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.   Accounts Payable Aging Summary
B.   Vendor Aging Report
C.   Accounts Receivable Aging Summary
D.   Customer Aging Summary
Question #2
Which order of tasks is used when purchasing services?
A.   Enter Invoice > Write Check
B.   Enter Invoice > Receive Payment > Make Deposit
C.   Enter Bills > Pay Bills
D.   Create Purchase Order > Receive Bill > Enter Bill > 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 received from customers 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 paid to a vendor in compliance with IRS regulations
Question #5
Which one of the following is a vendor transaction?
A.   Create invoices
B.   Receive payments
C.   Sell products
D.   Enter bills
Question #6
QuickBooks considers all of the following to be vendors except:
A.   Tax agencies such as the IRS
B.   Utility companies
C.   All of the choices are correct
D.   Financial institutions such as banks
Question #7
The journal entry behind the screen that QuickBooks creates when a bill is recorded using the Enter Bills window includes:
A.   Debit Accounts Payable, Credit Checking account
B.   Debit Expense account, Credit Accounts Payable
C.   Debit Accounts Payable, Credit Expense account
D.   Debit Checking account, Credit Accounts Payable
Question #8
Which one of the following is not a vendor transaction?
A.   Order goods
B.   Create invoice
C.   Receive inventory
D.   Receive bills
Question #9
The Enter Bills window is used to record which one of the following transactions?
A.   Customer invoices created
B.   Services received but not yet paid
C.   Items sold to customers
D.   Owners' investment
Question #10
Which QuickBooks window is used to record services received?
A.   Estimates
B.   Purchase Order
C.   Enter Bills
D.   Create Invoice

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