NAME KEY
QUICKBOOKS DESKTOP 2018:
A COMPLETE COURSE
CHAPTER 7 EXAM
General Accounting And End-of-period Procedures:
Merchandising Business
TRUE/FALSE
ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE
QUESTION NUMBER.
automatically when preparing multiple reports.
memorized.
earnings/owners’ equity.
accounts.
not require a change to the transfer of Net Income into Capital.
memorized.
EXAM KEY 7-
2
QUICKBOOKS DESKTOP 2018: A Complete Course
MULTIPLE CHOICE
WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED
BEFORE THE QUESTION NUMBER.
expenses for the period.
A. cash
B. credit
C. accrual
D. debit/credit
will appear in the .
A. Profit & Loss Statement
B. Balance Sheet
C. both A and B
D. neither A nor B
B 13. To print a Reconciliation Report that lists only totals, select .
A. none
B. summary
C. detail
D. complete
A. income and expenses
B. cost of goods sold
C. all balance sheet accounts
D. both A and B above
B 15. To print a reconciliation report that lists only totals, select .
A. none
B. summary
C. detailed
D. complete
A. Sales Graph
B. Balance Sheet
C. Profit & Loss Statement
D. Trial Balance
Exam Chapter 7—Key EXAM 7-
3
A. allows you to establish a separate account for each owner’s
withdrawals
B. requires that all owner withdrawals are combined within the same
account
C. deducts the amount of withdrawals from the owners’ investment
account
D. does not allow owner withdrawals because each partner who works in
the business earns a salary
QuickBooks keeps track of all transactions .
A. in a chart
B. in the master register
C. on a graph
D. in the Journal
A. LIFO
B. average cost
C. FIFO
D. Actual Cost
A. Ctrl+C
B. Ctrl+O
C. Ctrl+A
D. Ctrl+E
FILL-IN
IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY
COMPLETES THE SENTENCE.
22. Changes to an inventory quantity are made by clicking the Inventory Activities icon
23. When using the accrual-basis of accounting for the month of November, sales on
account were $1,000.00 and the purchase of one year of insurance for $600.00