Acc 20070 | Course Paper

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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 Owner’s Activities

D.Cash Flows from Selling Activities

A law firm is an example of a _________ company.

A.Service

B.Retail Shop

C.Manufacturing

D.Product-based business

The Balance Sheet lists:

A.Assets, Liabilities, and Owner’s Equity

B.Gains, Losses, and Net Income

C.Operating, Investing, and Financing Activity

D.Income, Expenses, and Liabilities

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

Before making adjusting entries you must:

A.Close permanent accounts

B.Prepare the trial balance

C.Close temporary accounts

D.Print the balance sheet

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

C.Progress billing

D.Normal (end-of-job) billing

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

The QuickBooks Payroll Setup allows you to:

A.Set employee defaults for information common to all employees

B.Enter employee information

C.Set the payment schedule for withholding payments

D.All of these

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

Timing differences discovered when reconciling the bank statement that the bank has

not recorded yet, include:

A.Deposits in transit

B.Interest earned

C.Outstanding Checks

D.Both A and C

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 owner’s equity.

The Payroll Center has the following sections except:

A.Pay Employees

B.Write Checks

C.Pay Scheduled Liabilities

D.File Tax Forms

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

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

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

To create a new company data file in QuickBooks, use the:

A.Company menu > New Company

B.Company section of the Home page > New Company

C.File menu > Open or Copy Company

D.File menu > New Company

An account period may be:

A.One quarter

B.One month

C.One year

D.All of these

The one-step approach (Write Checks window) can be used to pay which of the

following:

A.Sales taxes

B.Bills entered in the Enter Bills window

C.Payroll checks

D.None of these

One of the objectives of the bank reconciliation is:

A.Pay bills

B.Detect errors

C.Insure the debits equal credits

D.None of these

To record the payment of bills 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

The purchasing cycle includes all of the following transactions except:

A.Create a purchase order to order inventory

B.Enter hours in the time sheet for stocking inventory

C.Receive inventory items and record in the inventory account

D.Enter bill in QuickBooks when bill is received

Balance Sheet accounts are also called:

A.equity accounts

B.temporary accounts

C.permanent accounts

D.None of these

To record a credit sale, select:

A.Create Purchase Order

B.Sales Receipts

C.Create Estimates

D.None of these

Examples of undeposited funds are:

A.Interest earned on the Checking account

B.Customer payments recorded as received but not yet deposited

C.Bank service charges

D.Owner’s investment

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

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.

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

QuickBooks classifies the sales tax rate as a(n):

A.Customer List item

B.Vendor List item

C.Item not stored in the accounting system

D.Inventory item (Item List)

Which of the following type of information is not entered during the Easy Step

Interview?

A.Company organization (for example, LLC, LLP, S Corporation)

B.Industry type

C.Products and services the company sells

D.QuickBooks company file password

The Chart of Accounts can be accessed from which section of the Home page?

A.Customer

B.Banking

C.Vendor

D.Company

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

The Direct Write-off Method for bad debts:

A.Removes a customer’s uncollectible account receivable and records a bad debt

expense and is recorded at the time a specific customer’s account becomes uncollectible

B.Complies with GAAP

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

D.None of these

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

Which form summarizes payments made to subcontractors?

A.Form 940

B.Form 1065

C.Form 1099

D.W-4

The Job Profitability Summary Report is accessed from the:

A.Report Center

B.Vendor Center

C.Employee Center

D.Company Center