Accounting 120 - Computerized Accounting Systems » Spring 2022 » Midterm
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Question #1
In the Company section of the Home Page, you can:
A.
Pay bills
B.
View the Chart of Accounts
C.
Record credit card receipts
D.
Enter invoices
Question #2
Which of the following tasks cannot be completed in the Vendor section of the Home Page?
A.
Receive Inventory
B.
Create Purchase Order
C.
Create Invoice
D.
Receive Bill
Question #3
All of the following are one of the four main categories of transactions in QuickBooks except?
A.
Customers and sales
B.
Vendors and expenses
C.
Chart of Accounts
D.
Banking
Question #4
Ways to navigate QuickBooks include:
A.
Menus
B.
All of the choices are correct
C.
Icon Bar
D.
Home Page
Question #5
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 #6
The Chart of Accounts can be accessed from which section of the Home page?
A.
Banking
B.
Vendor
C.
Customer
D.
Company
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBB
B.
QBM
C.
QBW
D.
QBX
Question #8
How do you access the screen to add a user and password?
A.
Edit Menu > Preferences > Employees
B.
Company Menu > Company Information
C.
Company Menu > Set Up Users and Passwords > Set Up Users
D.
Employees > Employee Center
Question #9
Which of the following is considered a permanent account?
A.
Income Statement accounts
B.
Balance Sheet accounts
C.
None of the choices are correct
D.
All the choices are correct
Question #10
Income Statement accounts are also called:
A.
Temporary accounts
B.
None of the choices are correct
C.
Equity accounts
D.
Permanent accounts
Question #11
What does the Chart of Accounts list?
A.
Owner's contributions
B.
All of the choices are correct
C.
Income and expense accounts
D.
Assets, liabilities and owner's equity accounts
Question #12
An example of a non-posting account is ________.
A.
Accounts Payable Account
B.
Employee Expense Account
C.
Inventory Account
D.
Purchase Orders Account
Question #13
QuickBooks lists include all of the following except:
A.
Owner List
B.
Item List
C.
Vendor List
D.
Customer List
Question #14
Which of the following QuickBooks features can be used to save a transaction that will be re-used in the future?
A.
Create icon
B.
Saved transactions
C.
Memorized transactions
D.
Repeat transactions
Question #15
To use a memorized transaction, select:
A.
Select Company section of the Home Page > Saved Transactions
B.
Select Navigation Bar > Recurring Transaction List
C.
Select Lists Menu > Memorized Transaction List
D.
None of the choices are correct
Question #16
The onscreen form for recording bills received is accessed from which section of the Home Page:
A.
Banking
B.
Vendors
C.
Employees
D.
Customers
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Enter Bills
B.
Receive Payments
C.
Pay Bills
D.
Enter Credit Card Charges
Question #18
Customer transactions include which of the following?
A.
Enter Bills
B.
Create Invoices
C.
Write Checks
D.
Pay Bills
Question #19
In QuickBooks, how do you enter transaction information?
A.
None of the choices are correct
B.
Onscreen forms and QuickBooks reports
C.
Onscreen Journal and onscreen forms
D.
Onscreen Journal and QuickBooks reports
Question #20
Which of the following transactions is considered a Customers and Sales transaction?
A.
Pay Bills
B.
Check
C.
Invoice
D.
Purchase Order
Question #21
Which of the following is a Banking transaction?
A.
Enter bills
B.
Make deposit
C.
Pay bills
D.
Pay employees
Question #22
Which of the following is a Vendor transaction?
A.
Create invoices
B.
Receive inventory
C.
Create estimates
D.
Receive payments
Question #23
Which of the following is a Customer transaction?
A.
Receive payments
B.
Enter bills
C.
Pay sales tax
D.
Receive bills
Question #24
The Check Register:
A.
Records payments and deposits to the Checking account
B.
Lists all accounts and their account numbers
C.
Is located directly on the Company section of the Home Page
D.
Keeps track of company deposits only
Question #25
When reconciling the bank statement using QuickBooks:
A.
Interest earned is subtracted
B.
Service charges are added
C.
All of the choices are correct
D.
