Acct w/ QuickBooks Final

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Chart of Accounts List

The list of accounts a company uses as it conducts business.

Transfer Funds

The movement of money from one account to another account.

Employee

The person hired by the company who will receive salary or wages on a regular basis.

Acounting

The process of recording, summarizing, and presenting financial information of a company in the form of financial statements.

How are invoice numbers handled in the Create Invoice window?

The user enters the desired number in the INVOICE # field.

What happens when you check the Vendor is inactive box in the Edit Vendor window?

The vendor's name is no longer displayed in reports, but the vendor information is retained.

In the Unpaid Bills Detail report, what is the purpose of the small diamonds in the title headings?

They can be clicked and dragged to change the column width.

When a company file is open, QuickBooks will display the company name in the _____ of the main window.

Titles Bar

Gross Pay

Total earnings for an employee for a specific period before withholdings and deductions.

Net Pay

Total gross earnings for an employee minus all employee withholdings and deductions.

A _____ is the general term for a monetary business event or activity.

Transaction

What report is typically run just after the adjusting journal entries have been recorded?

Trial Balance renamed Adjusted Trial Balance

What happens when you enter a partial payment for an invoice in the Receive Payments window?

You can leave it as an underpayment or write off the extra (unpaid) amount.

In the discussion of backup files in Chapter 1, it was recommended that this bee added as part of the company file name for the backup copy.

Your name or initials

QuickBooks cannot delete a vendor that has

a balance or is part of a transaction for the fiscal period.

Adjustments made to accounts at certain periods of time (for example, at the end of the month) are referred to as

adjusting journal entries.

The General Ledger report in QuickBooks displays

all activity in each account and lists the balance after each activity.

The Item List should include

all items sold by the company, including services.

In QuickBooks' Pay Bills window, the Account field allows the used to

choose a bank account from which to make the payment.

If a new customer needs to be added while in the Create Invoice window you can

click <Add New> at the Customer:Job drop-down list.

While reviewing reports, it is often helpful to see the originating transaction of document; you can do this by using a feature known as

drill-down.

Sales discounts are typically offered to customers to encourage

early payment of outstanding invoices.

Before you can enter inventory transaction in QuickBooks, you must

establish a file for each inventory item.

In QuickBooks, a customer file cannot be deleted if the customer

has a balance or has been part of a transaction during the current accounting period.

The list of accounts a company uses as it conducts its business is referred to as the

Chart of Accounts.

Accrual Basis of Accounting

Accounting method that requires the recording of revenue when it is earned and the recording of expenses when they are incurred regardless of cash receipts or cash payments.

QuickBooks uses the default _____ account from the Chart of Accounts to post all open bill liabilities/

Accounts Payable

Which of the following would be considered a liability type account?

Accounts Payable

Which of the following would not be considered as an asset type account?

Accounts Payable

The Pay Bills window uses these two default general ledger posting accounts.

Accounts Payable and Cash

For transactions created in the Create Invoices window, _____ is the default general ledger posting account.

Accounts Receivable

The Customer Balance Detail report is similar to the

Accounts Receivable subsidiary ledger.

Most of the daily accounting tasks in QuickBooks occur in this level of organization.

Activities

Which report displays the Unadjusted Balance, Adjustments, and Adjusted Balance for all accounts?

Adjusted Trial Balance (Worksheet)

Adjusting Journal Entry

Adjustments made to accounts at certain periods of time, such as the end of the month of the end of the fiscal year, to bring the balances up to date.

To select a menu choice using only the keyboard, hold down the _____ key and type the letter that corresponds to the underlined letter in the menu name.

Alt

When you double-click an asset account in the Chart of Accounts List window, the account's register is displayed. What happens if you double-click and expense account instead?

An Account QuickReport is displayed.

Sales Tax

An amount charged on the sale of merchandise, usually a percentage of the sales price. It is collected by the company as part of the sale and later remitted to the appropriate government agency.

Inventory Adjustment

An amount recorded in an expense or loss account to reflect the reduction of inventory value and/or quantity due to loss, theft, or damage.

When making backup copies of business computer files, it is advisable to store them

At an offsite location

This QuickBooks report if structured to show assets, liabilities, and equity balances for a business as of a certain date.

Balance Sheet Standard

In QuickBooks, the Make Deposits window is accessed by clicking _____ on the main menu bar.

Banking

To record a cash purchase and receipt of an inventory item, begin by clicking _____ on the main menu bar.

Banking

One way to open the Make General Journal Entries window is to begin by clicking _____ on the main menu bar.

Company

Sales of inventory items on account are recorded in the _____ window.

