FInal Exam

A  All of the choices are correct

B  Non-inventory items

C  Service items

D  Inventory items

A  Debit Checking account, Credit Accounts Payable

B  Debit Accounts Payable, Credit Expense account

C  Debit Accounts Payable, Credit Checking account

D  Debit Expense account, Credit Accounts Payable

A  Receive payments

B  Enter bills

C  Create invoices

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 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  Leasing companies

B  Tax agencies such as the IRS

C  Customers purchasing goods

D  Suppliers of inventory and supplies

A  Recorded using a Create Invoices window

B  Recorded using the Create Sales Receipts window

C  Recorded in a Credit Card Sales window

D  Recorded using the Enter Bills window

A  Customers Center

B  Customers Menu

C  Customers section of the Home Page

D  Vendor section of the Home Page

A  Create Invoice > Customer Payment > Customer & Job Name

B  Make Deposit > Customer & Job Name

C  Create Sales Receipt > Record Deposits

D  Receive Payment > 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 Invoices

C  Make Deposit

D  Create Sales Receipts

A  Customers with Open Invoices

B  Accounts Receivable Aging Summary

C  Collections Reports

D  All of the choices are correct

A  Outstanding checks

B  Deposits recorded by the bank

C  Checks that have cleared the bank

D  Errors

A  Checks

B  Invoices

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 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  Sales Taxes

B  Legal Services

C  None of the choices are correct

D  Rent Payments

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

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

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

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

A  Receive Payments

B  Make Deposits

C  Pay Bills

D  Enter Bills

A  Interest earned

B  Outstanding checks

C  Both deposits in transit and outstanding checks

D  Deposits in transit

A  Debited

B  Credited

C  None of the choices are correct

D  Reconciled

A  Records payments and deposits to the Checking account

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

C  Lists all accounts and their account numbers

D  Keeps track of company deposits only

A  Record inventory received

B  Create invoice

C  Enter bills

D  Pay sales tax

A  Record payments received from customers

B  Enter bills

C  Make deposit

D  Pay employees

A  Vendor List

B  All of the choices are correct

C  Item List

D  Customer List

A  Invoice

B  Check

C  Purchase Order

D  Pay Bills

A  Banking

B  Employees

C  Customers

D  Vendors

A  Company

B  Vendors

C  Banking

D  Customers

A  To calculate expenses.

B  To track information necessary for the accounting system.

C  To calculate income.

D  To identify owner’s equity.

A  Employee Expense Account

B  Inventory Account

C  Purchase Orders 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  Utilities

B  Accounts Receivable

C  Advertising

D  Rent

A  None of the choices are correct

B  Permanent accounts

C  Temporary accounts

D  Equity accounts

A  Owner’s Equity

B  Retained Earnings

C  Fixed Asset

D  Expense

A  Pay sales tax

B  Record inventory received

C  Create invoices

D  Enter bills

A  Receive Payments

B  Receive Inventory

C  Create Estimates

D  Create Invoices

A  Icon Bar

B  Menus

C  All of the choices are correct

D  Home Page

A  Time and Expenses

B  Sales and Customers

C  Jobs and Estimates

D  Bills

A  All of the choices are correct

B  Profit & Loss

C  Balance Sheet

D  None of the choices are correct

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

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

C  Create Purchase Order > Receive Payment > Make Deposits

D  Create Invoice > Receive Payment > Record Deposits

A  Inventory Sold

B  Materials Cost

C  Items Sold

D  Cost of Goods Sold

A  QBX

B  QBM

C  QBW

D  QBB

A  All of the choices are correct

B  Close temporary accounts at year end

C  Close permanent accounts at year-end

D  Bring account balances up to date at year end

A  Checking

B  Accounts Receivable

C  Accounts Payable

D  Undeposited Funds

A  Company address

B  Industry type

C  Fiscal or calendar year

D  Federal ID Tax number

A  Pay employees

B  Record payments received from customers

C  Enter bills

D  Record deposits