FInal Exam

A  All of the choices are correct

B  Non-inventory items

C  Service items

D  Inventory items

A  Debit Checking account, Credit Accounts Payable

B  Debit Accounts Payable, Credit Expense account

C  Debit Expense account, Credit Accounts Payable

D  Debit Accounts Payable, Credit Checking account

A  Receive payments

B  Enter bills

C  Sell products

D  Create invoices

A  After receiving a service

B  Before receiving a service

C  At the time of providing a service

D  When submitting a purchase order

A  Increases an Expense account and increases the Accounts Payable account

B  Decreases the Accounts Payable account and decreases the Checking account

C  Increases the Accounts Payable account and increases the Checking account

D  Decreases an Expense account and decreases the Checking account

A  Customers purchasing goods

B  Tax agencies such as the IRS

C  Leasing companies

D  Suppliers of inventory and supplies

A  Recorded in a Credit Card Sales window

B  Recorded using a Create Invoices window

C  Recorded using the Enter Bills window

D  Recorded using the Create Sales Receipts window

A  Vendor section of the Home Page

B  Customers Menu

C  Customers Center

D  Customers section of the Home Page

A  Create Invoice > Customer Payment > Customer & Job Name

B  Make Deposit > Customer & Job Name

C  Receive Payment > Customer & Job Name

D  Create Sales Receipt > Record Deposits

A  Only partial payments received from customers

B  Petty Cash funds

C  Funds the company owes vendors

D  Funds received from customers but not deposited in the bank

A  Receive Payments

B  Create Sales Receipts

C  Make Deposit

D  Create Invoices

A  Customers with Open Invoices

B  All of the choices are correct

C  Collections Reports

D  Accounts Receivable Aging Summary

A  Outstanding checks

B  Errors

C  Deposits recorded by the bank

D  Checks that have cleared the bank

A  Checks

B  Invoices

C  Accounts

D  Purchase orders

A  None of the choices are correct

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

C  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

D  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

A  Legal Services

B  Sales Taxes

C  Rent Payments

D  None of the choices are correct

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  Pay Bills

B  Receive Payments

C  Make Deposits

D  Enter Bills

A  Deposits in transit

B  Outstanding checks

C  Both deposits in transit and outstanding checks

D  Interest earned

A  Reconciled

B  Credited

C  None of the choices are correct

D  Debited

A  Keeps track of company deposits only

B  Records payments and deposits to the Checking account

C  Lists all accounts and their account numbers

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

A  Create invoice

B  Pay sales tax

C  Enter bills

D  Record inventory received

A  Pay employees

B  Record payments received from customers

C  Enter bills

D  Make deposit

A  Customer List

B  Item List

C  Vendor List

D  All of the choices are correct

A  Check

B  Pay Bills

C  Invoice

D  Purchase Order

A  Banking

B  Customers

C  Vendors

D  Employees

A  Customers

B  Company

C  Banking

D  Vendors

A  To calculate expenses.

B  To track information necessary for the accounting system.

C  To calculate income.

D  To identify owner’s equity.

A  Purchase Orders Account

B  Accounts Payable Account

C  Inventory Account

D  Employee Expense Account

A  lists a company’s assets

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

C  Summarizes what a company owns and what it owes

D  lists the accounts and account numbers

A  Utilities

B  Rent

C  Advertising

D  Accounts Receivable

A  Temporary accounts

B  None of the choices are correct

C  Equity accounts

D  Permanent accounts

A  Fixed Asset

B  Owner’s Equity

C  Expense

D  Retained Earnings

A  Create invoices

B  Enter bills

C  Record inventory received

D  Pay sales tax

A  Create Invoices

B  Receive Inventory

C  Receive Payments

D  Create Estimates

A  Menus

B  Home Page

C  All of the choices are correct

D  Icon Bar

A  Jobs and Estimates

B  Time and Expenses

C  Bills

D  Sales and Customers

A  Profit & Loss

B  None of the choices are correct

C  All of the choices are correct

D  Balance Sheet

A  Create Invoice > Receive Payment > Record Deposits

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

C  Create Purchase Order > Receive Payment > Make Deposits

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

A  Materials Cost

B  Inventory Sold

C  Cost of Goods Sold

D  Items Sold

A  QBW

B  QBM

C  QBB

D  QBX

A  All of the choices are correct

B  Bring account balances up to date at year end

C  Close permanent accounts at year-end

D  Close temporary accounts at year end

A  Undeposited Funds

B  Checking

C  Accounts Payable

D  Accounts Receivable

A  Industry type

B  Fiscal or calendar year

C  Federal ID Tax number

D  Company address

A  Pay employees

B  Record payments received from customers

C  Enter bills

D  Record deposits