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.   Collections Reports
B.   Customers with Open Invoices
C.   Accounts Receivable Aging Summary
D.   All of the choices are correct
Question #2
To increase collections of payments, you can use all the following QuickBooks features, except:
A.   Accounts Receivable Aging Report
B.   Customers with Open Invoices Report
C.   Collections Report
D.   Accounts Payable Aging Report
Question #3
Which one of the following activities is not shown in the Customers section of the Home Page?
A.   Make Deposit
B.   Create Invoices
C.   Receive Payments
D.   Create Sales Receipts
Question #4
The Job Profitability Summary Report is accessed from the:
A.   Vendor Center
B.   Company Center
C.   Reports Center
D.   Employee Center
Question #5
The Undeposited Funds account contains:
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
Question #6
When recording a customer payment from a credit sale, select:
A.   Create Invoice > Customer Payment > Customer & Job Name
B.   Receive Payment > Customer & Job Name
C.   Make Deposit > Customer & Job Name
D.   Create Sales Receipt > Record Deposits
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 Checking account
B.   Debit Undeposited Funds account; Credit Accounts Receivable
C.   Debit Checking account; Credit Accounts Receivable
D.   Debit Accounts Receivable; Credit Undeposited Funds account
Question #8
The Customers List in QuickBooks can be accessed from all of the following except:
A.   Customers Menu
B.   Customers Center
C.   Vendor section of the Home Page
D.   Customers section of the Home Page
Question #9
Credit sales to customers are:
A.   Recorded using the Create Sales Receipts window
B.   Recorded using a Create Invoices window
C.   Recorded using the Enter Bills window
D.   Recorded in a Credit Card Sales window
Question #10
When a credit sale is recorded on an invoice, QuickBooks records:
A.   An increase to Sales and an increase to Accounts Payable
B.   An increase to Sales and a decrease to Accounts Receivable
C.   An increase to Sales and an increase to Accounts Receivable
D.   A decrease to Sales and a decrease to Accounts Payable

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