29. |
Briefly explain the purpose and benefits of using a password for QuickBooks access.
4
1. |
To record a credit sale, select:
|
2. |
When recording a customer payment from a credit sale, select:
A. |
Create Invoice > Customer Payment > Customer & Job Name |
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 |
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 |
|
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 |
|
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:
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 |
|
11. |
Sales in QuickBooks can be recorded with all the following means of payment, except:
|
12. |
To increase collections of payments, you can use all the following QuickBooks features, except:
B. |
Customers with New Invoices Report |
C. |
Customers with Overdue Balances Report |
|
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?
|
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:
|
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 |
|
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 |
|
20. |
The Customer List stores all the information listed below except:
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 |
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 |
|
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 |
|
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 |
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:
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 |
C. |
Assets and Liabilities |
|
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?
B. |
What remains after the liabilities are satisfied |
|
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:
B. |
Assets and Liabilities |
C. |
Net Income and Owners Equity |
|
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 |
|
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 |
|
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?
|
17. |
An accounting period may be:
|
18. |
Providing information to external users decision making is the purpose of which of the following?
|
19. |
Providing information to internal users decision making is the purpose of which of the following?
|
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 |
|
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 |
|
22. |
Cash inflows and outflows related to the companys primary business are categorized as cash flows from:
|
23. |
Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:
|
24. |
Cash inflows and outflows to and from investors and creditors are categorized as cash flows from:
|
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 |
|
26. |
Adjusting entries should be made ______________ preparing financial statements.
|
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 |
|
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.
|
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:
|
7. |
To email an invoice, click the Email icon on the top of the Create Invoices window. Then:
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 |
|
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 |
|
11. |
All of the following are examples of recurring transactions, except:
|
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:
|
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 |
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.
|
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.
|
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:
B. |
Utility bills |
Once the order is placed, the order will be delivered to your email less than 24 hours, mostly within 4 hours.
If you have questions, you can contact us here
| | | |