Final Exam

A  Service items

B  Inventory items

C  Non-inventory items

D  All of the choices are correct

A  Debit Accounts Payable, Credit Expense account

B  Debit Expense account, Credit Accounts Payable

C  Debit Checking account, Credit Accounts Payable

D  Debit Accounts Payable, Credit Checking account

A  Create invoices

B  Enter bills

C  Sell products

D  Receive payments

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  Decreases the Accounts Payable account and decreases the Checking account

B  Increases the Accounts Payable account and increases the Checking account

C  Decreases an Expense account and decreases the Checking account

D  Increases an Expense account and increases the Accounts Payable account

A  Leasing companies

B  Suppliers of inventory and supplies

C  Customers purchasing goods

D  Tax agencies such as the IRS

A  Recorded using the Enter Bills window

B  Recorded using a Create Invoices window

C  Recorded using the Create Sales Receipts window

D  Recorded in a Credit Card Sales window

A  Customers section of the Home Page

B  Customers Center

C  Vendor section of the Home Page

D  Customers Menu

A  Make Deposit > Customer & Job Name

B  Create Invoice > Customer Payment > Customer & Job Name

C  Create Sales Receipt > Record Deposits

D  Receive Payment > Customer & Job Name

A  Petty Cash funds

B  Funds received from customers but not deposited in the bank

C  Only partial payments received from customers

D  Funds the company owes vendors

A  Create Invoices

B  Make Deposit

C  Receive Payments

D  Create Sales Receipts

A  Collections Reports

B  All of the choices are correct

C  Customers with Open Invoices

D  Accounts Receivable Aging Summary

A  Checks that have cleared the bank

B  Errors

C  Deposits recorded by the bank

D  Outstanding checks

A  Checks

B  Accounts

C  Invoices

D  Purchase orders

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  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 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  None of the choices are correct

B  Rent Payments

C  Legal Services

D  Sales Taxes

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

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

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

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

A  Receive Payments

B  Enter Bills

C  Make Deposits

D  Pay Bills

A  Deposits in transit

B  Outstanding checks

C  Interest earned

D  Both deposits in transit and outstanding checks

A  Debited

B  None of the choices are correct

C  Credited

D  Reconciled

A  Lists all accounts and their account numbers

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

C  Keeps track of company deposits only

D  Records payments and deposits to the Checking account

A  Create invoice

B  Enter bills

C  Record inventory received

D  Pay sales tax

A  Pay employees

B  Record payments received from customers

C  Make deposit

D  Enter bills

A  All of the choices are correct

B  Item List

C  Vendor List

D  Customer List

A  Pay Bills

B  Purchase Order

C  Check

D  Invoice

A  Vendors

B  Customers

C  Employees

D  Banking

A  Banking

B  Company

C  Customers

D  Vendors

A  To calculate income.

B  To calculate expenses.

C  To identify owner’s equity.

D  To track information necessary for the accounting system.

A  Purchase Orders Account

B  Accounts Payable Account

C  Inventory Account

D  Employee Expense Account

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

B  Summarizes what a company owns and what it owes

C  lists a company’s assets

D  lists the accounts and account numbers

A  Utilities

B  Accounts Receivable

C  Rent

D  Advertising

A  Permanent accounts

B  None of the choices are correct

C  Temporary accounts

D  Equity accounts

A  Fixed Asset

B  Expense

C  Retained Earnings

D  Owner’s Equity

A  Create invoices

B  Record inventory received

C  Pay sales tax

D  Enter bills

A  Create Invoices

B  Create Estimates

C  Receive Payments

D  Receive Inventory

A  Menus

B  Home Page

C  All of the choices are correct

D  Icon Bar

A  Bills

B  Sales and Customers

C  Jobs and Estimates

D  Time and Expenses

A  Balance Sheet

B  All of the choices are correct

C  Profit & Loss

D  None of the choices are correct

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

B  Create Purchase Order > Receive Payment > Make Deposits

C  Create Invoice > Receive Payment > Record Deposits

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

A  Inventory Sold

B  Materials Cost

C  Items Sold

D  Cost of Goods Sold

A  QBX

B  QBM

C  QBW

D  QBB

A  All of the choices are correct

B  Bring account balances up to date at year end

C  Close temporary accounts at year end

D  Close permanent accounts at year-end

A  Accounts Payable

B  Undeposited Funds

C  Accounts Receivable

D  Checking

A  Fiscal or calendar year

B  Company address

C  Federal ID Tax number

D  Industry type

A  Record deposits

B  Record payments received from customers

C  Enter bills

D  Pay employees