Accounting 120 - Computerized Accounting Systems » Spring 2022 » Midterm
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Accounting 120 - Computerized Accounting Systems ] course for $25 USD.
Existing Quiz Clients Login here
Question #1
In the Company section of the Home Page, you can:
A.
Enter invoices
B.
Record credit card receipts
C.
View the Chart of Accounts
D.
Pay bills
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.
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.
Chart of Accounts
C.
Vendors and expenses
D.
Customers and sales
Question #4
Ways to navigate QuickBooks include:
A.
All of the choices are correct
B.
Icon Bar
C.
Home Page
D.
Menus
Question #5
Which of the following tasks can be completed in the Vendor section of the Home page?
A.
Receive Inventory
B.
Receive Payments
C.
Create Invoices
D.
Create Estimates
Question #6
The Chart of Accounts can be accessed from which section of the Home page?
A.
Customer
B.
Company
C.
Vendor
D.
Banking
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBX
B.
QBW
C.
QBB
D.
QBM
Question #8
How do you access the screen to add a user and password?
A.
Edit Menu > Preferences > Employees
B.
Employees > Employee Center
C.
Company Menu > Set Up Users and Passwords > Set Up Users
D.
Company Menu > Company Information
Question #9
Which of the following is considered a permanent account?
A.
Income Statement accounts
B.
All the choices are correct
C.
None of the choices are correct
D.
Balance Sheet accounts
Question #10
Income Statement accounts are also called:
A.
None of the choices are correct
B.
Permanent accounts
C.
Equity 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.
Accounts Payable Account
B.
Purchase Orders Account
C.
Employee Expense Account
D.
Inventory Account
Question #13
QuickBooks lists include all of the following except:
A.
Owner List
B.
Vendor List
C.
Customer List
D.
Item 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.
Repeat transactions
D.
Memorized transactions
Question #15
To use a memorized transaction, select:
A.
Select Company section of the Home Page > Saved Transactions
B.
None of the choices are correct
C.
Select Lists Menu > Memorized Transaction List
D.
Select Navigation Bar > Recurring Transaction List
Question #16
The onscreen form for recording bills received is accessed from which section of the Home Page:
A.
Employees
B.
Customers
C.
Banking
D.
Vendors
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Enter Credit Card Charges
B.
Receive Payments
C.
Pay Bills
D.
Enter Bills
Question #18
Customer transactions include which of the following?
A.
Create Invoices
B.
Pay Bills
C.
Write Checks
D.
Enter Bills
Question #19
In QuickBooks, how do you enter transaction information?
A.
Onscreen forms and QuickBooks reports
B.
Onscreen Journal and QuickBooks reports
C.
Onscreen Journal and onscreen forms
D.
None of the choices are correct
Question #20
Which of the following transactions is considered a Customers and Sales transaction?
A.
Purchase Order
B.
Pay Bills
C.
Check
D.
Invoice
Question #21
Which of the following is a Banking transaction?
A.
Enter bills
B.
Pay bills
C.
Make deposit
D.
Pay employees
Question #22
Which of the following is a Vendor transaction?
A.
Create estimates
B.
Receive payments
C.
Receive inventory
D.
Create invoices
Question #23
Which of the following is a Customer transaction?
A.
Pay sales tax
B.
Receive payments
C.
Receive bills
D.
Enter 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.
Service charges are added
B.
Interest earned is subtracted
C.
All deposits listed on the bank statement are selected as cleared in the Reconcile window
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.
None of the choices are correct
B.
Reconciled
C.
Debited
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.
Records an expense (credit) and the obligation to pay later (debit)
D.
Reduces the liability (credit) and the checking account (debit)
Question #28
One of the objectives of the bank reconciliation is:
A.
None of the choices are correct
B.
Insure the debits equal credits
C.
Detect errors
D.
Pay bills
Question #29
All of the following tasks can be completed in the Banking section of the Home Page except:
A.
Record deposits
B.
Pay Employees
C.
Reconcile Checking accounts
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.
Invoices
B.
Accounts
C.
Checks
D.
Purchase orders
Question #32
When deleting a check all of the following is true except:
A.
All of the choices are correct
B.
The deleted check no longer appears in the check register
C.
QuickBooks changes the amount deducted in the check register to zero
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.
Checks that have cleared the bank
B.
Outstanding checks
C.
Errors
D.
Deposits recorded by the bank
Question #34
To record a customer sale on account, select:
A.
Sales Receipts
B.
Create Purchase Order
C.
Create Estimates
D.
Create Invoices
Question #35
Which report provides information to help in tracking accounts receivable?
A.
Accounts Receivable Aging Detail
B.
Collections Reports
C.
All of the choices are correct
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.
Pay Bills
B.
Create Sales Receipts
C.
Create Invoices
D.
Receive Payments
Question #37
To create the Aging of Accounts Receivable report:
A.
Select Reports Center > Company & Financials
B.
Select Reports Center > Customers & Receivables
C.
Select Customers 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.
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.
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.
Make Deposit
B.
Pay Bills
C.
Receive Payments
D.
Enter Purchase Order
Question #42
Form 1099 is used to:
A.
Report the amount paid to employees in compliance with IRS regulations
B.
Report the amount paid to a vendor in compliance with IRS regulations
C.
Report the amount received from customers 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.
Create sales receipt
B.
Receive inventory
C.
Receive bills
D.
Order goods
Question #44
Which one of the following tasks is associated with the Vendors section of the Home Page?
A.
Invoices
B.
Items & Services
C.
None of the choices are correct
D.
Receive Inventory
Question #45
Which report summarizes accounts payable balances by the age of the account?
A.
Accounts Receivable Aging Detail
B.
Accounts Payable Aging Summary
C.
Purchases by Vendor Summary
D.
Purchases by Item Summary
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Accounting 120 - Computerized Accounting Systems ] course for $25 USD.
Existing Quiz Clients Login here