Final Exam

A  Service items

B  All of the choices are correct

C  Non-inventory items

D  Inventory 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  Receive payments

B  Create invoices

C  Sell products

D  Enter bills

A  At the time of providing a service

B  When submitting a purchase order

C  After receiving a service

D  Before receiving a service

A  Increases an Expense account and increases the Accounts Payable account

B  Increases the Accounts Payable account and increases the Checking account

C  Decreases an Expense account and decreases the Checking account

D  Decreases the Accounts Payable account and decreases 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 using a Create Invoices window

B  Recorded using the Create Sales Receipts window

C  Recorded using the Enter Bills window

D  Recorded in a Credit Card Sales window

A  Customers section of the Home Page

B  Customers Menu

C  Vendor section of the Home Page

D  Customers Center

A  Receive Payment > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Make Deposit > Customer & Job Name

D  Create Invoice > Customer Payment > Customer & Job Name

A  Petty Cash funds

B  Funds the company owes vendors

C  Only partial payments received from customers

D  Funds received from customers but not deposited in the bank

A  Receive Payments

B  Make Deposit

C  Create Sales Receipts

D  Create Invoices

A  Customers with Open Invoices

B  Accounts Receivable Aging Summary

C  Collections Reports

D  All of the choices are correct

A  Checks that have cleared the bank

B  Outstanding checks

C  Deposits recorded by the bank

D  Errors

A  Accounts

B  Purchase orders

C  Invoices

D  Checks

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

B  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

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  Sales Taxes

B  Legal Services

C  Rent Payments

D  None of the choices are correct

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

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

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

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

A  Receive Payments

B  Pay Bills

C  Make Deposits

D  Enter Bills

A  Outstanding checks

B  Both deposits in transit and outstanding checks

C  Interest earned

D  Deposits in transit

A  Credited

B  None of the choices are correct

C  Reconciled

D  Debited

A  Records payments and deposits to the Checking account

B  Keeps track of company deposits only

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

D  Lists all accounts and their account numbers

A  Pay sales tax

B  Create invoice

C  Record inventory received

D  Enter bills

A  Enter bills

B  Pay employees

C  Make deposit

D  Record payments received from customers

A  Vendor List

B  Item List

C  Customer List

D  All of the choices are correct

A  Check

B  Purchase Order

C  Invoice

D  Pay Bills

A  Employees

B  Banking

C  Vendors

D  Customers

A  Vendors

B  Banking

C  Customers

D  Company

A  To identify owner’s equity.

B  To track information necessary for the accounting system.

C  To calculate income.

D  To calculate expenses.

A  Accounts Payable Account

B  Inventory Account

C  Purchase Orders Account

D  Employee Expense Account

A  lists the accounts and account numbers

B  Summarizes what a company owns and what it owes

C  lists a company’s assets

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

A  Advertising

B  Utilities

C  Accounts Receivable

D  Rent

A  Equity accounts

B  Temporary accounts

C  Permanent accounts

D  None of the choices are correct

A  Owner’s Equity

B  Fixed Asset

C  Expense

D  Retained Earnings

A  Enter bills

B  Record inventory received

C  Pay sales tax

D  Create invoices

A  Receive Inventory

B  Create Estimates

C  Create Invoices

D  Receive Payments

A  Home Page

B  All of the choices are correct

C  Menus

D  Icon Bar

A  Time and Expenses

B  Sales and Customers

C  Bills

D  Jobs and Estimates

A  None of the choices are correct

B  All of the choices are correct

C  Profit & Loss

D  Balance Sheet

A  Create Purchase Order > Receive Payment > Make Deposits

B  Create Invoice > Receive Payment > Record Deposits

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

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

A  Inventory Sold

B  Materials Cost

C  Cost of Goods Sold

D  Items Sold

A  QBM

B  QBB

C  QBX

D  QBW

A  Close permanent accounts at year-end

B  All of the choices are correct

C  Close temporary accounts at year end

D  Bring account balances up to date at year end

A  Accounts Receivable

B  Accounts Payable

C  Undeposited Funds

D  Checking

A  Industry type

B  Federal ID Tax number

C  Company address

D  Fiscal or calendar year

A  Enter bills

B  Record payments received from customers

C  Pay employees

D  Record deposits