question

In quickBooks, how can you enter transaction information?

answer

Onscreen Journal and onscreen forms

question

Which of the following tasks is completed from the Banking section of the Home page?

answer

Enter Credit Card Charges

question

The Chart of Accounts can be accessed from which section of the home page?

answer

Company

question

Which of the following file types identifies a QuickBooks Portable File?

answer

QBM

question

The Home page in Quickbooks consists of all the following sections except

answer

Lists

question

Accounting information is used to do all of the following except page 1.4

answer

Prepare meeting minutes for the board of directors.

question

A business transaction is an exchange between

answer

All of the above Vender, Employee & Customer

question

The QuickBooks file extension QBM indicates the file is a

answer

QuickBooks movable file.

question

Which Quickbooks window allows you to add your name to the checking account>

answer

Chart of Accounts

question

Which financial statement below summarizes the financial position of a company?

answer

Profit and Loss Statement

question

Which financial statement below summarizes a company's cash inflow and outflow?

answer

Statement of Cash Flows

question

What does the chart of Accounts List

answer

All of the above.

question

What are assets?

answer

Resources that a company owns with future benefit.

question

Which out of the following is a temporary account?

answer

Sales

question

To add a new account to the Chart of Accounts From the chart of Accounts window select

answer

Account, New

question

Which of the following is considered a permanent account?

answer

Balance Sheet accounts

question

Which of the following is not an income account?

answer

Rent Expense

question

Income statement accounts are also called?

answer

Temporary accounts

question

Which of the following increases owner's equity?

answer

Business Profits

question

All of the following tasks can be completed in the Banking section of the Home page except

answer

Pay Employees

question

Examples of undeposited funds are

answer

Customer payments recorded as received but not yet deposited

question

The one step approach (write checks window) can be used to pay which of the following ?

answer

None of the above.

question

When deleting a check all of the following is true except

answer

It is better to delete the check than void the check in order to erase all records of the transaction

question

When reconciling the bank statement using Quickbooks.

answer

All of the above

question

When the balance of an equity account like Capital Stock, increases, it means that the account has been

answer

Credited

question

A business checking account may be used for which of the following purchases?

answer

Furniture for the office

question

Which one of the following activities is associated with the Banking section of the Home Page?

answer

Enter Credit card charges

question

The customer section of the Home page is used to record which of the following transaction?

answer

Customer payment

question

The one step approach to bill paying

answer

records and pays a bill at the same time

question

When paying a bill, Quickbooks automatically

answer

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

question

Check Register is a record of all transactions affecting the

answer

Checking account

question

When recordig a customer payment from a cash sale , select

answer

Create Sales Receipt, Record Deposits

question

To record a credit sale, select

answer

none of the above

question

Credit card sales are

answer

Recorded using a create invoices window

question

When a credit sale sale is recorded on an invoice, QuickBooks records

answer

An increase to Sales and in increase to Accounts Receivable

question

Which report provides information to help in tracking accounts receivable

answer

All of the above

question

To increase collection of payments, you can use all the following QuickBooks features, except

answer

Customers with New Invoices Report

question

Which one of the following activities is not shown in the Customer section of the Home page

answer

Make Deposits

question

The Job Profitability Summary Report is accessed from the

answer

Report Center

question

The Finance Charges icon allows you to

answer

Add finance charges to customer bills when bills are not paid by the due date

question

The Customer List stores all of the information listed below except

answer

Sales tax rates

question

The undeposited Funds account

answer

Holds funds received but not deposited in the bank

question

Which one of the following is a vendor transaction?

answer

Enter Bills

question

Which of the following activities and QuickBooks window used to record it is Incorrect

answer

Record Inventory information. Inventory List

question

Which of the following is usually classified as an inventory item?

answer

Goods purchased for resale to customers

question

Which Quickbooks window is used to record services received

answer

Enter Bills

question

Vendor reports can be accessed in QuickBooks in all of the following ways except

answer

All of the above

question

What Quickbooks activity comes next in this string of business activities

answer

Invoice, Receive Payments, Deposits,

question

The Purchase Orders window is used to record which one of the following transactions?

