Final Exam

A  Non-inventory items

B  All of the choices are correct

C  Inventory items

D  Service items

A  Debit Accounts Payable, Credit Expense account

B  Debit Checking account, Credit Accounts Payable

C  Debit Accounts Payable, Credit Checking account

D  Debit Expense account, Credit Accounts Payable

A  Enter bills

B  Create invoices

C  Receive payments

D  Sell products

A  When submitting a purchase order

B  At the time of providing a service

C  After receiving a service

D  Before receiving a service

A  Increases an Expense account and increases the Accounts Payable account

B  Decreases an Expense account and decreases the Checking account

C  Increases the Accounts Payable account and increases the Checking account

D  Decreases the Accounts Payable account and decreases the Checking account

A  Tax agencies such as the IRS

B  Suppliers of inventory and supplies

C  Leasing companies

D  Customers purchasing goods

A  Recorded using the Enter Bills window

B  Recorded in a Credit Card Sales window

C  Recorded using the Create Sales Receipts window

D  Recorded using a Create Invoices window

A  Customers section of the Home Page

B  Customers Menu

C  Vendor section of the Home Page

D  Customers Center

A  Create Invoice > Customer Payment > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Make Deposit > Customer & Job Name

D  Receive Payment > Customer & Job Name

A  Funds received from customers but not deposited in the bank

B  Only partial payments received from customers

C  Petty Cash funds

D  Funds the company owes vendors

A  Create Invoices

B  Create Sales Receipts

C  Make Deposit

D  Receive Payments

A  Accounts Receivable Aging Summary

B  Collections Reports

C  Customers with Open Invoices

D  All of the choices are correct

A  Errors

B  Deposits recorded by the bank

C  Outstanding checks

D  Checks that have cleared the bank

A  Accounts

B  Checks

C  Invoices

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 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

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  Rent Payments

B  Sales Taxes

C  Legal Services

D  None of the choices are correct

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

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

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

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

A  Enter Bills

B  Make Deposits

C  Receive Payments

D  Pay Bills

A  Outstanding checks

B  Interest earned

C  Both deposits in transit and outstanding checks

D  Deposits in transit

A  Debited

B  Credited

C  Reconciled

D  None of the choices are correct

A  Keeps track of company deposits only

B  Lists all accounts and their account numbers

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

D  Records payments and deposits to the Checking account

A  Pay sales tax

B  Record inventory received

C  Create invoice

D  Enter bills

A  Make deposit

B  Enter bills

C  Pay employees

D  Record payments received from customers

A  All of the choices are correct

B  Vendor List

C  Customer List

D  Item List

A  Check

B  Purchase Order

C  Invoice

D  Pay Bills

A  Customers

B  Vendors

C  Banking

D  Employees

A  Company

B  Customers

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  Inventory Account

B  Employee Expense Account

C  Accounts Payable Account

D  Purchase Orders Account

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

B  lists a company’s assets

C  Summarizes what a company owns and what it owes

D  lists the accounts and account numbers

A  Accounts Receivable

B  Advertising

C  Rent

D  Utilities

A  None of the choices are correct

B  Equity accounts

C  Permanent accounts

D  Temporary accounts

A  Expense

B  Owner’s Equity

C  Retained Earnings

D  Fixed Asset

A  Pay sales tax

B  Record inventory received

C  Create invoices

D  Enter bills

A  Create Invoices

B  Receive Inventory

C  Create Estimates

D  Receive Payments

A  Icon Bar

B  Menus

C  Home Page

D  All of the choices are correct

A  Jobs and Estimates

B  Bills

C  Time and Expenses

D  Sales and Customers

A  Balance Sheet

B  None of the choices are correct

C  Profit & Loss

D  All of the choices are correct

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

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

C  Create Invoice > Receive Payment > Record Deposits

D  Create Purchase Order > Receive Payment > Make Deposits

A  Materials Cost

B  Cost of Goods Sold

C  Items Sold

D  Inventory Sold

A  QBM

B  QBB

C  QBX

D  QBW

A  All of the choices are correct

B  Bring account balances up to date at year end

C  Close temporary accounts at year end

D  Close permanent accounts at year-end

A  Accounts Receivable

B  Checking

C  Undeposited Funds

D  Accounts Payable

A  Company address

B  Industry type

C  Federal ID Tax number

D  Fiscal or calendar year

A  Pay employees

B  Enter bills

C  Record payments received from customers

D  Record deposits