements are correct regarding the QuickBooks Online Receipt Capture feature?

1 answer:

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A. The Receipt Capture function employs Optical Character Recognition (OCR) to extract and convert receipt data into QuickBooks Online. ⇒ TRUE. B. When QuickBooks Online detects an already entered expense, it suggests matching the receipt with the existing transaction. ⇒ TRUE. C. It’s feasible to take a photo of a receipt, then review, match or add it directly through the QuickBooks Online mobile app. ⇒ TRUE. D. QuickBooks Online can auto-fill what it can for the expense using OCR data. ⇒ TRUE. The other statements are inaccurate because: E. You have the capacity to assign a payee, account, payment date, category, description, amount, and memo to the expense transaction within the Review screen. F. Only one sender email can be registered to forward receipts in each company. ⇒ FALSE, as you can link multiple accounts, typically for different clients, through the "Add new sender" link.

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Answer:

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Explanation:

For calculating the cost of the ending work in process

To begin, we will calculate the material cost per unit.

Material cost per unit = $220,000 / (40,000+15,000)

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Next is to find the conversion cost per unit

Conversion cost per unit= $414,000 / (40,000 + (15,000*40%)

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Total cost per equivalent unit= $4 + $9

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Equivalent unit of the ending work in process= 6,000

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Cost of the ending work in process = 6,000 × $13

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Response:

Refer to the explanation

Clarification:

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Please refer to the attached images for a step-by-step walkthrough of the question above.

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