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.
Record credit card receipts
C.
Enter invoices
D.
View the Chart of Accounts
Question #2
Which of the following tasks cannot be completed in the Vendor section of the Home Page?
A.
Create Invoice
B.
Create Purchase Order
C.
Receive Bill
D.
Receive Inventory
Question #3
All of the following are one of the four main categories of transactions in QuickBooks except?
A.
Vendors and expenses
B.
Banking
C.
Customers and sales
D.
Chart of Accounts
Question #4
Ways to navigate QuickBooks include:
A.
Home Page
B.
Icon Bar
C.
Menus
D.
All of the choices are correct
Question #5
Which of the following tasks can be completed in the Vendor section of the Home page?
A.
Create Estimates
B.
Receive Payments
C.
Create Invoices
D.
Receive Inventory
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.
QBW
B.
QBX
C.
QBM
D.
QBB
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.
Employees > Employee Center
D.
Company Menu > Set Up Users and Passwords > Set Up Users
Question #9
Which of the following is considered a permanent account?
A.
Balance Sheet accounts
B.
Income Statement accounts
C.
All the choices are correct
D.
None of the choices are correct
Question #10
Income Statement accounts are also called:
A.
Equity accounts
B.
Permanent accounts
C.
Temporary accounts
D.
None of the choices are correct
Question #11
What does the Chart of Accounts list?
A.
Assets, liabilities and owner's equity accounts
B.
All of the choices are correct
C.
Owner's contributions
D.
Income and expense accounts
Question #12
An example of a non-posting account is ________.
A.
Purchase Orders Account
B.
Employee Expense Account
C.
Inventory Account
D.
Accounts Payable Account
Question #13
QuickBooks lists include all of the following except:
A.
Item List
B.
Customer List
C.
Owner List
D.
Vendor 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.
Memorized transactions
C.
Saved transactions
D.
Repeat transactions
Question #15
To use a memorized transaction, select:
A.
Select Navigation Bar > Recurring Transaction List
B.
None of the choices are correct
C.
Select Company section of the Home Page > Saved Transactions
D.
Select Lists Menu > Memorized Transaction List
Question #16
The onscreen form for recording bills received is accessed from which section of the Home Page:
A.
Customers
B.
Vendors
C.
Employees
D.
Banking
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Enter Credit Card Charges
B.
Pay Bills
C.
Enter Bills
D.
Receive Payments
Question #18
Customer transactions include which of the following?
A.
Write Checks
B.
Create Invoices
C.
Enter Bills
D.
Pay Bills
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.
Pay Bills
D.
Invoice
Question #21
Which of the following is a Banking transaction?
A.
Pay bills
B.
Enter bills
C.
Pay employees
D.
Make deposit
Question #22
Which of the following is a Vendor transaction?
A.
Create invoices
B.
Receive payments
C.
Create estimates
D.
Receive inventory
Question #23
Which of the following is a Customer transaction?
A.
Pay sales tax
B.
Enter bills
C.
Receive payments
D.
Receive bills
Question #24
The Check Register:
A.
Is located directly on the Company section of the Home Page
B.
Lists all accounts and their account numbers
C.
Records payments and deposits to the Checking account
D.
Keeps track of company deposits only
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.
Service charges are added
D.
All of the choices are correct
Question #26
When the balance of an asset account, like Checking, increases, it means that the account has been:
A.
Credited
B.
None of the choices are correct
C.
Reconciled
D.
Debited
Question #27
When recording a bill, QuickBooks automatically:
A.
Reduces the liability (debit) and the checking account (credit)
B.
Reduces the liability (credit) and the checking account (debit)
C.
Records an expense (credit) and the obligation to pay later (debit)
D.
Records an expense (debit) and the obligation to pay later (credit)
Question #28
One of the objectives of the bank reconciliation is:
A.
None of the choices are correct
B.
Pay bills
C.
Detect errors
D.
Insure the debits equal credits
Question #29
All of the following tasks can be completed in the Banking section of the Home Page except:
A.
Write Checks
B.
Record deposits
C.
Pay Employees
D.
Reconcile Checking accounts
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.
Invoices
C.
Checks
D.
Accounts
Question #32
When deleting a check all of the following is true except:
A.
QuickBooks changes the amount deducted in the check register to zero
B.
The deleted check no longer appears in the check register
C.
It is better to delete the check than void the check in order to erase all records of the transaction
D.
All of the choices are correct
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.
Errors
B.
Deposits recorded by the bank
C.
Outstanding checks
D.
Checks that have cleared the bank
Question #34
To record a customer sale on account, select:
A.
Create Estimates
B.
Create Purchase Order
C.
Sales Receipts
D.
Create Invoices
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.
Receive Payments
B.
Pay Bills
C.
Create Invoices
D.
Create Sales Receipts
Question #37
To create the Aging of Accounts Receivable report:
A.
Select Reports Center > Customers & Receivables
B.
Select Customers Center > Customers & Receivables
C.
Select Company Center > Customers & Receivables
D.
Select Reports Center > Company & Financials
Question #38
The Undeposited Funds account contains:
A.
Petty Cash funds
B.
Funds the company owes vendors
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.
Create Sales Receipt > Record Deposits
B.
Create Invoice > Customer Payment > Customer Name Only
C.
Receive Payment > Customer & Job Name
D.
Make Deposit
Question #40
What QuickBooks activity comes next in this series of business activities? Create Invoice > Receive Payments > ________
A.
Make Deposit
B.
Create Sales Receipts
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.
Make Deposit
D.
Receive Payments
Question #42
Form 1099 is used to:
A.
Report the amount paid to employees in compliance with IRS regulations
B.
None of the choices are correct
C.
Report the amount paid to a vendor in compliance with IRS regulations
D.
Report the amount received from customers in compliance with IRS regulations
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.
Receive Inventory
C.
None of the choices are correct
D.
Items & Services
Question #45
Which report summarizes accounts payable balances by the age of the account?
A.
Purchases by Vendor Summary
B.
Accounts Receivable Aging Detail
C.
Accounts Payable Aging Summary
D.
Purchases by Item Summary
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