Accounting 120 - Computerized Accounting Systems » Spring 2022 » Ch 5 Quiz

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Question #1
Which report provides information to help in tracking accounts receivable?
A.   Accounts Receivable Aging Summary
B.   Customers with Open Invoices
C.   All of the choices are correct
D.   Collections Reports
Question #2
To increase collections of payments, you can use all the following QuickBooks features, except:
A.   Customers with Open Invoices Report
B.   Accounts Payable Aging Report
C.   Accounts Receivable Aging Report
D.   Collections Report
Question #3
Which one of the following activities is not shown in the Customers section of the Home Page?
A.   Create Sales Receipts
B.   Make Deposit
C.   Receive Payments
D.   Create Invoices
Question #4
The Job Profitability Summary Report is accessed from the:
A.   Employee Center
B.   Reports Center
C.   Company Center
D.   Vendor Center
Question #5
The Undeposited Funds account contains:
A.   Funds the company owes vendors
B.   Petty Cash funds
C.   Only partial payments received from customers
D.   Funds received from customers but not deposited in the bank
Question #6
When recording a customer payment from a credit sale, select:
A.   Receive Payment > Customer & Job Name
B.   Create Sales Receipt > Record Deposits
C.   Make Deposit > Customer & Job Name
D.   Create Invoice > Customer Payment > Customer & Job Name
Question #7
The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:
A.   Debit Accounts Receivable; Credit Undeposited Funds account
B.   Debit Accounts Receivable; Credit Checking account
C.   Debit Checking account; Credit Accounts Receivable
D.   Debit Undeposited Funds account; Credit Accounts Receivable
Question #8
The Customers List in QuickBooks can be accessed from all of the following except:
A.   Customers section of the Home Page
B.   Customers Menu
C.   Vendor section of the Home Page
D.   Customers Center
Question #9
Credit sales to customers are:
A.   Recorded in a Credit Card Sales window
B.   Recorded using the Create Sales Receipts window
C.   Recorded using the Enter Bills window
D.   Recorded using a Create Invoices window
Question #10
When a credit sale is recorded on an invoice, QuickBooks records:
A.   An increase to Sales and an increase to Accounts Receivable
B.   An increase to Sales and a decrease to Accounts Receivable
C.   An increase to Sales and an increase to Accounts Payable
D.   A decrease to Sales and a decrease to Accounts Payable

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