Computer Accounting with QuickBooks 2014 Donna Kay 16th Edition Test Bank

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Computer Accounting with QuickBooks 2014 Donna Kay 16th Edition Test Bank

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12
1. To create a budget:

A. From the Company Center, select Company & Financials, Budgets

B. From the Company menu, select Planning & Budgeting, Set Up Budgets

C. From the Edit menu, select Preferences, Set Up Budgets

D. From the Banking menu, select Planning & Budgets, Budgets

2. To print a budget:

A. From the Report Center, select Budgets & Forecasts

B. From the Company Center, select Company & Financials, Budgets

C. From the Report Center, select Company & Financials, Budgets

D. From the Report Center, select Accountant & Taxes, Budgets

3. When creating a budget in QuickBooks, you can:

A. Create a budget that increases each monthly amount by a specific percentage

B. Create a budget from previous years actual data

C. Create a budget from scratch

D. All of these

4. You would use which QuickBooks feature to prepare a bid for a potential customer?

A. Progress Billing

B. Estimates

C. Enter Bills

D. Invoice

5. Customer payments received on progress invoices are:

A. Recorded using the Check Register

B. Recorded using the Statement icon in the Customer section of the Home page

C. Recorded in the same manner as customer payments for standard invoices

D. Recorded using the Progress Invoices icon in the Customer section of the Home page

6. A credit card payment received against/on an open invoice would be recorded as:

A. Using the Statements icon in the Customers section of the Home page

B. Using the Receive Payments icon in the Customers section of the Home page

C. Using the Credit Card icon in the Banking section of the Home page

D. None of these

7. The audit trail lists:

A. All deleted transactions

B. All changes to transactions

C. User ID of person entering transactions

D. All of these

8. To print an audit trail report:

A. Select Report menu > Company & Financials > Audit Trail

B. Select the Audit Trail icon in the Company Center

C. Select Report Center > Accountant & Taxes > Audit Trail

D. Select the Audit Trail report from the Company section of the Home page

9. Which of the following file extensions identifies an accountants copy file?

A. .QBX

B. .QBW

C. .QBB

D. .QBM

10. When doing business in multiple currencies, QuickBooks allows you to:

A. Apply currency conversions automatically

B. Download the current currency exchange rates

C. Specify your home currency

D. All of these

11. For long-term projects that are to be billed, as each stage of the project is complete, the QuickBooks _________ feature should be used.

A. Progressive Projects

B. Long Term Projects

C. Projects Billing

D. Progress Billing

12. QuickBooks can export reports to all of the following types for files except:

A. Numbers Document

B. Excel Document

C. Comma Delimited

D. Adobe PDF

13. To write off a transaction that was charged a sales tax:

A. use a journal entry to move the customers balance (credit) to the Bad Debt Expense account (debit)

B. use a journal entry to move the customers balance (credit) to Allowance for Uncollectable Accounts (debit)

C. use the Credit Memo window

D. use the Receive Payments window (Discount Info button)

14. In QuickBooks, budget types include:

A. Profit & Loss

B. Balance Sheet

C. Both profit & loss and balance sheet

D. None of these

15. Progress Invoicing is turned on by going to Edit > Preferences > ____________.

A. Jobs and Estimates

B. Bills

C. Sales and Customers

D. Time and Expenses

16. Which of the following identifies a QuickBooks backup company file:

A. .QBB

B. .QBM

C. .QBW

D. .QBX

17. Which of the following identifies a QuickBooks portable company file:

A. .QBB

B. .QBM

C. .QBW

D. .QBX

18. If the Estimates icon does not appear on your screen in QuickBooks, select:

A. Edit menu > Preferences > Jobs and Estimates > Company Preferences

B. Customer menu > Jobs > Estimates

C. Company menu > Estimates > Preferences

D. Company menu > Preferences > Estimates

19. To enable progressive billing, select:

A. Customer menu > Jobs > Progressive Billing

B. Company menu > Preferences > Progressive Billing

C. Edit menu > Preferences > Jobs and Estimates > Company Preferences

D. Company menu > Estimates > Preferences

20. QuickBooks Go Payment:

A. Is an Intuit app that connects you to your QuickBooks software.

B. Allows you to collect customer payments on the go.

C. To use: connects a credit card reader to your mobile device.

D. All of these

21. When recording a credit card sale using QuickBooks, select:

A. Create Invoice > Customer Payment > Customer & Job Name

B. Make Deposit

C. Create Sales Receipt > Record Deposits

D. Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card information

22. The Allowance Method for bad debts:

A. Should be used if uncollectible accounts have a material effect on the companys financial statements used by investors and creditors

