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
The steps in processing payroll include all of the following activities except:
A.Write Checks
B.Enter Time
C.Print Checks
D.Create Paychecks
A Mortgage Payable account:
A.Has real estate as collateral
B.Is identical to a Loan Payable account
C.Is a type of Owner’s Equity account
D.None of these
Which financial statement below summarizes a company’s earnings?
A.Statement of Cash Flows
B.Profit & Loss Statement
C.Balance Sheet
D.Income Statement
Which icon is used to add a document on your computer into QuickBooks?
A.Docs icon
B.Customer icon
C.Vendor icon
D.All of these
Documents that prove a transaction occurred are:
A.Source documents
B.Receipts
C.Paid invoices
D.All of these
The onscreen form for ordering items from a vendor looks like the paper version of a:
A.Purchase Order
B.Invoice
C.Check
D.None of these
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 year’s actual data
C.Create a budget from scratch
D.All of these
Which QuickBooks window allows you to add your name to the checking account?
A.Chart of Accounts
B.Company Information
C.Company Center
D.Check Register
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
Which one of the following activities is associated with the Customer section of the
Home page?
A.Pay sales tax
B.Enter bills
C.Record refunds and credits
D.Record inventory received
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
To customize your settings for preferences such as estimates, time tracking, sales
orders, choose Desktop View > _______.
A.Company Preferences
B.My Preferences
C.Color Preferences
D.Scheme Options
The purchasing transaction cycle for a merchandising company is:
A.Create Purchase Order > Receive Inventory > Record Bill > Pay Bill > Print Check
B.Create Invoice > Receive Payment > Record Deposits
C.Create Purchase Order > Receive Payment > Record Deposits
D.Create Invoice > Receive Inventory > Pay Bill > Record Deposits
Income Statement accounts are also called:
A.equity accounts
B.temporary accounts
C.permanent accounts
D.None of these
The different types of business ownership are:
A.Sole proprietorship
B.Partnership
C.Corporation
D.All of these
Which of the following is considered a permanent account?
A.Income Statement accounts
B.Balance Sheet accounts
C.Both income statement accounts and balance sheet accounts
D.None of these
The Customer List stores all of the information listed below except:
A.Sales tax rates
B.Notes about a project/job
C.Project/job estimate information
D.Customer transaction information
To increase collections of payments, you can use all of the following QuickBooks
features, except:
A.E-mail Invoices
B.Customers with New Invoices Report
C.Customers with Overdue Balances Report
D.Reminder Statements
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
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
To display account numbers in the chart of accounts choose:
A.Edit > Options
B.Edit > Preferences
C.Company > Financial
D.Company > Accounts
The payment to a stockholder who is not an employee of the company is a:
A.Dividend
B.Paycheck
C.Vendor payment
D.None of these
The Profit & Loss Statement lists:
A.Assets and Expenses
B.Assets and Liabilities
C.Net Income and Owner’s Equity
D.Income and Expenses
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
Which financial statement below summarizes the financial position of a company?
A.Statement of Cash Flows
B.Profit & Loss Statement
C.Balance Sheet
D.Income Statement
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
Each year employees are sent Form ______ to summarize tax withholdings for the year.
A.1099
B.W-2
C.W-3
D.W-4
Which icon is not in the Employees section of the Home page when a company file is
set to use manual payroll calculations?
A.Enter Time
B.Pay Employees
C.Pay Liabilities
D.Payroll Forms
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