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 Item 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 Receive Inventory

B None of the choices are correct

C Items & Services

D Invoices

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 employees in compliance with IRS regulations

B None of the choices are correct

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

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

Question #5

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

A Enter Purchase Order

B Make Deposit

C Pay Bills

D Receive Payments

Question #6

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

A Pay Bills

B Create Sales Receipts

C Make Deposit

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 Create Sales Receipt > Record Deposits

C Make Deposit

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 received from customers but not deposited in the bank

D Funds the company owes vendors

Question #9

To create the Aging of Accounts Receivable report:

A Select Company Center > Customers & Receivables

B Select Reports Center > Customers & Receivables

C Select Reports Center > Company & Financials

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 Invoices

C Create Sales Receipts

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 Estimates

B Create Purchase Order

C Create Invoices

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 Errors

D Deposits recorded by the bank

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 Checks

B Accounts

C Purchase orders

D Invoices

Question #16

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

A Bills entered in the Enter Bills window

B None of the choices are correct

C Sales taxes

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 Record deposits

C Write Checks

D Pay Employees

Question #18

One of the objectives of the bank reconciliation is:

A Insure the debits equal credits

B Pay bills

C None of the choices are correct

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 Reconciled

B None of the choices are correct

C Debited

D Credited

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 Records payments and deposits to the Checking account

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

D Lists all accounts and their account numbers

Question #23

Which of the following is a Customer transaction?

A Enter bills

B Receive bills

C Pay sales tax

D Receive payments

Question #24

Which of the following is a Vendor transaction?

A Receive payments

B Create estimates

C Create invoices

D Receive inventory

Question #25

Which of the following is a Banking transaction?

A Make deposit

B Pay bills

C Pay employees

D Enter 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 forms and QuickBooks reports

B Onscreen Journal and onscreen forms

C Onscreen Journal and QuickBooks reports

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 Customers

B Banking

C Vendors

D Employees

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 Repeat transactions

B Create icon

C Memorized transactions

D Saved transactions

Question #33

QuickBooks lists include all of the following except:

A Owner List

B Vendor List

C Customer List

D Item List

Question #34

An example of a non-posting account is ________.

A Employee Expense Account

B Inventory Account

C Accounts Payable Account

D Purchase Orders Account

Question #35

What does the Chart of Accounts list?

A Owner’s contributions

B Income and expense accounts

C All of the choices are correct

D Assets, liabilities and owner’s equity accounts

Question #36

Income Statement accounts are also called:

A Permanent accounts

B Temporary accounts

C None of the choices are correct

D Equity accounts

Question #37

Which of the following is considered a permanent account?

A None of the choices are correct

C Balance Sheet accounts

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 Company Menu > Company Information

B Employees > Employee Center

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

D Edit Menu > Preferences > Employees

Question #39

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

A QBX

B QBW

C QBB

D QBM

Question #40

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

A Customer

B Company

C Vendor

D Banking

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 Inventory

D Receive Payments

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 Chart of Accounts

C Vendors and expenses

D Customers and sales

Question #44

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

A Create Purchase Order

B Receive Inventory

C Receive Bill

D Create Invoice

Question #45

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

A Pay bills

B View the Chart of Accounts

C Enter invoices

D Record credit card receipts

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