Midterm

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Question #1

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

A Purchases by Item Summary

B Accounts Payable Aging 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 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 Order goods

B Receive bills

C Create sales receipt

D Receive inventory

Question #4

Form 1099 is used to:

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

B Report the amount paid to a vendor 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 Pay Bills

B Receive Payments

C Make Deposit

D Enter Purchase Order

Question #6

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

A Make Deposit

B Create Sales Receipts

C Pay Bills

D Receive Undeposited Funds

Question #7

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

A Create Sales Receipt > Record Deposits

B Receive Payment > Customer & Job Name

C Make Deposit

D Create Invoice > Customer Payment > Customer Name Only

Question #8

The Undeposited Funds account contains:

A Funds received from customers but not deposited in the bank

B Petty Cash funds

C Funds the company owes vendors

D Only partial payments received from customers

Question #9

To create the Aging of Accounts Receivable report:

A Select Customers Center > Customers & Receivables

B Select Company Center > Customers & Receivables

C Select Reports Center > Company & Financials

D Select Reports 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 Create Invoices

D Receive Payments

Question #11

Which report provides information to help in tracking accounts receivable?

A All of the choices are correct

B Collections Reports

C Accounts Receivable Aging Detail

D Customers with Open Invoices

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 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 All of the choices are correct

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

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 Invoices

B Purchase orders

C Accounts

D Checks

Question #16

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

A Payroll checks

B Bills entered in the Enter Bills window

C Sales taxes

D None of the choices are correct

Question #17

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

A Write Checks

B Pay Employees

C Record deposits

D Reconcile Checking accounts

Question #18

One of the objectives of the bank reconciliation is:

A Detect errors

B Insure the debits equal credits

C None of the choices are correct

D Pay bills

Question #19

When recording a bill, QuickBooks automatically:

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

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

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

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 Debited

B Credited

C None of the choices are correct

D Reconciled

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 Service charges are added

C Interest earned is subtracted

D All of the choices are correct

Question #22

The Check Register:

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

B Records payments and deposits to the Checking account

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 bills

B Receive payments

C Enter bills

D Pay sales tax

Question #24

Which of the following is a Vendor transaction?

A Create invoices

B Receive inventory

C Create estimates

D Receive payments

Question #25

Which of the following is a Banking transaction?

A Pay employees

B Enter bills

C Make deposit

D Pay 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 onscreen forms

B None of the choices are correct

C Onscreen forms and QuickBooks reports

D Onscreen Journal and QuickBooks reports

Question #28

Customer transactions include which of the following?

A Pay Bills

B Write Checks

C Create Invoices

D Enter Bills

Question #29

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

A Enter Credit Card Charges

B Enter Bills

C Pay Bills

D Receive Payments

Question #30

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

A Banking

B Employees

C Vendors

D Customers

Question #31

To use a memorized transaction, select:

A None of the choices are correct

B Select Company section of the Home Page > Saved Transactions

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 Create icon

C Memorized transactions

D Saved transactions

Question #33

QuickBooks lists include all of the following except:

A Customer List

B Item List

C Owner List

D Vendor List

Question #34

An example of a non-posting account is ________.

A Purchase Orders Account

B Employee Expense 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 All of the choices are correct

D Income and expense accounts

Question #36

Income Statement accounts are also called:

A Equity accounts

B None of the choices are correct

C Temporary accounts

D Permanent accounts

Question #37

Which of the following is considered a permanent account?

A None of the choices are correct

B Balance Sheet accounts

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 > Set Up Users and Passwords > Set Up Users

B Employees > Employee Center

C Company Menu > Company Information

D Edit Menu > Preferences > Employees

Question #39

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

A QBB

B QBX

C QBW

D QBM

Question #40

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

A Banking

B Vendor

C Customer

D Company

Question #41

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

A Create Estimates

B Receive Payments

C Create Invoices

D Receive Inventory

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 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 Receive Bill

B Create Purchase Order

C Create Invoice

D Receive Inventory

Question #45

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

A Enter invoices

B Record credit card receipts

C Pay bills

D View the Chart of Accounts

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