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

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