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 Invoices

B Receive Inventory

C None of the choices are correct

D Items & Services

Question #3

Which one of the following is not a vendor transaction?

A Receive bills

B Receive inventory

C Create sales receipt

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 None of the choices are correct

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 Enter Purchase Order

B Receive Payments

C Pay Bills

D Make Deposit

Question #6

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

A Pay Bills

B Make Deposit

C Create Sales Receipts

D Receive Undeposited Funds

Question #7

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

A Create Invoice > Customer Payment > Customer Name Only

B Receive Payment > Customer & Job Name

C Create Sales Receipt > Record Deposits

D Make Deposit

Question #8

The Undeposited Funds account contains:

A Funds the company owes vendors

B Only partial payments received from customers

C Petty Cash funds

D Funds received from customers but not deposited in the bank

Question #9

To create the Aging of Accounts Receivable report:

A Select Reports Center > Company & Financials

B Select Reports Center > Customers & Receivables

C Select Customers Center > Customers & Receivables

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 Invoices

B Pay Bills

C Receive Payments

D Create Sales Receipts

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 Invoices

B Create Estimates

C Create Purchase Order

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 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 The deleted check no longer appears in the check register

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

C All of the choices are correct

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 Purchase orders

B Invoices

C Checks

D Accounts

Question #16

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

A None of the choices are correct

B Sales taxes

C Bills entered in the Enter Bills window

D Payroll checks

Question #17

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

A Reconcile Checking accounts

B Write Checks

C Record deposits

D Pay Employees

Question #18

One of the objectives of the bank reconciliation is:

A None of the choices are correct

B Pay bills

C Insure the debits equal credits

D Detect errors

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 Credited

B None of the choices are correct

C Reconciled

D Debited

Question #21

When reconciling the bank statement using QuickBooks:

A All of the choices are correct

B Service charges are added

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 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 Enter bills

B Receive bills

C Receive payments

D Pay sales tax

Question #24

Which of the following is a Vendor transaction?

A Create estimates

B Receive payments

C Receive inventory

D Create invoices

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 Pay Bills

C Check

D Invoice

Question #27

In QuickBooks, how do you enter transaction information?

A Onscreen Journal and onscreen forms

B Onscreen Journal and QuickBooks reports

C None of the choices are correct

D Onscreen forms and QuickBooks reports

Question #28

Customer transactions include which of the following?

A Write Checks

B Pay Bills

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 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 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 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 Saved transactions

B Memorized transactions

C Create icon

D Repeat transactions

Question #33

QuickBooks lists include all of the following except:

A Item List

B Vendor List

C Owner List

D Customer List

Question #34

An example of a non-posting account is ________.

A Accounts Payable Account

B Employee Expense Account

C Inventory Account

D Purchase Orders Account

Question #35

What does the Chart of Accounts list?

A Assets, liabilities and owner’s equity accounts

B Income and expense accounts

C Owner’s contributions

D All of the choices are correct

Question #36

Income Statement accounts are also called:

A Equity accounts

B Temporary accounts

C None of the choices are correct

D Permanent accounts

Question #37

Which of the following is considered a permanent account?

A Balance Sheet accounts

B Income Statement accounts

D All the choices are correct

E None of 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 Edit Menu > Preferences > Employees

C Employees > Employee Center

D Company Menu > Company Information

Question #39

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

A QBB

B QBM

C QBX

D QBW

Question #40

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

A Vendor

B Banking

C Company

D Customer

Question #41

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

A Create Invoices

B Receive Payments

C Receive Inventory

D Create Estimates

Question #42

Ways to navigate QuickBooks include:

A Home Page

B Icon Bar

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 Banking

B Vendors and expenses

C Customers and sales

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 Create Purchase Order

D Receive Bill

Question #45

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

A Pay bills

B Enter invoices

C Record credit card receipts

D View the Chart of Accounts

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