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