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 Expense account, Credit Accounts Payable

C  Debit Checking account, Credit Accounts Payable

D  Debit Accounts Payable, Credit Expense account

A  Sell products

B  Enter bills

C  Receive payments

D  Create invoices

A  At the time of providing a service

B  When submitting a purchase order

C  After receiving a service

D  Before receiving a service

A  Increases the Accounts Payable account and increases the Checking account

B  Increases an Expense account and increases the Accounts Payable account

C  Decreases an Expense account and decreases the Checking account

D  Decreases the Accounts Payable account and decreases the Checking account

A  Tax agencies such as the IRS

B  Leasing companies

C  Suppliers of inventory and supplies

D  Customers purchasing goods

A  Recorded using a Create Invoices window

B  Recorded in a Credit Card Sales window

C  Recorded using the Create Sales Receipts window

D  Recorded using the Enter Bills window

A  Customers Menu

B  Customers Center

C  Customers section of the Home Page

D  Vendor section of the Home Page

A  Make Deposit > Customer & Job Name

B  Create Invoice > Customer Payment > Customer & Job Name

C  Create Sales Receipt > Record Deposits

D  Receive Payment > Customer & Job Name

A  Funds the company owes vendors

B  Funds received from customers but not deposited in the bank

C  Petty Cash funds

D  Only partial payments received from customers

A  Create Sales Receipts

B  Receive Payments

C  Create Invoices

D  Make Deposit

A  Customers with Open Invoices

B  Collections Reports

C  Accounts Receivable Aging Summary

D  All of the choices are correct

A  Errors

B  Checks that have cleared the bank

C  Outstanding checks

D  Deposits recorded by the bank

A  Accounts

B  Purchase orders

C  Checks

D  Invoices

A  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

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  None of the choices are correct

A  Sales Taxes

B  Legal Services

C  None of the choices are correct

D  Rent Payments

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

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 (credit) and the checking account (debit)

A  Enter Bills

B  Make Deposits

C  Receive Payments

D  Pay Bills

A  Deposits in transit

B  Interest earned

C  Both deposits in transit and outstanding checks

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  Records payments and deposits to the Checking account

D  Keeps track of company deposits only

A  Record inventory received

B  Enter bills

C  Pay sales tax

D  Create invoice

A  Record payments received from customers

B  Make deposit

C  Enter bills

D  Pay employees

A  All of the choices are correct

B  Customer List

C  Vendor List

D  Item List

A  Pay Bills

B  Purchase Order

C  Check

D  Invoice

A  Banking

B  Customers

C  Vendors

D  Employees

A  Company

B  Customers

C  Vendors

D  Banking

A  To track information necessary for the accounting system.

B  To calculate expenses.

C  To calculate income.

D  To identify owner’s equity.

A  Purchase Orders Account

B  Inventory Account

C  Employee Expense Account

D  Accounts Payable Account

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

B  lists the accounts and account numbers

C  lists a company’s assets

D  Summarizes what a company owns and what it owes

A  Accounts Receivable

B  Utilities

C  Advertising

D  Rent

A  Equity accounts

B  None of the choices are correct

C  Temporary accounts

D  Permanent accounts

A  Expense

B  Owner’s Equity

C  Fixed Asset

D  Retained Earnings

A  Record inventory received

B  Create invoices

C  Pay sales tax

D  Enter bills

A  Receive Payments

B  Create Invoices

C  Create Estimates

D  Receive Inventory

A  Home Page

B  Menus

C  Icon Bar

D  All of the choices are correct

A  Sales and Customers

B  Jobs and Estimates

C  Time and Expenses

D  Bills

A  All of the choices are correct

B  None of the choices are correct

C  Profit & Loss

D  Balance Sheet

A  Create Purchase Order > Receive Payment > Make Deposits

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

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

D  Create Invoice > Receive Payment > Record Deposits

A  Items Sold

B  Inventory Sold

C  Materials Cost

D  Cost of Goods Sold

A  QBM

B  QBX

C  QBW

D  QBB

A  Close permanent accounts at year-end

B  Close temporary accounts at year end

C  Bring account balances up to date at year end

D  All of the choices are correct

A  Checking

B  Accounts Payable

C  Accounts Receivable

D  Undeposited Funds

A  Fiscal or calendar year

B  Industry type

C  Company address

D  Federal ID Tax number

A  Pay employees

B  Record payments received from customers

C  Record deposits

D  Enter bills