answer

An order to purchase good from a vendor.

question

Which one of the following is a customer transaction?

answer

All the above

question

Form 1099 must be completed

answer

Fro companies you paid $600 or more for services during the year.

question

A non-inventory item is

answer

An item purchased for a specific customer job.

question

Which window is used to pay sales taxes?

answer

Manage Sales Tax

question

Which report provides information on items ordered but not received?

answer

Open Purchase Orders Report

question

All o the following automatically calculate payroll tax withholdings in Quickbooks Except

answer

All of the above automatically calculate payroll tax withholdings

question

Each year employees are sent Form ... to summarize tax witholdings for the year

answer

W-2

question

In Quickbooks, time date is listed on customer invoices using

answer

the Time/Costs button

question

Which of the following is not a payroll report

answer

Form 1065

question

Which of the following is typically used to track time for a single activity?

answer

Stopwatch

question

When stetting up a new employee where do you get their filing status and allowances information?

answer

Form W-4

question

When tracking time for subcontractors, which QuickBooks window is used to enter subcontractor information?

answer

Vendor List

question

An individual's status determines how to record payment to that individual. Which of the following status and payment method is incorrect?

answer

None of the above

question

The payroll center a Manages payroll and tax information b Is where employees enter time worked C Is located in the Banking Center

answer

...Manages payroll and tax information

question

Which of the following may be billed to a specific customer job?

answer

All the above Mileage, Hours, Expesnses

question

What is the purpose of Federal From 490?

answer

Summarize the amount of unemployment tax paid and due by the company.

question

To record adjusting journal entries in Quickbook select

answer

Company menu, Make General Journal Entries,

question

Examples of management reports for internal decision makin include all of the following excet

answer

1125 Report

question

Sales are recorded under cash basic accounting when

answer

The cash is collected from the customers

question

Which one of the following classifications is found on the statement of Cash Flows

answer

Cash Flows from Financing Activities

question

To Print the General Ledger

answer

Select Report Center Accountant, General Ledger

question

What Information does the Balance Sheet Provide?

answer

Presents a company's financial position on a particular date. Assets Liabilities and Owners equity

question

Double-entry account records what is exchanged in a transaction (debits and credits). Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash? Select one: a. The computer is recorded as a credit and the cash is recorded as a credit b. The computer is recorded as a debit and the cash is recorded as a debit c. The computer is recorded as a credit and the cash is recorded as a debit d. The computer is recorded as a debit and the cash is recorded as a credit

answer

The computer is recorded as a debit and the cash is recorded as a credit

question

In QuickBooks, how do you can enter transaction information? Select one: a. Onscreen forms and scanned images of transaction forms. b. Onscreen forms and QuickBooks reports. c. Onscreen Journal and scanned images of transaction forms. d. Onscreen Journal and Onscreen Forms.

answer

Onscreen Journal and Onscreen Forms.

question

Management reports help identify: Select one: a. Overdue customer accounts. b. Least profitable product. c. Most profitable product. d. All the above.

answer

All the above.

question

The Banking section of the Home Page includes which flow chart? Select one: a. Payroll flowchart b. Bank Reconciliation flowchart c. Bill Pay flow chart d. None of the above

answer

None of the above

question

The objective of an accounting information system, like QuickBooks, is to: Select one: a. Save company resources, like time and paper b. Use the computer for keeping accounting records c. Collect, summarize, and analyze data d. None of the above

answer

Collect, summarize, and analyze data

question

The QuickBooks file extension .QBA indicates the file is a: Select one: a. QuickBooks working file b. QuickBooks movable file c. QuickBooks Accountant's transfer file d. QuickBooks Accountant's working file

answer

QuickBooks Accountant's working file

question

Which financial statement below summarizes a company's earnings? Select one: a. Statement of Cash Flows b. Profit & Loss Statement c. Balance Sheet d. Income Statement

answer

!Profit and Loss Statement!

