ACCT 323 FINAL Exam(CH.1-12)

Match each QuickBooks user interface element with its description.

+ New menu : Displays a list of categorized transactions Top-right navigation tools : Include Help, Search, and Notifications Gear icon : Where you access the Your Company, Lists, Tools, andProfile menus Navigation bar : Gives access to the various centers

Every transaction requires at least _____ accounts.

2

What is the test drive?

A free version of the software that allows you try out featureswithout the risk of negatively impacting your true company file

What is an historical transaction?

A transaction that occurred before the start date of thecompany

Match each task to its corresponding action.

Add a new customer. : This can be done from within a salesform. Create a receipt or invoice. : Use the Action menu. Delete a customer. : This isn't allowed; use the Make Inactivecommand instead. Use a non-QuickBooks list. : Use the Import Data tool. See a snapshot of Accounts Receivable. : Access the moneybar in the Customers list.

What is QuickBooks Labs?

An area where you can test out and comment on new orimproved features

What deposit is customer related?

An invoice payment

Identify the inaccurate statement about the QuickBooks Online payroll features.

Basic features, like direct deposit and form filing, are included,but you have to pay for more advanced features.

Akim is entering a bill from a new vendor whose name does not appear in the Choose aVendor menu. What should he do?

Choose Add New from the menu and create the new vendorright from the bill.

Juan wants to track the profitability of three aspects of his restaurant: dining, bar, andmerchandise sales. What feature does he use?

Class tracking

Which term describes the QuickBooks Online accounting system?

Cloud-based

A customer called to report that he is returning a product via mail. What do you do?

Create a delayed credit and then convert it to a credit memowhen the item is received.

Which "behind the scenes" image shows what happens when you pay a bill ?

DR:A/P CR:Checking

Which "behind the scenes" image shows what happens when you receive inventory?

DR:Inventory CR:Checking

Which 'behind the scenes' image shows what happens when you record the receipt of apayment?

DR:Undeposit fund CR:A/R

Match these sales form sections/items to the settings you can change in them.

Edit tool : Manage settings and defaults for sales forms Online Delivery : Choose how sales forms are emailed Statements : Set the level of detail shown for transactions Sales Form Content : Set delivery terms and methods Products and Services : Track inventory and choose columns todisplay Messages : Customize emails

What is an asset?

Everything the business owns

Match each term to its description.

Expenses center : Displays vendor information and transactions Money bar : Provides you with a high-level overview of AccountsPayable Vendors List : Displays vendor names, contact information, andopening balances New vendor : Can be created when filling in an expense form

What method of inventory valuation does QuickBooks Online use?

FIFO

Match each description to its term.

Funds are taken directly from the Checking account : Debit cardpurchase After this, write a check or enter a bill for the payment : Creditcard reconciliation Compares transactions that have and haven't yet cleared thebank : Reconciliation Shows all asset, liability, and equity accounts : Balance sheet This holds customer payment funds until you deposit them into your bank account : Undeposited Funds

Carol just modified and saved a new version of the Profit and Loss report. Where is herversion stored?

In the Reports center, within an area reserved for customizedreports

What do you create to account for any damaged items in your inventory?

Inventory quantity adjustment

Why do expense forms not require a payee?

It allows you to create one-off transactions that don't require arecord

How does QuickBooks help ensure an employer pays taxes on time and in the correctamount?

It calculates payroll taxes every payday and reminds theemployer to pay.

How does Privacy mode protect the confidential information showing in QuickBooks?

It hides confidential information on the Dashboard only.

How long is a fiscal period?

It's determined by the business.

What stores information about your accounts, products, and services?

Lists

What is NOT something done as part of payroll setup?

Making payroll tax payments

Who controls user access and monitors user activity?

Master Administrator

What is NOT an example of an other current asset?

Mortgage

What type of entry is a delayed charge?

Non-posting

What report do you run to verify that goods were not received without applying the receipt ofinventory to a purchase order?

Open Purchase Order List

Match the options with when they are used.

Pay Bills : To apply a credit to a payment Vendor Credit : A shipment arrived damaged Credit Memo : A customer was overbilled Refund Receipt : A customer returned a product for moneyback

Match each report to what it shows.

Payroll Summary Report : Employer taxes for each employeeand total payroll costs Annual Reports : Forms 940, 944, and W-2 Quarterly Reports : For a California company, forms 941, DE9C,and DE9C

Match each inventory report to what it shows.

Physical Inventory Worksheet : Compares inventory on hand to inventory recorded in QuickBooks Inventory Valuation Detail : Shows the specifics for transactionsthat affect inventory value Sales by Product/Service Detail : Shows the list that containsinventory reports Inventory Valuation Summary : Shows the value of inventory andaverage cost per product

After comparing transactions entered into QuickBooks with the business's statements, whataccount is created to record differences found?

Reconciliation Discrepancies

Lamar finds reconciling his bank statement with his QuickBooks file at the end of the monthtoo time-consuming. Upon learning that his bank offers a bank feed with QuickBooks,Lamar signs up for the service. How will this change his monthly reconciliation?

Reconciliation will be quicker because most transactions willbe matched already.

What is an example of a class in accounting?

Remodeling

Lucas submits the same report to his supervisor every week. The process is tedious, as headjusts the report before running it and then saves it in PDF, prints it, and places it on hissupervisor's desk. What advice do you give Lucas?

Save a customized report and schedule it to be emailed to yoursupervisor every week.

Match the recurring transaction type with the examples of what you'd use it for.

Scheduled : Automobile loan, mortgage payment Reminder : Gas bill, cellphone bill Unscheduled : Invoice template used in rare circumstances

Match each user type to its description.

Standard : This user can be granted limited or full access but noadmin privileges Company Admin : This user has full privileges and access to allareas of the company file Reports : This user can display company information onscreenor in print (.xlsx, .pdf) Time Tracking : This user has permission only to log hoursworked in the software

What step of the accounting cycle involves analyzing balances and making adjustments?

Step 4 â trial balance

Camilla wants her bill form to credit an account other than Accounts Payable. What do youtell her?

That default setting can't be changed, and it makes sense thata bill form credits Accounts Payable.

What would be good content for Craig's Design and Landscaping to include on theircustomized sales form?

The company's name, contact info, website URL, and official logo

What is an Action menu?

The right-side column on some screens with a drop-downmenu of associated actions

Why does QuickBooks warn you if you attempt to enter a transaction that took place beforethe closing date?

The transaction would affect the books for a closed period.

In the Banking center Category or Match column, what does an entry like this indicate?

There is at least one potential matching transaction.

The gear icon can be used for:

To quickly access the Your Company, Lists, Tools, and Profilemenus

On what form is the employee's withholding allowance indicated?

W-4

Match each report category to the reports that would be found in it.

Who Owes You : Open Invoices, Customer Balance Detail Expenses and Vendors : Check Detail, Purchases by VendorDetail Sales and Customers : Product/Service List, Transaction List byCustomer What You Owe : Accounts Payable, Unpaid Bills For My Accountant : General Ledger, Trial Balance

Where do you back up your QuickBooks Online data files?

You don't

Match each situation to the form that should be used.

You pay with a credit card at the time of purchase. : Expense You pay with a check at the time of purchase. : Check You will pay for the purchase later. : Bill

When would you consider a customer debt an uncollectible receivable?

You've been unable to contact them to collect.

The last two steps of the accounting cycle deal with:

closing the books at the end of the fiscal period

When closing the books, if income is greater than expenses, the company has experienceda(n):

net income