Final Exam

A  All of the choices are correct

B  Non-inventory items

C  Inventory items

D  Service items

A  Debit Accounts Payable, Credit Expense account

B  Debit Accounts Payable, Credit Checking account

C  Debit Checking account, Credit Accounts Payable

D  Debit Expense account, Credit Accounts Payable

A  Sell products

B  Receive payments

C  Create invoices

D  Enter bills

A  Before receiving a service

B  At the time of providing a service

C  After 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  Increases the Accounts Payable account and increases the Checking account

D  Decreases the Accounts Payable account and decreases the Checking account

A  Leasing companies

B  Customers purchasing goods

C  Suppliers of inventory and supplies

D  Tax agencies such as the IRS

A  Recorded using a Create Invoices window

B  Recorded using the Enter Bills window

C  Recorded in a Credit Card Sales window

D  Recorded using the Create Sales Receipts window

A  Vendor section of the Home Page

B  Customers Menu

C  Customers Center

D  Customers section of the Home Page

A  Create Invoice > Customer Payment > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Make Deposit > Customer & Job Name

D  Receive Payment > 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  Make Deposit

B  Create Sales Receipts

C  Receive Payments

D  Create Invoices

A  All of the choices are correct

B  Accounts Receivable Aging Summary

C  Customers with Open Invoices

D  Collections Reports

A  Errors

B  Checks that have cleared the bank

C  Deposits recorded by the bank

D  Outstanding checks

A  Checks

B  Purchase orders

C  Invoices

D  Accounts

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  None of the choices are correct

C  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

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

A  Sales Taxes

B  None of the choices are correct

C  Rent Payments

D  Legal Services

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)

A  Enter Bills

B  Pay Bills

C  Receive Payments

D  Make Deposits

A  Both deposits in transit and outstanding checks

B  Interest earned

C  Deposits in transit

D  Outstanding checks

A  Reconciled

B  Debited

C  Credited

D  None of the choices are correct

A  Records payments and deposits to the Checking account

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

C  Lists all accounts and their account numbers

D  Keeps track of company deposits only

A  Pay sales tax

B  Enter bills

C  Create invoice

D  Record inventory received

A  Make deposit

B  Pay employees

C  Enter bills

D  Record payments received from customers

A  Customer List

B  All of the choices are correct

C  Vendor List

D  Item List

A  Invoice

B  Purchase Order

C  Check

D  Pay Bills

A  Banking

B  Employees

C  Customers

D  Vendors

A  Vendors

B  Banking

C  Customers

D  Company

A  To calculate income.

B  To identify owner’s equity.

C  To calculate expenses.

D  To track information necessary for the accounting system.

A  Inventory Account

B  Accounts Payable Account

C  Purchase Orders Account

D  Employee Expense Account

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

B  lists the accounts and account numbers

C  Summarizes what a company owns and what it owes

D  lists a company’s assets

A  Accounts Receivable

B  Rent

C  Utilities

D  Advertising

A  None of the choices are correct

B  Equity accounts

C  Temporary accounts

D  Permanent accounts

A  Owner’s Equity

B  Fixed Asset

C  Retained Earnings

D  Expense

A  Enter bills

B  Pay sales tax

C  Record inventory received

D  Create invoices

A  Receive Inventory

B  Receive Payments

C  Create Estimates

D  Create Invoices

A  All of the choices are correct

B  Menus

C  Home Page

D  Icon Bar

A  Time and Expenses

B  Sales and Customers

C  Jobs and Estimates

D  Bills

A  None of the choices are correct

B  All of the choices are correct

C  Profit & Loss

D  Balance Sheet

A  Create Invoice > Receive Payment > Record Deposits

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

C  Create Purchase Order > Receive Payment > Make Deposits

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

A  Items Sold

B  Materials Cost

C  Inventory Sold

D  Cost of Goods Sold

A  QBB

B  QBW

C  QBM

D  QBX

A  Bring account balances up to date at year end

B  Close temporary accounts at year end

C  All of the choices are correct

D  Close permanent accounts at year-end

A  Accounts Receivable

B  Undeposited Funds

C  Checking

D  Accounts Payable

A  Fiscal or calendar year

B  Industry type

C  Company address

D  Federal ID Tax number

A  Record deposits

B  Pay employees

C  Enter bills

D  Record payments received from customers