question

Which one of the following activities is associated with the Customer section of the Home page? Select one: a. Pay sales tax. b. Enter bills. c. Record refunds and credits. d. Record inventory received.

answer

Record refunds and credits.

question

Which type of QuickBooks data file allows you to enter data and transactions? Select one: a. QBM. b. QBB. c. QBX. d. QBW.

answer

QBW.

question

Your QuickBooks data can be stored in all the following ways except: Select one: a. Online b. Backup c. Portable File d. All of the above to store QuickBooks data

answer

All of the above to store QuickBooks data

question

All of the following tasks can be completed in the Vendors section of the Home page except: A) Create Invoices B) Receive Inventory C) Purchase Orders D) Enter Bills

answer

Create Invoices

question

In QuickBooks, information about transactions is entered in onscreen forms that look like printed forms, such as: A) Check B) Invoice C) Purchase Order D) All the above

answer

All the above

question

All of the following are one of the four main categories of transactions in QuickBooks, except: A) Banking B) Items & Services C) Customers D) Employees

answer

Items & Services

question

To add your name to a report to Identify your printout you would: A) You cannot add your name to a QuickBooks report B) Select Company Info from the Company menu and then enter your name in the Company Name field C) Select Modify Report, and then type your name in the Name field D) Type it in directly at the top of the report

answer

Select Company Info from the Company menu and then enter your name in the Company Name field

question

From the Customer section of the Home page, all of the following transactions can be recorded except: A) Create Invoices B) Create Estimates C) Pay Bills D) Receive Payments

answer

Pay Bills

question

You can print checks: A) From the Write Checks window B) From the File menu, Print Forms C) From the Banking section of the Home Page D) All of the above

answer

All of the above

question

In the Company section of the Home page, you can: A) Pay bills B) Record deposits C) View the Chart of Accounts D) Enter employee information

answer

View the Chart of Accounts

question

The sequence of steps to save a backup copy is: A) File > Restore > Save B) File > Backup > Save C) File > Portable Company File > Save D) File > Save Copy or Backup > Backup Copy > Finish

answer

File > Save Copy or Backup > Backup Copy > Finish

question

Which one of the following activities is not associated with the Employee section of the Home page? A) Print Checks B) Pay Liabilities C) Process Payroll Forms D) Enter Time

answer

Print Checks

question

The Home page in QuickBooks includes: A) Report generators B) Used only for infrequent tasks C) Flowcharts of transactions D) Items Lists

answer

Flowcharts of transactions

question

An example of a non-posting account is ________. Select one: a. Employee Expense b. Inventory c. Purchase Orders Account d. Accounts Payable

answer

Purchase Orders Account

question

Balance Sheet accounts are also called: Select one: a. equity accounts b. temporary accounts c. permanent accounts d. None of the above

answer

permanent accounts

question

How do you access the screen to add a user and password? Select one: a. Company menu > Set Up Users and Passwords > Set Up Users b. Employees > Employee Center c. Edit menu > Preferences > Employees d. Company menu > Company Information

answer

Company menu > Set Up Users and Passwords > Set Up Users

question

How do you access the Statement of Cash Flows report? Select one: a. Report Center icon > Banking b. Report Center icon > Company & Financial c. Report Center icon > Accountant & Taxes d. Company menu > Company Information

answer

Report Center icon > Company & Financial

question

How may you customize QuickBooks to fit your specific needs? Select one: a. Make changes to the Chart of Accounts. b. Purchase one of the various QuickBooks editions. c. Enable security access to QuickBooks files. d. All the above.

