FInal Exam

A  All of the choices are correct

B  Service items

C  Inventory items

D  Non-inventory items

A  Debit Accounts Payable, Credit Expense account

B  Debit Accounts Payable, Credit Checking account

C  Debit Checking account, Credit Accounts Payable

D  Debit Expense account, Credit Accounts Payable

A  Create invoices

B  Receive payments

C  Sell products

D  Enter bills

A  After receiving a service

B  At the time of providing a service

C  Before receiving a service

D  When submitting a purchase order

A  Increases an Expense account and increases the Accounts Payable account

B  Increases the Accounts Payable account and increases the Checking account

C  Decreases the Accounts Payable account and decreases the Checking account

D  Decreases an Expense account and decreases the Checking account

A  Tax agencies such as the IRS

B  Customers purchasing goods

C  Suppliers of inventory and supplies

D  Leasing companies

A  Recorded using a Create Invoices window

B  Recorded using the Create Sales Receipts window

C  Recorded in a Credit Card Sales window

D  Recorded using the Enter Bills window

A  Vendor section of the Home Page

B  Customers section of the Home Page

C  Customers Menu

D  Customers Center

A  Create Sales Receipt > Record Deposits

B  Make Deposit > Customer & Job Name

C  Receive Payment > Customer & Job Name

D  Create Invoice > Customer Payment > Customer & Job Name

A  Petty Cash funds

B  Only partial payments received from customers

C  Funds received from customers but not deposited in the bank

D  Funds the company owes vendors

A  Create Sales Receipts

B  Create Invoices

C  Receive Payments

D  Make Deposit

A  Accounts Receivable Aging Summary

B  Customers with Open Invoices

C  All of the choices are correct

D  Collections Reports

A  Deposits recorded by the bank

B  Errors

C  Checks that have cleared the bank

D  Outstanding checks

A  Accounts

B  Checks

C  Purchase orders

D  Invoices

A  To conserve resources, it is best if the owner uses one Checking account for both personal and business purposes

B  To maintain more consistent records, it is best if the owner maintains a separate personal Checking account, but both the owner’s personal Checking and business Checking accounts are listed in the Chart of Accounts

C  None of the choices are correct

D  To maintain separation between the personal and business accounting records, the owner’s personal Checking account should not be used to pay bills for the business and should not be listed in the business’ Chart of Accounts

A  Sales Taxes

B  None of the choices are correct

C  Legal Services

D  Rent Payments

A  Reduces the liability (debit) and the checking account (credit)

B  Reduces the liability (credit) and the checking account (debit)

C  Records an expense (debit) and the obligation to pay later (credit)

D  Records an expense (credit) and the obligation to pay later (debit)

A  Enter Bills

B  Receive Payments

C  Pay Bills

D  Make Deposits

A  Interest earned

B  Outstanding checks

C  Both deposits in transit and outstanding checks

D  Deposits in transit

A  None of the choices are correct

B  Reconciled

C  Credited

D  Debited

A  Records payments and deposits to the Checking account

B  Keeps track of company deposits only

C  Is located directly on the Company section of the Home page

D  Lists all accounts and their account numbers

A  Create invoice

B  Record inventory received

C  Enter bills

D  Pay sales tax

A  Enter bills

B  Record payments received from customers

C  Make deposit

D  Pay employees

A  Vendor List

B  Item List

C  All of the choices are correct

D  Customer List

A  Invoice

B  Check

C  Pay Bills

D  Purchase Order

A  Employees

B  Vendors

C  Customers

D  Banking

A  Customers

B  Company

C  Vendors

D  Banking

A  To track information necessary for the accounting system.

B  To identify owner’s equity.

C  To calculate income.

D  To calculate expenses.

A  Purchase Orders Account

B  Employee Expense Account

C  Accounts Payable Account

D  Inventory Account

A  lists the accounts and account numbers

B  Summarizes what a company owns and what it owes

C  Summarizes the results of a company’s operations, listing income and expenses

D  lists a company’s assets

A  Accounts Receivable

B  Rent

C  Advertising

D  Utilities

A  Temporary accounts

B  Permanent accounts

C  None of the choices are correct

D  Equity accounts

A  Expense

B  Fixed Asset

C  Retained Earnings

D  Owner’s Equity

A  Create invoices

B  Pay sales tax

C  Enter bills

D  Record inventory received

A  Receive Payments

B  Create Invoices

C  Receive Inventory

D  Create Estimates

A  Icon Bar

B  Menus

C  All of the choices are correct

D  Home Page

A  Bills

B  Sales and Customers

C  Jobs and Estimates

D  Time and Expenses

A  None of the choices are correct

B  Profit & Loss

C  Balance Sheet

D  All of the choices are correct

A  Create Purchase Order > Receive Inventory > Enter Bill > Pay Bill

B  Create Invoice > Receive Payment > Record Deposits

C  Create Invoice > Receive Inventory > Pay Bill > Record Deposits

D  Create Purchase Order > Receive Payment > Make Deposits

A  Inventory Sold

B  Materials Cost

C  Cost of Goods Sold

D  Items Sold

A  QBM

B  QBW

C  QBX

D  QBB

A  All of the choices are correct

B  Close permanent accounts at year-end

C  Close temporary accounts at year end

D  Bring account balances up to date at year end

A  Checking

B  Accounts Payable

C  Undeposited Funds

D  Accounts Receivable

A  Fiscal or calendar year

B  Company address

C  Federal ID Tax number

D  Industry type

A  Record payments received from customers

B  Pay employees

C  Enter bills

D  Record deposits