Computer Accounting with QuickBooks 2015 17th Edition Donna Kay Test bank

Computer Accounting with QuickBooks  2015  17th Edition Donna Kay  Test bank
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5
1. How does QuickBooks categorize items?

A. Non-inventory items

B. Inventory items

C. Service items

D. All of these

2. QuickBooks considers all of the following to be vendors except:

A. Financial institutions such as banks

B. Tax agencies such as the IRS

C. Utility companies

D. All of these

3. Which one of the following is a vendor transaction?

A. Make Deposits

B. Receive Customer Payments

C. Enter Bills

D. Sell Goods to Customers

4. Which of the following activities and QuickBooks window used to record it is incorrect?

A. Sell goods and bill customers; Invoice

B. Record inventory information; Inventory List

C. Record vendor information; Vendor List

D. Order goods; Purchase Order

5. Which one of the following activities is not shown in the Vendor section of the Home page?

A. Write Checks

B. Pay Sales Taxes

C. Pay Bills

D. Purchase Orders

6. Which one of the following is usually classified as an inventory item?

A. Goods purchased for resale to customers

B. Items purchased and the quantity on hand does not need to be tracked

C. Items purchased and used by the company such as office supplies

D. Items purchased for a specific customer job

7. Which of the following reports is typically used when counting inventory on hand?

A. Inventory Valuation Summary

B. Inventory Valuation Detail

C. Inventory Stock Status by Item

D. Physical Inventory Worksheet

8. Which QuickBooks window is used to record services received?

A. Create Invoice

B. Purchase Order

C. Enter Bills

D. Estimates

9. The Inventory Stock Status by Item report is used when:

A. Vendors offer a purchase discount on inventory items

B. A list is needed of the quantity of inventory on hand and on order

C. The computers go down

D. Inventory items are physically placed in the warehouse

10. Vendor reports can be accessed in QuickBooks in all of the following ways except:

A. Report Center

B. Vendor Center

C. Report Menu

D. All of these

11. What QuickBooks activity comes next in this string of business activities? Purchase Order > Receive Items > Enter Bills > ______

