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.
View the Chart of Accounts
B.
Pay bills
C.
Enter invoices
D.
Record credit card receipts
Question #2
Which of the following tasks cannot be completed in the Vendor section of the Home Page?
A.
Create Purchase Order
B.
Receive Bill
C.
Receive Inventory
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.
Chart of Accounts
C.
Banking
D.
Vendors and expenses
Question #4
Ways to navigate QuickBooks include:
A.
Icon Bar
B.
Home Page
C.
Menus
D.
All of the choices are correct
Question #5
Which of the following tasks can be completed in the Vendor section of the Home page?
A.
Receive Payments
B.
Receive Inventory
C.
Create Estimates
D.
Create Invoices
Question #6
The Chart of Accounts can be accessed from which section of the Home page?
A.
Vendor
B.
Banking
C.
Customer
D.
Company
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBM
B.
QBB
C.
QBW
D.
QBX
Question #8
How do you access the screen to add a user and password?
A.
Employees > Employee Center
B.
Company Menu > Company Information
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.
B.
Income Statement accounts
C.
None of the choices are correct
D.
All the choices are correct
E.
Balance Sheet accounts
Question #10
Income Statement accounts are also called:
A.
Equity accounts
B.
Temporary accounts
C.
None of the choices are correct
D.
Permanent accounts
Question #11
What does the Chart of Accounts list?
A.
All of the choices are correct
B.
Assets, liabilities and owner's equity accounts
C.
Owner's contributions
D.
Income and expense accounts
Question #12
An example of a non-posting account is ________.
A.
Inventory Account
B.
Accounts Payable Account
C.
Purchase Orders Account
D.
Employee Expense Account
Question #13
QuickBooks lists include all of the following except:
A.
Customer List
B.
Item List
C.
Owner 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.
Saved transactions
B.
Create icon
C.
Repeat 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 Company section of the Home Page > Saved Transactions
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.
Employees
B.
Banking
C.
Vendors
D.
Customers
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Enter Credit Card Charges
B.
Enter Bills
C.
Pay Bills
D.
Receive Payments
Question #18
Customer transactions include which of the following?
A.
Enter Bills
B.
Create Invoices
C.
Pay Bills
D.
Write Checks
Question #19
In QuickBooks, how do you enter transaction information?
A.
Onscreen Journal and onscreen forms
B.
Onscreen Journal and QuickBooks reports
C.
None of the choices are correct
D.
Onscreen forms and QuickBooks reports
Question #20
Which of the following transactions is considered a Customers and Sales transaction?
A.
Pay Bills
B.
Invoice
C.
Check
D.
Purchase Order
Question #21
Which of the following is a Banking transaction?
A.
Pay bills
B.
Make deposit
C.
Enter bills
D.
Pay employees
Question #22
Which of the following is a Vendor transaction?
A.
Receive payments
B.
Create estimates
C.
Receive inventory
D.
Create invoices
Question #23
Which of the following is a Customer transaction?
A.
Enter bills
B.
Receive payments
C.
Pay sales tax
D.
Receive 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 of the choices are correct
B.
All deposits listed on the bank statement are selected as cleared in the Reconcile window
C.
Interest earned is subtracted
D.
Service charges are added
Question #26
When the balance of an asset account, like Checking, increases, it means that the account has been:
A.
Reconciled
B.
None of the choices are correct
C.
Credited
D.
Debited
Question #27
When recording a bill, QuickBooks automatically:
A.
Records an expense (debit) and the obligation to pay later (credit)
B.
Reduces the liability (debit) and the checking account (credit)
C.
Records an expense (credit) and the obligation to pay later (debit)
D.
Reduces the liability (credit) and the checking account (debit)
Question #28
One of the objectives of the bank reconciliation is:
A.
Insure the debits equal credits
B.
Pay bills
C.
None of the choices are correct
D.
Detect errors
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.
None of the choices are correct
B.
Bills entered in the Enter Bills window
C.
Sales taxes
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.
All of the choices are correct
B.
QuickBooks changes the amount deducted in the check register to zero
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.
Checks that have cleared the bank
B.
Outstanding checks
C.
Deposits recorded by the bank
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.
Accounts Receivable Aging Detail
B.
All of the choices are correct
C.
Collections Reports
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.
Pay Bills
B.
Create Invoices
C.
Create Sales Receipts
D.
Receive Payments
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.
Funds received from customers but not deposited in the bank
B.
Funds the company owes vendors
C.
Only partial payments received from customers
D.
Petty Cash funds
Question #39
When recording a customer payment from a cash sale, select:
A.
Receive Payment > Customer & Job Name
B.
Make Deposit
C.
Create Sales Receipt > Record Deposits
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.
Create Sales Receipts
B.
Make Deposit
C.
Pay Bills
D.
Receive Undeposited Funds
Question #41
What QuickBooks activity comes next in this series of business activities:
A.
Make Deposit
B.
Receive Payments
C.
Enter Purchase Order
D.
Pay Bills
Question #42
Form 1099 is used to:
A.
Report the amount received from customers in compliance with IRS regulations
B.
Report the amount paid to a vendor in compliance with IRS regulations
C.
Report the amount paid to employees in compliance with IRS regulations
D.
None of the choices are correct
Question #43
Which one of the following is not a vendor transaction?
A.
Receive bills
B.
Order goods
C.
Create sales receipt
D.
Receive inventory
Question #44
Which one of the following tasks is associated with the Vendors section of the Home Page?
A.
Receive Inventory
B.
Invoices
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.
Purchases by Item Summary
B.
Accounts Receivable Aging Detail
C.
Accounts Payable Aging Summary
D.
Purchases by Vendor Summary
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