ACT 25476 | Course Paper

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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: