FInal Exam

A  Inventory items

B  Non-inventory items

C  Service items

D  All of the choices are correct

A  Debit Accounts Payable, Credit Checking account

B  Debit Checking account, Credit Accounts Payable

C  Debit Accounts Payable, Credit Expense account

D  Debit Expense account, Credit Accounts Payable

A  Enter bills

B  Create invoices

C  Sell products

D  Receive payments

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  Decreases the Accounts Payable account and decreases the Checking account

B  Decreases an Expense account and decreases the Checking account

C  Increases an Expense account and increases the Accounts Payable account

D  Increases the Accounts Payable account and increases 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  Customers Menu

B  Customers Center

C  Customers section of the Home Page

D  Vendor section of the Home Page

A  Receive Payment > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Create Invoice > Customer Payment > Customer & Job Name

D  Make Deposit > Customer & Job Name

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  Create Invoices

B  Receive Payments

C  Make Deposit

D  Create Sales Receipts

A  Accounts Receivable Aging Summary

B  All of the choices are correct

C  Customers with Open Invoices

D  Collections Reports

A  Deposits recorded by the bank

B  Outstanding checks

C  Errors

D  Checks that have cleared the bank

A  Purchase orders

B  Checks

C  Accounts

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 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

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  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  Pay Bills

B  Make Deposits

C  Enter Bills

D  Receive Payments

A  Both deposits in transit and outstanding checks

B  Deposits in transit

C  Outstanding checks

D  Interest earned

A  None of the choices are correct

B  Debited

C  Reconciled

D  Credited

A  Records payments and deposits to the Checking account

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

C  Keeps track of company deposits only

D  Lists all accounts and their account numbers

A  Enter bills

B  Record inventory received

C  Pay sales tax

D  Create invoice

A  Make deposit

B  Pay employees

C  Record payments received from customers

D  Enter bills

A  Customer List

B  All of the choices are correct

C  Item List

D  Vendor List

A  Pay Bills

B  Purchase Order

C  Invoice

D  Check

A  Employees

B  Banking

C  Vendors

D  Customers

A  Vendors

B  Customers

C  Company

D  Banking

A  To identify owner’s equity.

B  To calculate expenses.

C  To track information necessary for the accounting system.

D  To calculate income.

A  Inventory Account

B  Employee Expense Account

C  Purchase Orders Account

D  Accounts Payable Account

A  Summarizes what a company owns and what it owes

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

C  lists a company’s assets

D  lists the accounts and account numbers

A  Utilities

B  Rent

C  Accounts Receivable

D  Advertising

A  Temporary accounts

B  Equity accounts

C  Permanent accounts

D  None of the choices are correct

A  Retained Earnings

B  Owner’s Equity

C  Fixed Asset

D  Expense

A  Record inventory received

B  Create invoices

C  Pay sales tax

D  Enter bills

A  Receive Payments

B  Create Estimates

C  Create Invoices

D  Receive Inventory

A  Menus

B  All of the choices are correct

C  Home Page

D  Icon Bar

A  Time and Expenses

B  Bills

C  Sales and Customers

D  Jobs and Estimates

A  None of the choices are correct

B  All of the choices are correct

C  Profit & Loss

D  Balance Sheet

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

B  Create Invoice > Receive Payment > Record Deposits

C  Create Purchase Order > Receive Payment > Make Deposits

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

A  Cost of Goods Sold

B  Items Sold

C  Inventory Sold

D  Materials Cost

A  QBW

B  QBB

C  QBM

D  QBX

A  Bring account balances up to date at year end

B  All of the choices are correct

C  Close permanent accounts at year-end

D  Close temporary accounts at year end

A  Accounts Receivable

B  Undeposited Funds

C  Checking

D  Accounts Payable

A  Federal ID Tax number

B  Fiscal or calendar year

C  Company address

D  Industry type

A  Pay employees

B  Record deposits

C  Enter bills

D  Record payments received from customers