Glendale Community College » Accounting » Accounting 120 - Computerized Accounting Systems » Fall 2022

Accounting 120 - Computerized Accounting Systems » Fall 2022 » Ch 6 Quiz

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Question #1

Which one of the following reports helps track past due bills and bills that are due shortly?

A. Accounts Payable Aging Summary

B. Vendor Aging Report

C. Accounts Receivable Aging Summary

D. Customer Aging Summary

Question #2

Which order of tasks is used when purchasing services?

A. Create Purchase Order > Receive Bill > Enter Bill > Pay Bills

B. Enter Invoice > Receive Payment > Make Deposit

C. Enter Bills > Pay Bills

D. Enter Invoice > Write Check

Question #3

When a bill is entered into QuickBooks using the Enter Bills window, QuickBooks:

A. Increases an Expense account and increases the Accounts Payable account

B. Decreases the Accounts Receivable account and decreases Accounts Payable account

C. Increases the Accounts Receivable account and increases an the Income account

D. Decreases an Expense account and increases the Accounts Payable account

Question #4

Form 1099 is used to:

A. Report the amount received from customers in compliance with IRS regulations

B. None of the choices are correct

C. Report the amount paid to a vendor in compliance with IRS regulations

D. Report the amount paid to employees in compliance with IRS regulations

Question #5

Which one of the following is a vendor transaction?

A. Sell products

B. Create invoices

C. Receive payments

D. Enter bills

Question #6

QuickBooks considers all of the following to be vendors except:

A. Financial institutions such as banks

B. Tax agencies such as the IRS

C. All of the choices are correct

D. Utility companies

Question #7

The journal entry behind the screen that QuickBooks creates when a bill is recorded using the Enter Bills window includes:

A. Debit Accounts Payable, Credit Expense account

B. Debit Expense account, Credit Accounts Payable

C. Debit Checking account, Credit Accounts Payable

D. Debit Accounts Payable, Credit Checking account

Question #8

Which one of the following is not a vendor transaction?

A. Order goods

B. Receive inventory

C. Create invoice

D. Receive bills

Question #9

The Enter Bills window is used to record which one of the following transactions?

A. Items sold to customers

B. Customer invoices created

C. Owners' investment

D. Services received but not yet paid

Question #10

Which QuickBooks window is used to record services received?

A. Enter Bills

B. Create Invoice

C. Estimates

D. Purchase Order

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