Create Invoices

The people or business that a company sells goods or services to are collected in this QuickBooks Center.

Customer

Which of the following QuickBooks reports displays all transactions for each customer with the remaining balance owed?

Customer Balance Detail

In QuickBooks, the _____ serves as the accounts receivable subsidiary ledger.

Customer Center

To help manage its collections, a company would use the _____ in QuickBooks Pro.

Customer-Related Reports

Deductions

Deductions generally refer to amounts taken out of the employee's paycheck for various fringe benefits such as insurance and pension.

Which of the following is not one of the choices on the main menu bar in the QuickBooks main window?

Delete

Reconciling Items

Differences between the bank statement and the company's accounting records agree with the balance in its bank statement.

Debit

Dollar amount recorded in the left column of an account. Depending on the account, it either increases or decreases the balance in the account.

Credit

Dollar amount recorded in the right column of an account. Depending on the account, it either increases or decreases the balance in the account.

If you accidentally delete an inventory item from the Item Lit, immediately click _____ and then Undo Deleter

Edit

When an inventory item is sold for cash, the transaction is recorded in the _____ window.

Enter Sales Receipts

Reversing Entries

Entries recorded in the general journal to offset a balance in an account.

In QuickBooks, what should you do prior to entering transactions for a customer?

Establish a file for a customer.

In QuickBooks, what do you have to do prior to entering transaction for a vendor?

Establish a file for the vendor in the Vendor Center.

Credit Card Charges

Expenditures chard to a credit card to be paid at a later date.

What are the two tabs in the Enter Bills window in QuickBooks?

Expenses and Items

To determine the most recent update of QuickBooks downloaded to your computer, use the

F2 function key or Ctrl + 1 on the keyboard

The option for switching between single- and multi-user modes in QuickBooks is found under _____ on the main menu bar.

File

To make a backup copy of a company file, begin by clicking _____ on the main menu bar.

File

When no company file is open, only _____ are active on the main menu bar in the QuickBooks main window.

File and Help

In customizing the Journal report to show only the adjusting journal entries, you would be using the _____ feature.

Filter

_____ are the summaries of the financial information of a company.

Financial Statements

Net 30 Days

Full payment of an invoice within 30 days of the invoice date is requested.

What does GAAP stand for?

Generally Accepted Accounting Principles

Accounting for the financial activity of any company involves all of the following except

Hiring Employees

In QuickBooks, register are not available for _____ accounts.

Income and Expense

This inventory report displays the on-hand status of each inventory item and whether it should be reordered.

Inventory Stock Status by Item

The Items tab of the _____ window is designed for purchases of inventory items on account.

Receive Items and Enter Bills

The Adjust Quantity/Value on Hand activity window is used to record changes in the inventory resulting from

items being lost, stolen, damaged, or spoiled.

Adjusting journal entries are usually dated the

last day of the month.

The Receive Payments window in QuickBooks displays all

open invoices for a particular customer.

Double-clicking a customer name in the Customer Center will

open the customer file in Edit Customer mode.

In the Pay Bills window, the user has the option of doing all the following, except

paying multiple vendors with one check.

On the Items tab of the Receive Items and Enter Bills window, the QTY field is where you enter the

quantity of items purchased.

The Enter Sales Receipts window is used to record sales where payment is

received immediately.

In QuickBooks, the Pay Bills window is used to

record the payment of an outstanding accounts payable.

For inventory items in the Items List, the Income Account field indicates the general ledger posting account for

revenue.

The Cost field in the Edit Item window contains the

unit cost for the item.

What is a purchase on account?

when a company receives a bill for goods or services from a vendor but plans to pay it at a later date.

Customer

A person or business that the company sells goods or services to, either on account or for cash.

Job

A project, assignment, or any identifiable segment of work for a customer.

Sales Discount

A reduction in the selling price if the invoice payment is made shortly after the invoice date.

Credit Memo

A reduction of Accounts Payable as a result of a return or an allowance by a vendor.

Trial Balance

A report containing all the general ledger account names, their respective debit and credit balances, and the total debits and total credits.

Cash Sale

A sale for which payment is received immediately.

Sale on Account

A sale on account occurs when a company sells goods or services to a customer but does not receive payment until a future date.

Single-User Mode

A setting in QuickBooks that allows only one user on a single computer to access a company file.

Multi-User Mode

A setting in QuickBooks that allows up to five users to access a company file a the same time, each on their own individual computer.

When entering adjusting journal entries in the Make General Journal Entries window, what happens if the total dollar value of debits does not equal the total dollar value of credits?

