Final Exam

A  Service items

B  Non-inventory items

C  Inventory items

D  All of the choices are correct

A  Debit Expense account, Credit Accounts Payable

B  Debit Checking account, Credit Accounts Payable

C  Debit Accounts Payable, Credit Checking account

D  Debit Accounts Payable, Credit Expense account

A  Sell products

B  Enter bills

C  Create invoices

D  Receive payments

A  After receiving a service

B  At the time of providing a service

C  Before receiving a service

D  When submitting a purchase order

A  Decreases an Expense account and decreases the Checking account

B  Increases an Expense account and increases the Accounts Payable account

C  Decreases the Accounts Payable account and decreases the Checking account

D  Increases the Accounts Payable account and increases the Checking account

A  Tax agencies such as the IRS

B  Customers purchasing goods

C  Suppliers of inventory and supplies

D  Leasing companies

A  Recorded in a Credit Card Sales window

B  Recorded using a Create Invoices window

C  Recorded using the Create Sales Receipts window

D  Recorded using the Enter Bills window

A  Customers Center

B  Vendor section of the Home Page

C  Customers Menu

D  Customers section of the Home Page

A  Receive Payment > Customer & Job Name

B  Create Invoice > Customer Payment > Customer & Job Name

C  Create Sales Receipt > Record Deposits

D  Make Deposit > Customer & Job Name

A  Funds the company owes vendors

B  Funds received from customers but not deposited in the bank

C  Only partial payments received from customers

D  Petty Cash funds

A  Create Sales Receipts

B  Receive Payments

C  Make Deposit

D  Create Invoices

A  Accounts Receivable Aging Summary

B  Customers with Open Invoices

C  All of the choices are correct

D  Collections Reports

A  Deposits recorded by the bank

B  Outstanding checks

C  Errors

D  Checks that have cleared the bank

A  Checks

B  Accounts

C  Purchase orders

D  Invoices

A  To maintain more consistent records, it is best if the owner maintains a separate personal Checking account, but both the owner’s personal Checking and business Checking accounts are listed in the Chart of Accounts

B  None of the choices are correct

C  To conserve resources, it is best if the owner uses one Checking account for both personal and business purposes

D  To maintain separation between the personal and business accounting records, the owner’s personal Checking account should not be used to pay bills for the business and should not be listed in the business’ Chart of Accounts

A  Legal Services

B  None of the choices are correct

C  Sales Taxes

D  Rent Payments

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

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

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

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

A  Make Deposits

B  Receive Payments

C  Enter Bills

D  Pay Bills

A  Outstanding checks

B  Interest earned

C  Deposits in transit

D  Both deposits in transit and outstanding checks

A  None of the choices are correct

B  Debited

C  Reconciled

D  Credited

A  Records payments and deposits to the Checking account

B  Is located directly on the Company section of the Home page

C  Keeps track of company deposits only

D  Lists all accounts and their account numbers

A  Record inventory received

B  Pay sales tax

C  Enter bills

D  Create invoice

A  Make deposit

B  Record payments received from customers

C  Enter bills

D  Pay employees

A  All of the choices are correct

B  Customer List

C  Vendor List

D  Item List

A  Purchase Order

B  Invoice

C  Pay Bills

D  Check

A  Employees

B  Banking

C  Vendors

D  Customers

A  Customers

B  Vendors

C  Company

D  Banking

A  To calculate expenses.

B  To calculate income.

C  To identify owner’s equity.

D  To track information necessary for the accounting system.

A  Purchase Orders Account

B  Employee Expense Account

C  Inventory Account

D  Accounts Payable Account

A  lists a company’s assets

B  Summarizes the results of a company’s operations, listing income and expenses

C  lists the accounts and account numbers

D  Summarizes what a company owns and what it owes

A  Rent

B  Accounts Receivable

C  Advertising

D  Utilities

A  None of the choices are correct

B  Temporary accounts

C  Equity accounts

D  Permanent accounts

A  Fixed Asset

B  Owner’s Equity

C  Retained Earnings

D  Expense

A  Enter bills

B  Create invoices

C  Pay sales tax

D  Record inventory received

A  Create Invoices

B  Receive Inventory

C  Receive Payments

D  Create Estimates

A  Home Page

B  Menus

C  Icon Bar

D  All of the choices are correct

A  Sales and Customers

B  Bills

C  Jobs and Estimates

D  Time and Expenses

A  Profit & Loss

B  Balance Sheet

C  None of the choices are correct

D  All of the choices are correct

A  Create Purchase Order > Receive Payment > Make Deposits

B  Create Invoice > Receive Inventory > Pay Bill > Record Deposits

C  Create Purchase Order > Receive Inventory > Enter Bill > Pay Bill

D  Create Invoice > Receive Payment > Record Deposits

A  Cost of Goods Sold

B  Inventory Sold

C  Materials Cost

D  Items Sold

A  QBW

B  QBX

C  QBM

D  QBB

A  Bring account balances up to date at year end

B  All of the choices are correct

C  Close permanent accounts at year-end

D  Close temporary accounts at year end

A  Accounts Payable

B  Undeposited Funds

C  Accounts Receivable

D  Checking

A  Federal ID Tax number

B  Company address

C  Fiscal or calendar year

D  Industry type

A  Pay employees

B  Record payments received from customers

C  Enter bills

D  Record deposits