Computerized Accounting

In quickBooks, how can you enter transaction information?

Onscreen Journal and onscreen forms

Which of the following tasks is completed from the Banking section of the Home page?

Enter Credit Card Charges

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

Company

Which of the following file types identifies a QuickBooks Portable File?

QBM

The Home page in Quickbooks consists of all the following sections except

Lists

Accounting information is used to do all of the following except page 1.4

Prepare meeting minutes for the board of directors.

A business transaction is an exchange between

All of the above Vender, Employee & Customer

The QuickBooks file extension QBM indicates the file is a

QuickBooks movable file.

Which Quickbooks window allows you to add your name to the checking account>

Chart of Accounts

Which financial statement below summarizes the financial position of a company?

Profit and Loss Statement

Which financial statement below summarizes a company's cash inflow and outflow?

Statement of Cash Flows

What does the chart of Accounts List

All of the above.

What are assets?

Resources that a company owns with future benefit.

Which out of the following is a temporary account?

Sales

To add a new account to the Chart of Accounts From the chart of Accounts window select

Account, New

Which of the following is considered a permanent account?

Balance Sheet accounts

Which of the following is not an income account?

Rent Expense

Income statement accounts are also called?

Temporary accounts

Which of the following increases owner's equity?

Business Profits

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

Pay Employees

Examples of undeposited funds are

Customer payments recorded as received but not yet deposited

The one step approach (write checks window) can be used to pay which of the following ?

None of the above.

When deleting a check all of the following is true except

It is better to delete the check than void the check in order to erase all records of the transaction

When reconciling the bank statement using Quickbooks.

All of the above

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

Credited

A business checking account may be used for which of the following purchases?

Furniture for the office

Which one of the following activities is associated with the Banking section of the Home Page?

Enter Credit card charges

The customer section of the Home page is used to record which of the following transaction?

Customer payment

The one step approach to bill paying

records and pays a bill at the same time

When paying a bill, Quickbooks automatically

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

Check Register is a record of all transactions affecting the

Checking account

When recordig a customer payment from a cash sale , select

Create Sales Receipt, Record Deposits

To record a credit sale, select

none of the above

Credit card sales are

Recorded using a create invoices window

When a credit sale sale is recorded on an invoice, QuickBooks records

An increase to Sales and in increase to Accounts Receivable

Which report provides information to help in tracking accounts receivable

All of the above

To increase collection of payments, you can use all the following QuickBooks features, except

Customers with New Invoices Report

Which one of the following activities is not shown in the Customer section of the Home page

Make Deposits

The Job Profitability Summary Report is accessed from the

Report Center

The Finance Charges icon allows you to

Add finance charges to customer bills when bills are not paid by the due date

The Customer List stores all of the information listed below except

Sales tax rates

The undeposited Funds account

Holds funds received but not deposited in the bank

Which one of the following is a vendor transaction?

Enter Bills

Which of the following activities and QuickBooks window used to record it is Incorrect

Record Inventory information. Inventory List

Which of the following is usually classified as an inventory item?

Goods purchased for resale to customers

Which Quickbooks window is used to record services received

Enter Bills

Vendor reports can be accessed in QuickBooks in all of the following ways except

All of the above

What Quickbooks activity comes next in this string of business activities

Invoice, Receive Payments, Deposits,

The Purchase Orders window is used to record which one of the following transactions?

An order to purchase good from a vendor.

Which one of the following is a customer transaction?

All the above

Form 1099 must be completed

Fro companies you paid $600 or more for services during the year.

A non-inventory item is

An item purchased for a specific customer job.

Which window is used to pay sales taxes?

Manage Sales Tax

Which report provides information on items ordered but not received?

Open Purchase Orders Report

All o the following automatically calculate payroll tax withholdings in Quickbooks Except

All of the above automatically calculate payroll tax withholdings

Each year employees are sent Form … to summarize tax witholdings for the year

W-2

In Quickbooks, time date is listed on customer invoices using

the Time/Costs button

Which of the following is not a payroll report

Form 1065

Which of the following is typically used to track time for a single activity?

Stopwatch

When stetting up a new employee where do you get their filing status and allowances information?

Form W-4

When tracking time for subcontractors, which QuickBooks window is used to enter subcontractor information?

Vendor List

An individual's status determines how to record payment to that individual. Which of the following status and payment method is incorrect?

None of the above

The payroll center
a Manages payroll and tax information
b Is where employees enter time worked
C Is located in the Banking Center

…Manages payroll and tax information

Which of the following may be billed to a specific customer job?

All the above
Mileage, Hours, Expesnses

What is the purpose of Federal From 490?

Summarize the amount of unemployment tax paid and due by the company.

To record adjusting journal entries in Quickbook select

Company menu, Make General Journal Entries,

Examples of management reports for internal decision makin include all of the following excet

1125 Report

Sales are recorded under cash basic accounting when

The cash is collected from the customers

Which one of the following classifications is found on the statement of Cash Flows

Cash Flows from Financing Activities

To Print the General Ledger

Select Report Center Accountant&Taxes, General Ledger

What Information does the Balance Sheet Provide?

