Accounting 120 - Computerized Accounting Systems » Spring 2022 » FInal Exam
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Question #1
Which of the following tasks is completed from the Banking section of the Home Page?
A.
Pay employees
B.
Enter bills
C.
Record deposits
D.
Record payments received from customers
Question #2
QuickBooks creates a Chart of Accounts for your company based on:
A.
Industry type
B.
Federal ID Tax number
C.
Fiscal or calendar year
D.
Company address
Question #3
When customer payments are received and recorded, QuickBooks reduces the ________ account balance.
A.
Accounts Payable
B.
Undeposited Funds
C.
Checking
D.
Accounts Receivable
Question #4
When closing the accounting period you:
A.
All of the choices are correct
B.
Close temporary accounts at year end
C.
Bring account balances up to date at year end
D.
Close permanent accounts at year-end
Question #5
Which type of QuickBooks data file allows you to enter data and transactions?
A.
QBM
B.
QBB
C.
QBX
D.
QBW
Question #6
The cost of the inventory items sold is tracked in what account:
A.
Items Sold
B.
Inventory Sold
C.
Cost of Goods Sold
D.
Materials Cost
Question #7
The purchasing cycle for a merchandising company consists of:
A.
Create Purchase Order > Receive Payment > Make Deposits
B.
Create Invoice > Receive Inventory > Pay Bill > Record Deposits
C.
Create Purchase Order > Receive Inventory > Enter Bill > Pay Bill
D.
Create Invoice > Receive Payment > Record Deposits
Question #8
In QuickBooks, budget types include:
A.
All of the choices are correct
B.
None of the choices are correct
C.
Balance Sheet
D.
Profit & Loss
Question #9
Progress Invoicing is turned on by going to Edit > Preferences > ________
A.
Sales and Customers
B.
Bills
C.
Time and Expenses
D.
Jobs and Estimates
Question #10
Ways to navigate QuickBooks include:
A.
Icon Bar
B.
Home Page
C.
All of the choices are correct
D.
Menus
Question #11
Which of the following tasks can be completed in the Vendor section of the Home page?
A.
Receive Payments
B.
Create Estimates
C.
Receive Inventory
D.
Create Invoices
Question #12
Which one of the following activities is associated with the Customer section of the Home page?
A.
Pay sales tax
B.
Record inventory received
C.
Enter bills
D.
Create invoices
Question #13
A company's computer is classified as what account type:
A.
Expense
B.
Retained Earnings
C.
Fixed Asset
D.
Owner's Equity
Question #14
Balance Sheet accounts are also called:
A.
Permanent accounts
B.
Equity accounts
C.
None of the choices are correct
D.
Temporary accounts
Question #15
Which account below is not an Expense account?
A.
Accounts Receivable
B.
Rent
C.
Advertising
D.
Utilities
Question #16
The Income Statement:
A.
lists the accounts and account numbers
B.
lists a company's assets
C.
Summarizes what a company owns and what it owes
D.
Summarizes the results of a company's operations, listing income and expenses
Question #17
An example of a non-posting account is ________.
A.
Inventory Account
B.
Employee Expense Account
C.
Purchase Orders Account
D.
Accounts Payable Account
Question #18
What is the purpose of a non-posting account?
A.
To track information necessary for the accounting system.
B.
To calculate expenses.
C.
To identify owner's equity.
D.
To calculate income.
Question #19
The Item List can be accessed from which section of the Home Page?
A.
Customers
B.
Company
C.
Vendors
D.
Banking
Question #20
The onscreen form for recording bills received is accessed from which section of the Home Page:
A.
Customers
B.
Vendors
C.
Banking
D.
Employees
Question #21
Which of the following transactions is considered a Customers and Sales transaction?
A.
Purchase Order
B.
Invoice
C.
Pay Bills
D.
Check
Question #22
QuickBooks lists include:
A.
Vendor List
B.
Item List
C.
Customer List
D.
All of the choices are correct
Question #23
Which of the following is a Banking transaction?
A.
Enter bills
B.
Pay employees
C.
Make deposit
D.
Record payments received from customers
Question #24
Which of the following is a Customer transaction?
A.
Pay sales tax
B.
Enter bills
C.
Record inventory received
D.
