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 Receivable Aging Detail

C Accounts Payable Aging Summary

D Purchases by Vendor Summary

Question #2

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

A Receive Inventory

B Items & Services

C Invoices

D None of the choices are correct

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 paid to employees in compliance with IRS regulations

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

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

D None of the choices are correct

Question #5

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

A Enter Purchase Order

B Pay Bills

C Make Deposit

D Receive Payments

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 Receive Payment > Customer & Job Name

B Create Invoice > Customer Payment > Customer Name Only

C Create Sales Receipt > Record Deposits

D Make Deposit

Question #8

The Undeposited Funds account contains:

A Only partial payments received from customers

B Funds the company owes vendors

C Funds received from customers but not deposited in the bank

D Petty Cash funds

Question #9

To create the Aging of Accounts Receivable report:

A Select Company Center > Customers & Receivables

B Select Customers Center > Customers & Receivables

C Select Reports 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 Create Sales Receipts

C Receive Payments

D Pay Bills

Question #11

Which report provides information to help in tracking accounts receivable?

A Collections Reports

B All of the choices are correct

C Accounts Receivable Aging Detail

D Customers with Open Invoices

Question #12

To record a customer sale on account, select:

A Create Purchase Order

B Create Invoices

C Create Estimates

D Sales Receipts

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

B The deleted check no longer appears in the check register

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

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 Accounts

B Purchase orders

C Invoices

D Checks

Question #16

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

A Payroll checks

B None of the choices are correct

C Sales taxes

D Bills entered in the Enter Bills window

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 Record deposits

D Write Checks

Question #18

One of the objectives of the bank reconciliation is:

A Insure the debits equal credits

B Detect errors

C Pay bills

D None of the choices are correct

Question #19

When recording a bill, QuickBooks automatically:

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

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

B Credited

C None of the choices are correct

D Debited

Question #21

When reconciling the bank statement using QuickBooks:

A Interest earned is subtracted

B All of the choices are correct

C Service charges are added

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

Question #22

The Check Register:

A Keeps track of company deposits only

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

C Records payments and deposits to the Checking account

D Lists all accounts and their account numbers

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 Create estimates

B Create invoices

C Receive payments

D Receive inventory

Question #25

Which of the following is a Banking transaction?

A Pay bills

B Pay employees

C Enter bills

D Make deposit

Question #26

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

A Pay Bills

B Invoice

C Check

D Purchase Order

Question #27

In QuickBooks, how do you enter transaction information?

A None of the choices are correct

B Onscreen forms and QuickBooks reports

C Onscreen Journal and QuickBooks reports

D Onscreen Journal and onscreen forms

Question #28

Customer transactions include which of the following?

A Enter Bills

B Write Checks

C Pay 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 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 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 Memorized transactions

B Repeat transactions

C Saved 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 Purchase Orders Account

C Inventory Account

D Accounts Payable Account

Question #35

What does the Chart of Accounts list?

A Income and expense accounts

B All of the choices are correct

C Owner’s contributions

D Assets, liabilities and owner’s equity 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 All the choices are correct

D Income Statement accounts

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 Edit Menu > Preferences > Employees

C Company Menu > Company Information

D Employees > Employee Center

Question #39

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

A QBM

B QBB

C QBX

D QBW

Question #40

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

A Company

B Banking

C Vendor

D Customer

Question #41

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

A Create Estimates

B Create Invoices

C Receive Payments

D Receive Inventory

Question #42

Ways to navigate QuickBooks include:

A Icon Bar

B Home Page

C Menus

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 Chart of Accounts

C Vendors and expenses

D Banking

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 View the Chart of Accounts

B Record credit card receipts

C Pay bills

D Enter invoices

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