Test Bank For Computer Accounting With QuickBooks 2015 Donna Kay 17th Edition-Test-bank

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Test Bank For Computer Accounting With QuickBooks 2015 Donna Kay 17th Edition-Test-bank

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

 

2

1. 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

 

2. What does the Chart of Accounts list?

A. Assets, liabilities and owners equity accounts

 

B. Income and expense accounts

 

C. Owners contributions

 

D. All of these

 

3. Which account below is not an Expense account?

A. Utilities

 

B. Rent

 

C. Accounts Payable

 

D. Advertising

 

4. What are assets?

A. Resources that a company owns with future benefit

 

B. Net worth of a company

 

C. Amounts paid to owners

 

D. Amounts owed to others and are future obligations

 

5. The Income Statement:

A. lists the accounts and account numbers

 

B. lists a companys assets

 

C. summarizes what a company owns and what it owes

 

D. reports the results of a companys operations, listing income and expenses for a period of time

 

6. Which of the following is a temporary account?

A. Sales

 

B. Inventory

 

C. Accounts Payable

 

D. Accounts Receivable

 

7. An example of a non-posting account is ________.

A. Employee Expense

 

B. Inventory

 

C. Purchase Orders Account

 

D. Accounts Payable

 

8. To add a new account to the Chart of Accounts:

A. Display the Chart of Accounts, select Account, New

 

B. From the Company menu, select New Account

 

C. From the Home page, select New Account

 

D. From the Lists menu, select New Account

 

9. What is the purpose of a non-posting account?

A. To calculate income.

 

B. To track information necessary to the accounting information system.

 

C. To calculate expenses.

 

D. To identify owners equity.

 

10. Which of the following is considered a permanent account?

A. Income Statement accounts

 

B. Balance Sheet accounts

 

C. All of these

 

D. None of these

 

11. How may you customize QuickBooks to fit your specific needs?

A. Make changes to the Chart of Accounts.

 

B. Purchase one of the various QuickBooks editions.

 

C. Enable security access to QuickBooks files.

 

D. All of these

 

12. Which of the following is not an income account?

A. Revenue

 

B. Interest Revenue

 

C. Rent Expense

 

D. Gain on sale

 

13. To Re-sort the Chart of Accounts, first display the Chart of Accounts window, then:

A. Click on the Company heading bar

 

B. Click Account > Re-sort List

 

C. Click File > Sort

 

D. Right click Sort by Name

 

14. Which QuickBooks version is designed for small businesses without industry specific needs?

A. QuickBooks Pro

 

B. QuickBooks Premier

 

C. QuickBooks Accountant

 

D. QuickBooks Enterprise Solutions

 

15. Which QuickBooks version is designed for small businesses that have industry specific needs?

A. QuickBooks Pro

 

B. QuickBooks Premier

 

C. QuickBooks Accountant

 

D. QuickBooks Enterprise Solutions

 

16. Which QuickBooks version is designed for mid-sized businesses?

A. QuickBooks Pro

 

B. QuickBooks Premier

 

C. QuickBooks Accountant

 

D. QuickBooks Enterprise Solutions

 

17. Balance Sheet accounts are also called:

A. permanent accounts

 

B. temporary accounts

 

C. equity accounts

 

D. None of these

 

18. Income Statement accounts are also called:

A. equity accounts

 

B. temporary accounts

 

C. permanent accounts

 

D. None of these

 

19. Non-posting accounts:

A. Track information required for the accounting system

 

B. Do not appear on the Balance Sheet

 

C. Do not appear on the Income Statement

 

D. All of these

 

20. A Mortgage Payable account:

A. Has real estate as collateral

 

B. Is identical to a Loan Payable account

 

C. Is a type of Owners Equity account

 

D. None of these

 

21. How do you access the Statement of Cash Flows report?

A. Report Center icon > Banking

 

B. Report Center icon > Company & Financial

 

C. Report Center icon > Accountant & Taxes

 

D. Company menu > Company Information

 

22. What is an asset?

A. Mortgage payable

 

B. Notes Receivable

 

C. An amount a company owes

 

D. None of these

 

23. What is a liability?

A. Inventory

 

B. An amount a company owes

 

C. A resource a company owns

 

D. None of these

 

