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Q1: Time and Billing
The company you work for uses the time and billing feature in its computerized system. You get a call from an angry client insisting the labor on the job has been overbilled by more than twice the amount of time the employee actually spent there. You are in the business of outsourcing temporary clerical help, and you bill the client according to the reported time by the employee. Keeping this in mind, answer the following questions:
Q2: Inventory Tracking
Inventory tracking is an advantage of using a computerized system. Inventory balances are calculated using one of the three methods: FIFO, LIFO, and average costing. You have an option to select any of these methods in Peachtree. Based on your knowledge of Peachtree, answer the following questions:
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