answer

All the above

question

Non-posting accounts: Select one: a. Track information required for the accounting system b. Do not appear on the Balance Sheet c. Do not appear on the Income Statement d. All the above

answer

All the above

question

To sort the Chart of Accounts by account name: Select one: a. Click on the Name heading bar b. Click Account > Re-sort List c. Click File > Sort d. Right click Sort by Name

answer

Click on the Name heading bar

question

What feature helps you to track tasks and due dates? Select one: a. Control b. Calendar c. Charting d. All the above

answer

Calendar

question

What is a liability? Select one: a. Inventory b. An amount a company owes c. A resource a company owns d. None of the above

answer

An amount a company owes

question

Which account below is not an Expense account? Select one: a. Utilities b. Rent c. Accounts Payable d. Advertising

answer

Accounts Payable

question

Only the _________ can add users with passwords and limit user access to selected areas. A) Accountant B) Owner or Owners C) QuickBooks Administrator D) Employees or Users

answer

QuickBooks Administrator

question

An example of an asset account is: A) Mortgage payable B) Sales Taxes Payable C) Inventory D) None of the above.

answer

Inventory

question

Income accounts in a company are used to track: A) Sales to customers and other revenue earned B) Costs that have expired or been consumed C) Cost of items sold to customers D) Purchases from vendors

answer

Sales to customers and other revenue earned

question

What are assets? A) Net worth of a company B) Amounts paid to owners C) Resources that a company owns with future benefit D) Amounts owed to others and are future obligations

answer

Resources that a company owns with future benefit

question

Accounts used for only one year are called: A) Temporary accounts B) Short-term assets or liabilities C) Supply accounts D) Estimate accounts

answer

Temporary accounts

question

Each of the following is a permanent account, except: A) Land B) Owner Withdrawals C) Accounts Payable D) Owner's Equity

answer

Owner Withdrawals

question

One way to display the account numbers in the Chart of Accounts is to select the following from the Menu Bar: A) Vendors > Preferences > Accounting B) Banking > Preferences > Numbers C) Edit > Preferences > Accounting D) Company > Chart of Accounts > Numbers

answer

Company > Chart of Accounts > Numbers

question

Which of the following choices is not used to modify the chart of accounts? A) Deleting accounts with balances B) Adding new accounts C) Editing accounts D) Deleting unused accounts

answer

Deleting accounts with balances

question

Accounts can be categorized into the following groups, except into: A) QuickBooks accounts B) Balance Sheet accounts C) Profit & Loss accounts D) Non-posting accounts

answer

QuickBooks accounts

question

To print the Statement of Cash Flows you would select: A) Banking Center > Financial & Budget B) Report Center > Company & Financial C) Company Center > Customers & Receivables D) Business Services Center > Company & Financial

answer

Report Center > Company & Financial

question

All the following are nonsales type of deposit except: Select one: a. Money received from a loan b. Payment from a customer c. Cash from investors d. Interest earned

answer

Payment from a customer

question

One of the objectives of the bank reconciliation is: Select one: a. Pay bills b. Detect errors c. Insure the debits equal credits d. None of the above

answer

Detect errors

question

The Check Register: Select one: a. Lists all accounts and their account numbers b. Records payments and deposits to the Checking account c. Is located directly on the Company section of the Home page d. Keeps track of company deposits only

answer

Records payments and deposits to the Checking account

question

The two-step approach for writing checks must be used to pay which of the following? Select one: a. Rent Payments. b. Legal Services. c. Sales Taxes. d. None of the above.

answer

Sales Taxes.

question

Timing differences discovered when reconciling the bank statement that the bank has not recorded yet, include: Select one: a. Deposits in transit b. Interest earned c. Outstanding Checks d. Both A and C

answer

Both A and C

question

When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)? Select one: a. Checks that have cleared the bank b. Deposits recorded by the bank c. Outstanding checks d. Errors

answer

Outstanding checks

question

When the balance of an asset account, like Checking, increases, it means that the account has been: Select one: a. Debited b. Credited c. Deposited d. None of the above

answer

Debited

question

Which of the following icons appear in the Banking section of the Home page? Select one: a. Receive Payments b. Enter Bills c. Write Checks d. Pay Bills

answer

Write Checks

question

Which of the following statements is true? Select one: 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. 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. None of the above

answer

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

question

Which of the following steps will record a deposit? Select one: a. Use the Make Deposits window. b. Enter the information directly into the check register. c. None of the above. d. All the above.

