Midterm

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Question #1

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

A Accounts Payable Aging Summary

B Purchases by Item Summary

C Purchases by Vendor Summary

D Accounts Receivable Aging Detail

Question #2

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

A Invoices

B Receive Inventory

C None of the choices are correct

D Items & Services

Question #3

Which one of the following is not a vendor transaction?

A Receive inventory

B Receive bills

C Create sales receipt

D Order goods

Question #4

Form 1099 is used to:

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

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

C None of the choices are correct

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 Enter Purchase Order

B Make Deposit

C Pay Bills

D Receive Payments

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 Receive Payment > Customer & Job Name

D Make Deposit

Question #8

The Undeposited Funds account contains:

A Petty Cash funds

B Funds received from customers but not deposited in the bank

C Only partial payments received from customers

D Funds the company owes vendors

Question #9

To create the Aging of Accounts Receivable report:

A Select Company Center > Customers & Receivables

B Select Reports Center > Company & Financials

C Select Reports Center > Customers & Receivables

D Select Customers Center > Customers & Receivables

Question #10

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

A Receive Payments

B Create Sales Receipts

C Create Invoices

D Pay Bills

Question #11

Which report provides information to help in tracking accounts receivable?

A Accounts Receivable Aging Detail

B Collections Reports

C Customers with Open Invoices

D All of the choices are correct

Question #12

To record a customer sale on account, select:

A Create Purchase Order

B Create Estimates

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 Deposits recorded by the bank

B Errors

C Outstanding checks

D Checks that have cleared the bank

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

C All of the choices are correct

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

Question #15

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

A Accounts

B Checks

C Invoices

D Purchase orders

Question #16

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

A None of the choices are correct

B Payroll checks

C Bills entered in the Enter Bills window

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 Write Checks

C Record deposits

D Reconcile Checking accounts

Question #18

One of the objectives of the bank reconciliation is:

A Detect errors

B None of the choices are correct

C Pay bills

D Insure the debits equal credits

Question #19

When recording a bill, QuickBooks automatically:

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

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 (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 None of the choices are correct

B Credited

C Debited

D Reconciled

Question #21

When reconciling the bank statement using QuickBooks:

A Service charges are added

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

C All of the choices are correct

D Interest earned is subtracted

Question #22

The Check Register:

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

B Keeps track of company deposits only

C Lists all accounts and their account numbers

D Records payments and deposits to the Checking account

Question #23

Which of the following is a Customer transaction?

A Receive payments

B Enter bills

C Receive bills

D Pay sales tax

Question #24

Which of the following is a Vendor transaction?

A Receive payments

B Create invoices

C Receive inventory

D Create estimates

Question #25

Which of the following is a Banking transaction?

A Make deposit

B Enter bills

C Pay employees

D Pay bills

Question #26

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

A Invoice

B Check

C Pay Bills

D Purchase Order

Question #27

In QuickBooks, how do you enter transaction information?

A None of the choices are correct

B Onscreen Journal and QuickBooks reports

C Onscreen Journal and onscreen forms

D Onscreen forms and QuickBooks reports

Question #28

Customer transactions include which of the following?

A Write Checks

B Pay Bills

C Enter Bills

D Create Invoices

Question #29

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

A Pay Bills

B Receive Payments

C Enter Credit Card Charges

D Enter Bills

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 Item List

B Customer List

C Owner List

D Vendor List

Question #34

An example of a non-posting account is ________.

A Accounts Payable Account

B Employee Expense 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 Temporary accounts

C Equity accounts

D Permanent accounts

Question #37

Which of the following is considered a permanent account?

A Balance Sheet accounts

B None of the choices are correct

C Income Statement accounts

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 Employees > Employee Center

C Edit Menu > Preferences > Employees

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 QBX

B QBB

C QBM

D QBW

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 Receive Payments

B Create Invoices

C Receive Inventory

D Create Estimates

Question #42

Ways to navigate QuickBooks include:

A Icon Bar

B Home Page

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 Chart of Accounts

C Vendors and expenses

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 Create Invoice

C Create Purchase Order

D Receive Bill

Question #45

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

A Enter invoices

B Pay bills

C Record credit card receipts

D View the Chart of Accounts

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