24. Which of the following increases owners equity?

A. Dividends

 

B. Business losses

 

C. Business expenses

 

D. Business profits

 

25. The different types of business ownership are:

A. Sole proprietorship

 

B. Partnership

 

C. Corporation

 

D. All of these

 

26. The Favorites menu allows you to:

A. Add websites that are useful to your business

 

B. Customize up to 30 of your favorite QuickBooks menu items

 

C. Add one favorite QuickBooks menu item

 

D. None of these

 

27. What feature helps you track tasks and due dates?

A. Control

 

B. Charting

 

C. Calendar

 

D. All of these

 

28. What does the QuickBooks Company Snapshot provide?

 

 

 

 

29. Briefly explain the purpose and benefits of using a password for QuickBooks access.

 

4

1. To record a credit sale, select:

A. Create Purchase Order

 

B. Sales Receipts

 

C. Create Estimates

 

D. None of these

 

2. When recording a customer payment from a credit sale, select:

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

 

B. Make Deposit

 

C. Create Sales Receipt > Record Deposits

 

D. Receive Payment > Customer & Job Name

 

3. When recording a customer payment from a cash sale, select:

A. Create Invoice > Customer Payment > Customer Name Only

 

B. Make Deposit

 

C. Create Sales Receipt > Record Deposits

 

D. Receive Payment > Customer & Job Name

 

4. The Customer List in QuickBooks can be accessed from all of the following except:

A. Banking section of the Home page

 

B. Customer section of the Home page

 

C. Customer Menu

 

D. Customer Center

 

5. A Reminder Statement provides the following information, except:

A. Purchase Order details

 

B. Customers previous account balance

 

C. Payments received from the customer

 

D. Customers ending balance

 

6. Credit sales are:

A. Recorded using a Create Invoices window

 

B. Recorded in a Credit Card Sales window

 

C. Recorded using the Create Sales Receipts window

 

D. None of these

 

7. Online billing allows you to:

A. Sell goods over the internet

 

B. Email invoices to customers

 

C. Receive online payments from customers

 

D. QuickBooks does not support online billing

 

8. When a credit sale is recorded on an invoice, QuickBooks records:

A. An increase to Sales and a decrease to Accounts Receivable

 

B. An increase to Sales and an increase to Accounts Payable

 

C. An increase to Sales and an increase to Accounts Receivable

 

D. A decrease to Sales and a decrease to Accounts Payable

 

9. All the reports below provide information about customer and job profitability, except:

A. Customer Detail List

 

B. Income by Customer Summary

 

C. Income by Customer Detail

 

D. Job Profitability Detail

 

10. Which report provides information to help in tracking accounts receivable?

A. Customers with Open Invoices

 

B. Accounts Receivable Aging Summary

 

C. Collections Reports

 

D. All of these

 

11. Sales in QuickBooks can be recorded with all the following means of payment, except:

A. Cash

 

B. Check

 

C. Credit Card

 

D. Purchase Order

 

12. To increase collections of payments, you can use all the following QuickBooks features, except:

A. E-mail Invoices

 

B. Customers with New Invoices Report

 

C. Customers with Overdue Balances Report

 

D. Reminder Statements

 

13. To print the Income by Customer Summary report:

A. Select Report Center, Customer & Sales

 

B. Select Customer Center, Income by Customer

 

C. Select Report Center, Company & Financials

 

D. Select Company Center, Customer & Sales

 

14. Which one of the following activities is not shown in the Customer section of the Home page?

A. Make Deposit

 

B. Receive Payments

 

C. Create Estimates

 

D. All of these

 

15. To add a new job to the Customer List:

A. Select Customer menu, Click Add Job

 

B. Select Customer Center Window, Click New Customer & Job

 

C. Select the Customer List icon from the Customer section of the Home page

 

D. Select Report Center, add Customer

 

16. The Job Profitability Summary Report is accessed from the:

A. Report Center

 

B. Vendor Center

 

C. Employee Center

 

D. Company Center

 

17. To print the Aging of Accounts Receivable report:

A. Select Customer Center, Customer & Receivables

 

B. Select Company Center, Customer & Receivables

 

C. Select Report Center, Company & Financials

 

D. Select Report Center, Customer & Receivables

 

