Quickbooks 2014 Flashcards Chapter 5

Unlock all answers in this set

Unlock answers
question
QuickBooks considers all of the following to be vendors except: A. Financial institutions such as banks B. Tax agencies such as the IRS C. Utility companies D. All of these
answer
D. All of these
question
Which one of the following is a vendor transaction? A. Make Deposits B. Receive Customer Payments C. Enter Bills D. Sell Goods to Customers
answer
C. Enter Bills
question
How does QuickBooks categorize items? A. Non-inventory items B. Inventory items C. Service items D. All of these
answer
D. All of these
question
Which of the following activities and QuickBooks window used to record it is incorrect? A. Sell goods and bill customers; Invoice B. Record inventory information; Inventory List C. Record vendor information; Vendor List D. Order goods; Purchase Orders
answer
B. Record inventory information; Inventory List
question
Which one of the following activities is not shown in the Vendor section of the Home page? A. Write Checks B. Pay Sales Taxes C. Pay Bills D. Purchase Orders
answer
A. Write Checks
question
Which one of the following is usually classified as an inventory item? A. Goods purchased for resale to customers B. Items purchased and the quantity on hand does not need to be tracked C. Items purchased and used by the company such as office supplies D. Items purchased for a specific customer job
answer
A. Goods purchased for resale to customers
question
Which of the following reports is typically used when counting inventory on hand? A. Inventory Valuation Summary B. Inventory Valuation Detail C. Inventory Stock Status by Item D. Physical Inventory Worksheet
answer
D. Physical Inventory Worksheet
question
Which QuickBooks window is used to record services received? A. Create Invoice B. Purchase Order C. Enter Bills D. Estimates
answer
C. Enter Bills
question
The Inventory Stock Status by Item report is used when: A. Vendors offer a purchase discount on inventory items B. A list is needed of the quantity of inventory on hand and on order C. The computers go down D. Inventory items are physically placed in the warehouse
answer
B. A list is needed of the quantity of inventory on hand and on order
question
Vendor reports can be accessed in QuickBooks in all of the following ways except: A. Report Center B. Vendor Center C. Report Menu D. All of these
answer
D. All of these
question
What QuickBooks activity comes next in the this string of business activities: Purchase Order > Receive Items > Enter Bills > ______. A. Receive Payments B. Pay Bills C. Deposit D. Vendor List
answer
B. Pay Bills
question
What QuickBooks activity comes next in the this string of business activities: Invoice > Receive Payments > ______. A. Deposit B. Receive Payments C. Pay Bills D. Vendor List
answer
A. Deposit
question
If you received inventory without a bill, once the bill has arrived you could do all of the following, except: A. Enter the bill against the inventory already recorded B. Enter the inventory and then enter the bill separately C. Enter the bill and wait for the inventory to arrive D. Enter the inventory and bill at the same time
answer
C. Enter the bill and wait for the inventory to arrive
question
The Purchase Orders window is used to record which one of the following transactions? A. A customer order to purchase goods B. An order to purchase goods from a vendor C. Services received but not yet paid D. Cash purchases of supplies
answer
B. An order to purchase goods from a vendor
question
Which order of tasks is used when purchasing inventory? A. Enter Bills; Pay Bills B. Enter Invoice; Write Check C. Purchase Order; Receive Bill; Pay Bills D. Purchase Requisition; Receive Inventory; Pay Bills
answer
C. Purchase Order; Receive Bill; Pay Bills
question
Which one of the following is a customer transaction? A. Record Customer Information B. Receive Customer Payments C. Sell Goods to Customers D. All of these
answer
D. All of these
question
Sales taxes are: A. Charged on sales to other retailers B. Charged on retail sales to customers C. Paid by the retailer on sales to customers D. Paid by the vendor
answer
B. Charged on retail sales to customers
question
The Open Purchase Orders Report gives information about: A. Purchase Orders for items ordered but not yet received. B. All Purchase Orders. C. Purchase Orders from domestic companies only. D. Purchase Orders from foreign companies only.
answer
A. Purchase Orders for items ordered but not yet received.
question
Which inventory costing method does QuickBooks use to track inventory? A. First-in First-out B. First-in Last-out C. Weighted Average D. All of these
answer
C. Weighted Average
question
A non-inventory item is: A. Goods purchased for resale to customers B. An item purchased for a specific customer job C. A service purchased from a vendor D. A service sold to a vendor
answer
B. An item purchased for a specific customer job
question
All the times below are when you can receive a bill except: A. When receiving a service B. When submitting a purchase order C. When receiving inventory D. After receiving inventory
answer
B. When submitting a purchase order
question
Which window is used to pay sales taxes? A. Create Invoice B. Write Checks C. Manage Sales Tax D. Enter Bills
answer
C. Manage Sales Tax
question
Which report summarizes accounts payable balances by the age of the account? A. Accounts Payable Aging Detail B. Accounts Payable Aging Summary C. Purchases by Vendor Summary D. Purchases by Item Summary
answer
B. Accounts Payable Aging Summary
question
Which report provides information on items ordered but not received? A. Accounts Payable Aging Detail B. Accounts Payable Aging Summary C. Open Purchase Orders Report D. Physical Inventory Worksheet
answer
C. Open Purchase Orders Report
question
The Purchase Orders window is used to record which one of the following transactions? A. Cash purchases of supplies B. Services received but not yet paid C. An order to purchase goods from a vendor D. A customer order to purchase goods
answer
C. An order to purchase goods from a vendor
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New