Accounting 120 - Computerized Accounting Systems » Fall 2022 » Midterm
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Accounting 120 - Computerized Accounting Systems ] course for $25 USD.
Existing Quiz Clients Login here
Question #1
In the Company section of the Home Page, you can:
A.
View the Chart of Accounts
B.
Record credit card receipts
C.
Pay bills
D.
Enter invoices
Question #2
Which of the following tasks cannot be completed in the Vendor section of the Home Page?
A.
Create Purchase Order
B.
Create Invoice
C.
Receive Bill
D.
Receive Inventory
Question #3
All of the following are one of the four main categories of transactions in QuickBooks except?
A.
Chart of Accounts
B.
Customers and sales
C.
Vendors and expenses
D.
Banking
Question #4
Ways to navigate QuickBooks include:
A.
Menus
B.
All of the choices are correct
C.
Home Page
D.
Icon Bar
Question #5
Which of the following tasks can be completed in the Vendor section of the Home page?
A.
Receive Payments
B.
Create Invoices
C.
Receive Inventory
D.
Create Estimates
Question #6
The Chart of Accounts can be accessed from which section of the Home page?
A.
Vendor
B.
Customer
C.
Company
D.
Banking
Question #7
Which of the following file types identifies a QuickBooks Backup file?
A.
QBB
B.
QBM
C.
QBX
D.
QBW
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.
Employees > Employee Center
C.
Edit Menu > Preferences > Employees
D.
Company Menu > Company Information
Question #9
Which of the following is considered a permanent account?
A.
Income Statement accounts
B.
None of the choices are correct
C.
D.
Balance Sheet accounts
E.
All the choices are correct
Question #10
Income Statement accounts are also called:
A.
Temporary accounts
B.
Permanent accounts
C.
Equity accounts
D.
None of the choices are correct
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.
Inventory Account
B.
Purchase Orders Account
C.
Employee Expense Account
D.
Accounts Payable Account
Question #13
QuickBooks lists include all of the following except:
A.
Customer List
B.
Owner List
C.
Item 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.
Create icon
B.
Repeat transactions
C.
Memorized transactions
D.
Saved transactions
Question #15
To use a memorized transaction, select:
A.
None of the choices are correct
B.
Select Company section of the Home Page > Saved Transactions
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.
Vendors
C.
Employees
D.
Banking
Question #17
The Banking section of the Home Page includes which of the following banking transactions?
A.
Enter Credit Card Charges
B.
Receive Payments
C.
Pay Bills
D.
Enter Bills
Question #18
Customer transactions include which of the following?
A.
Create Invoices
B.
Enter Bills
C.
Write Checks
D.
Pay 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.
Check
C.
Purchase Order
D.
Pay Bills
Question #21
Which of the following is a Banking transaction?
A.
Enter bills
B.
Pay employees
C.
Make deposit
D.
Pay bills
Question #22
Which of the following is a Vendor transaction?
A.
Create invoices
B.
Receive inventory
C.
Create estimates
D.
Receive payments
Question #23
Which of the following is a Customer transaction?
A.
Pay sales tax
B.
Enter bills
C.
Receive payments
D.
Receive bills
Question #24
The Check Register:
A.
Keeps track of company deposits only
B.
Lists all accounts and their account numbers
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.
Interest earned is subtracted
B.
All deposits listed on the bank statement are selected as cleared in the Reconcile window
C.
Service charges are added
D.
All of the choices are correct
Question #26
When the balance of an asset account, like Checking, increases, it means that the account has been:
A.
Debited
B.
None of the choices are correct
C.
Credited
D.
Reconciled
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.
Reduces the liability (credit) and the checking account (debit)
D.
Records an expense (credit) and the obligation to pay later (debit)
Question #28
One of the objectives of the bank reconciliation is:
A.
None of the choices are correct
B.
Insure the debits equal credits
C.
Pay bills
D.
Detect errors
Question #29
All of the following tasks can be completed in the Banking section of the Home Page except:
A.
Record deposits
B.
Write Checks
C.
Reconcile Checking accounts
D.
Pay Employees
Question #30
The Write Checks window can be used to pay which of the following:
A.
Sales taxes
B.
Payroll checks
C.
None of the choices are correct
D.
Bills entered in the Enter Bills window
Question #31
In the Check Register, the term "split" indicates the payment is split between two or more:
A.
Purchase orders
B.
Accounts
C.
Checks
D.
Invoices
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.
QuickBooks changes the amount deducted in the check register to zero
C.
The deleted check no longer appears in the check register
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.
Checks that have cleared the bank
B.
Errors
C.
Deposits recorded by the bank
D.
Outstanding checks
Question #34
To record a customer sale on account, select:
A.
Create Purchase Order
B.
Sales Receipts
C.
Create Invoices
D.
Create Estimates
Question #35
Which report provides information to help in tracking accounts receivable?
A.
Collections Reports
B.
All of the choices are correct
C.
Customers with Open Invoices
D.
Accounts Receivable Aging Detail
Question #36
Which one of the following activities is not shown in the Customers section of the Home Page?
A.
Create Invoices
B.
Receive Payments
C.
Pay Bills
D.
Create Sales Receipts
Question #37
To create the Aging of Accounts Receivable report:
A.
Select Company Center > Customers & Receivables
B.
Select Reports Center > Company & Financials
C.
Select Customers Center > Customers & Receivables
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.
Petty Cash funds
C.
Only partial payments received from customers
D.
Funds the company owes vendors
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.
Receive Undeposited Funds
C.
Pay Bills
D.
Make Deposit
Question #41
What QuickBooks activity comes next in this series of business activities:
A.
Enter Purchase Order
B.
Make Deposit
C.
Pay Bills
D.
Receive Payments
Question #42
Form 1099 is used to:
A.
None of the choices are correct
B.
Report the amount paid to employees in compliance with IRS regulations
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.
Receive inventory
B.
Order goods
C.
Receive bills
D.
Create sales receipt
Question #44
Which one of the following tasks is associated with the Vendors section of the Home Page?
A.
Invoices
B.
Receive Inventory
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 Payable Aging Summary
C.
Purchases by Vendor Summary
D.
Accounts Receivable Aging Detail
Need help with your exam preparation?
Get Answers to this exam for $6 USD.
Get Answers to all exams in [ Accounting 120 - Computerized Accounting Systems ] course for $25 USD.
Existing Quiz Clients Login here