Midterm

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Question #1

Which report summarizes accounts payable balances by the age of the account?

A Accounts Payable Aging Summary

B Accounts Receivable Aging Detail

C Purchases by Vendor Summary

D Purchases by Item Summary

Question #2

Which one of the following tasks is associated with the Vendors section of the Home Page?

A None of the choices are correct

B Invoices

C Items & Services

D Receive Inventory

Question #3

Which one of the following is not a vendor transaction?

A Order goods

B Receive inventory

C Receive bills

D Create sales receipt

Question #4

Form 1099 is used to:

A Report the amount paid to a vendor in compliance with IRS regulations

B Report the amount received from customers in compliance with IRS regulations

C Report the amount paid to employees in compliance with IRS regulations

D None of the choices are correct

Question #5

What QuickBooks activity comes next in this series of business activities: Enter Bills > ________

A Receive Payments

B Pay Bills

C Enter Purchase Order

D Make Deposit

Question #6

What QuickBooks activity comes next in this series of business activities?
Create Invoice > Receive Payments > ________

A Create Sales Receipts

B Receive Undeposited Funds

C Pay Bills

D Make Deposit

Question #7

When recording a customer payment from a cash sale, select:

A Create Sales Receipt > Record Deposits

B Receive Payment > Customer & Job Name

C Make Deposit

D Create Invoice > Customer Payment > Customer Name Only

Question #8

The Undeposited Funds account contains:

A Funds the company owes vendors

B Only partial payments received from customers

C Petty Cash funds

D Funds received from customers but not deposited in the bank

Question #9

To create the Aging of Accounts Receivable report:

A Select Reports Center > Customers & Receivables

B Select Customers Center > Customers & Receivables

C Select Company Center > Customers & Receivables

D Select Reports Center > Company & Financials

Question #10

Which one of the following activities is not shown in the Customers section of the Home Page?

A Create Invoices

B Pay Bills

C Receive Payments

D Create Sales Receipts

Question #11

Which report provides information to help in tracking accounts receivable?

A Collections Reports

B All of the choices are correct

C Accounts Receivable Aging Detail

D Customers with Open Invoices

Question #12

To record a customer sale on account, select:

A Sales Receipts

B Create Invoices

C Create Estimates

D Create Purchase Order

Question #13

When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)?

A Deposits recorded by the bank

B Errors

C Outstanding checks

D Checks that have cleared the bank

Question #14

When deleting a check all of the following is true except:

A All of the choices are correct

B It is better to delete the check than void the check in order to erase all records of the transaction

C The deleted check no longer appears in the check register

D QuickBooks changes the amount deducted in the check register to zero

Question #15

In the Check Register, the term “split” indicates the payment is split between two or more:

A Accounts

B Checks

C Invoices

D Purchase orders

Question #16

The Write Checks window can be used to pay which of the following:

A Sales taxes

B Bills entered in the Enter Bills window

C None of the choices are correct

D Payroll checks

Question #17

All of the following tasks can be completed in the Banking section of the Home Page except:

A Pay Employees

B Record deposits

C Reconcile Checking accounts

D Write Checks

Question #18

One of the objectives of the bank reconciliation is:

A Insure the debits equal credits

B Detect errors

C None of the choices are correct

D Pay bills

Question #19

When recording a bill, QuickBooks automatically:

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

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

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

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

Question #20

When the balance of an asset account, like Checking, increases, it means that the account has been:

A Reconciled

B Debited

C Credited

D None of the choices are correct

Question #21

When reconciling the bank statement using QuickBooks:

A Service charges are added

B Interest earned is subtracted

C All deposits listed on the bank statement are selected as cleared in the Reconcile window

D All of the choices are correct

Question #22

The Check Register:

A Is located directly on the Company section of the Home Page

B Lists all accounts and their account numbers

C Keeps track of company deposits only

D Records payments and deposits to the Checking account

Question #23

Which of the following is a Customer transaction?

A Pay sales tax

B Receive bills

C Receive payments

D Enter bills

Question #24

Which of the following is a Vendor transaction?

A Receive inventory

B Create estimates

C Receive payments

D Create invoices

Question #25

Which of the following is a Banking transaction?

A Enter bills

B Pay employees

C Pay bills

D Make deposit

Question #26

Which of the following transactions is considered a Customers and Sales transaction?

A Check

B Purchase Order

C Pay Bills

D Invoice

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and QuickBooks reports

B None of the choices are correct

C Onscreen Journal and onscreen forms

D Onscreen forms and QuickBooks reports

Question #28

Customer transactions include which of the following?

A Enter Bills

B Pay Bills

C Write Checks

D Create Invoices

Question #29

The Banking section of the Home Page includes which of the following banking transactions?

A Pay Bills

B Enter Bills

C Enter Credit Card Charges

D Receive Payments

Question #30

The onscreen form for recording bills received is accessed from which section of the Home Page:

A Employees

B Vendors

C Banking

D Customers

Question #31

To use a memorized transaction, select:

A Select Lists Menu > Memorized Transaction List

B None of the choices are correct

C Select Navigation Bar > Recurring Transaction List

D Select Company section of the Home Page > Saved Transactions

Question #32

Which of the following QuickBooks features can be used to save a transaction that will be re-used in the future?

A Create icon

B Saved transactions

C Repeat transactions

D Memorized transactions

Question #33

QuickBooks lists include all of the following except:

A Vendor List

B Owner List

C Customer List

D Item List

Question #34

An example of a non-posting account is ________.

A Inventory Account

B Purchase Orders Account

C Employee Expense Account

D Accounts Payable Account

Question #35

What does the Chart of Accounts list?

A Assets, liabilities and owner’s equity accounts

B Owner’s contributions

C Income and expense accounts

D All of the choices are correct

Question #36

Income Statement accounts are also called:

A Permanent accounts

B None of the choices are correct

C Temporary accounts

D Equity accounts

Question #37

Which of the following is considered a permanent account?

A Balance Sheet accounts

B Income Statement accounts

C All the choices are correct

D None of the choices are correct

Question #38

How do you access the screen to add a user and password?

A Edit Menu > Preferences > Employees

B Company Menu > Set Up Users and Passwords > Set Up Users

C Employees > Employee Center

D Company Menu > Company Information

Question #39

Which of the following file types identifies a QuickBooks Backup file?

A QBX

B QBM

C QBW

D QBB

Question #40

The Chart of Accounts can be accessed from which section of the Home page?

A Vendor

B Banking

C Customer

D Company

Question #41

Which of the following tasks can be completed in the Vendor section of the Home page?

A Receive Payments

B Receive Inventory

C Create Invoices

D Create Estimates

Question #42

Ways to navigate QuickBooks include:

A Menus

B All of the choices are correct

C Home Page

D Icon Bar

Question #43

All of the following are one of the four main categories of transactions in QuickBooks except?

A Customers and sales

B Banking

C Vendors and expenses

D Chart of Accounts

Question #44

Which of the following tasks cannot be completed in the Vendor section of the Home Page?

A Create Purchase Order

B Create Invoice

C Receive Inventory

D Receive Bill

Question #45

In the Company section of the Home Page, you can:

A Record credit card receipts

B Enter invoices

C View the Chart of Accounts

D Pay bills

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