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.
Enter invoices
B.
Pay bills
C.
View the Chart of Accounts
D.
Record credit card receipts
Question #2
Which of the following tasks cannot be completed in the Vendor section of the Home Page?
A.
Receive Inventory
B.
Create Purchase Order
C.
Receive Bill
D.
Create Invoice
Question #3
All of the following are one of the four main categories of transactions in QuickBooks except?
A.
Customers and sales
B.
Banking
C.
Vendors and expenses
D.
Chart of Accounts
Question #4
Ways to navigate QuickBooks include:
A.
All of the choices are correct
B.
Home Page
C.
Menus
D.
Icon Bar
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.
Vendor
B.
Company
C.
Customer
D.
Banking
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBX
B.
QBW
C.
QBM
D.
QBB
Question #8
How do you access the screen to add a user and password?
A.
Company Menu > Company Information
B.
Edit Menu > Preferences > Employees
C.
Company Menu > Set Up Users and Passwords > Set Up Users
D.
Employees > Employee Center
Question #9
Which of the following is considered a permanent account?
A.
All the choices are correct
B.
Income Statement accounts
C.
None of the choices are correct
D.
Balance Sheet accounts
Question #10
Income Statement accounts are also called:
A.
Equity accounts
B.
Permanent accounts
C.
None of the choices are correct
D.
Temporary accounts
Question #11
What does the Chart of Accounts list?
A.
Assets, liabilities and owner's equity accounts
B.
Owner's contributions
C.
All of the choices are correct
D.
Income and expense accounts
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.
Owner List
B.
Item List
C.
Customer 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.
Repeat transactions
C.
Memorized transactions
D.
Saved 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.
None of the choices are correct
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.
Banking
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.
Receive Payments
C.
Enter Bills
D.
Pay Bills
Question #18
Customer transactions include which of the following?
A.
Enter Bills
B.
Write Checks
C.
Pay Bills
D.
Create Invoices
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 Journal and QuickBooks reports
D.
Onscreen forms and QuickBooks reports
Question #20
Which of the following transactions is considered a Customers and Sales transaction?
A.
Check
B.
Pay Bills
C.
Purchase Order
D.
Invoice
Question #21
Which of the following is a Banking transaction?
A.
Pay bills
B.
Enter bills
C.
Make deposit
D.
Pay employees
Question #22
Which of the following is a Vendor transaction?
A.
Create invoices
B.
Create estimates
C.
Receive payments
D.
Receive inventory
Question #23
Which of the following is a Customer transaction?
A.
Receive payments
B.
Enter bills
C.
Receive bills
D.
Pay sales tax
Question #24
The Check Register:
A.
Records payments and deposits to the Checking account
B.
Is located directly on the Company section of the Home Page
C.
Lists all accounts and their account numbers
D.
Keeps track of company deposits only
Question #25
When reconciling the bank statement using QuickBooks:
A.
Interest earned is subtracted
B.
Service charges are added
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.
Credited
C.
Debited
D.
Reconciled
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.
Reduces the liability (credit) and the checking account (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.
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.
Pay Employees
B.
Record deposits
C.
Reconcile Checking accounts
D.
Write Checks
Question #30
The Write Checks window can be used to pay which of the following:
A.
Bills entered in the Enter Bills window
B.
None of the choices are correct
C.
Payroll checks
D.
Sales taxes
Question #31
In the Check Register, the term "split" indicates the payment is split between two or more:
A.
Accounts
B.
Purchase orders
C.
Invoices
D.
Checks
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.
Deposits recorded by the bank
C.
Outstanding checks
D.
Errors
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.
All of the choices are correct
B.
Customers with Open Invoices
C.
Collections Reports
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.
Create Invoices
B.
Create Sales Receipts
C.
Pay Bills
D.
Receive Payments
Question #37
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.
Funds received from customers but not deposited in the bank
C.
Only partial payments received from customers
D.
Petty Cash funds
Question #39
When recording a customer payment from a cash sale, select:
A.
Create Invoice > Customer Payment > Customer Name Only
B.
Make Deposit
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.
Create Sales Receipts
B.
Make Deposit
C.
Receive Undeposited Funds
D.
Pay Bills
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.
None of the choices are correct
B.
Report the amount paid to employees in compliance with IRS regulations
C.
Report the amount received from customers in compliance with IRS regulations
D.
Report the amount paid to a vendor 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 inventory
D.
Receive bills
Question #44
Which one of the following tasks is associated with the Vendors section of the Home Page?
A.
Items & Services
B.
None of the choices are correct
C.
Receive Inventory
D.
Invoices
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
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