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