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 Vendor Summary

C Accounts Receivable Aging Detail

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 Receive Inventory

C Invoices

D Items & Services

Question #3

Which one of the following is not a vendor transaction?

A Create sales receipt

B Receive inventory

C Receive bills

D Order goods

Question #4

Form 1099 is used to:

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

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

C Report the amount received from customers 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:

A Receive Payments

B Pay Bills

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 Create Sales Receipts

B Pay Bills

C Receive Undeposited Funds

D Make Deposit

Question #7

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

A Create Sales Receipt > Record Deposits

B Make Deposit

C Create Invoice > Customer Payment > Customer Name Only

D Receive Payment > Customer & Job Name

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 Reports Center > Customers & Receivables

B Select Reports Center > Company & Financials

C Select Company 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 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 All of the choices are correct

B Accounts Receivable Aging Detail

C Collections Reports

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 Checks that have cleared the bank

D Outstanding checks

Question #14

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

A All of the choices are correct

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

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

D The deleted check no longer appears in the check register

Question #15

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

A Checks

B Invoices

C Accounts

D Purchase orders

Question #16

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

A Sales taxes

B Bills entered in the Enter Bills window

C Payroll checks

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 Pay Employees

B Reconcile Checking accounts

C Write Checks

D Record deposits

Question #18

One of the objectives of the bank reconciliation is:

A Insure the debits equal credits

B None of the choices are correct

C Pay bills

D Detect errors

Question #19

When recording a bill, QuickBooks automatically:

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

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

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

D Records an expense (debit) and the obligation to pay later (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 Reconciled

C Credited

D Debited

Question #21

When reconciling the bank statement using QuickBooks:

A All of the choices are correct

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

C Service charges are added

D Interest earned is subtracted

Question #22

The Check Register:

A Lists all accounts and their account numbers

B Records payments and deposits to the Checking account

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

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 Receive bills

D Enter bills

Question #24

Which of the following is a Vendor transaction?

A Receive inventory

B Receive payments

C Create invoices

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 Purchase Order

B Check

C Pay Bills

D Invoice

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and onscreen forms

B Onscreen forms and QuickBooks reports

C None of the choices are correct

D Onscreen Journal and QuickBooks reports

Question #28

Customer transactions include which of the following?

A Pay Bills

B Enter Bills

C Write Checks

D Create Invoices

Question #29

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

A Enter Bills

B Enter Credit Card Charges

C Receive Payments

D Pay Bills

Question #30

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

A Customers

B Employees

C Vendors

D Banking

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 Navigation Bar > Recurring Transaction List

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 Create icon

C Repeat transactions

D Saved transactions

Question #33

QuickBooks lists include all of the following except:

A Item List

B Customer List

C Vendor List

D Owner List

Question #34

An example of a non-posting account is ________.

A Accounts Payable Account

B Purchase Orders Account

C Inventory Account

D Employee Expense Account

Question #35

What does the Chart of Accounts list?

A All of the choices are correct

B Assets, liabilities and owner’s equity accounts

C Owner’s contributions

D Income and expense accounts

Question #36

Income Statement accounts are also called:

A Permanent accounts

B None of the choices are correct

C Equity accounts

D Temporary accounts

Question #37

Which of the following is considered a permanent account?

A Balance Sheet accounts

C None of the choices are correct

D Income Statement accounts

E All the choices are correct

Question #38

How do you access the screen to add a user and password?

A Employees > Employee Center

B Edit Menu > Preferences > Employees

C Company Menu > Set Up Users and Passwords > Set Up Users

D Company Menu > Company Information

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 Customer

B Banking

C Company

D Vendor

Question #41

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

A Receive Payments

B Receive Inventory

C Create Estimates

D Create Invoices

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 Customers and sales

B Vendors and expenses

C Chart of Accounts

D Banking

Question #44

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

A Create Invoice

B Receive Inventory

C Create Purchase Order

D Receive Bill

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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