18. From the Customers Section, Assess Finance Charges allows you to:

A. Re-calculate the correct payment when a discount is applied to a customer bill

 

B. Re-calculate the correct payment when a bill is not paid to a vendor on time

 

C. Add finance charges to customer bills when bills are not paid by the due date

 

D. All of these

 

19. From the Customers Section, Create Credit Memos/Refunds allows you to:

A. Record a refund or credit to a vendor account for returned or damaged merchandise

 

B. Record a refund or credit to a customer account for returned or damaged merchandise

 

C. Prepare a billing statement for a customer

 

D. All of these

 

20. The Customer List stores all the information listed below except:

A. Sales tax rates

 

B. Notes about a project/job

 

C. Project/job estimate information

 

D. Customer transaction information

 

21. When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use?

A. Purchase Order billing

 

B. Estimates Pre-billing

 

C. Progress billing

 

D. Normal (end-of-job) billing

 

22. Online bill pay allows you to:

A. Sell goods over the internet

 

B. Email invoices to customers

 

C. Receive online payments from customers

 

D. QuickBooks does not support online bill pay

 

23. When recording a payment from a customer, if the customer does not send the full amount:

A. Record the full amount as paid and make a note in the To Do List to follow up with the customer regarding the remainder of the payment

 

B. You can record the partial payment but must leave the funds in the Undeposited Funds account until receiving the full payment

 

C. You must wait until the customer pays the full amount to record the payment

 

D. Enter the amount received in the Amount field in the Customer Payment window

 

24. The Undeposited Funds account:

A. Partial payments received from customers

 

B. Holds funds received but not deposited in the bank

 

C. Funds the company owes vendors

 

D. Petty Cash funds

 

25. Which report provides information on customers who have overdue accounts?

A. Accounts Receivable Aging Summary

 

B. Accounts Receivable Aging Detail

 

C. Customers with Open Invoices

 

D. Collections Report

 

26. Briefly explain the difference between creating a sales receipt and creating an invoice.

 

 

 

 

27. Name 3 (three) reasons why a job for a customer might be pending.

 

7

1. The order of the steps in the accounting cycle includes:

A. Adjusted trial balance, financial reports, adjusting entries, trial balance

 

B. Adjusted trial balance, adjusting entries, financial reports, trial balance

 

C. Trial balance, adjusting entries, adjusted trial balance, financial reports

 

D. Trial balance, financial reports, adjusting entries, adjusted trial balance

 

2. What is an asset?

A. What remains after the liabilities are satisfied

 

B. What a company owes

 

C. What a company owns

 

D. What a company has after expenses are removed

 

3. To record adjusting journal entries in QuickBooks, select:

A. Company Center, Journal Entry icon

 

B. Accountant menu, Make General Journal Entries

 

C. Banking section of the Home page, Journal Entry icon

 

D. Company section of the Home page, Journal Entry icon

 

4. Examples of management reports for internal decision making include all of the following except:

A. 1120S Report

 

B. Cash Budget

 

C. Cash Forecast

 

D. Accounts Receivable Aging Summary

 

5. Income tax reports in QuickBooks include all of the following except:

A. Income Tax Preparation report

 

B. Income Tax Detail report

 

C. Income Tax Summary report

 

D. Income Tax Mapping report

 

6. Sales are recorded under cash basis accounting when:

A. The goods or services are provided regardless of whether the cash is collected from the customers

 

B. The bookkeeper has time to record the transactions

 

C. The cash is collected from the customers

 

D. The costs are incurred to earn the revenue

 

7. The Income Statement lists:

A. Net Income and Owners Equity

 

B. Income and Expenses

 

C. Assets and Liabilities

 

D. Assets and Expenses

 

8. Which one of the following classifications is found on the Statement of Cash Flows?

A. Cash Flows from Financing Activities

 

B. Cash Flows from Purchasing Activities

 

C. Cash Flows from Owners Activities

 

D. Cash Flows from Selling Activities

 

9. What is owners equity?

A. What a company owes

 

B. What remains after the liabilities are satisfied

 

C. What a company owns

 

D. None of these

 

10. To print the General Ledger:

A. Select Chart of Accounts icon > Print Report

 

B. From the Company section of the Home page > select Trial Balance icon

 

C. Select Report Center > Accountant & Taxes, General Ledger

 

