FInal Exam

A  All of the choices are correct

B  Inventory items

C  Non-inventory items

D  Service items

A  Debit Accounts Payable, Credit Checking account

B  Debit Expense account, Credit Accounts Payable

C  Debit Checking account, Credit Accounts Payable

D  Debit Accounts Payable, Credit Expense account

A  Sell products

B  Receive payments

C  Enter bills

D  Create invoices

A  Before receiving a service

B  At the time of providing a service

C  After receiving a service

D  When submitting a purchase order

A  Increases an Expense account and increases the Accounts Payable account

B  Decreases the Accounts Payable account and decreases the Checking account

C  Decreases an Expense account and decreases the Checking account

D  Increases the Accounts Payable account and increases the Checking account

A  Tax agencies such as the IRS

B  Leasing companies

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 using the Enter Bills window

D  Recorded in a Credit Card Sales window

A  Customers Center

B  Vendor section of the Home Page

C  Customers Menu

D  Customers section of the Home Page

A  Make Deposit > Customer & Job Name

B  Create Invoice > Customer Payment > Customer & Job Name

C  Create Sales Receipt > Record Deposits

D  Receive Payment > Customer & Job Name

A  Funds received from customers but not deposited in the bank

B  Only partial payments received from customers

C  Funds the company owes vendors

D  Petty Cash funds

A  Make Deposit

B  Create Sales Receipts

C  Receive Payments

D  Create Invoices

A  Collections Reports

B  Customers with Open Invoices

C  Accounts Receivable Aging Summary

D  All of the choices are correct

A  Outstanding checks

B  Errors

C  Deposits recorded by the bank

D  Checks that have cleared the bank

A  Accounts

B  Checks

C  Purchase orders

D  Invoices

A  None of the choices are correct

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

A  None of the choices are correct

B  Sales Taxes

C  Rent Payments

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 (debit) and the obligation to pay later (credit)

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

A  Make Deposits

B  Pay Bills

C  Receive Payments

D  Enter Bills

A  Both deposits in transit and outstanding checks

B  Deposits in transit

C  Outstanding checks

D  Interest earned

A  Debited

B  None of the choices are correct

C  Reconciled

D  Credited

A  Records payments and deposits to the Checking account

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

C  Keeps track of company deposits only

D  Lists all accounts and their account numbers

A  Pay sales tax

B  Record inventory received

C  Create invoice

D  Enter bills

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  Purchase Order

B  Pay Bills

C  Invoice

D  Check

A  Customers

B  Banking

C  Employees

D  Vendors

A  Vendors

B  Banking

C  Customers

D  Company

A  To calculate income.

B  To calculate expenses.

C  To identify owner’s equity.

D  To track information necessary for the accounting system.

A  Accounts Payable Account

B  Inventory Account

C  Purchase Orders Account

D  Employee Expense Account

A  Summarizes what a company owns and what it owes

B  lists a company’s assets

C  lists the accounts and account numbers

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

A  Utilities

B  Advertising

C  Accounts Receivable

D  Rent

A  Temporary accounts

B  Equity accounts

C  None of the choices are correct

D  Permanent accounts

A  Expense

B  Retained Earnings

C  Fixed Asset

D  Owner’s Equity

A  Pay sales tax

B  Create invoices

C  Record inventory received

D  Enter bills

A  Receive Payments

B  Create Estimates

C  Create Invoices

D  Receive Inventory

A  Icon Bar

B  Menus

C  All of the choices are correct

D  Home Page

A  Jobs and Estimates

B  Bills

C  Sales and Customers

D  Time and Expenses

A  Profit & Loss

B  All of the choices are correct

C  None of the choices are correct

D  Balance Sheet

A  Create Invoice > Receive Payment > Record Deposits

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

C  Create Purchase Order > Receive Payment > Make Deposits

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

A  Items Sold

B  Inventory Sold

C  Materials Cost

D  Cost of Goods Sold

A  QBX

B  QBB

C  QBW

D  QBM

A  Close temporary accounts at year end

B  Bring account balances up to date at year end

C  All of the choices are correct

D  Close permanent accounts at year-end

A  Accounts Receivable

B  Undeposited Funds

C  Accounts Payable

D  Checking

A  Fiscal or calendar year

B  Company address

C  Federal ID Tax number

D  Industry type

A  Enter bills

B  Record payments received from customers

C  Pay employees

D  Record deposits