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.
Pay bills
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.
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.
Chart of Accounts
B.
Vendors and expenses
C.
Customers and sales
D.
Banking
Question #4
Ways to navigate QuickBooks include:
A.
Icon Bar
B.
Menus
C.
Home Page
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.
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.
Vendor
B.
Banking
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.
Employees > Employee Center
B.
Company Menu > Company Information
C.
Company Menu > Set Up Users and Passwords > Set Up Users
D.
Edit Menu > Preferences > Employees
Question #9
Which of the following is considered a permanent account?
A.
Balance Sheet accounts
B.
All the choices are correct
C.
Income Statement accounts
D.
None of the choices are correct
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.
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.
Inventory Account
B.
Purchase Orders Account
C.
Accounts Payable Account
D.
Employee Expense Account
Question #13
QuickBooks lists include all of the following except:
A.
Vendor List
B.
Item 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.
Create icon
B.
Memorized transactions
C.
Saved transactions
D.
Repeat transactions
Question #15
To use a memorized transaction, select:
A.
None of the choices are correct
B.
Select Lists Menu > Memorized Transaction List
C.
Select Company section of the Home Page > Saved Transactions
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.
Banking
C.
Customers
D.
Vendors
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.
Pay Bills
C.
Create Invoices
D.
Write Checks
Question #19
In QuickBooks, how do you enter transaction information?
A.
Onscreen Journal and onscreen forms
B.
Onscreen forms and QuickBooks reports
C.
Onscreen Journal 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.
Make deposit
B.
Pay bills
C.
Pay employees
D.
Enter bills
Question #22
Which of the following is a Vendor transaction?
A.
Create estimates
B.
Create invoices
C.
Receive payments
D.
Receive inventory
Question #23
Which of the following is a Customer transaction?
A.
Enter bills
B.
Receive bills
C.
Receive payments
D.
Pay sales tax
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.
Keeps track of company deposits only
D.
Records payments and deposits to the Checking account
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.
None of the choices are correct
B.
Debited
C.
Reconciled
D.
Credited
Question #27
When recording a bill, QuickBooks automatically:
A.
Reduces the liability (debit) and the checking account (credit)
B.
Records an expense (credit) and the obligation to pay later (debit)
C.
Records an expense (debit) and the obligation to pay later (credit)
D.
Reduces the liability (credit) and the checking account (debit)
Question #28
One of the objectives of the bank reconciliation is:
A.
Detect errors
B.
Insure the debits equal credits
C.
None of the choices are correct
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.
Payroll checks
B.
Sales taxes
C.
Bills entered in the Enter Bills window
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.
Accounts
B.
Purchase orders
C.
Checks
D.
Invoices
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.
Outstanding checks
B.
Checks that have cleared the bank
C.
Deposits recorded by the bank
D.
Errors
Question #34
To record a customer sale on account, select:
A.
Create Invoices
B.
Sales Receipts
C.
Create Purchase Order
D.
Create Estimates
Question #35
Which report provides information to help in tracking accounts receivable?
A.
Customers with Open Invoices
B.
Collections Reports
C.
All of the choices are correct
D.
Accounts Receivable Aging Detail
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
A.
Select Reports Center > Company & Financials
B.
Select Company Center > Customers & Receivables
C.
Select Customers Center > Customers & Receivables
D.
Select Reports Center > Customers & Receivables
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.
Create Invoice > Customer Payment > Customer Name Only
B.
Create Sales Receipt > Record Deposits
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.
Create Sales Receipts
B.
Pay Bills
C.
Make Deposit
D.
Receive Undeposited Funds
Question #41
What QuickBooks activity comes next in this series of business activities: Enter Bills > ________
A.
Make Deposit
B.
Enter Purchase Order
C.
Pay Bills
D.
Receive Payments
Question #42
Form 1099 is used to:
A.
Report the amount paid to a vendor in compliance with IRS regulations
B.
Report the amount paid to employees in compliance with IRS regulations
C.
None of the choices are correct
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.
Create sales receipt
C.
Receive bills
D.
Receive inventory
Question #44
Which one of the following tasks is associated with the Vendors section of the Home Page?
A.
Receive Inventory
B.
None of the choices are correct
C.
Items & Services
D.
Invoices
Question #45
Which report summarizes accounts payable balances by the age of the account?
A.
Purchases by Item Summary
B.
Accounts Payable Aging Summary
C.
Purchases by Vendor Summary
D.
Accounts Receivable Aging Detail
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