A. Receive Payments

B. Pay Bills

C. Deposit

D. Vendor List

12. What QuickBooks activity comes next in this string of business activities? Invoice > Receive Payments > ______

A. Deposit

B. Receive Payments

C. Pay Bills

D. Vendor List

13. If you received inventory without a bill, once the bill has arrived you could do all of the following, except:

A. Enter the bill against the inventory already recorded

B. Enter the inventory and then enter the bill separately

C. Enter the bill and wait for the inventory to arrive

D. Enter the inventory and bill at the same time

14. The Purchase Orders window is used to record which one of the following transactions?

A. A customer order to purchase goods

B. An order to purchase goods from a vendor

C. Services received but not yet paid

D. Cash purchases of supplies

15. Which order of tasks is used when purchasing inventory?

A. Enter Bills; Pay Bills

B. Enter Invoice; Write Check

C. Purchase Order; Receive Bill; Pay Bills

D. Purchase Requisition; Receive Inventory; Pay Bills

16. Which one of the following is a customer transaction?

A. Record Customer Information

B. Receive Customer Payments

C. Sell Goods to Customers

D. All of these

17. Sales taxes are:

A. Charged on sales to other retailers

B. Charged on retail sales to customers

C. Paid by the retailer on sales to customers

D. Paid by the vendor

18. The Open Purchase Orders Report gives information about:

A. Purchase Orders for items ordered but not yet received.

B. All Purchase Orders.

C. Purchase Orders from domestic companies only.

D. Purchase Orders from foreign companies only.

19. Which inventory costing method(s) does QuickBooks use to track inventory?

A. First-in First-out

B. First-in Last-out

C. Weighted Average

D. All of these

20. A non-inventory item is:

A. Goods purchased for resale to customers

B. An item purchased for a specific customer job

C. A service purchased from a vendor

D. A service sold to a vendor

21. All the times below are when you can receive a bill except:

A. When receiving a service

B. When submitting a purchase order

C. When receiving inventory

D. After receiving inventory

22. Which window is used to pay sales taxes?

A. Create Invoice

B. Write Checks

C. Manage Sales Tax

D. Enter Bills

23. Which report summarizes accounts payable balances by the age of the account?

A. Accounts Payable Aging Detail

B. Accounts Payable Aging Summary

C. Purchases by Vendor Summary

D. Purchases by Item Summary

24. Which report provides information on items ordered but not received?

A. Accounts Payable Aging Detail

B. Accounts Payable Aging Summary

C. Open Purchase Orders Report

D. Physical Inventory Worksheet

25. The Purchase Orders window is used to record which one of the following transactions?

A. Cash purchases of supplies

B. Services received but not yet paid

C. An order to purchase goods from a vendor

D. A customer order to purchase goods

26. Briefly describe how sales tax payments flow from customers to government entities.

27. What are Inventory items, Non-inventory items, and Services? Provide examples.

5 Key

1. How does QuickBooks categorize items?

A. Non-inventory items

B. Inventory items

C. Service items

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 05 #1

2. QuickBooks considers all of the following to be vendors except:

A. Financial institutions such as banks

B. Tax agencies such as the IRS

C. Utility companies

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 05 #2

3. Which one of the following is a vendor transaction?

A. Make Deposits

B. Receive Customer Payments

C. Enter Bills

D. Sell Goods to Customers

Accessibility: Keyboard Navigation
Kay Chapter 05 #3

4. Which of the following activities and QuickBooks window used to record it is incorrect?

A. Sell goods and bill customers; Invoice

B. Record inventory information; Inventory List

C. Record vendor information; Vendor List

D. Order goods; Purchase Order

Accessibility: Keyboard Navigation
Kay Chapter 05 #4

5. Which one of the following activities is not shown in the Vendor section of the Home page?

A. Write Checks

B. Pay Sales Taxes

C. Pay Bills

D. Purchase Orders

Accessibility: Keyboard Navigation
Kay Chapter 05 #5

6. Which one of the following is usually classified as an inventory item?

A. Goods purchased for resale to customers

B. Items purchased and the quantity on hand does not need to be tracked

C. Items purchased and used by the company such as office supplies

D. Items purchased for a specific customer job

Accessibility: Keyboard Navigation
Kay Chapter 05 #6

7. Which of the following reports is typically used when counting inventory on hand?

A. Inventory Valuation Summary

B. Inventory Valuation Detail

C. Inventory Stock Status by Item

D. Physical Inventory Worksheet

Accessibility: Keyboard Navigation
Kay Chapter 05 #7

8. Which QuickBooks window is used to record services received?

A. Create Invoice

B. Purchase Order

C. Enter Bills

D. Estimates

Accessibility: Keyboard Navigation
Kay Chapter 05 #8

9. The Inventory Stock Status by Item report is used when:

A. Vendors offer a purchase discount on inventory items

B. A list is needed of the quantity of inventory on hand and on order

C. The computers go down

D. Inventory items are physically placed in the warehouse

Accessibility: Keyboard Navigation
Kay Chapter 05 #9

10. Vendor reports can be accessed in QuickBooks in all of the following ways except:

A. Report Center

B. Vendor Center

C. Report Menu

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 05 #10

11. What QuickBooks activity comes next in this string of business activities? Purchase Order > Receive Items > Enter Bills > ______

