Final Exam

A  Service items

B  Inventory items

C  All of the choices are correct

D  Non-inventory items

A  Debit Accounts Payable, Credit Checking account

B  Debit Accounts Payable, Credit Expense account

C  Debit Checking account, Credit Accounts Payable

D  Debit Expense account, Credit Accounts Payable

A  Sell products

B  Enter bills

C  Create invoices

D  Receive payments

A  When submitting a purchase order

B  At the time of providing a service

C  Before receiving a service

D  After 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  Customers purchasing goods

C  Suppliers of inventory and supplies

D  Leasing companies

A  Recorded using the Enter Bills window

B  Recorded using the Create Sales Receipts window

C  Recorded using a Create Invoices window

D  Recorded in a Credit Card Sales window

A  Customers Center

B  Vendor section of the Home Page

C  Customers Menu

D  Customers section of the Home Page

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  Funds the company owes vendors

B  Petty Cash funds

C  Only partial payments received from customers

D  Funds received from customers but not deposited in the bank

A  Make Deposit

B  Receive Payments

C  Create Sales Receipts

D  Create Invoices

A  Customers with Open Invoices

B  Collections Reports

C  All of the choices are correct

D  Accounts Receivable Aging Summary

A  Errors

B  Checks that have cleared the bank

C  Outstanding checks

D  Deposits recorded by the bank

A  Invoices

B  Purchase orders

C  Accounts

D  Checks

A  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

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

A  Legal Services

B  Sales Taxes

C  None of the choices are correct

D  Rent Payments

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

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

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

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

A  Enter Bills

B  Receive Payments

C  Make Deposits

D  Pay Bills

A  Deposits in transit

B  Both deposits in transit and outstanding checks

C  Interest earned

D  Outstanding checks

A  Credited

B  None of the choices are correct

C  Debited

D  Reconciled

A  Lists all accounts and their account numbers

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

C  Keeps track of company deposits only

D  Records payments and deposits to the Checking account

A  Enter bills

B  Pay sales tax

C  Create invoice

D  Record inventory received

A  Make deposit

B  Record payments received from customers

C  Enter bills

D  Pay employees

A  Item List

B  Customer List

C  All of the choices are correct

D  Vendor List

A  Purchase Order

B  Check

C  Pay Bills

D  Invoice

A  Customers

B  Banking

C  Vendors

D  Employees

A  Vendors

B  Company

C  Customers

D  Banking

A  To calculate income.

B  To identify owner’s equity.

C  To track information necessary for the accounting system.

D  To calculate expenses.

A  Purchase Orders Account

B  Employee Expense Account

C  Inventory Account

D  Accounts Payable Account

A  lists the accounts and account numbers

B  lists a company’s assets

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

D  Summarizes what a company owns and what it owes

A  Utilities

B  Rent

C  Advertising

D  Accounts Receivable

A  Permanent accounts

B  None of the choices are correct

C  Equity accounts

D  Temporary accounts

A  Retained Earnings

B  Expense

C  Fixed Asset

D  Owner’s Equity

A  Record inventory received

B  Pay sales tax

C  Create invoices

D  Enter bills

A  Create Estimates

B  Receive Payments

C  Receive Inventory

D  Create Invoices

A  Home Page

B  Menus

C  All of the choices are correct

D  Icon Bar

A  Sales and Customers

B  Time and Expenses

C  Bills

D  Jobs and Estimates

A  Profit & Loss

B  None of the choices are correct

C  Balance Sheet

D  All of the choices are correct

A  Create Invoice > Receive Payment > Record Deposits

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

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

D  Create Purchase Order > Receive Payment > Make Deposits

A  Materials Cost

B  Inventory Sold

C  Cost of Goods Sold

D  Items Sold

A  QBB

B  QBX

C  QBW

D  QBM

A  Close permanent accounts at year-end

B  All of the choices are correct

C  Bring account balances up to date at year end

D  Close temporary accounts at year end

A  Accounts Payable

B  Accounts Receivable

C  Checking

D  Undeposited Funds

A  Fiscal or calendar year

B  Company address

C  Federal ID Tax number

D  Industry type

A  Pay employees

B  Record payments received from customers

C  Record deposits

D  Enter bills