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.
Receive Bill
B.
Create Purchase Order
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.
Vendors and expenses
B.
Banking
C.
Customers and sales
D.
Chart of Accounts
Question #4
Ways to navigate QuickBooks include:
A.
Menus
B.
Home Page
C.
Icon Bar
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.
Create Invoices
B.
Receive Inventory
C.
Receive Payments
D.
Create Estimates
Question #6
The Chart of Accounts can be accessed from which section of the Home page?
A.
Company
B.
Banking
C.
Vendor
D.
Customer
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBB
B.
QBW
C.
QBX
D.
QBM
Question #8
How do you access the screen to add a user and password?
A.
Edit Menu > Preferences > Employees
B.
Company Menu > Company Information
C.
Employees > Employee Center
D.
Company Menu > Set Up Users and Passwords > Set Up Users
Question #9
Which of the following is considered a permanent account?
A.
Income Statement accounts
B.
Balance Sheet accounts
C.
None of the choices are correct
D.
All the choices are correct
E.
Question #10
Income Statement accounts are also called:
A.
Temporary accounts
B.
Permanent accounts
C.
None of the choices are correct
D.
Equity accounts
Question #11
What does the Chart of Accounts list?
A.
Assets, liabilities and owner's equity accounts
B.
Income and expense accounts
C.
All of the choices are correct
D.
Owner's contributions
Question #12
An example of a non-posting account is ________.
A.
Purchase Orders Account
B.
Inventory Account
C.
Employee Expense Account
D.
Accounts Payable Account
Question #13
QuickBooks lists include all of the following except:
A.
Owner List
B.
Vendor List
C.
Customer 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.
Saved transactions
B.
Repeat transactions
C.
Memorized transactions
D.
Create icon
Question #15
To use a memorized transaction, select:
A.
Select Company section of the Home Page > Saved Transactions
B.
None of the choices are correct
C.
Select Navigation Bar > Recurring Transaction List
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.
Customers
B.
Banking
C.
Vendors
D.
Employees
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Pay Bills
B.
Enter Credit Card Charges
C.
Receive Payments
D.
Enter Bills
Question #18
Customer transactions include which of the following?
A.
Create Invoices
B.
Pay Bills
C.
Write Checks
D.
Enter Bills
Question #19
In QuickBooks, how do you enter transaction information?
A.
Onscreen Journal and onscreen forms
B.
None of the choices are correct
C.
Onscreen forms and QuickBooks reports
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.
Purchase Order
D.
Check
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 inventory
B.
Receive payments
C.
Create invoices
D.
Create estimates
Question #23
Which of the following is a Customer transaction?
A.
Receive payments
B.
Enter bills
C.
Receive bills
D.
Pay sales tax
Question #24
The Check Register:
A.
Keeps track of company deposits only
B.
Is located directly on the Company section of the Home Page
C.
Lists all accounts and their account numbers
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.
All of the choices are correct
D.
Interest earned is subtracted
Question #26
When the balance of an asset account, like Checking, increases, it means that the account has been:
A.
Reconciled
B.
Credited
C.
None of the choices are correct
D.
Debited
Question #27
When recording a bill, QuickBooks automatically:
A.
Reduces the liability (debit) and the checking account (credit)
B.
Records an expense (credit) and the obligation to pay later (debit)
C.
Records an expense (debit) and the obligation to pay later (credit)
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.
Detect errors
D.
None of the choices are correct
Question #29
All of the following tasks can be completed in the Banking section of the Home Page except:
A.
Record deposits
B.
Reconcile Checking accounts
C.
Pay Employees
D.
Write Checks
Question #30
The Write Checks window can be used to pay which of the following:
A.
Payroll checks
B.
None of the choices are correct
C.
Bills entered in the Enter Bills window
D.
Sales taxes
Question #31
In the Check Register, the term "split" indicates the payment is split between two or more:
A.
Invoices
B.
Accounts
C.
Purchase orders
D.
Checks
Question #32
When deleting a check all of the following is true except:
A.
The deleted check no longer appears in the check register
B.
It is better to delete the check than void the check in order to erase all records of the transaction
C.
QuickBooks changes the amount deducted in the check register to zero
D.
All of the choices are correct
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.
Outstanding checks
B.
Deposits recorded by the bank
C.
Checks that have cleared the bank
D.
Errors
Question #34
To record a customer sale on account, select:
A.
Create Estimates
B.
Create Purchase Order
C.
Create Invoices
D.
Sales Receipts
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.
Create Sales Receipts
B.
Pay Bills
C.
Receive Payments
D.
Create Invoices
Question #37
A.
Select Customers Center > Customers & Receivables
B.
Select Reports Center > Company & Financials
C.
Select Reports Center > Customers & Receivables
D.
Select Company Center > Customers & Receivables
Question #38
The Undeposited Funds account contains:
A.
Only partial payments received from customers
B.
Petty Cash funds
C.
Funds received from customers but not deposited in the bank
D.
Funds the company owes vendors
Question #39
When recording a customer payment from a cash sale, select:
A.
Create Sales Receipt > Record Deposits
B.
Create Invoice > Customer Payment > Customer Name Only
C.
Make Deposit
D.
Receive Payment > Customer & Job Name
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.
Enter Purchase Order
B.
Receive Payments
C.
Make Deposit
D.
Pay Bills
Question #42
Form 1099 is used to:
A.
Report the amount paid to a vendor in compliance with IRS regulations
B.
Report the amount received from customers 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.
Order goods
B.
Receive bills
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.
None of the choices are correct
B.
Invoices
C.
Items & Services
D.
Receive Inventory
Question #45
Which report summarizes accounts payable balances by the age of the account?
A.
Purchases by Item Summary
B.
Purchases by Vendor Summary
C.
Accounts Payable Aging Summary
D.
Accounts Receivable Aging Detail
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