Final Exam

A  Non-inventory items

B  Service items

C  Inventory items

D  All of the choices are correct

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  Create invoices

B  Enter bills

C  Sell products

D  Receive payments

A  After receiving a service

B  Before receiving a service

C  When submitting a purchase order

D  At the time of providing a service

A  Decreases the Accounts Payable account and decreases the Checking account

B  Increases an Expense account and increases the Accounts Payable account

C  Decreases an Expense account and decreases the Checking account

D  Increases the Accounts Payable account and increases the Checking account

A  Tax agencies such as the IRS

B  Suppliers of inventory and supplies

C  Leasing companies

D  Customers purchasing goods

A  Recorded using a Create Invoices window

B  Recorded using the Enter Bills window

C  Recorded using the Create Sales Receipts window

D  Recorded in a Credit Card Sales window

A  Customers Menu

B  Customers Center

C  Customers section of the Home Page

D  Vendor section of the Home Page

A  Create Invoice > Customer Payment > Customer & Job Name

B  Receive Payment > Customer & Job Name

C  Create Sales Receipt > Record Deposits

D  Make Deposit > Customer & Job Name

A  Funds received from customers but not deposited in the bank

B  Funds the company owes vendors

C  Petty Cash funds

D  Only partial payments received from customers

A  Create Sales Receipts

B  Make Deposit

C  Create Invoices

D  Receive Payments

A  Collections Reports

B  Accounts Receivable Aging Summary

C  Customers with Open Invoices

D  All of the choices are correct

A  Errors

B  Deposits recorded by the bank

C  Checks that have cleared the bank

D  Outstanding checks

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  None of the choices are correct

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  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  None of the choices are correct

B  Sales Taxes

C  Legal Services

D  Rent Payments

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

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

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

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

A  Pay Bills

B  Make Deposits

C  Enter Bills

D  Receive Payments

A  Interest earned

B  Deposits in transit

C  Outstanding checks

D  Both deposits in transit and outstanding checks

A  None of the choices are correct

B  Reconciled

C  Credited

D  Debited

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

B  Keeps track of company deposits only

C  Lists all accounts and their account numbers

D  Records payments and deposits to the Checking account

A  Enter bills

B  Pay sales tax

C  Record inventory received

D  Create invoice

A  Make deposit

B  Pay employees

C  Record payments received from customers

D  Enter bills

A  Vendor List

B  Item List

C  Customer List

D  All of the choices are correct

A  Invoice

B  Purchase Order

C  Pay Bills

D  Check

A  Customers

B  Employees

C  Banking

D  Vendors

A  Customers

B  Vendors

C  Company

D  Banking

A  To track information necessary for the accounting system.

B  To calculate income.

C  To identify owner’s equity.

D  To calculate expenses.

A  Inventory Account

B  Employee Expense Account

C  Purchase Orders Account

D  Accounts Payable Account

A  lists the accounts and account numbers

B  lists a company’s assets

C  Summarizes what a company owns and what it owes

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

A  Utilities

B  Advertising

C  Rent

D  Accounts Receivable

A  Temporary accounts

B  Permanent accounts

C  None of the choices are correct

D  Equity accounts

A  Expense

B  Owner’s Equity

C  Retained Earnings

D  Fixed Asset

A  Create invoices

B  Enter bills

C  Record inventory received

D  Pay sales tax

A  Create Estimates

B  Create Invoices

C  Receive Inventory

D  Receive Payments

A  Icon Bar

B  All of the choices are correct

C  Home Page

D  Menus

A  Jobs and Estimates

B  Sales and Customers

C  Time and Expenses

D  Bills

A  Balance Sheet

B  None of the choices are correct

C  All of the choices are correct

D  Profit & Loss

A  Create Purchase Order > Receive Payment > Make Deposits

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

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

D  Create Invoice > Receive Payment > Record Deposits

A  Cost of Goods Sold

B  Inventory Sold

C  Materials Cost

D  Items Sold

A  QBM

B  QBW

C  QBB

D  QBX

A  Bring account balances up to date at year end

B  Close temporary accounts at year end

C  Close permanent accounts at year-end

D  All of the choices are correct

A  Checking

B  Undeposited Funds

C  Accounts Payable

D  Accounts Receivable

A  Federal ID Tax number

B  Fiscal or calendar year

C  Company address

D  Industry type

A  Record deposits

B  Record payments received from customers

C  Pay employees

D  Enter bills