Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
To enable progressive billing, select:
A.Customer menu > Jobs > Progressive Billing
B.Company menu > Preferences > Progressive Billing
C.Edit menu > Preferences > Jobs and Estimates > Company Preferences
D.Company menu > Estimates > Preferences
Which one of the following activities is not shown in the Vendor section of the Home
page?
A.Write Checks
B.Pay Sales Taxes
C.Pay Bills
D.Purchase Orders
Wages paid to an employee are recorded as:
A.Payroll expense
B.Payroll liabilities
C.Payroll payable
D.Payroll revenue
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
Retail customers:
A.Pay no sales tax
B.Pay sales tax
C.Pay a manufacturing tax
D.Pay sales tax on labor only
The cost of the inventory items sold is tracked in what account:
A.Items Sold
B.Cost of Goods Sold
C.Cost of Materials
D.Inventory Sold
Which of the following statements is true?
A.To conserve resources, it is best if the owner uses one Checking account for both
personal and business purposes
B.To maintain separation between the personal and business accounting records, the
owner's personal Checking account should not be used to pay bills for the business and
should not be listed in the business' Chart of Accounts
C.To maintain more consistent records, it is best if the owner maintains a separate
personal Checking account, but both the owner's personal Checking and business
Checking accounts are listed in the Chart of Accounts
D.None of these
Which type of QuickBooks data file allows you to enter data and transactions?
A..QBM
B..QBB
C..QBX
D..QBW
A business checking account may be used for which of the following purchases?
A.Furniture for the office
B.Furniture for the owner's home
C.Utility bills for the owner
D.Owner's car payment
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
D.Collections Report
Non-posting accounts:
A.Track information required for the accounting system
B.Do not appear on the Balance Sheet
C.Do not appear on the Income Statement
D.All of these
To see the account numbers in the Chart of Accounts, choose:
A.Edit > Preferences > Accounting > Company Preferences
B.Edit > Preferences > Desktop View > Company Preferences
C.Edit > Preferences > General > My Preferences
D.Edit > Preferences > General > Company Preferences
How does QuickBooks categorize items?
A.Non-inventory items
B.Inventory items
C.Service items
D.All of these
When setting up a new company, QuickBooks automatically creates:
A.Chart of Accounts
B.Vendor List
C.Customer List
D.None of these
Which of the following is typically used to track time for a single activity?
A.Employee Tracker
B.Stopwatch
C.Timesheet
D.QuickTime
When customer payments are received and recorded, QuickBooks reduces the
________ balance.
A.Accounts Payable
B.Accounts Receivable
C.Undeposited Funds
D.Checking
Double-entry account records what is exchanged in a transaction (debits and credits).
Which of the following is recorded when a company purchases (receives) a computer
and pays (gives) cash?
A.The computer is recorded as a credit and the cash is recorded as a credit
B.The computer is recorded as a debit and the cash is recorded as a debit
C.The computer is recorded as a credit and the cash is recorded as a debit
D.The computer is recorded as a debit and the cash is recorded as a credit
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
In QuickBooks, how do you can enter transaction information?
A.Onscreen forms and scanned images of transaction forms
B.Onscreen forms and QuickBooks reports
C.Onscreen Journal and scanned images of transaction forms
D.Onscreen Journal and Onscreen Forms
The Allowance Method for bad debts:
A.Should be used if uncollectible accounts have a material effect on the company's
financial statements used by investors and creditors
B.Complies with GAAP
C.Estimates bad debt expense and establishes an allowance or reserve for uncollectible
D.All of these
The Inventory Stock Status by Item report is used when:
A.Vendors offer a purchase discount on inventory items
B.A list is needed of the quantity of inventory on hand and on order
C.The computers go down
D.Inventory items are physically placed in the warehouse
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
According to your text, the best approach to keep track of petty cash is:
A.Don't use it, use credit only
B.Deposit the full amount of petty cash, then write a check for Petty Cash
C.Keep cash on hand off the books
D.None of these
To print a budget:
A.From the Report Center, select Budgets & Forecasts
B.From the Company Center, select Company & Financials, Budgets
C.From the Report Center, select Company & Financials, Budgets
D.From the Report Center, select Accountant & Taxes, Budgets
What are assets?
A.Resources that a company owns with future benefit
B.Net worth of a company
C.Amounts paid to owners
D.Amounts owed to others and are future obligations
Withholdings from an employee paycheck are recorded as:
A.Payroll expense
B.Payroll liabilities
C.Payroll asset
D.Payroll revenue
To enable payroll:
A.From the Company menu > Employees > Add Payroll
B.From the Employee menu > Start Payroll
C.From the Edit menu > Preferences > Payroll and Employees
D.None of these
When reconciling the bank statement using QuickBooks:
A.Service charges are subtracted
B.Interest earned is added
C.All deposits listed on the bank statement are selected as cleared in the Reconcile
window
D.All of these
Which form is used to manually calculate tax withholdings and payroll taxes?
A.Form 940
B.Form 941
C.IRS Circular E
D.None of these
The sales 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
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
D.All of these
When setting up a new employee where do you get their filing status and allowances
information?
A.Form W-5
B.Form W-4
C.Form W-3
D.Form W-2
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
When customer payments are recorded in the Receive Payments window, QuickBooks
records:
A.An increase in the Checking account
B.An increase in Undeposited Funds account
C.An increase in Accounts Receivable
D.An increase in Sales