D. Select Company Center > Print General Ledger

 

11. The Profit & Loss Statement lists:

A. Assets and Expenses

 

B. Assets and Liabilities

 

C. Net Income and Owners Equity

 

D. Income and Expenses

 

12. What information does the Balance Sheet provide?

A. A summary of cash inflows and outflows over a specific time period

 

B. A companys financial position on a specific date

 

C. Sales and expenses for a specific time period

 

D. None of these

 

13. The Statement of Cash Flows lists:

A. Operating, Investing, and Financing Activity

 

B. Assets, Liabilities, and Owners Equity

 

C. Income, Expenses, Liabilities

 

D. Gains, Losses, and Net Income

 

14. To export reports to Excel:

A. With the Report window open, click the Excel button

 

B. With the Report window open, click the Export button

 

C. With the Report window open, click the Print button

 

D. All of these

 

15. The Balance Sheet lists:

A. Assets, Liabilities, and Owners Equity

 

B. Gains, Losses, and Net Income

 

C. Operating, Investing, and Financing Activity

 

D. Income, Expenses, Liabilities

 

16. Which of the following determines if the account appears classified properly on the balance sheet?

A. Tax-Mapping Line

 

B. Account Number

 

C. Item Number

 

D. None of these

 

17. An accounting period may be:

A. One quarter

 

B. One month

 

C. One year

 

D. All of these

 

18. Providing information to external users decision making is the purpose of which of the following?

A. Management Reports

 

B. Tax forms

 

C. Financial statements

 

D. Inventory reports

 

19. Providing information to internal users decision making is the purpose of which of the following?

A. Management Reports

 

B. Tax forms

 

C. Financial statements

 

D. Vendor list

 

20. The Trial Balance:

A. Lists all the companys accounts and ending balances

 

B. Is printed before and after making adjustments

 

C. Verifies the accounting system balances

 

D. All of these

 

21. The General Ledger:

A. Is always provided to external users for decision making

 

B. Provides the quickest way to communicate financial information

 

C. Is a collection of all of the companys accounts and account activity

 

D. None of these

 

22. Cash inflows and outflows related to the companys primary business are categorized as cash flows from:

A. Investing activities

 

B. Financing activities

 

C. Sales activities

 

D. Operating activities

 

23. Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

A. Investing activities

 

B. Financing activities

 

C. Sales activities

 

D. Operating activities

 

24. Cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

A. Investing activities

 

B. Financing activities

 

C. Sales activities

 

D. Operating activities

 

25. The Income Tax Preparation report:

A. Summarizes income and expenses that should be listed on a business income tax return

 

B. Lists the assigned tax line for each account

 

C. Provides detailed information about the income and expenses

 

D. All of these

 

26. Adjusting entries should be made ______________ preparing financial statements.

A. Before

 

B. During

 

C. After

 

D. Never

 

27. Unearned revenue occurs when:

A. Customers pay after receiving a service

 

B. Customers pay in advance of receiving a service

 

C. Customers default and do not pay you what is owed

 

D. All of these

 

28. Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

 

 

 

 

29. What is the difference between the cash basis and the accrual basis?

 

9

1. To record a purchase on account, use the:

A. Purchase Order > Receive Payment > Deposit

 

B. Invoice > Receive Payment > Deposit

 

C. Enter Bills > Pay Bills

 

D. Invoice > Enter Bills > Pay Bills

 

2. To record the payment of bills just received from vendors, use the:

A. Pay Bills > Write Checks

 

B. Write Checks > Pay Bills

 

C. Enter Bills > Print Checks

 

D. Enter Bills > Pay Bills > Print Checks

 

3. Credit sales are recorded using the _________ window.

A. Make Deposits

 

B. Sales Receipts

 

C. Create Invoices

 

D. Receive Items

 

4. To print the Trial Balance, select:

A. Report Center > Accountant & Taxes

 

B. Company Center > Company & Financials

 

C. Report Center > Company & Financials

 

D. Company Center > Accountant & Taxes

 

5. To print the Balance Sheet, select:

A. Company Center > Company & Financials

 

B. Report Center > Company & Financials

 

C. Report Center > Accountant & Taxes

 

D. Company Center > Accountant & Taxes

 

