FInal Exam

A  Non-inventory items

B  Service items

C  Inventory items

D  All of the choices are correct

A  Debit Accounts Payable, Credit Expense account

B  Debit Checking account, Credit Accounts Payable

C  Debit Accounts Payable, Credit Checking account

D  Debit Expense account, Credit Accounts Payable

A  Receive payments

B  Create invoices

C  Enter bills

D  Sell products

A  At the time of providing a service

B  Before receiving a service

C  After receiving a service

D  When submitting a purchase order

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  Suppliers of inventory and supplies

B  Leasing companies

C  Customers purchasing goods

D  Tax agencies such as the IRS

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 section of the Home Page

B  Vendor section of the Home Page

C  Customers Center

D  Customers Menu

A  Make Deposit > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Create Invoice > Customer Payment > Customer & Job Name

D  Receive Payment > Customer & Job Name

A  Only partial payments received from customers

B  Funds the company owes vendors

C  Petty Cash funds

D  Funds received from customers but not deposited in the bank

A  Create Invoices

B  Make Deposit

C  Create Sales Receipts

D  Receive Payments

A  All of the choices are correct

B  Customers with Open Invoices

C  Accounts Receivable Aging Summary

D  Collections Reports

A  Errors

B  Deposits recorded by the bank

C  Checks that have cleared the bank

D  Outstanding checks

A  Accounts

B  Invoices

C  Checks

D  Purchase orders

A  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

B  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

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

D  None of the choices are correct

A  Sales Taxes

B  Rent Payments

C  None of the choices are correct

D  Legal Services

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  Enter Bills

C  Make Deposits

D  Pay Bills

A  Interest earned

B  Both deposits in transit and outstanding checks

C  Outstanding checks

D  Deposits in transit

A  None of the choices are correct

B  Reconciled

C  Credited

D  Debited

A  Lists all accounts and their account numbers

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

C  Records payments and deposits to the Checking account

D  Keeps track of company deposits only

A  Enter bills

B  Record inventory received

C  Create invoice

D  Pay sales tax

A  Make deposit

B  Record payments received from customers

C  Pay employees

D  Enter bills

A  Customer List

B  All of the choices are correct

C  Vendor List

D  Item List

A  Check

B  Invoice

C  Purchase Order

D  Pay Bills

A  Banking

B  Vendors

C  Customers

D  Employees

A  Customers

B  Vendors

C  Company

D  Banking

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  Inventory Account

D  Employee Expense Account

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

B  Summarizes what a company owns and what it owes

C  lists a company’s assets

D  lists the accounts and account numbers

A  Utilities

B  Accounts Receivable

C  Advertising

D  Rent

A  Permanent accounts

B  None of the choices are correct

C  Equity accounts

D  Temporary accounts

A  Fixed Asset

B  Retained Earnings

C  Owner’s Equity

D  Expense

A  Enter bills

B  Create invoices

C  Pay sales tax

D  Record inventory received

A  Receive Inventory

B  Receive Payments

C  Create Estimates

D  Create Invoices

A  All of the choices are correct

B  Home Page

C  Icon Bar

D  Menus

A  Sales and Customers

B  Time and Expenses

C  Bills

D  Jobs and Estimates

A  Balance Sheet

B  All of the choices are correct

C  None of the choices are correct

D  Profit & Loss

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

B  Create Invoice > Receive Payment > Record Deposits

C  Create Purchase Order > Receive Payment > Make Deposits

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

A  Inventory Sold

B  Cost of Goods Sold

C  Items Sold

D  Materials Cost

A  QBW

B  QBB

C  QBX

D  QBM

A  Close temporary accounts at year end

B  Bring account balances up to date at year end

C  Close permanent accounts at year-end

D  All of the choices are correct

A  Accounts Receivable

B  Undeposited Funds

C  Checking

D  Accounts Payable

A  Company address

B  Federal ID Tax number

C  Fiscal or calendar year

D  Industry type

A  Enter bills

B  Record deposits

C  Record payments received from customers

D  Pay employees