Create invoice
Question #25
The Check Register:
A.
Keeps track of company deposits only
B.
Lists all accounts and their account numbers
C.
Records payments and deposits to the Checking account
D.
Is located directly on the Company section of the Home page
Question #26
When the balance of an asset account, like Checking, increases, it means that the account has been:
A.
Debited
B.
Credited
C.
None of the choices are correct
D.
Reconciled
Question #27
Timing differences discovered when reconciling the bank statement that the bank has not recorded yet, include:
A.
Outstanding checks
B.
Both deposits in transit and outstanding checks
C.
Deposits in transit
D.
Interest earned
Question #28
Which of the following icons appear in the Banking section of the Home page?
A.
Receive Payments
B.
Pay Bills
C.
Enter Bills
D.
Make Deposits
Question #29
When recording a bill, QuickBooks automatically:
A.
Records an expense (credit) and the obligation to pay later (debit)
B.
Records an expense (debit) and the obligation to pay later (credit)
C.
Reduces the liability (credit) and the checking account (debit)
D.
Reduces the liability (debit) and the checking account (credit)
Question #30
The Enter Bills > Pay Bills (two-step) approach for paying bills must be used to pay which of the following?
A.
Rent Payments
B.
Legal Services
C.
Sales Taxes
D.
None of the choices are correct
Question #31
Which of the following statements is true?
A.
To maintain more consistent records, it is best if the owner maintains a separate personal Checking account, but both the owner's personal Checking and business Checking accounts are listed in the Chart of Accounts
B.
To maintain separation between the personal and business accounting records, the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts
C.
None of the choices are correct
D.
To conserve resources, it is best if the owner uses one Checking account for both personal and business purposes
Question #32
In the Check Register, the term "split" indicates the payment is split between two or more:
A.
Accounts
B.
Purchase orders
C.
Invoices
D.
Checks
Question #33
When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)?
A.
Checks that have cleared the bank
B.
Errors
C.
Outstanding checks
D.
Deposits recorded by the bank
Question #34
Which report provides information to help in tracking accounts receivable?
A.
Collections Reports
B.
Customers with Open Invoices
C.
All of the choices are correct
D.
Accounts Receivable Aging Summary
Question #35
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.
Create Invoices
D.
Receive Payments
Question #36
The Undeposited Funds account contains:
A.
Only partial payments received from customers
B.
Funds the company owes vendors
C.
Funds received from customers but not deposited in the bank
D.
Petty Cash funds
Question #37
A.
Create Invoice > Customer Payment > Customer & Job Name
B.
Make Deposit > Customer & Job Name
C.
Create Sales Receipt > Record Deposits
D.
Receive Payment > Customer & Job Name
Question #38
The Customers List in QuickBooks can be accessed from all of the following except:
A.
Customers Menu
B.
Customers section of the Home Page
C.
Vendor section of the Home Page
D.
Customers Center
Question #39
Credit sales to customers are:
A.
Recorded using the Enter Bills window
B.
Recorded in a Credit Card Sales window
C.
Recorded using the Create Sales Receipts window
D.
Recorded using a Create Invoices window
Question #40
QuickBooks considers all of the following to be vendors except:
A.
Customers purchasing goods
B.
Tax agencies such as the IRS
C.
Suppliers of inventory and supplies
D.
Leasing companies
Question #41
When a bill is paid in QuickBooks using the Pay Bills window, QuickBooks:
A.
Decreases the Accounts Payable account and decreases the Checking account
B.
Decreases an Expense account and decreases the Checking account
C.
Increases the Accounts Payable account and increases the Checking account
D.
Increases an Expense account and increases the Accounts Payable account
Question #42
All the times below are when you can receive a bill except:
A.
After receiving a service
B.
Before receiving a service
C.
At the time of providing a service
D.
When submitting a purchase order
Question #43
Which one of the following is a vendor transaction?
A.
Create invoices
B.
Enter bills
C.
Sell products
D.
Receive payments
Question #44
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 Expense account, Credit Accounts Payable
C.
Debit Accounts Payable, Credit Expense account
D.
Debit Accounts Payable, Credit Checking account
Question #45
How does QuickBooks categorize items?
A.
Service items
B.
Non-inventory items
C.
All of the choices are correct
D.
Inventory items
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