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 Accounts Receivable Aging Detail

D Purchases by Vendor Summary

Question #2

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

A Invoices

B Items & Services

C None of the choices are correct

D Receive Inventory

Question #3

Which one of the following is not a vendor transaction?

A Receive bills

B Order goods

C Create sales receipt

D Receive inventory

Question #4

Form 1099 is used to:

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

Question #5

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

A Make Deposit

B Receive Payments

C Pay Bills

D Enter Purchase Order

Question #6

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

A Receive Undeposited Funds

B Create Sales Receipts

C Make Deposit

D Pay Bills

Question #7

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

A Receive Payment > Customer & Job Name

B Create Sales Receipt > Record Deposits

C Make Deposit

D Create Invoice > Customer Payment > Customer Name Only

Question #8

The Undeposited Funds account contains:

A Funds the company owes vendors

B Petty Cash funds

C Funds received from customers but not deposited in the bank

D Only partial payments received from customers

Question #9

To create the Aging of Accounts Receivable report:

A Select Reports Center > Customers & Receivables

B Select Company Center > Customers & Receivables

C Select Reports Center > Company & Financials

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 Create Sales Receipts

B Pay Bills

C Receive Payments

D Create Invoices

Question #11

Which report provides information to help in tracking accounts receivable?

A Collections Reports

B Customers with Open Invoices

C Accounts Receivable Aging Detail

D All of the choices are correct

Question #12

To record a customer sale on account, select:

A Create Estimates

B Sales Receipts

C Create Invoices

D Create Purchase Order

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 Outstanding checks

C Deposits recorded by the bank

D Errors

Question #14

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

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

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

C The deleted check no longer appears in the check register

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 Checks

B Purchase orders

C Accounts

D Invoices

Question #16

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

A Bills entered in the Enter Bills window

B Payroll checks

C None of the choices are correct

D Sales taxes

Question #17

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

A Record deposits

B Write Checks

C Reconcile Checking accounts

D Pay Employees

Question #18

One of the objectives of the bank reconciliation is:

A None of the choices are correct

B Insure the debits equal credits

C Detect errors

D Pay bills

Question #19

When recording a bill, QuickBooks automatically:

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

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

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

B Credited

C Debited

D None of the choices are correct

Question #21

When reconciling the bank statement using QuickBooks:

A Service charges are added

B All of the choices are correct

C Interest earned is subtracted

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

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 Records payments and deposits to the Checking account

D Keeps track of company deposits only

Question #23

Which of the following is a Customer transaction?

A Pay sales tax

B Enter bills

C Receive bills

D Receive payments

Question #24

Which of the following is a Vendor transaction?

A Receive inventory

B Create invoices

C Receive payments

D Create estimates

Question #25

Which of the following is a Banking transaction?

A Pay employees

B Make deposit

C Enter bills

D Pay bills

Question #26

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

A Invoice

B Purchase Order

C Check

D Pay Bills

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and onscreen forms

B Onscreen forms and QuickBooks reports

C Onscreen Journal 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 Enter Bills

D Create Invoices

Question #29

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

A Enter Credit Card Charges

B Receive Payments

C Enter Bills

D Pay Bills

Question #30

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

A Employees

B Vendors

C Customers

D Banking

Question #31

To use a memorized transaction, select:

A None of the choices are correct

B Select Navigation Bar > Recurring Transaction List

C Select Lists Menu > Memorized Transaction List

D Select Company section of the Home Page > Saved Transactions

Question #32

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

A Memorized transactions

B Repeat transactions

C Saved transactions

D Create icon

Question #33

QuickBooks lists include all of the following except:

A Customer List

B Vendor List

C Owner List

D Item List

Question #34

An example of a non-posting account is ________.

A Employee Expense Account

B Purchase Orders Account

C Accounts Payable Account

D Inventory Account

Question #35

What does the Chart of Accounts list?

A Assets, liabilities and owner’s equity accounts

B Owner’s contributions

C Income and expense accounts

D All of the choices are correct

Question #36

Income Statement accounts are also called:

A Temporary accounts

B None of the choices are correct

C Permanent accounts

D Equity 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 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 QBM

C QBW

D QBX

Question #40

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

A Vendor

B Customer

C Banking

D Company

Question #41

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

A Receive Payments

B Create Estimates

C Receive Inventory

D Create Invoices

Question #42

Ways to navigate QuickBooks include:

A Home Page

B Menus

C Icon Bar

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 Banking

B Chart of Accounts

C Customers and sales

D Vendors and expenses

Question #44

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

A Create Purchase Order

B Receive Inventory

C Receive Bill

D Create Invoice

Question #45

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

A View the Chart of Accounts

B Enter invoices

C Record credit card receipts

D Pay bills

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