Accounting 120 - Computerized Accounting Systems » Fall 2022 » Midterm
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Question #1
In the Company section of the Home Page, you can:
A.
Pay bills
B.
Enter invoices
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.
Vendors and expenses
B.
Customers and sales
C.
Banking
D.
Chart of Accounts
Question #4
Ways to navigate QuickBooks include:
A.
Icon Bar
B.
Menus
C.
All of the choices are correct
D.
Home Page
Question #5
Which of the following tasks can be completed in the Vendor section of the Home page?
A.
Receive Inventory
B.
Create Invoices
C.
Receive Payments
D.
Create Estimates
Question #6
The Chart of Accounts can be accessed from which section of the Home page?
A.
Customer
B.
Banking
C.
Company
D.
Vendor
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBM
B.
QBW
C.
QBB
D.
QBX
Question #8
How do you access the screen to add a user and password?
A.
Company Menu > Set Up Users and Passwords > Set Up Users
B.
Edit Menu > Preferences > Employees
C.
Employees > Employee Center
D.
Company Menu > Company Information
Question #9
Which of the following is considered a permanent account?
A.
All the choices are correct
B.
None of the choices are correct
C.
Income Statement accounts
D.
E.
Balance Sheet accounts
Question #10
Income Statement accounts are also called:
A.
Permanent accounts
B.
Equity 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.
Income and expense accounts
D.
All of the choices are correct
Question #12
An example of a non-posting account is ________.
A.
Employee Expense Account
B.
Inventory Account
C.
Purchase Orders Account
D.
Accounts Payable Account
Question #13
QuickBooks lists include all of the following except:
A.
Customer List
B.
Owner List
C.
Vendor List
D.
Item 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.
Saved transactions
D.
Memorized transactions
Question #15
To use a memorized transaction, select:
A.
None of the choices are correct
B.
Select Navigation Bar > Recurring Transaction List
C.
Select Lists Menu > Memorized Transaction List
D.
Select Company section of the Home Page > Saved Transactions
Question #16
The onscreen form for recording bills received is accessed from which section of the Home Page:
A.
Customers
B.
Employees
C.
Vendors
D.
Banking
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Receive Payments
B.
Pay Bills
C.
Enter Credit Card Charges
D.
Enter Bills
Question #18
Customer transactions include which of the following?
A.
Pay Bills
B.
Create Invoices
C.
Write Checks
D.
Enter Bills
Question #19
In QuickBooks, how do you enter transaction information?
A.
Onscreen Journal and onscreen forms
B.
Onscreen forms and QuickBooks reports
C.
None of the choices are correct
D.
Onscreen Journal and QuickBooks reports
Question #20
Which of the following transactions is considered a Customers and Sales transaction?
A.
Invoice
B.
Pay Bills
C.
Check
D.
Purchase Order
Question #21
Which of the following is a Banking transaction?
A.
Make deposit
B.
Enter bills
C.
Pay bills
D.
Pay employees
Question #22
Which of the following is a Vendor transaction?
A.
Receive inventory
B.
Receive payments
C.
Create invoices
D.
Create estimates
Question #23
Which of the following is a Customer transaction?
A.
Pay sales tax
B.
Receive bills
C.
Receive payments
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.
Service charges are added
B.
All of the choices are correct
C.
Interest earned is subtracted
D.
All deposits listed on the bank statement are selected as cleared in the Reconcile window
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 (credit) and the checking account (debit)
B.
Records an expense (credit) and the obligation to pay later (debit)
C.
Reduces the liability (debit) and the checking account (credit)
D.
Records an expense (debit) and the obligation to pay later (credit)
Question #28
One of the objectives of the bank reconciliation is:
A.
Insure the debits equal credits
B.
None of the choices are correct
C.
Detect errors
D.
Pay bills
Question #29
All of the following tasks can be completed in the Banking section of the Home Page except:
A.
Reconcile Checking accounts
B.
Write Checks
C.
Record deposits
D.
Pay Employees
Question #30
The Write Checks window can be used to pay which of the following:
A.
Sales taxes
B.
None of the choices are correct
C.
Bills entered in the Enter Bills window
D.
Payroll checks
Question #31
In the Check Register, the term "split" indicates the payment is split between two or more:
A.
Purchase orders
B.
Invoices
C.
Checks
D.
Accounts
Question #32
When deleting a check all of the following is true except:
A.
It is better to delete the check than void the check in order to erase all records of the transaction
B.
All of the choices are correct
C.
QuickBooks changes the amount deducted in the check register to zero
D.
The deleted check no longer appears in the check register
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.
Checks that have cleared the bank
C.
Outstanding checks
D.
Deposits recorded by the bank
Question #34
To record a customer sale on account, select:
A.
Sales Receipts
B.
Create Invoices
C.
Create Estimates
D.
Create Purchase Order
Question #35
Which report provides information to help in tracking accounts receivable?
A.
Customers with Open Invoices
B.
Accounts Receivable Aging Detail
C.
All of the choices are correct
D.
Collections Reports
Question #36
Which one of the following activities is not shown in the Customers section of the Home Page?
A.
Create Sales Receipts
B.
Create Invoices
C.
Receive Payments
D.
Pay Bills
Question #37
A.
Select Company Center > Customers & Receivables
B.
Select Customers Center > Customers & Receivables
C.
Select Reports Center > Company & Financials
D.
Select Reports Center > Customers & Receivables
Question #38
The Undeposited Funds account contains:
A.
Funds received from customers but not deposited in the bank
B.
Only partial payments received from customers
C.
Funds the company owes vendors
D.
Petty Cash funds
Question #39
When recording a customer payment from a cash sale, select:
A.
Create Sales Receipt > Record Deposits
B.
Make Deposit
C.
Receive Payment > Customer & Job Name
D.
Create Invoice > Customer Payment > Customer Name Only
Question #40
What QuickBooks activity comes next in this series of business activities? Create Invoice > Receive Payments > ________
A.
Pay Bills
B.
Create Sales Receipts
C.
Receive Undeposited Funds
D.
Make Deposit
Question #41
What QuickBooks activity comes next in this series of business activities:
A.
Pay Bills
B.
Make Deposit
C.
Enter Purchase Order
D.
Receive Payments
Question #42
Form 1099 is used to:
A.
Report the amount paid to employees 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 received from customers in compliance with IRS regulations
Question #43
Which one of the following is not a vendor transaction?
A.
Create sales receipt
B.
Order goods
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.
Invoices
B.
Receive Inventory
C.
None of the choices are correct
D.
Items & Services
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 Item Summary
D.
Purchases by Vendor Summary
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