B. Complies with GAAP

C. Estimates bad debt expense and establishes an allowance or reserve for uncollectible

D. All of these

23. The Direct Write-off Method for bad debts:

A. Removes a customers uncollectible account receivable and records a bad debt expense and is recorded at the time a specific customers account becomes uncollectible

B. Complies with GAAP

C. Estimates bad debt expense and establishes an allowance or reserve for uncollectible

D. None of these

24. The Docs Center:

A. Helps you to organize your accounting and business documents within QuickBooks software.

B. Is accessed by clicking on the Docs icon in My Shortcuts.

C. Offers you the ability to attach an electronic version of a document to a QuickBooks transaction.

D. All of these.

25. QuickBooks Mobile App:

A. Allows you to see who owes you money, permitting you to view and add invoices.

B. Allows you to create and email sales receipts to customers.

C. Allows you to add new customer information on the go and then synced to your QuickBooks software.

D. All of these

26. Briefly explain the direct write off method for accounting for bad debts.

27. Briefly explain the allowance method for accounting for bad debts.

12 Key

1. To create a budget:

A. From the Company Center, select Company & Financials, Budgets

B. From the Company menu, select Planning & Budgeting, Set Up Budgets

C. From the Edit menu, select Preferences, Set Up Budgets

D. From the Banking menu, select Planning & Budgets, Budgets

Accessibility: Keyboard Navigation
Kay Chapter 12 #1

2. To print a budget:

A. From the Report Center, select Budgets & Forecasts

B. From the Company Center, select Company & Financials, Budgets

C. From the Report Center, select Company & Financials, Budgets

D. From the Report Center, select Accountant & Taxes, Budgets

Accessibility: Keyboard Navigation
Kay Chapter 12 #2

3. When creating a budget in QuickBooks, you can:

A. Create a budget that increases each monthly amount by a specific percentage

B. Create a budget from previous years actual data

C. Create a budget from scratch

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #3

4. You would use which QuickBooks feature to prepare a bid for a potential customer?

A. Progress Billing

B. Estimates

C. Enter Bills

D. Invoice

Accessibility: Keyboard Navigation
Kay Chapter 12 #4

5. Customer payments received on progress invoices are:

A. Recorded using the Check Register

B. Recorded using the Statement icon in the Customer section of the Home page

C. Recorded in the same manner as customer payments for standard invoices

D. Recorded using the Progress Invoices icon in the Customer section of the Home page

Accessibility: Keyboard Navigation
Kay Chapter 12 #5

6. A credit card payment received against/on an open invoice would be recorded as:

A. Using the Statements icon in the Customers section of the Home page

B. Using the Receive Payments icon in the Customers section of the Home page

C. Using the Credit Card icon in the Banking section of the Home page

D. None of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #6

7. The audit trail lists:

A. All deleted transactions

B. All changes to transactions

C. User ID of person entering transactions

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #7

8. To print an audit trail report:

A. Select Report menu > Company & Financials > Audit Trail

B. Select the Audit Trail icon in the Company Center

C. Select Report Center > Accountant & Taxes > Audit Trail

D. Select the Audit Trail report from the Company section of the Home page

Accessibility: Keyboard Navigation
Kay Chapter 12 #8

9. Which of the following file extensions identifies an accountants copy file?

A. .QBX

B. .QBW

C. .QBB

D. .QBM

Accessibility: Keyboard Navigation
Kay Chapter 12 #9

10. When doing business in multiple currencies, QuickBooks allows you to:

A. Apply currency conversions automatically

B. Download the current currency exchange rates

C. Specify your home currency

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #10

11. For long-term projects that are to be billed, as each stage of the project is complete, the QuickBooks _________ feature should be used.

