Accounting 120 - Computerized Accounting Systems » Fall 2022 » Ch 5 Quiz

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Question #1
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 Summary
D.   Collections Reports
Question #2
To increase collections of payments, you can use all the following QuickBooks features, except:
A.   Accounts Receivable Aging Report
B.   Accounts Payable Aging Report
C.   Customers with Open Invoices Report
D.   Collections Report
Question #3
Which one of the following activities is not shown in the Customers section of the Home Page?
A.   Create Sales Receipts
B.   Make Deposit
C.   Receive Payments
D.   Create Invoices
Question #4
The Job Profitability Summary Report is accessed from the:
A.   Vendor Center
B.   Reports Center
C.   Employee Center
D.   Company Center
Question #5
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 #6
When recording a customer payment from a credit sale, select:
A.   Create Sales Receipt > Record Deposits
B.   Receive Payment > Customer & Job Name
C.   Create Invoice > Customer Payment > Customer & Job Name
D.   Make Deposit > Customer & Job Name
Question #7
The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:
A.   Debit Accounts Receivable; Credit Checking account
B.   Debit Checking account; Credit Accounts Receivable
C.   Debit Accounts Receivable; Credit Undeposited Funds account
D.   Debit Undeposited Funds account; Credit Accounts Receivable
Question #8
The Customers List in QuickBooks can be accessed from all of the following except:
A.   Customers Menu
B.   Customers section of the Home Page
C.   Customers Center
D.   Vendor section of the Home Page
Question #9
Credit sales to customers are:
A.   Recorded using the Enter Bills window
B.   Recorded using a Create Invoices window
C.   Recorded using the Create Sales Receipts window
D.   Recorded in a Credit Card Sales window
Question #10
When a credit sale is recorded on an invoice, QuickBooks records:
A.   An increase to Sales and an increase to Accounts Receivable
B.   An increase to Sales and an increase to Accounts Payable
C.   A decrease to Sales and a decrease to Accounts Payable
D.   An increase to Sales and a decrease to Accounts Receivable

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