answer

All the above.

question

The Check Register: A) Keeps track of the company purchase orders and vendors B) Is located directly on the Company Navigation Bar C) Records all transactions affecting the Checking account D) Lists all accounts and their account numbers

answer

Records all transactions affecting the Checking account

question

All of the following tasks may be completed in the Banking section of the Home page except: A) Receive Items B) Write Checks C) Reconcile accounts D) Make deposits

answer

Receive Items

question

Payments from customers are entered using the _________ section on the Home page. A) Company B) Vendor C) Customer D) Banking

answer

Customer

question

In the Check Register, the term "split" indicates the payment is split between two or more: A) purchase orders B) invoices C) checks D) accounts

answer

accounts

question

Which one of the following activities is associated with the Banking section of the Home Page? A) Receive payments B) Pay employees C) Write checks D) Pay bills

answer

Write checks

question

The one-step approach (Write Checks window) should not be used to pay the following: A) Sales taxes B) Expenses, such as rent, utilities, and insurance C) Bills for non-inventory items, such as office supplies D) Bills for services, such as accounting or legal services

answer

Sales taxes

question

Deposits other than customer payments are entered using the _________ section on the Home page. A) Company B) Vendor C) Customer D) Banking

answer

Banking

question

When voiding a check: A) QuickBooks changes the amount deducted in the Check Register to zero B) It is better to Delete the check to erase all records of the transaction C) Select the Change Transaction button in the Checking window D) The voided check no longer appears in the Check Register

answer

QuickBooks changes the amount deducted in the Check Register to zero

question

When reconciling a bank account, which of the following is not considered a timing difference (difference between the bank balance and the book balance)? A) Interest earned B) Deposits in transit C) Errors D) Unrecorded charges

answer

Errors

question

One of the objectives of a bank reconciliation is: A) To update the bank's records B) Update accounting records with unrecorded items C) To record monthly adjusting entries D) To update the chart of accounts

answer

Update accounting records with unrecorded items

question

All the reports below provide information about customer and job profitability, except: Select one: a. Customer Detail List. b. Income by Customer Summary. c. Income by Customer Detail. d. Job Profitability Detail.

answer

Customer Detail List

question

Online billing allows you to: Select one: a. Sell goods over the internet. b. Email invoices to customers. c. Receive online payments from customers. d. QuickBooks does not support online billing.

answer

Email invoices to customers.

question

Sales in QuickBooks can be recorded with all the following means of payment, except: Select one: a. Cash b. Check c. Credit Card d. Purchase Order

answer

Purchase Order

question

The Customer List in QuickBooks can be accessed from all of the following except: Select one: a. Banking section of the Home page b. Customer section of the Home page c. Customer Menu d. Customer Center

answer

Banking section of the Home page

question

The Refunds & Credits icon allows you to: Select one: a. Record a refund or credit to a vendor account for returned or damaged merchandize b. Record a refund or credit to a customer account for returned or damaged merchandize c. Prepare a billing statement for a customer d. All of the above

answer

Record a refund or credit to a customer account for returned or damaged merchandize

question

To add a new job to the Customer List: Select one: a. Select Customer menu, Add Job. b. Select Customer Center, New Customer & Job. c. Select the Customer List icon from the Customer section of the Home page. d. Select Report Center, add Customer.

answer

Select Customer Center, New Customer & Job.

