Midterm

Navigation » List of Schools » Glendale Community College » Accounting » Accounting 120 – Computerized Accounting Systems » Spring 2022 » Midterm

Need help with your exam preparation?

Existing Quiz Clients Login here

Below are the questions for the exam with the choices of answers:

Try The Exam

Question #1

Which report summarizes accounts payable balances by the age of the account?

A Accounts Receivable Aging Detail

B Purchases by Item Summary

C Purchases by Vendor Summary

D Accounts Payable Aging Summary

Question #2

Which one of the following tasks is associated with the Vendors section of the Home Page?

A Receive Inventory

B None of the choices are correct

C Items & Services

D Invoices

Question #3

Which one of the following is not a vendor transaction?

A Create sales receipt

B Receive inventory

C Order goods

D Receive bills

Question #4

Form 1099 is used to:

A Report the amount received from customers in compliance with IRS regulations

B None of the choices are correct

C Report the amount paid to a vendor in compliance with IRS regulations

D Report the amount paid to employees in compliance with IRS regulations

Question #5

What QuickBooks activity comes next in this series of business activities: Enter Bills > ________

A Enter Purchase Order

B Receive Payments

C Make Deposit

D Pay Bills

Question #6

What QuickBooks activity comes next in this series of business activities?
Create Invoice > Receive Payments > ________

A Pay Bills

B Make Deposit

C Receive Undeposited Funds

D Create Sales Receipts

Question #7

When recording a customer payment from a cash sale, select:

A Create Sales Receipt > Record Deposits

B Create Invoice > Customer Payment > Customer Name Only

C Make Deposit

D Receive Payment > Customer & Job Name

Question #8

The Undeposited Funds account contains:

A Petty Cash funds

B Only partial payments received from customers

C Funds the company owes vendors

D Funds received from customers but not deposited in the bank

Question #9

To create the Aging of Accounts Receivable report:

A Select Company Center > Customers & Receivables

B Select Reports Center > Customers & Receivables

C Select Customers Center > Customers & Receivables

D Select Reports Center > Company & Financials

Question #10

Which one of the following activities is not shown in the Customers section of the Home Page?

A Create Invoices

B Pay Bills

C Receive Payments

D Create Sales Receipts

Question #11

Which report provides information to help in tracking accounts receivable?

A Customers with Open Invoices

B Collections Reports

C Accounts Receivable Aging Detail

D All of the choices are correct

Question #12

To record a customer sale on account, select:

A Create Invoices

B Create Purchase Order

C Sales Receipts

D Create Estimates

Question #13

When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)?

A Checks that have cleared the bank

B Deposits recorded by the bank

C Outstanding checks

D Errors

Question #14

When deleting a check all of the following is true except:

A The deleted check no longer appears in the check register

B QuickBooks changes the amount deducted in the check register to zero

C It is better to delete the check than void the check in order to erase all records of the transaction

D All of the choices are correct

Question #15

In the Check Register, the term “split” indicates the payment is split between two or more:

A Invoices

B Purchase orders

C Accounts

D Checks

Question #16

The Write Checks window can be used to pay which of the following:

A Bills entered in the Enter Bills window

B None of the choices are correct

C Payroll checks

D Sales taxes

Question #17

All of the following tasks can be completed in the Banking section of the Home Page except:

A Reconcile Checking accounts

B Pay Employees

C Write Checks

D Record deposits

Question #18

One of the objectives of the bank reconciliation is:

A Detect errors

B Pay bills

C Insure the debits equal credits

D None of the choices are correct

Question #19

When recording a bill, QuickBooks automatically:

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

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

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

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

Question #20

When the balance of an asset account, like Checking, increases, it means that the account has been:

A Credited

B Reconciled

C None of the choices are correct

D Debited

Question #21

When reconciling the bank statement using QuickBooks:

A All of the choices are correct

B Service charges are added

C All deposits listed on the bank statement are selected as cleared in the Reconcile window

D Interest earned is subtracted

Question #22

The Check Register:

A Lists all accounts and their account numbers

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

C Keeps track of company deposits only

D Records payments and deposits to the Checking account

Question #23

Which of the following is a Customer transaction?

A Pay sales tax

B Receive payments

C Receive bills

D Enter bills

Question #24

Which of the following is a Vendor transaction?

A Receive payments

B Create estimates

C Receive inventory

D Create invoices

Question #25

Which of the following is a Banking transaction?

A Make deposit

B Pay employees

C Enter bills

D Pay bills

Question #26

Which of the following transactions is considered a Customers and Sales transaction?

A Invoice

B Pay Bills

C Purchase Order

D Check

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and onscreen forms

B Onscreen Journal and QuickBooks reports

C Onscreen forms and QuickBooks reports

D None of the choices are correct

Question #28

Customer transactions include which of the following?

A Enter Bills

B Pay Bills

C Create Invoices

D Write Checks

Question #29

The Banking section of the Home Page includes which of the following banking transactions?

A Pay Bills

B Enter Bills

C Enter Credit Card Charges

D Receive Payments

Question #30

The onscreen form for recording bills received is accessed from which section of the Home Page:

A Customers

B Vendors

C Banking

D Employees

Question #31

To use a memorized transaction, select:

A Select Company section of the Home Page > Saved Transactions

B None of the choices are correct

C Select Lists Menu > Memorized Transaction List

D Select Navigation Bar > Recurring Transaction List

Question #32

Which of the following QuickBooks features can be used to save a transaction that will be re-used in the future?

A Repeat transactions

B Memorized transactions

C Create icon

D Saved transactions

Question #33

QuickBooks lists include all of the following except:

A Vendor List

B Owner List

C Item List

D Customer List

Question #34

An example of a non-posting account is ________.

A Employee Expense Account

B Accounts Payable Account

C Inventory Account

D Purchase Orders Account

Question #35

What does the Chart of Accounts list?

A Income and expense accounts

B Owner’s contributions

C All of the choices are correct

D Assets, liabilities and owner’s equity accounts

Question #36

Income Statement accounts are also called:

A None of the choices are correct

B Equity accounts

C Permanent accounts

D Temporary accounts

Question #37

Which of the following is considered a permanent account?

A Income Statement accounts

B Balance Sheet accounts

C None of the choices are correct

D All the choices are correct

Question #38

How do you access the screen to add a user and password?

A Company Menu > Company Information

B Edit Menu > Preferences > Employees

C Employees > Employee Center

D Company Menu > Set Up Users and Passwords > Set Up Users

Question #39

Which of the following file types identifies a QuickBooks Backup file?

A QBM

B QBB

C QBW

D QBX

Question #40

The Chart of Accounts can be accessed from which section of the Home page?

A Company

B Customer

C Vendor

D Banking

Question #41

Which of the following tasks can be completed in the Vendor section of the Home page?

A Create Estimates

B Receive Inventory

C Receive Payments

D Create Invoices

Question #42

Ways to navigate QuickBooks include:

A Home Page

B Icon Bar

C All of the choices are correct

D Menus

Question #43

All of the following are one of the four main categories of transactions in QuickBooks except?

A Banking

B Vendors and expenses

C Chart of Accounts

D Customers and sales

Question #44

Which of the following tasks cannot be completed in the Vendor section of the Home Page?

A Receive Inventory

B Receive Bill

C Create Purchase Order

D Create Invoice

Question #45

In the Company section of the Home Page, you can:

A Record credit card receipts

B Enter invoices

C Pay bills

D View the Chart of Accounts

Try The Exam

Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

Need help with your exam preparation?

Below are the questions for the exam with the choices of answers:

Christian S.

Tyra

Linda

Manush

We accept payment