Midterm

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Question #1

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

A Accounts Receivable Aging Detail

B Accounts Payable Aging Summary

C Purchases by Vendor Summary

D Purchases by Item Summary

Question #2

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

A None of the choices are correct

B Invoices

C Items & Services

D Receive Inventory

Question #3

Which one of the following is not a vendor transaction?

A Order goods

B Create sales receipt

C Receive inventory

D Receive bills

Question #4

Form 1099 is used to:

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

B None of the choices are correct

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

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

Question #5

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

A Receive Payments

B Enter Purchase Order

C Pay Bills

D Make Deposit

Question #6

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

A Receive Undeposited Funds

B Make Deposit

C Create Sales Receipts

D Pay Bills

Question #7

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

A Create Invoice > Customer Payment > Customer Name Only

B Create Sales Receipt > Record Deposits

C Receive Payment > Customer & Job Name

D Make Deposit

Question #8

The Undeposited Funds account contains:

A Only partial payments received from customers

B Petty Cash funds

C Funds received from customers but not deposited in the bank

D Funds the company owes vendors

Question #9

To create the Aging of Accounts Receivable report:

A Select Customers Center > Customers & Receivables

B Select Reports Center > Customers & Receivables

C Select Reports Center > Company & Financials

D Select Company Center > Customers & Receivables

Question #10

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

A Pay Bills

B Create Sales Receipts

C Create Invoices

D Receive Payments

Question #11

Which report provides information to help in tracking accounts receivable?

A Customers with Open Invoices

B Accounts Receivable Aging Detail

C All of the choices are correct

D Collections Reports

Question #12

To record a customer sale on account, select:

A Create Estimates

B Create Purchase Order

C Sales Receipts

D Create Invoices

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 Errors

D Outstanding checks

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 All of the choices are correct

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

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

Question #15

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

A Checks

B Purchase orders

C Invoices

D Accounts

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 Pay Employees

B Record deposits

C Reconcile Checking accounts

D Write Checks

Question #18

One of the objectives of the bank reconciliation is:

A Pay bills

B Detect errors

C Insure the debits equal credits

D None of the choices are correct

Question #19

When recording a bill, QuickBooks automatically:

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

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

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

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

Question #20

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

A Debited

B None of the choices are correct

C Reconciled

D Credited

Question #21

When reconciling the bank statement using QuickBooks:

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

B All of the choices are correct

C Interest earned is subtracted

D Service charges are added

Question #22

The Check Register:

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

Question #23

Which of the following is a Customer transaction?

A Receive payments

B Pay sales tax

C Enter bills

D Receive bills

Question #24

Which of the following is a Vendor transaction?

A Create estimates

B Receive inventory

C Create invoices

D Receive payments

Question #25

Which of the following is a Banking transaction?

A Pay bills

B Make deposit

C Pay employees

D Enter bills

Question #26

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

A Check

B Invoice

C Pay Bills

D Purchase Order

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and QuickBooks reports

B Onscreen Journal and onscreen forms

C Onscreen forms and QuickBooks reports

D None of the choices are correct

Question #28

Customer transactions include which of the following?

A Write Checks

B Pay Bills

C Create Invoices

D Enter Bills

Question #29

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

A Receive Payments

B Pay Bills

C Enter Bills

D Enter Credit Card Charges

Question #30

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

A Customers

B Vendors

C Employees

D Banking

Question #31

To use a memorized transaction, select:

A Select Company section of the Home Page > Saved Transactions

B Select Navigation Bar > Recurring Transaction List

C None of the choices are correct

D Select Lists Menu > Memorized 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 Saved transactions

B Memorized transactions

C Repeat transactions

D Create icon

Question #33

QuickBooks lists include all of the following except:

A Owner List

B Item List

C Customer List

D Vendor List

Question #34

An example of a non-posting account is ________.

A Employee Expense Account

B Inventory Account

C Purchase Orders Account

D Accounts Payable Account

Question #35

What does the Chart of Accounts list?

A Income and expense accounts

B Owner’s contributions

C Assets, liabilities and owner’s equity accounts

D All of the choices are correct

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 All the choices are correct

C None of the choices are correct

D Balance Sheet accounts

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 QBB

B QBX

C QBM

D QBW

Question #40

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

A Vendor

B Banking

C Customer

D Company

Question #41

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

A Create Invoices

B Create Estimates

C Receive Payments

D Receive Inventory

Question #42

Ways to navigate QuickBooks include:

A Menus

B Icon Bar

C Home Page

D All of the choices are correct

Question #43

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

A Customers and sales

B Vendors and expenses

C Banking

D Chart of Accounts

Question #44

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

A Create Invoice

B Receive Bill

C Create Purchase Order

D Receive Inventory

Question #45

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

A View the Chart of Accounts

B Pay bills

C Record credit card receipts

D Enter invoices

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