6. To record a cash purchase, use the:

A. Pay Bills

 

B. Write Check

 

C. Purchase Order

 

D. None of these

 

7. To email an invoice, click the Email icon on the top of the Create Invoices window. Then:

A. Click the Vendor List

 

B. Select Customer List and Select Email Choices

 

C. Select Email Invoice if you use Yahoo only

 

D. Select Email Invoice>Yes> Click Choose Your Email Method

 

8. To create a memorized transaction for a utility bill, first enter the transaction in QuickBooks, then click:

A. Transactions menu > Memorize

 

B. Enter Bills icon in the Vendors section of the Home Page> Memorize

 

C. Vendors menu of Home Page > Memorize

 

D. Lists menu >Vendors> Reminders

 

9. Adjusting entries are used to:

A. Close temporary accounts at year end

 

B. Close permanent accounts at year-end

 

C. Bring account balances up to date at year end

 

D. All of these

 

10. When closing the accounting period you:

A. Close temporary accounts at year end

 

B. Bring account balances up to date at year end

 

C. Close permanent accounts at year-end

 

D. All of these

 

11. All of the following are examples of recurring transactions, except:

A. Depreciation

 

B. Utilities

 

C. Rent

 

D. All of these

 

12. When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

A. Bank Account, Accounts Receivable

 

B. Accounts Payable, Undeposited Funds

 

C. Accounts Receivable, Undeposited Funds

 

D. Accounts Receivable, Bank Account

 

13. Before making adjusting entries you must:

A. Close permanent accounts

 

B. Prepare the trial balance

 

C. Close temporary accounts

 

D. Print the balance sheet

 

14. Deposits may be recorded using the:

A. Check Register window

 

B. Write Checks window

 

C. Reconcile window

 

D. Print Checks window

 

15. To print multiple checks at one time, use:

A. Banking menu > Write Checks > Print Checks

 

B. Vendor menu > Print Forms > Print Checks

 

C. File menu > Print Forms > Checks

 

D. Banking menu > Print Forms > Checks

 

16. To record a sales transaction, use the:

A. Create Purchase Order > Receive Payment > Make Deposit

 

B. Create Invoices > Receive Payment > Make Deposits

 

C. Create Invoices > Create Sales Receipts > Make Deposits

 

D. Receive Payment > Create Sales Receipts > Make Deposits

 

17. When customer payments are recorded in the Receive Payments window, QuickBooks records:

A. An increase in the Checking account

 

B. An increase in Sales

 

C. An increase in Accounts Receivable

 

D. An increase in Undeposited Funds account

 

18. When customer payments are received and recorded, QuickBooks reduces the ________ balance.

A. Accounts Receivable

 

B. Accounts Payable

 

C. Undeposited Funds

 

D. Checking

 

19. To record adjusting entries, use:

A. Report menu > General Journal Entries

 

B. Accountant menu > Make General Journal Entries

 

C. Banking menu > Make General Journal Entries

 

D. Home > Journal Entries

 

20. To print the entire Journal, select:

A. Report Center > Accountant & Taxes > Journal

 

B. Company Center > Company & Financials > Journal

 

C. Report Center > Company & Financials > Journal

 

D. Company Center > Accountant & Taxes > Journal

 

21. To print the General Ledger, select:

A. Report Center > Company & Financials > General Ledger

 

B. Company Center > Company & Financials > General Ledger

 

C. Report Center > Accountant & Taxes > General Ledger

 

D. Company Center > Accountant & Taxes > General Ledger

 

22. QuickBooks automatically closes ________________ accounts to start each new accounting year with a $0 balance in all _______________ accounts.

A. temporary; permanent

 

B. temporary; temporary

 

C. permanent; permanent

 

D. permanent; temporary

 

23. To print the Profit & Loss report, select:

A. Report Center > Company & Financials

 

B. Report Center > Accountant & Taxes

 

C. Company Center > Company & Financials

 

D. Company Center > Accountant & Taxes

 

24. To print the Statement of Cash Flows, select:

A. Report Center > Company & Financials

 

B. Report Center > Accountant & Taxes

 

C. Company Center > Company & Financials

 

D. Company Center > Accountant & Taxes

 

25. The following are examples of possible memorized transactions except:

A. Rent payments

 

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B. Utility bills