question

To print the Aging of Accounts Receivable report: Select one: a. Select Customer Center, Customer & Receivables b. Select Company Center, Customer & Receivables c. Select Report Center, Company & Financials d. Select Report Center, Customer & Receivables

answer

Select Report Center, Customer & Receivables

question

When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use? Select one: a. Purchase Order billing b. Estimates c. Progress billing d. Normal (end-of-job) billing

answer

Progress billing

question

When recording a customer payment from a credit sale, select: Select one: a. Create Invoice > Customer Payment > Customer & Job Name b. Make Deposit c. Create Sales Receipt > Record Deposits d. Receive Payment > Customer & Job Name

answer

Receive Payment > Customer & Job Name

question

When recording a payment from a customer, if the customer does not send the full amount: Select one: a. Record the full amount as paid and make a note in the To Do List to follow up with the customer regarding the remainder of the payment. b. You can record the partial payment but must leave the funds in the Undeposited Funds account until receiving the full payment. c. You must wait until the customer pays the full amount to record the payment. d. Enter the amount received in the Amount field in the Customer Payment window

answer

Enter the amount received in the Amount field in the Customer Payment window.

question

All of the following are ways that a customer can pay for goods or services except: A) Credit card sales B) Cash sale C) Invoice sale D) Credit sale

answer

Invoice sale

question

When a customer pays with _________ at the time of sale, click the Create Sales Receipts icon. A) Cash B) Check C) Credit card D) All the above

answer

All the above

question

The following types of reports are available from the Report Center > Customers and Receivables except: A) Job Profitability reports B) Accounts Receivable Aging reports C) Customer List reports D) Customer Balance reports

answer

Job Profitability reports

question

Under what circumstances is a progress invoice used in QuickBooks? A) When the job is completed B) QuickBooks does not support progressive invoicing C) When the customer is billed as the work progresses D) Always, all invoices are progressive.

answer

When the customer is billed as the work progresses

question

Which one of the following activities is not associated with the Customer section of the Home page? A) Finance Charges B) Purchase Orders C) Refunds and Credits D) Statements

answer

Purchase Orders

question

Credit sales occur when a company provides goods and services to customers and in exchange receives: A) a promise that the customer will pay later B) an invoice from the customer C) a certified check from he customer D) a note payable from the customer

answer

a promise that the customer will pay later

question

Accounts Receivable Reports can be accessed from the: A) Enter Bills icon in the Vendor section of the Home Page B) Deposit icon in the Customer section of the Home Page C) Company Information icon on the File menu D) Report Center or Customer Center

answer

Report Center or Customer Center

question

When a credit sale is recorded on an invoice, QuickBooks records a: A) debit (increase) to cash B) credit (increase) to owner's contribution C) debit (increase) to accounts receivable D) credit (increase) to accounts payable

answer

debit (increase) to accounts receivable

question

The Job Profitability Summary Report is accessed from the: A) Vendor Center B) Report Center C) Employee Center D) Company Center

answer

Report Center

question

The steps to record a credit sale in QuickBooks are: A) Create Purchase Order, Receive Payment, Record Deposit B) Create Invoice, Receive Payment, Record Deposit C) Create Sales Receipt, receive Payment, Record Deposit D) None of the above

answer

Create Invoice, Receive Payment, Record

question

How does QuickBooks categorize items? Select one: a. Non-inventory items. b. Service items. c. Inventory items. d. All the above.

answer

All the above.

question

If you received inventory without a bill, once the bill has arrived you could do all of the following, except: Select one: a. Enter the bill and wait for the inventory to arrive b. Enter the inventory and then enter the bill separately c. Enter the inventory and bill at the same time d. Enter the bill against the inventory already recorded

answer

Enter the bill and wait for the inventory to arrive

question

QuickBooks considers all of the following to be vendors except: Select one: a. All of the above b. Financial institutions such as banks c. Utility companies d. Tax agencies such as the IRS

answer

All of the above

question

Sales taxes are: Select one: a. Charged on sales to other retailers b. Paid by the vendor c. Charged on retail sales to customers d. Paid by the retailer on sales to customers

