FInal Exam

A  All of the choices are correct

B  Inventory items

C  Non-inventory items

D  Service items

A  Debit Expense account, Credit Accounts Payable

B  Debit Accounts Payable, Credit Expense account

C  Debit Checking account, Credit Accounts Payable

D  Debit Accounts Payable, Credit Checking account

A  Create invoices

B  Receive payments

C  Enter bills

D  Sell products

A  Before receiving a service

B  At the time of providing a service

C  When submitting a purchase order

D  After receiving a service

A  Increases an Expense account and increases the Accounts Payable account

B  Increases the Accounts Payable account and increases the Checking account

C  Decreases an Expense account and decreases the Checking account

D  Decreases the Accounts Payable account and decreases the Checking account

A  Suppliers of inventory and supplies

B  Leasing companies

C  Tax agencies such as the IRS

D  Customers purchasing goods

A  Recorded using the Enter Bills window

B  Recorded using a Create Invoices window

C  Recorded using the Create Sales Receipts window

D  Recorded in a Credit Card Sales window

A  Customers Menu

B  Customers section of the Home Page

C  Vendor section of the Home Page

D  Customers Center

A  Create Sales Receipt > Record Deposits

B  Receive Payment > Customer & Job Name

C  Make Deposit > Customer & Job Name

D  Create Invoice > Customer Payment > Customer & Job Name

A  Only partial payments received from customers

B  Funds the company owes vendors

C  Funds received from customers but not deposited in the bank

D  Petty Cash funds

A  Create Invoices

B  Receive Payments

C  Create Sales Receipts

D  Make Deposit

A  Accounts Receivable Aging Summary

B  All of the choices are correct

C  Customers with Open Invoices

D  Collections Reports

A  Outstanding checks

B  Deposits recorded by the bank

C  Checks that have cleared the bank

D  Errors

A  Purchase orders

B  Accounts

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  None of the choices are correct

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 conserve resources, it is best if the owner uses one Checking account for both personal and business purposes

A  Rent Payments

B  Sales Taxes

C  None of the choices are correct

D  Legal Services

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

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

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

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

A  Pay Bills

B  Make Deposits

C  Enter Bills

D  Receive Payments

A  Deposits in transit

B  Outstanding checks

C  Both deposits in transit and outstanding checks

D  Interest earned

A  None of the choices are correct

B  Debited

C  Reconciled

D  Credited

A  Keeps track of company deposits only

B  Lists all accounts and their account numbers

C  Records payments and deposits to the Checking account

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

A  Record inventory received

B  Pay sales tax

C  Create invoice

D  Enter bills

A  Make deposit

B  Pay employees

C  Enter bills

D  Record payments received from customers

A  Customer List

B  Item List

C  All of the choices are correct

D  Vendor List

A  Check

B  Invoice

C  Pay Bills

D  Purchase Order

A  Banking

B  Vendors

C  Customers

D  Employees

A  Vendors

B  Customers

C  Company

D  Banking

A  To calculate expenses.

B  To calculate income.

C  To identify owner’s equity.

D  To track information necessary for the accounting system.

A  Employee Expense Account

B  Accounts Payable Account

C  Purchase Orders Account

D  Inventory Account

A  lists the accounts and account numbers

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

C  lists a company’s assets

D  Summarizes what a company owns and what it owes

A  Rent

B  Accounts Receivable

C  Utilities

D  Advertising

A  Equity accounts

B  None of the choices are correct

C  Temporary accounts

D  Permanent accounts

A  Owner’s Equity

B  Retained Earnings

C  Fixed Asset

D  Expense

A  Record inventory received

B  Create invoices

C  Enter bills

D  Pay sales tax

A  Create Estimates

B  Receive Inventory

C  Receive Payments

D  Create Invoices

A  Menus

B  All of the choices are correct

C  Icon Bar

D  Home Page

A  Bills

B  Time and Expenses

C  Jobs and Estimates

D  Sales and Customers

A  Balance Sheet

B  All of the choices are correct

C  Profit & Loss

D  None of the choices are correct

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

B  Create Purchase Order > Receive Payment > Make Deposits

C  Create Invoice > Receive Payment > Record Deposits

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

A  Materials Cost

B  Cost of Goods Sold

C  Inventory Sold

D  Items Sold

A  QBM

B  QBX

C  QBB

D  QBW

A  Close permanent accounts at year-end

B  Bring account balances up to date at year end

C  All of the choices are correct

D  Close temporary accounts at year end

A  Undeposited Funds

B  Accounts Payable

C  Checking

D  Accounts Receivable

A  Federal ID Tax number

B  Fiscal or calendar year

C  Company address

D  Industry type

A  Record deposits

B  Record payments received from customers

C  Pay employees

D  Enter bills