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 Accounts Receivable Aging Detail

C Purchases by Vendor Summary

D Purchases by Item 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 Create sales receipt

B Order goods

C Receive bills

D Receive inventory

Question #4

Form 1099 is used to:

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

B None of the choices are correct

C Report the amount paid to employees 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 Receive Payments

D Pay Bills

Question #6

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

A Create Sales Receipts

B Make Deposit

C Receive Undeposited Funds

D Pay Bills

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 Receive Payment > Customer & Job Name

D Make Deposit

Question #8

The Undeposited Funds account contains:

A Funds the company owes vendors

B Funds received from customers but not deposited in the bank

C Petty Cash funds

D Only partial payments received from customers

Question #9

To create the Aging of Accounts Receivable report:

A Select Customers Center > Customers & Receivables

B Select Reports Center > Company & Financials

C Select Reports 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 Sales Receipts

B Receive Payments

C Pay Bills

D Create Invoices

Question #11

Which report provides information to help in tracking accounts receivable?

A Accounts Receivable Aging Detail

B All of the choices are correct

C Collections Reports

D Customers with Open Invoices

Question #12

To record a customer sale on account, select:

A Create Invoices

B Sales Receipts

C Create Purchase Order

D Create Estimates

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 Checks that have cleared the bank

B Deposits recorded by the bank

C Errors

D Outstanding checks

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 Invoices

C Purchase orders

D Checks

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 Write Checks

C Record deposits

D Reconcile Checking accounts

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

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

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

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 Reconciled

C Debited

D Credited

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 Interest earned is subtracted

D Service charges are added

Question #22

The Check Register:

A Lists all accounts and their account numbers

B Keeps track of company deposits only

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

D Records payments and deposits to the Checking account

Question #23

Which of the following is a Customer transaction?

A Receive bills

B Enter bills

C Pay sales tax

D Receive payments

Question #24

Which of the following is a Vendor transaction?

A Receive inventory

B Receive payments

C Create estimates

D Create invoices

Question #25

Which of the following is a Banking transaction?

A Make deposit

B Enter bills

C Pay bills

D Pay employees

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 None of the choices are correct

B Onscreen forms and QuickBooks reports

C Onscreen Journal and onscreen forms

D Onscreen Journal and QuickBooks reports

Question #28

Customer transactions include which of the following?

A Write Checks

B Create Invoices

C Enter Bills

D Pay Bills

Question #29

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

A Pay Bills

B Enter Credit Card Charges

C Enter Bills

D Receive Payments

Question #30

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

A Employees

B Banking

C Customers

D Vendors

Question #31

To use a memorized transaction, select:

A Select Navigation Bar > Recurring Transaction List

B Select Company section of the Home Page > Saved Transactions

C Select Lists Menu > Memorized Transaction List

D None of the choices are correct

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 Customer List

B Item List

C Owner List

D Vendor List

Question #34

An example of a non-posting account is ________.

A Purchase Orders Account

B Inventory Account

C Accounts Payable Account

D Employee Expense Account

Question #35

What does the Chart of Accounts list?

A Owner’s contributions

B All of the choices are correct

C Assets, liabilities and owner’s equity accounts

D Income and expense accounts

Question #36

Income Statement accounts are also called:

A Temporary accounts

B Equity accounts

C Permanent accounts

D None of the choices are correct

Question #37

Which of the following is considered a permanent account?

A Income Statement accounts

B None of the choices are correct

C 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 Company Menu > Company Information

D Employees > Employee Center

Question #39

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

A QBM

B QBW

C QBB

D QBX

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 Create Estimates

B Receive Inventory

C Create Invoices

D Receive Payments

Question #42

Ways to navigate QuickBooks include:

A Menus

B Icon Bar

C All of the choices are correct

D Home Page

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 Chart of Accounts

D Vendors and expenses

Question #44

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

A Receive Bill

B Receive Inventory

C Create Purchase Order

D Create Invoice

Question #45

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

A Enter invoices

B Record credit card receipts

C View the Chart of Accounts

D Pay bills

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