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.
Record credit card receipts
B.
Pay bills
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.
Receive Bill
B.
Create Invoice
C.
Create Purchase Order
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.
Customers and sales
C.
Banking
D.
Chart of Accounts
Question #4
Ways to navigate QuickBooks include:
A.
Icon Bar
B.
All of the choices are correct
C.
Menus
D.
Home Page
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.
Receive Inventory
D.
Create Invoices
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.
QBW
B.
QBM
C.
QBB
D.
QBX
Question #8
How do you access the screen to add a user and password?
A.
Company Menu > Company Information
B.
Employees > Employee Center
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.
None of the choices are correct
B.
All the choices are correct
C.
Income Statement accounts
D.
Balance Sheet accounts
Question #10
Income Statement accounts are also called:
A.
Permanent accounts
B.
None of the choices are correct
C.
Temporary accounts
D.
Equity accounts
Question #11
What does the Chart of Accounts list?
A.
Owner's contributions
B.
All of the choices are correct
C.
Assets, liabilities and owner's equity accounts
D.
Income and expense accounts
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.
Item List
B.
Vendor 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.
Saved transactions
C.
Repeat transactions
D.
Memorized 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.
Vendors
B.
Customers
C.
Employees
D.
Banking
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Enter Bills
B.
Pay Bills
C.
Enter Credit Card Charges
D.
Receive Payments
Question #18
Customer transactions include which of the following?
A.
Write Checks
B.
Create Invoices
C.
Pay Bills
D.
Enter 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 employees
B.
Make deposit
C.
Pay bills
D.
Enter bills
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.
Receive bills
C.
Pay sales tax
D.
Enter bills
Question #24
The Check Register:
A.
Lists all accounts and their account numbers
B.
Keeps track of company deposits only
C.
Is located directly on the Company section of the Home Page
D.
Records payments and deposits to the Checking account
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.
None of the choices are correct
C.
Reconciled
D.
Credited
Question #27
When recording a bill, QuickBooks automatically:
A.
Reduces the liability (credit) and the checking account (debit)
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 (debit) and the checking account (credit)
Question #28
One of the objectives of the bank reconciliation is:
A.
None of the choices are correct
B.
Pay bills
C.
Insure the debits equal credits
D.
Detect errors
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.
Pay Employees
D.
Record deposits
Question #30
The Write Checks window can be used to pay which of the following:
A.
Payroll checks
B.
Sales taxes
C.
None of the choices are correct
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.
Checks
C.
Purchase orders
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.
All of the choices are correct
C.
The deleted check no longer appears in the check register
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.
Errors
B.
Deposits recorded by the bank
C.
Checks that have cleared the bank
D.
Outstanding checks
Question #34
To record a customer sale on account, select:
A.
Sales Receipts
B.
Create Estimates
C.
Create Purchase Order
D.
Create Invoices
Question #35
Which report provides information to help in tracking accounts receivable?
A.
Collections Reports
B.
Accounts Receivable Aging Detail
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.
Create Invoices
B.
Create Sales Receipts
C.
Receive Payments
D.
Pay Bills
Question #37
To create the Aging of Accounts Receivable report:
A.
Select Reports Center > Company & Financials
B.
Select Reports Center > Customers & Receivables
C.
Select Company Center > Customers & Receivables
D.
Select Customers Center > Customers & Receivables
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.
Receive Payment > Customer & Job Name
B.
Make Deposit
C.
Create Invoice > Customer Payment > Customer Name Only
D.
Create Sales Receipt > Record Deposits
Question #40
What QuickBooks activity comes next in this series of business activities? Create Invoice > Receive Payments > ________
A.
Receive Undeposited Funds
B.
Create Sales Receipts
C.
Make Deposit
D.
Pay Bills
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 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.
Receive bills
B.
Receive inventory
C.
Create sales receipt
D.
Order goods
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 Receivable Aging Detail
B.
Purchases by Item Summary
C.
Accounts Payable Aging Summary
D.
Purchases by Vendor Summary
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