answer

Charged on retail sales to customers

question

The Purchase Orders window is used to record which one of the following transactions? Select one: a. Services received but not yet paid b. An order to purchase goods from a vendor c. Cash purchases of supplies d. A customer order to purchase goods

answer

An order to purchase goods from a vendor

question

What QuickBooks activity comes next in the this string of business activities: Purchase Order > Receive Items > Enter Bills > ______ Select one: a. Receive Payments b. Deposit c. Pay Bills d. Vendor List

answer

Pay Bills

question

Which of the following reports is typically used when counting inventory on hand? Select one: a. Physical Inventory Worksheet b. Inventory Stock Status by Item c. Inventory Valuation Summary d. Inventory Valuation Detail

answer

Physical Inventory Worksheet

question

Which one of the following activities is not shown in the Vendor section of the Home page? Select one: a. Write Checks b. Purchase Orders c. Pay Sales Taxes d. Pay Bills

answer

Write Checks

question

Which order of tasks is used when purchasing inventory? Select one: a. Purchase Order; Receive Bill; Pay Bills b. Purchase Requisition; Receive Inventory; Pay Bills c. Enter Invoice; Write Check d. Enter Bills; Pay Bills

answer

Purchase Order; Receive Bill; Pay Bills

question

Which report summarizes accounts payable balances by the age of the account? Select one: a. Accounts Payable Aging Detail. b. Purchases by Item Summary. c. Purchases by Vendor Summary. d. Accounts Payable Aging Summary.

answer

Accounts Payable Aging Summary

question

QuickBooks considers all of the following to be vendors except: A) Utility companies B) Suppliers of inventory and supplies C) Tax agencies such as the IRS D) None of the above

answer

None of the above

question

Which one of the following is not a vendor transaction? A) Order goods B) Receive inventory C) Make deposits D) Receive bills

answer

Make deposits

question

The Enter Bills window is used to record which one of the following transactions? A) Owner's investment B) Services received but not yet paid C) Items sold to customers D) Cash purchases of supplies

answer

Services received but not yet paid

question

Which of the following activities and the QuickBooks window used to record it is incorrect? A) Receive goods; Item List B) Order goods; Purchase Order C) Record inventory information; Item List D) Sell goods and bill customers; Invoice

answer

Receive goods; Item List

question

Which one of the following activities is associated with the Vendor section of the Home page? A) Items & Services B) Invoices C) Manage Sales Taxes D) None of the above

answer

Manage Sales Taxes

question

All the following are non-inventory items except: A) Cleaning services B) Items purchases for a specific customer job C) Items purchased and used by the company, such as office supplies D) Goods purchases for resale to customers

answer

Goods purchases for resale to customers

question

Recording a purchase of goods using QuickBooks involves all the following steps except: A) Create invoice order to bill customers for purchases B) Create purchase order to order items from vendor C) Receive item and record as inventory or non-inventory part D) Receive bill and record obligation to pay vendor later

answer

Create invoice order to bill customers for purchases

question

QuickBooks tracks inventory using the: A) Weighted-average method B) First-In-First-Out C) Last-In-Last-Out D) All the above

answer

Weighted-average method

question

Which one of the following reports helps track past due bills and bills that are due shortly? A) Customer Aging Summary B) Accounts Payable Aging Summary C) Accounts Receivable Aging Summary D) Vendor Aging Report

answer

Accounts Payable Aging Summary

question

The Physical Inventory Worksheet is used when: A) inventory items are physically placed in the warehouse B) the computer goes down C) taking a physical count of inventory on hand D) All the above

answer

taking a physical count of inventory on hand

question

A company is not required to withhold payroll taxes for: A) Employees paid by the hour B) Salaried employees C) Out-of-state employees D) Subcontractors

answer

Subcontractors

question

A payment to a stockholder is recorded as: A) Employee paycheck B) Vendor payment C) Owner withdrawal D) None of the above

