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 Items & Services

B Receive Inventory

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 inventory

C Receive bills

D Create sales receipt

Question #4

Form 1099 is used to:

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

B None of the choices are correct

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

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

Question #5

What QuickBooks activity comes next in this series of business activities:

A Pay Bills

B Make Deposit

C Receive Payments

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 Make Deposit

C Create Sales Receipts

D Pay Bills

Question #7

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

A Make Deposit

B Create Invoice > Customer Payment > Customer Name Only

C Create Sales Receipt > Record Deposits

D Receive Payment > Customer & Job Name

Question #8

The Undeposited Funds account contains:

A Only partial payments received from customers

B Petty Cash funds

C Funds the company owes vendors

D Funds received from customers but not deposited in the bank

Question #9

To create the Aging of Accounts Receivable report:

A Select Customers Center > Customers & Receivables

B Select Reports Center > Customers & Receivables

C Select Reports Center > Company & Financials

D Select Company 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 Customers with Open Invoices

C Collections Reports

D Accounts Receivable Aging Detail

Question #12

To record a customer sale on account, select:

A Create Invoices

B Sales Receipts

C Create Estimates

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 Outstanding checks

B Checks that have cleared the bank

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 Accounts

B Checks

C Invoices

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 None of the choices are correct

D Payroll checks

Question #17

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

A Record deposits

B Reconcile Checking accounts

C Write Checks

D Pay Employees

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

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

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

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

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 Debited

C Credited

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 Interest earned is subtracted

C Service charges are added

D All of the choices are correct

Question #22

The Check Register:

A Keeps track of company deposits only

B Lists all accounts and their account numbers

C Records payments and deposits to the Checking account

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

Question #23

Which of the following is a Customer transaction?

A Enter bills

B Receive payments

C Pay sales tax

D Receive bills

Question #24

Which of the following is a Vendor transaction?

A Create estimates

B Receive inventory

C Receive payments

D Create invoices

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 Purchase Order

B Pay Bills

C Invoice

D Check

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and QuickBooks reports

B Onscreen forms and QuickBooks reports

C Onscreen Journal and onscreen forms

D None of the choices are correct

Question #28

Customer transactions include which of the following?

A Create Invoices

B Write Checks

C Pay Bills

D Enter Bills

Question #29

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

A Pay Bills

B Enter Bills

C Receive Payments

D Enter Credit Card Charges

Question #30

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

A Banking

B Customers

C Vendors

D Employees

Question #31

To use a memorized transaction, select:

A Select Navigation Bar > Recurring Transaction List

B Select Lists Menu > Memorized Transaction List

C None of the choices are correct

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 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 Owner List

C Vendor List

D Customer List

Question #34

An example of a non-posting account is ________.

A Employee Expense Account

B Accounts Payable Account

C Inventory Account

D Purchase Orders Account

Question #35

What does the Chart of Accounts list?

A Owner’s contributions

B All of the choices are correct

C Income and expense accounts

D Assets, liabilities and owner’s equity accounts

Question #36

Income Statement accounts are also called:

A Temporary accounts

B Permanent accounts

C Equity accounts

D None of the choices are correct

Question #37

Which of the following is considered a permanent account?

B None of the choices are correct

C Income Statement accounts

D All the choices are correct

E Balance Sheet accounts

Question #38

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

A Edit Menu > Preferences > Employees

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

C Employees > Employee Center

D Company Menu > Company Information

Question #39

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

A QBX

B QBW

C QBM

D QBB

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 Receive Inventory

C Create Estimates

D Create Invoices

Question #42

Ways to navigate QuickBooks include:

A Icon Bar

B Menus

C Home Page

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 Customers and sales

C Vendors and expenses

D Chart of Accounts

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 Receive Bill

D Create Purchase Order

Question #45

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

A Record credit card receipts

B View the Chart of Accounts

C Pay bills

D Enter invoices

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