FInal Exam

A  Inventory items

B  All of the choices are correct

C  Non-inventory items

D  Service items

A  Debit Accounts Payable, Credit Expense account

B  Debit Accounts Payable, Credit Checking account

C  Debit Checking account, Credit Accounts Payable

D  Debit Expense account, Credit Accounts Payable

A  Receive payments

B  Sell products

C  Enter bills

D  Create invoices

A  When submitting a purchase order

B  Before receiving a service

C  At the time of providing a service

D  After receiving a service

A  Increases an Expense account and increases the Accounts Payable account

B  Decreases the Accounts Payable account and decreases the Checking account

C  Increases the Accounts Payable account and increases the Checking account

D  Decreases an Expense 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 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 Center

B  Vendor section of the Home Page

C  Customers section of the Home Page

D  Customers Menu

A  Create Invoice > Customer Payment > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Receive Payment > Customer & Job Name

D  Make Deposit > Customer & Job Name

A  Petty Cash funds

B  Funds received from customers but not deposited in the bank

C  Funds the company owes vendors

D  Only partial payments received from customers

A  Receive Payments

B  Create Sales Receipts

C  Create Invoices

D  Make Deposit

A  Accounts Receivable Aging Summary

B  Customers with Open Invoices

C  Collections Reports

D  All of the choices are correct

A  Outstanding checks

B  Deposits recorded by the bank

C  Errors

D  Checks that have cleared the bank

A  Purchase orders

B  Accounts

C  Checks

D  Invoices

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  None of the choices are correct

B  Sales Taxes

C  Rent Payments

D  Legal Services

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  Receive Payments

B  Make Deposits

C  Pay Bills

D  Enter Bills

A  Interest earned

B  Deposits in transit

C  Both deposits in transit and outstanding checks

D  Outstanding checks

A  Reconciled

B  Credited

C  Debited

D  None of the choices are correct

A  Records payments and deposits to the Checking account

B  Keeps track of company deposits only

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

D  Lists all accounts and their account numbers

A  Record inventory received

B  Create invoice

C  Enter bills

D  Pay sales tax

A  Make deposit

B  Record payments received from customers

C  Enter bills

D  Pay employees

A  Customer List

B  All of the choices are correct

C  Item List

D  Vendor List

A  Pay Bills

B  Check

C  Purchase Order

D  Invoice

A  Employees

B  Customers

C  Banking

D  Vendors

A  Customers

B  Banking

C  Vendors

D  Company

A  To identify owner’s equity.

B  To track information necessary for the accounting system.

C  To calculate expenses.

D  To calculate income.

A  Inventory Account

B  Purchase Orders Account

C  Employee Expense Account

D  Accounts Payable Account

A  Summarizes what a company owns and what it owes

B  lists the accounts and account numbers

C  lists a company’s assets

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

A  Accounts Receivable

B  Advertising

C  Rent

D  Utilities

A  Temporary accounts

B  Equity accounts

C  None of the choices are correct

D  Permanent accounts

A  Fixed Asset

B  Retained Earnings

C  Owner’s Equity

D  Expense

A  Record inventory received

B  Pay sales tax

C  Create invoices

D  Enter bills

A  Create Invoices

B  Receive Inventory

C  Create Estimates

D  Receive Payments

A  Icon Bar

B  All of the choices are correct

C  Menus

D  Home Page

A  Jobs and Estimates

B  Bills

C  Time and Expenses

D  Sales and Customers

A  All of the choices are correct

B  Balance Sheet

C  Profit & Loss

D  None 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  Inventory Sold

C  Cost of Goods Sold

D  Items Sold

A  QBX

B  QBM

C  QBB

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  Undeposited Funds

C  Checking

D  Accounts Payable

A  Fiscal or calendar year

B  Industry type

C  Company address

D  Federal ID Tax number

A  Record payments received from customers

B  Record deposits

C  Enter bills

D  Pay employees