answer

Owner withdrawal

question

To turn on QuickBooks time tracking feature, the following steps must be completed: A) Click Employees > Payroll > Time Tracking B) Click Edit > Preferences > Time and Expenses > Time Tracking C) Click Preferences > Reminders > Time Tracking D) Click Employees > Payroll and Employees > Time Tracking

answer

Click Edit > Preferences > Time and Expenses > Time Tracking

question

New employees complete form ________ to indicate filing status and allowances. A) W-2 B) W-3 C) W-4 D) 1099

answer

W-4

question

In the Weekly Timesheet window you can record: A) Time billable to a specific vendor B) Time billable to a specific customer C) How many shipments of inventory items were received D) Number of purchase orders from each supplier

answer

Time billable to a specific customer

question

In addition to time worked on a specific job, QuickBooks can also track which of the following for billing to specific customer jobs? A) Items B) Expenses C) Mileage D) All the above

answer

All the above

question

A company completes form ________ to summarize for the IRS, the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year. A) W-3 B) 940 C) 944 D) None of the above

answer

944

question

Which one of the following is not a payroll liability? A) Property taxes B) Unemployment taxes C) State income taxes withheld D) Federal income taxes withheld from employee paychecks

answer

Property taxes

question

Subcontractor information is entered into QuickBooks using: A) Employee List B) Other Names List C) Item List D) Vendor List

answer

Vendor List

question

QuickBooks permits you to track employee time in each of the following ways except: A) QuickBooks Online Time Tracking B) Timesheet C) Paycheck D) Stopwatch

answer

Paycheck

question

At the end of an accounting period, adjusting entries are made to: A) To ensure a profit B) Bring the accounts up to date C) Debit or credit the checking account D) Prove that debits equal credits

answer

Bring the accounts up to date

question

Which one of the following is not a financial statement? A) Statement of Cash Flows B) Profit & Loss C) Trial Balance D) Balance Sheet

answer

Trial Balance

question

Accrued Revenues are: A) Revenues that have been earned, but not collected B) Payment received in advance of receiving the service C) Revenues that have been collected, but not yet earned D) Revenues that have been recorded

answer

Revenues that have been earned, but not collected

question

The financial accounting definition of depreciation is the: A) Loss of value of the asset over time B) Estimation of the physical wear of an asset C) Allocation of the asset's cost to periods used D) Recovery of the asset's cost through depreciation deductions

answer

Allocation of the asset's cost to periods use

question

The tax definition of depreciation is the: A) Loss of value of the asset over time B) Estimation of the physical wear of an asset C) Allocation of the asset's cost over time D) Recovery of the asset's cost through depreciation deductions

answer

Recovery of the asset's cost through depreciation deductions

question

Sales are recorded under cash basis accounting when: A) The goods or services are provided regardless of whether the payment is collected from customers B) The costs are incurred to earn the revenue C) The cash is collected from customers D) The bookkeeper has time to record the transactions

answer

The cash is collected from customers

question

Sales are recorded under accrual basis accounting when: A) The goods or services are provided regardless of whether the payment is collected from customers B) The costs are incurred to earn the revenue C) The actual cash is collected from customers D) The bookkeeper has time to record the transactions

answer

The goods or services are provided regardless of whether the payment is collected from customer

question

The Balance Sheet lists: A) Assets, Revenues, and Owner's Equity B) Assets, Liabilities, and Owner's Equity C) Revenues, Expenses, and Net Income D) Revenues, Liabilities, and Net Income

answer

Assets, Liabilities, and Owner's Equity

question

Which one of the following classifications is not found on the Statement of Cash Flows? A) Cash Flows from Selling Activities B) Cash Flows from Financing Activities C) Cash Flows from Investing Activities D) Cash Flows from Operating Activities

answer

Cash Flows from Selling Activities

question

Which of the following is correct? A) Statement of Cash Flows is reported on a particular date B) The Income Statement is reported on a particular date C) The Balance Sheet is reported on a particular date D) The Balance Sheet is reported for a specific time period

answer

The Balance Sheet is reported on a particular date

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