Presents a company's financial position on a particular date. Assets Liabilities and Owners equity

Double-entry account records what is exchanged in a transaction (debits and credits). Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash?
Select one:
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

The computer is recorded as a debit and the cash is recorded as a credit

In QuickBooks, how do you can enter transaction information?
Select one:
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.

Onscreen Journal and Onscreen Forms.

Management reports help identify:
Select one:
a. Overdue customer accounts.
b. Least profitable product.
c. Most profitable product.
d. All the above.

All the above.

The Banking section of the Home Page includes which flow chart?
Select one:
a. Payroll flowchart
b. Bank Reconciliation flowchart
c. Bill Pay flow chart
d. None of the above

None of the above

The objective of an accounting information system, like QuickBooks, is to:
Select one:
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 the above

Collect, summarize, and analyze data

The QuickBooks file extension .QBA indicates the file is a:
Select one:
a. QuickBooks working file
b. QuickBooks movable file
c. QuickBooks Accountant's transfer file
d. QuickBooks Accountant's working file

QuickBooks Accountant's working file

Which financial statement below summarizes a company's earnings?
Select one:
a. Statement of Cash Flows
b. Profit & Loss Statement
c. Balance Sheet
d. Income Statement

!Profit and Loss Statement!

Which one of the following activities is associated with the Customer section of the Home page?
Select one:
a. Pay sales tax.
b. Enter bills.
c. Record refunds and credits.
d. Record inventory received.

Record refunds and credits.

Which type of QuickBooks data file allows you to enter data and transactions?
Select one:
a. QBM.
b. QBB.
c. QBX.
d. QBW.

QBW.

Your QuickBooks data can be stored in all the following ways except:
Select one:
a. Online
b. Backup
c. Portable File
d. All of the above to store QuickBooks data

All of the above to store QuickBooks data

All of the following tasks can be completed in the Vendors section of the Home page except:
A) Create Invoices
B) Receive Inventory
C) Purchase Orders
D) Enter Bills

Create Invoices

In QuickBooks, information about transactions is entered in onscreen forms that look like printed forms, such as:
A) Check
B) Invoice
C) Purchase Order
D) All the above

All the above

All of the following are one of the four main categories of transactions in QuickBooks, except:
A) Banking
B) Items & Services
C) Customers
D) Employees

Items & Services

To add your name to a report to Identify your printout you would:
A) You cannot add your name to a QuickBooks report
B) Select Company Info from the Company menu and then enter your name in the Company Name field
C) Select Modify Report, and then type your name in the Name field
D) Type it in directly at the top of the report

Select Company Info from the Company menu and then enter your name in the Company Name field

From the Customer section of the Home page, all of the following transactions can be recorded except:
A) Create Invoices
B) Create Estimates
C) Pay Bills
D) Receive Payments

Pay Bills

You can print checks:
A) From the Write Checks window
B) From the File menu, Print Forms
C) From the Banking section of the Home Page
D) All of the above

All of the above

In the Company section of the Home page, you can:
A) Pay bills
B) Record deposits
C) View the Chart of Accounts
D) Enter employee information

View the Chart of Accounts

The sequence of steps to save a backup copy is:
A) File > Restore > Save
B) File > Backup > Save
C) File > Portable Company File > Save
D) File > Save Copy or Backup > Backup Copy > Finish

File > Save Copy or Backup > Backup Copy > Finish

Which one of the following activities is not associated with the Employee section of the Home page?
A) Print Checks
B) Pay Liabilities
C) Process Payroll Forms
D) Enter Time

Print Checks

The Home page in QuickBooks includes:
A) Report generators
B) Used only for infrequent tasks
C) Flowcharts of transactions
D) Items Lists

Flowcharts of transactions

An example of a non-posting account is .
Select one:
a. Employee Expense
b. Inventory
c. Purchase Orders Account
d. Accounts Payable

Purchase Orders Account

Balance Sheet accounts are also called:
Select one:
a. equity accounts
b. temporary accounts
c. permanent accounts
d. None of the above

permanent accounts

How do you access the screen to add a user and password?
Select one:
a. Company menu > Set Up Users and Passwords > Set Up Users
b. Employees > Employee Center
c. Edit menu > Preferences > Employees
d. Company menu > Company Information

Company menu > Set Up Users and Passwords > Set Up Users

How do you access the Statement of Cash Flows report?
Select one:
a. Report Center icon > Banking
b. Report Center icon > Company & Financial
c. Report Center icon > Accountant & Taxes
d. Company menu > Company Information

Report Center icon > Company & Financial

How may you customize QuickBooks to fit your specific needs?
Select one:
a. Make changes to the Chart of Accounts.
b. Purchase one of the various QuickBooks editions.
c. Enable security access to QuickBooks files.
d. All the above.

All the above

Non-posting accounts:
Select one:
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 the above

All the above

To sort the Chart of Accounts by account name:
Select one:
a. Click on the Name heading bar
b. Click Account > Re-sort List
c. Click File > Sort
d. Right click Sort by Name

Click on the Name heading bar

What feature helps you to track tasks and due dates?
Select one:
a. Control
b. Calendar
c. Charting
d. All the above

Calendar

What is a liability?
Select one:
a. Inventory
b. An amount a company owes
c. A resource a company owns
d. None of the above

An amount a company owes