Accounting 120 - Computerized Accounting Systems » Spring 2022 » Ch 6 Quiz

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Question #1
Which one of the following reports helps track past due bills and bills that are due shortly?
A.   Customer Aging Summary
B.   Accounts Receivable Aging Summary
C.   Vendor Aging Report
D.   Accounts Payable Aging Summary
Question #2
Which order of tasks is used when purchasing services?
A.   Create Purchase Order > Receive Bill > Enter Bill > Pay Bills
B.   Enter Invoice > Receive Payment > Make Deposit
C.   Enter Invoice > Write Check
D.   Enter Bills > Pay Bills
Question #3
When a bill is entered into QuickBooks using the Enter Bills window, QuickBooks:
A.   Increases the Accounts Receivable account and increases an the Income account
B.   Increases an Expense account and increases the Accounts Payable account
C.   Decreases an Expense account and increases the Accounts Payable account
D.   Decreases the Accounts Receivable account and decreases Accounts Payable account
Question #4
Form 1099 is used to:
A.   Report the amount paid to a vendor in compliance with IRS regulations
B.   None of the choices are correct
C.   Report the amount paid to employees in compliance with IRS regulations
D.   Report the amount received from customers in compliance with IRS regulations
Question #5
Which one of the following is a vendor transaction?
A.   Receive payments
B.   Sell products
C.   Create invoices
D.   Enter bills
Question #6
QuickBooks considers all of the following to be vendors except:
A.   Financial institutions such as banks
B.   Utility companies
C.   All of the choices are correct
D.   Tax agencies such as the IRS
Question #7
The journal entry behind the screen that QuickBooks creates when a bill is recorded using the Enter Bills window includes:
A.   Debit Checking account, Credit Accounts Payable
B.   Debit Accounts Payable, Credit Checking account
C.   Debit Expense account, Credit Accounts Payable
D.   Debit Accounts Payable, Credit Expense account
Question #8
Which one of the following is not a vendor transaction?
A.   Receive inventory
B.   Order goods
C.   Create invoice
D.   Receive bills
Question #9
The Enter Bills window is used to record which one of the following transactions?
A.   Items sold to customers
B.   Services received but not yet paid
C.   Customer invoices created
D.   Owners' investment
Question #10
Which QuickBooks window is used to record services received?
A.   Enter Bills
B.   Estimates
C.   Create Invoice
D.   Purchase Order

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