A. Receive Payments

B. Pay Bills

C. Deposit

D. Vendor List

Accessibility: Keyboard Navigation
Kay Chapter 05 #11

12. What QuickBooks activity comes next in this string of business activities? Invoice > Receive Payments > ______

A. Deposit

B. Receive Payments

C. Pay Bills

D. Vendor List

Accessibility: Keyboard Navigation
Kay Chapter 05 #12

13. If you received inventory without a bill, once the bill has arrived you could do all of the following, except:

A. Enter the bill against the inventory already recorded

B. Enter the inventory and then enter the bill separately

C. Enter the bill and wait for the inventory to arrive

D. Enter the inventory and bill at the same time

Accessibility: Keyboard Navigation
Kay Chapter 05 #13

14. The Purchase Orders window is used to record which one of the following transactions?

A. A customer order to purchase goods

B. An order to purchase goods from a vendor

C. Services received but not yet paid

D. Cash purchases of supplies

Accessibility: Keyboard Navigation
Kay Chapter 05 #14

15. Which order of tasks is used when purchasing inventory?

A. Enter Bills; Pay Bills

B. Enter Invoice; Write Check

C. Purchase Order; Receive Bill; Pay Bills

D. Purchase Requisition; Receive Inventory; Pay Bills

Accessibility: Keyboard Navigation
Kay Chapter 05 #15

16. Which one of the following is a customer transaction?

A. Record Customer Information

B. Receive Customer Payments

C. Sell Goods to Customers

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 05 #16

17. Sales taxes are:

A. Charged on sales to other retailers

B. Charged on retail sales to customers

C. Paid by the retailer on sales to customers

D. Paid by the vendor

Accessibility: Keyboard Navigation
Kay Chapter 05 #17

18. The Open Purchase Orders Report gives information about:

A. Purchase Orders for items ordered but not yet received.

B. All Purchase Orders.

C. Purchase Orders from domestic companies only.

D. Purchase Orders from foreign companies only.

Accessibility: Keyboard Navigation
Kay Chapter 05 #18

19. Which inventory costing method(s) does QuickBooks use to track inventory?

A. First-in First-out

B. First-in Last-out

C. Weighted Average

D. All of these

Accessibility: Keyboard Navigation
Kay Chapter 05 #19

20. A non-inventory item is:

A. Goods purchased for resale to customers

B. An item purchased for a specific customer job

C. A service purchased from a vendor

D. A service sold to a vendor

Accessibility: Keyboard Navigation
Kay Chapter 05 #20

21. All the times below are when you can receive a bill except:

A. When receiving a service

B. When submitting a purchase order

C. When receiving inventory

D. After receiving inventory

Accessibility: Keyboard Navigation
Kay Chapter 05 #21

22. Which window is used to pay sales taxes?

A. Create Invoice

B. Write Checks

C. Manage Sales Tax

D. Enter Bills

Accessibility: Keyboard Navigation
Kay Chapter 05 #22

23. Which report summarizes accounts payable balances by the age of the account?

A. Accounts Payable Aging Detail

B. Accounts Payable Aging Summary

C. Purchases by Vendor Summary

D. Purchases by Item Summary

Accessibility: Keyboard Navigation
Kay Chapter 05 #23

24. Which report provides information on items ordered but not received?

A. Accounts Payable Aging Detail

B. Accounts Payable Aging Summary

C. Open Purchase Orders Report

D. Physical Inventory Worksheet

Accessibility: Keyboard Navigation
Kay Chapter 05 #24

25. The Purchase Orders window is used to record which one of the following transactions?

A. Cash purchases of supplies

B. Services received but not yet paid

C. An order to purchase goods from a vendor

D. A customer order to purchase goods

Accessibility: Keyboard Navigation
Kay Chapter 05 #25

26. Briefly describe how sales tax payments flow from customers to government entities.

Customers pay sales tax to companies based on the amount and type of items sold. The amounts are tracked by companies and then paid to governmental entities.

Kay Chapter 05 #26

27. What are Inventory items, Non-inventory items, and Services? Provide examples.

Inventory items are goods that a business purchases, holds as inventory, and then resells to customers. For example, Rock Castle would hold these types of items in its inventory: doors, door knobs, plywood, etc.
Non-inventory items are purchases for a specific job, for example a custom countertop; items purchases and used by the company instead of resold to customers, for example, copy paper, pens, and coffee; and items purchased and resold to customer but the quantity does not need to be tracked, for example, Rock Castle might include roofing nails in this category.
Service items can be services that are purchased or sold. For example, service items include: services you buy from vendors, such as cleaning services and services you sell to customers, such as installation labor.

Kay Chapter 05 #27

5 Summary

Category # of Questions
Accessibility: Keyboard Navigation 25
Kay Chapter 05 27

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