FInal Exam

A  Service items

B  Non-inventory items

C  Inventory items

D  All of the choices are correct

A  Debit Expense account, Credit Accounts Payable

B  Debit Accounts Payable, Credit Expense account

C  Debit Accounts Payable, Credit Checking account

D  Debit Checking 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  After receiving a service

D  Before receiving a service

A  Decreases the Accounts Payable account and decreases the Checking account

B  Increases an Expense account and increases the Accounts Payable account

C  Increases the Accounts Payable account and increases the Checking account

D  Decreases an Expense account and decreases the Checking account

A  Customers purchasing goods

B  Leasing companies

C  Tax agencies such as the IRS

D  Suppliers of inventory and supplies

A  Recorded using the Create Sales Receipts window

B  Recorded in a Credit Card Sales window

C  Recorded using the Enter Bills window

D  Recorded using a Create Invoices window

A  Customers Center

B  Customers section of the Home Page

C  Vendor section of the Home Page

D  Customers Menu

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 received from customers but not deposited in the bank

B  Funds the company owes vendors

C  Only partial payments received from customers

D  Petty Cash funds

A  Receive Payments

B  Create Sales Receipts

C  Create Invoices

D  Make Deposit

A  All of the choices are correct

B  Accounts Receivable Aging Summary

C  Customers with Open Invoices

D  Collections Reports

A  Deposits recorded by the bank

B  Checks that have cleared the bank

C  Errors

D  Outstanding checks

A  Invoices

B  Checks

C  Purchase orders

D  Accounts

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 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  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

A  Sales Taxes

B  None of the choices are correct

C  Rent Payments

D  Legal Services

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

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

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

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

A  Pay Bills

B  Enter Bills

C  Make Deposits

D  Receive Payments

A  Outstanding checks

B  Deposits in transit

C  Interest earned

D  Both deposits in transit and outstanding checks

A  Credited

B  Debited

C  Reconciled

D  None of the choices are correct

A  Keeps track of company deposits only

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

C  Lists all accounts and their account numbers

D  Records payments and deposits to the Checking account

A  Create invoice

B  Enter bills

C  Record inventory received

D  Pay sales tax

A  Make deposit

B  Pay employees

C  Enter bills

D  Record payments received from customers

A  Customer List

B  All of the choices are correct

C  Item List

D  Vendor List

A  Purchase Order

B  Pay Bills

C  Check

D  Invoice

A  Employees

B  Banking

C  Customers

D  Vendors

A  Vendors

B  Banking

C  Company

D  Customers

A  To track information necessary for the accounting system.

B  To calculate income.

C  To calculate expenses.

D  To identify owner’s equity.

A  Purchase Orders Account

B  Accounts Payable Account

C  Employee Expense Account

D  Inventory 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 the accounts and account numbers

D  lists a company’s assets

A  Accounts Receivable

B  Utilities

C  Rent

D  Advertising

A  Equity accounts

B  Permanent accounts

C  Temporary accounts

D  None of the choices are correct

A  Owner’s Equity

B  Expense

C  Retained Earnings

D  Fixed Asset

A  Create invoices

B  Enter bills

C  Pay sales tax

D  Record inventory received

A  Create Invoices

B  Receive Inventory

C  Create Estimates

D  Receive Payments

A  Home Page

B  Icon Bar

C  Menus

D  All of the choices are correct

A  Bills

B  Jobs and Estimates

C  Sales and Customers

D  Time and Expenses

A  Profit & Loss

B  None of the choices are correct

C  Balance Sheet

D  All of the choices are correct

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

B  Create Purchase Order > Receive Payment > Make Deposits

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

D  Create Invoice > Receive Payment > Record Deposits

A  Items Sold

B  Cost of Goods 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  Close temporary accounts at year end

C  All of the choices are correct

D  Close permanent accounts at year-end

A  Undeposited Funds

B  Checking

C  Accounts Receivable

D  Accounts Payable

A  Fiscal or calendar year

B  Federal ID Tax number

C  Industry type

D  Company address

A  Record deposits

B  Record payments received from customers

C  Enter bills

D  Pay employees