Final Exam

A  All of the choices are correct

B  Non-inventory items

C  Inventory items

D  Service items

A  Debit Checking account, Credit Accounts Payable

B  Debit Expense account, Credit Accounts Payable

C  Debit Accounts Payable, Credit Checking account

D  Debit Accounts Payable, Credit Expense account

A  Create invoices

B  Sell products

C  Receive payments

D  Enter bills

A  Before receiving a service

B  When submitting a purchase order

C  After receiving a service

D  At the time of providing a service

A  Increases an Expense account and increases the Accounts Payable account

B  Decreases the Accounts Payable account and decreases the Checking account

C  Increases the Accounts Payable account and increases the Checking account

D  Decreases an Expense account and decreases the Checking account

A  Tax agencies such as the IRS

B  Suppliers of inventory and supplies

C  Customers purchasing goods

D  Leasing companies

A  Recorded using the Create Sales Receipts window

B  Recorded using the Enter Bills window

C  Recorded using a Create Invoices window

D  Recorded in a Credit Card Sales window

A  Vendor section of the Home Page

B  Customers Menu

C  Customers Center

D  Customers section of the Home Page

A  Receive Payment > Customer & Job Name

B  Create Invoice > Customer Payment > Customer & Job Name

C  Make Deposit > Customer & Job Name

D  Create Sales Receipt > Record Deposits

A  Funds received from customers but not deposited in the bank

B  Only partial payments received from customers

C  Petty Cash funds

D  Funds the company owes vendors

A  Receive Payments

B  Create Invoices

C  Make Deposit

D  Create Sales Receipts

A  Collections Reports

B  Customers with Open Invoices

C  Accounts Receivable Aging Summary

D  All of the choices are correct

A  Checks that have cleared the bank

B  Errors

C  Deposits recorded by the bank

D  Outstanding checks

A  Accounts

B  Checks

C  Purchase orders

D  Invoices

A  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

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

C  None of the choices are correct

D  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

A  Legal Services

B  None of the choices are correct

C  Rent Payments

D  Sales Taxes

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

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

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

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

A  Make Deposits

B  Pay Bills

C  Receive Payments

D  Enter Bills

A  Both deposits in transit and outstanding checks

B  Outstanding checks

C  Deposits in transit

D  Interest earned

A  None of the choices are correct

B  Debited

C  Reconciled

D  Credited

A  Records payments and deposits to the Checking account

B  Keeps track of company deposits only

C  Lists all accounts and their account numbers

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

A  Pay sales tax

B  Record inventory received

C  Create invoice

D  Enter bills

A  Record payments received from customers

B  Enter bills

C  Pay employees

D  Make deposit

A  Customer List

B  All of the choices are correct

C  Item List

D  Vendor List

A  Check

B  Invoice

C  Purchase Order

D  Pay Bills

A  Vendors

B  Customers

C  Banking

D  Employees

A  Vendors

B  Banking

C  Company

D  Customers

A  To track information necessary for the accounting system.

B  To identify owner’s equity.

C  To calculate expenses.

D  To calculate income.

A  Inventory Account

B  Employee Expense Account

C  Accounts Payable Account

D  Purchase Orders Account

A  Summarizes what a company owns and what it owes

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

C  lists the accounts and account numbers

D  lists a company’s assets

A  Advertising

B  Utilities

C  Rent

D  Accounts Receivable

A  Temporary accounts

B  None of the choices are correct

C  Permanent accounts

D  Equity accounts

A  Fixed Asset

B  Owner’s Equity

C  Retained Earnings

D  Expense

A  Create invoices

B  Record inventory received

C  Enter bills

D  Pay sales tax

A  Receive Inventory

B  Create Estimates

C  Receive Payments

D  Create Invoices

A  All of the choices are correct

B  Icon Bar

C  Menus

D  Home Page

A  Jobs and Estimates

B  Sales and Customers

C  Time and Expenses

D  Bills

A  Profit & Loss

B  All of the choices are correct

C  None of the choices are correct

D  Balance Sheet

A  Create Purchase Order > Receive Payment > Make Deposits

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

C  Create Invoice > Receive Payment > Record Deposits

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

A  Items Sold

B  Cost of Goods Sold

C  Inventory Sold

D  Materials Cost

A  QBM

B  QBW

C  QBB

D  QBX

A  Close temporary accounts at year end

B  Bring account balances up to date at year end

C  Close permanent accounts at year-end

D  All of the choices are correct

A  Accounts Payable

B  Checking

C  Undeposited Funds

D  Accounts Receivable

A  Federal ID Tax number

B  Industry type

C  Company address

D  Fiscal or calendar year

A  Enter bills

B  Pay employees

C  Record deposits

D  Record payments received from customers