FInal Exam

A  All of the choices are correct

B  Inventory items

C  Service items

D  Non-inventory 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  Enter bills

B  Create invoices

C  Receive payments

D  Sell products

A  Before receiving a service

B  After receiving a service

C  When submitting a purchase order

D  At the time of providing a service

A  Increases the Accounts Payable account and increases the Checking account

B  Decreases the Accounts Payable account and decreases the Checking account

C  Increases an Expense account and increases the Accounts Payable account

D  Decreases an Expense account and decreases the Checking account

A  Customers purchasing goods

B  Suppliers of inventory and supplies

C  Tax agencies such as the IRS

D  Leasing companies

A  Recorded using a Create Invoices window

B  Recorded using the Enter Bills window

C  Recorded using the Create Sales Receipts window

D  Recorded in a Credit Card Sales window

A  Customers section of the Home Page

B  Customers Center

C  Customers Menu

D  Vendor section of the Home Page

A  Receive Payment > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Make Deposit > Customer & Job Name

D  Create Invoice > Customer Payment > Customer & Job Name

A  Funds received from customers but not deposited in the bank

B  Petty Cash funds

C  Funds the company owes vendors

D  Only partial payments received from customers

A  Make Deposit

B  Create Invoices

C  Receive Payments

D  Create Sales Receipts

A  Customers with Open Invoices

B  Collections Reports

C  Accounts Receivable Aging Summary

D  All of the choices are correct

A  Errors

B  Deposits recorded by the bank

C  Checks that have cleared the bank

D  Outstanding checks

A  Invoices

B  Checks

C  Purchase orders

D  Accounts

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  Rent Payments

B  Legal Services

C  Sales Taxes

D  None of the choices are correct

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

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

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

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

A  Make Deposits

B  Pay Bills

C  Enter Bills

D  Receive Payments

A  Both deposits in transit and outstanding checks

B  Deposits in transit

C  Interest earned

D  Outstanding checks

A  Reconciled

B  None of the choices are correct

C  Debited

D  Credited

A  Records payments and deposits to the Checking account

B  Lists all accounts and their account numbers

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

D  Keeps track of company deposits only

A  Pay sales tax

B  Create invoice

C  Enter bills

D  Record inventory received

A  Make deposit

B  Record payments received from customers

C  Enter bills

D  Pay employees

A  Vendor List

B  Item List

C  Customer List

D  All of the choices are correct

A  Purchase Order

B  Invoice

C  Pay Bills

D  Check

A  Employees

B  Vendors

C  Customers

D  Banking

A  Vendors

B  Company

C  Banking

D  Customers

A  To track information necessary for the accounting system.

B  To identify owner’s equity.

C  To calculate expenses.

D  To calculate income.

A  Purchase Orders Account

B  Inventory Account

C  Employee Expense Account

D  Accounts Payable Account

A  lists the accounts and account numbers

B  Summarizes what a company owns and what it owes

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

D  lists a company’s assets

A  Advertising

B  Accounts Receivable

C  Utilities

D  Rent

A  Temporary accounts

B  Permanent accounts

C  None of the choices are correct

D  Equity accounts

A  Expense

B  Owner’s Equity

C  Retained Earnings

D  Fixed Asset

A  Record inventory received

B  Pay sales tax

C  Create invoices

D  Enter bills

A  Create Invoices

B  Receive Payments

C  Create Estimates

D  Receive Inventory

A  All of the choices are correct

B  Menus

C  Icon Bar

D  Home Page

A  Jobs and Estimates

B  Bills

C  Sales and Customers

D  Time and Expenses

A  None of the choices are correct

B  Profit & Loss

C  Balance Sheet

D  All of the choices are correct

A  Create Invoice > Receive Payment > Record Deposits

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

C  Create Purchase Order > Receive Payment > Make Deposits

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

A  Inventory Sold

B  Materials Cost

C  Cost of Goods Sold

D  Items Sold

A  QBB

B  QBX

C  QBM

D  QBW

A  All of the choices are correct

B  Close permanent accounts at year-end

C  Close temporary accounts at year end

D  Bring account balances up to date at year end

A  Accounts Receivable

B  Checking

C  Undeposited Funds

D  Accounts Payable

A  Company address

B  Fiscal or calendar year

C  Industry type

D  Federal ID Tax number

A  Pay employees

B  Enter bills

C  Record payments received from customers

D  Record deposits