A. Progressive Projects

B. Long Term Projects

C. Projects Billing

D. Progress Billing

Accessibility: Keyboard Navigation
Kay Chapter 12 #11

12. QuickBooks can export reports to all of the following types for files except:

A. Numbers Document

B. Excel Document

C. Comma Delimited

D. Adobe PDF

Accessibility: Keyboard Navigation
Kay Chapter 12 #12

13. To write off a transaction that was charged a sales tax:

A. use a journal entry to move the customers balance (credit) to the Bad Debt Expense account (debit)

B. use a journal entry to move the customers balance (credit) to Allowance for Uncollectable Accounts (debit)

C. use the Credit Memo window

D. use the Receive Payments window (Discount Info button)

Accessibility: Keyboard Navigation
Kay Chapter 12 #13

14. In QuickBooks, budget types include:

A. Profit & Loss

B. Balance Sheet

C. Both profit & loss and balance sheet

D. None of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #14

15. Progress Invoicing is turned on by going to Edit > Preferences > ____________.

A. Jobs and Estimates

B. Bills

C. Sales and Customers

D. Time and Expenses

Accessibility: Keyboard Navigation
Kay Chapter 12 #15

16. Which of the following identifies a QuickBooks backup company file:

A. .QBB

B. .QBM

C. .QBW

D. .QBX

Accessibility: Keyboard Navigation
Kay Chapter 12 #16

17. Which of the following identifies a QuickBooks portable company file:

A. .QBB

B. .QBM

C. .QBW

D. .QBX

Accessibility: Keyboard Navigation
Kay Chapter 12 #17

18. If the Estimates icon does not appear on your screen in QuickBooks, select:

A. Edit menu > Preferences > Jobs and Estimates > Company Preferences

B. Customer menu > Jobs > Estimates

C. Company menu > Estimates > Preferences

D. Company menu > Preferences > Estimates

Accessibility: Keyboard Navigation
Kay Chapter 12 #18

19. To enable progressive billing, select:

A. Customer menu > Jobs > Progressive Billing

B. Company menu > Preferences > Progressive Billing

C. Edit menu > Preferences > Jobs and Estimates > Company Preferences

D. Company menu > Estimates > Preferences

Accessibility: Keyboard Navigation
Kay Chapter 12 #19

20. QuickBooks Go Payment:

A. Is an Intuit app that connects you to your QuickBooks software.

B. Allows you to collect customer payments on the go.

C. To use: connects a credit card reader to your mobile device.

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #20

21. When recording a credit card sale using QuickBooks, select:

A. Create Invoice > Customer Payment > Customer & Job Name

B. Make Deposit

C. Create Sales Receipt > Record Deposits

D. Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card information

Accessibility: Keyboard Navigation
Kay Chapter 12 #21

22. The Allowance Method for bad debts:

A. Should be used if uncollectible accounts have a material effect on the companys financial statements used by investors and creditors

B. Complies with GAAP

C. Estimates bad debt expense and establishes an allowance or reserve for uncollectible

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #22

23. The Direct Write-off Method for bad debts:

A. Removes a customers uncollectible account receivable and records a bad debt expense and is recorded at the time a specific customers account becomes uncollectible

B. Complies with GAAP

C. Estimates bad debt expense and establishes an allowance or reserve for uncollectible

D. None of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #23

24. The Docs Center:

A. Helps you to organize your accounting and business documents within QuickBooks software.

B. Is accessed by clicking on the Docs icon in My Shortcuts.

C. Offers you the ability to attach an electronic version of a document to a QuickBooks transaction.

D. All of these.

Accessibility: Keyboard Navigation
Kay Chapter 12 #24

25. QuickBooks Mobile App:

A. Allows you to see who owes you money, permitting you to view and add invoices.

B. Allows you to create and email sales receipts to customers.

C. Allows you to add new customer information on the go and then synced to your QuickBooks software.

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 12 #25

26. Briefly explain the direct write off method for accounting for bad debts.

The direct write of method of accounting for bad debts writes off bad debt once it is apparent the customer is not going to pay. The amount due is taken off the accounts receivable and expensed.

Kay Chapter 12 #26

27. Briefly explain the allowance method for accounting for bad debts.

The allowance method of account for bad debts estimates bad debt and establishes a reserve for possibly uncollectable accounts. Often, a percentage of sales is used.

Kay Chapter 12 #27

12 Summary

Category # of Questions
Accessibility: Keyboard Navigation 25
Kay Chapter 12 27

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