Final Exam

A  All of the choices are correct

B  Inventory items

C  Non-inventory items

D  Service items

A  Debit Accounts Payable, Credit Checking account

B  Debit Accounts Payable, Credit Expense account

C  Debit Expense account, Credit Accounts Payable

D  Debit Checking account, Credit Accounts Payable

A  Enter bills

B  Create invoices

C  Sell products

D  Receive payments

A  Before receiving a service

B  After receiving a service

C  At the time of providing a service

D  When submitting a purchase order

A  Increases an Expense account and increases the Accounts Payable account

B  Decreases an Expense account and decreases the Checking account

C  Decreases the Accounts Payable account and decreases the Checking account

D  Increases the Accounts Payable account and increases the Checking account

A  Customers purchasing goods

B  Leasing companies

C  Tax agencies such as the IRS

D  Suppliers of inventory and supplies

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  Customers section of the Home Page

B  Customers Menu

C  Vendor section of the Home Page

D  Customers Center

A  Make Deposit > Customer & Job Name

B  Create Sales Receipt > Record Deposits

C  Create Invoice > Customer Payment > Customer & Job Name

D  Receive Payment > Customer & Job Name

A  Only partial payments received from customers

B  Funds received from customers but not deposited in the bank

C  Petty Cash funds

D  Funds the company owes vendors

A  Make Deposit

B  Create Invoices

C  Create Sales Receipts

D  Receive Payments

A  Collections Reports

B  Accounts Receivable Aging Summary

C  All of the choices are correct

D  Customers with Open Invoices

A  Outstanding checks

B  Errors

C  Checks that have cleared the bank

D  Deposits recorded by the bank

A  Purchase orders

B  Invoices

C  Accounts

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 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

C  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

D  None of the choices are correct

A  Sales Taxes

B  Legal Services

C  None of the choices are correct

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

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

A  Enter Bills

B  Receive Payments

C  Make Deposits

D  Pay Bills

A  Deposits in transit

B  Both deposits in transit and outstanding checks

C  Interest earned

D  Outstanding checks

A  Credited

B  None of the choices are correct

C  Debited

D  Reconciled

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

B  Records payments and deposits to the Checking account

C  Keeps track of company deposits only

D  Lists all accounts and their account numbers

A  Record inventory received

B  Create invoice

C  Enter bills

D  Pay sales tax

A  Record payments received from customers

B  Enter bills

C  Make deposit

D  Pay employees

A  All of the choices are correct

B  Vendor List

C  Customer List

D  Item List

A  Pay Bills

B  Invoice

C  Purchase Order

D  Check

A  Employees

B  Customers

C  Banking

D  Vendors

A  Vendors

B  Customers

C  Banking

D  Company

A  To calculate expenses.

B  To identify owner’s equity.

C  To calculate income.

D  To track information necessary for the accounting system.

A  Employee Expense Account

B  Purchase Orders Account

C  Inventory Account

D  Accounts Payable Account

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

B  lists a company’s assets

C  lists the accounts and account numbers

D  Summarizes what a company owns and what it owes

A  Utilities

B  Rent

C  Accounts Receivable

D  Advertising

A  Temporary accounts

B  None of the choices are correct

C  Permanent accounts

D  Equity accounts

A  Retained Earnings

B  Expense

C  Fixed Asset

D  Owner’s Equity

A  Enter bills

B  Pay sales tax

C  Create invoices

D  Record inventory received

A  Create Invoices

B  Receive Inventory

C  Create Estimates

D  Receive Payments

A  Icon Bar

B  All of the choices are correct

C  Menus

D  Home Page

A  Time and Expenses

B  Bills

C  Jobs and Estimates

D  Sales and Customers

A  All of the choices are correct

B  None of the choices are correct

C  Balance Sheet

D  Profit & Loss

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  Materials Cost

B  Inventory Sold

C  Items 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  Checking

C  Accounts Payable

D  Undeposited Funds

A  Fiscal or calendar year

B  Industry type

C  Federal ID Tax number

D  Company address

A  Pay employees

B  Record deposits

C  Enter bills

D  Record payments received from customers