All deposits listed on the bank statement are selected as cleared in the Reconcile window
Question #26
When the balance of an asset account, like Checking, increases, it means that the account has been:
A.
Credited
B.
Debited
C.
Reconciled
D.
None of the choices are correct
Question #27
When recording a bill, QuickBooks automatically:
A.
Records an expense (credit) and the obligation to pay later (debit)
B.
Reduces the liability (credit) and the checking account (debit)
C.
Reduces the liability (debit) and the checking account (credit)
D.
Records an expense (debit) and the obligation to pay later (credit)
Question #28
One of the objectives of the bank reconciliation is:
A.
Insure the debits equal credits
B.
Pay bills
C.
Detect errors
D.
None of the choices are correct
Question #29
All of the following tasks can be completed in the Banking section of the Home Page except:
A.
Pay Employees
B.
Record deposits
C.
Write Checks
D.
Reconcile Checking accounts
Question #30
The Write Checks window can be used to pay which of the following:
A.
Payroll checks
B.
None of the choices are correct
C.
Sales taxes
D.
Bills entered in the Enter Bills window
Question #31
In the Check Register, the term "split" indicates the payment is split between two or more:
A.
Accounts
B.
Checks
C.
Invoices
D.
Purchase orders
Question #32
When deleting a check all of the following is true except:
A.
All of the choices are correct
B.
It is better to delete the check than void the check in order to erase all records of the transaction
C.
The deleted check no longer appears in the check register
D.
QuickBooks changes the amount deducted in the check register to zero
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.
Outstanding checks
B.
Checks that have cleared the bank
C.
Errors
D.
Deposits recorded by the bank
Question #34
To record a customer sale on account, select:
A.
Create Purchase Order
B.
Create Estimates
C.
Create Invoices
D.
Sales Receipts
Question #35
Which report provides information to help in tracking accounts receivable?
A.
Accounts Receivable Aging Detail
B.
All of the choices are correct
C.
Collections Reports
D.
Customers with Open Invoices
Question #36
Which one of the following activities is not shown in the Customers section of the Home Page?
A.
Create Sales Receipts
B.
Create Invoices
C.
Pay Bills
D.
Receive Payments
Question #37
To create the Aging of Accounts Receivable report:
A.
Select Company Center > Customers & Receivables
B.
Select Reports Center > Customers & Receivables
C.
Select Customers Center > Customers & Receivables
D.
Select Reports Center > Company & Financials
Question #38
The Undeposited Funds account contains:
A.
Only partial payments received from customers
B.
Funds the company owes vendors
C.
Petty Cash funds
D.
Funds received from customers but not deposited in the bank
Question #39
When recording a customer payment from a cash sale, select:
A.
Make Deposit
B.
Create Invoice > Customer Payment > Customer Name Only
C.
Receive Payment > Customer & Job Name
D.
Create Sales Receipt > Record Deposits
Question #40
What QuickBooks activity comes next in this series of business activities? Create Invoice > Receive Payments > ________
A.
Create Sales Receipts
B.
Make Deposit
C.
Pay Bills
D.
Receive Undeposited Funds
Question #41
What QuickBooks activity comes next in this series of business activities: Enter Bills > ________
A.
Pay Bills
B.
Enter Purchase Order
C.
Receive Payments
D.
Make Deposit
Question #42
Form 1099 is used to:
A.
Report the amount received from customers in compliance with IRS regulations
B.
Report the amount paid to employees in compliance with IRS regulations
C.
Report the amount paid to a vendor in compliance with IRS regulations
D.
None of the choices are correct
Question #43
Which one of the following is not a vendor transaction?
A.
Receive inventory
B.
Order goods
C.
Create sales receipt
D.
Receive bills
Question #44
Which one of the following tasks is associated with the Vendors section of the Home Page?
A.
Invoices
B.
Items & Services
C.
Receive Inventory
D.
None of the choices are correct
Question #45
Which report summarizes accounts payable balances by the age of the account?
A.
Purchases by Item Summary
B.
Purchases by Vendor Summary
C.
Accounts Receivable Aging Detail
D.
Accounts Payable Aging Summary
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