Acc 34749 | Course Paper

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To record a cash purchase, use the:

A.Pay Bills

B.Write Check

C.Purchase Order

D.None of these

Taxes are withheld from paychecks for:

A.Employees

B.Independent Contractors

C.Owner’s withdrawals

D.All of these

The following are payroll liabilities except:

A.Federal income taxes

B.Unemployment taxes

C.Sales taxes

D.FICA

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

When reconciling a bank account, which one of the following is considered a timing

difference (difference between the bank balance and the book balance)?

A.Checks that have cleared the bank

B.Deposits recorded by the bank

C.Outstanding checks

D.Errors

In QuickBooks, time data is listed on customer invoices using the:

A.Timesheet icon

B.Pay Sales Taxes icon

C.Pay Employees button

D.Time/Costs button

When creating a new QuickBooks data file for an existing company, QuickBooks

automatically offsets inventory item balances with an entry to the:

A.Uncategorized Expenses account

B.Uncategorized Income account

C.Opening Balance Equity account

D.Capital Stock account

Which of the following steps will record a deposit?

A.Use the Make Deposits window.

B.Enter the information directly into the check register.

C.None of these

D.Both use the Make Deposits window and enter the information directly into the check

All of the following automatically calculate payroll tax withholdings in QuickBooks

except:

A.Basic Payroll

B.Assisted Payroll

C.Enhanced Payroll

D.All of these automatically calculate payroll tax withholdings

When using QuickBooks, sales tax is:

A.Calculated manually for each item sold

B.Calculated for all items that are listed on an invoice

C.Calculated automatically by QuickBooks for items flagged as taxable

D.All of these

For long-term projects that are to be billed, as each stage of the project is complete, the

QuickBooks _________ feature should be used.

A.Progressive Projects

B.Long Term Projects

C.Projects Billing

D.Progress Billing

When the balance of an equity account, like Capital Stock, increases, it means that the

account has been:

A.Debited

B.Credited

C.Deposited

D.None of these

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

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

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

What information does the Balance Sheet provide?

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

B.A company’s financial position on a specific date

C.Sales and expenses for a specific time period

D.None of these

Which of the following ways to track time is not supported by QuickBooks Pro and

QuickBooks Premier?

A.Time Single Activity

B.Weekly Timesheet

C.Time clock

D.Online Timesheets

What is a liability?

A.Inventory

B.An amount a company owes

C.A resource a company owns

D.None of these

All of the following tasks can be completed in the Banking section of the Home page

except:

A.Pay Employees

B.Reconcile Accounts

C.Print Checks

D.Record Deposits

Which of the following tasks can be completed in the Vendor section of the Home

page?

A.Create Invoices

B.Create Estimates

C.Receive Inventory

D.Receive Payments

What options do you have when adding the “People You Do Business With” section of

the QuickBooks Setup Window:

A.Importing from Outlook

B.Importing from Yahoo or Gmail

C.Pasting from Excel or entering manually

D.All of these

Sole Proprietorships use __________ as its Federal Tax ID number.

A.the owner’s social security number

B.an EIN number

C.business operating license number

D.none of these

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

What is an asset?

A.Mortgage payable

B.An amount a company owes

C.A resource a company owns

D.None of these

The objective of an accounting information system, like QuickBooks, is to:

A.Save company resources, like time and paper

B.Use the computer for keeping accounting records

C.Collect, summarize, and analyze data

D.None of these

A company is required to withhold payroll taxes for:

A.Employees

B.Vendors

C.Subcontractors

D.All of these

When recording a bill, QuickBooks automatically:

A.Records an expense (credit) and the obligation to pay later (debit)

B.Records an expense (debit) and the obligation to pay later (credit)

C.Reduces the liability (debit) and the checking account (credit)

D.Reduces the liability (credit) and the checking account (debit)

Which QuickBooks window is used to record services received?

A.Create Invoice

B.Purchase Order

C.Enter Bills

D.Estimates

The day the check is prepared is the:

A.Check Date

B.Pay Period End Date

C.The last day the employee works in the pay period

D.The last day of the pay period

After creating a new QuickBooks data file for an existing company and entering all the

existing balances, use an opening adjustment to move the balance in the _________

account to the Capital Stock account.

A.Uncategorized Expenses

B.Uncategorized Income

C.Opening Balance Equity

D.None of these

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

A company’s computer is classified as what account type:

A.Expense

B.Owner’s Equity

C.Fixed Asset

D.Retained Earnings