A warning window will appear, and if corrections are not made, you will not be able to save the journal entry.

Of the various pieces of information collected when setting up an account in QuickBooks, which of the following is not optional.

Account type

QuickBooks automatically assigns this extension to backup copies.

.QBB

QuickBooks automatically gives a restored copy of a backup the _____ extension.

.QBW

What file extension is automatically assigned to a company file in QuickBooks?

.QBW

Outstanding Check

A check written and recorded by the company that has not yet been paid by the bank.

Deposit in Transit

A deposit recorded on the company's books, usually at the end of the month, yet deposited too late to be on the current month's bank statement.

Payroll Journal (Register)

A journal used to calculate payroll and record payroll entries for each employee.

Cash Payments Journal

A journal used to record all cash payment activities including the payment of accounts payable.

Cash Receipts Journal

A journal used to record all cash receipt activities including collection of accounts receiveable.

Purchases Journal

A journal used to record all purchases of goods on account; can be in a cingle-column or multi-column format.

Sales journal

A journal used to record all sales of goods on account; can be in single-column or multi-column format.

Transaction

A monetary business even or activity.

Payroll

Involves the computing of employees' gross earnings, withholdings, and deductions, and net pay; the preparation of paychecks or setting up direct deposit; the proper recording of payroll-related transactions; submission of payroll withholdings to the appropriate agency; and preparation of payroll compliance reports.

How does QuickBooks know what revenue account to credit in the Create Invoice window?

It uses the revenue account specified in the Items List for the goods or services being purchased.

Inventory item files are included in the

Item List

Special Journals

Journals such as the purchases journal, sales journal, cash receipts journal, and cash payments journal. These journals can be used instead of the general journal to chronologically record similar transactions. A the end of the month, transactions in the special journals are posted (Rewritten) to the general ledger.

In the QuickBooks main menu window, this element extends vertically across the left side of the window.

Left Icon Bar

In addition to customer reports from the Customers & Receivables submenu, customer reports can be viewed from the _____ submenu of the Reports menu.

List

Vendor reports can be accessed by opening the Vendors & Payables submenu of Reports on the main menu bar, or by opening the

List submenu of the Reports menu

In addition to the Reports option on the main menu bar, QuickBooks also allows you print many inventory reports from the _____ window.

Lists

To add a new account in QuickBooks, being by clicking _____ on the main menu bar and then click Chart of Accounts.

Lists

Chart of Accounts, Customer, and Item are all examples of QuickBooks

Lists/Centers

Adjustments to account balances are recorded in the _____ window.

Make General Journal Entries

Inventory

Merchandise that is sold to customers for a profit.

The QuickBooks accounting software packages are designed with this type of user in mind.

Non-Accountants

Collection of Accounts Receivable

Occurs when a customer pays part or all of their outstanding balance due the company; sometimes referred to as payment of accounts receivable.

Payment on Account

Payment of an outstanding accounts payable.

Cash Purchase

Payment of any bill or item other than accounts payable.

The Pay Bills window is designed only for payments of _____ bills

Previously recorded bills.

Generally Accepted Accounting Principles (GAAP)

Principles used to prepare the financial statements of a company. They consist of both formal accounting regulations and procedures mandated by regulatory agencies and of traditionally used accounting procedures.

Bank Reconciliation

Procedure used to determine the correct cash balance in an account by comparing the activity recorded in the account to the activity recorded on the bank statement.

By what name is the income statement known in QuickBooks?

Profit & Loss Report

This report shows all purchase information for each inventory item, including vendor name, cost per unit, quantity purchased, and total cost.

Purchases by Item Detail

Which is not a version of the QuickBooks software?

QuickBooks Consolidation Solutions

Vendor

Someone from whom the company buys goods or services, either on account or for cash.

Financial Statements

Summaries of the financial information of a company. The most common are the income statement and the balance sheet.

Fiscal Year

The 12-month financial reporting year of the company. It can be the calendar year or any other 12-month period.

How does the Receive Payments window handle a situation in which a customer pays two invoices in full with a single payment?

The amount is automatically applies to the two invoices.

Employer

The company that hires workers.

General Journal

The document in which transactions are initially recorded chronologically. At the end of the month, transactions in the journal are posted (rewritten) to the general ledger.

General Ledger

The document in which transactions are summarized by account.

This asset account is used when cash is received but not immediately posted to a Cash account.

Undeposited Funds

QuickBook's Open Invoices report lists all _____ or each customer at a specified date.

Unpaid Invoices

Periodic Inventory System

Values the inventory periodically based on a physical count of the merchandise; usually done once a year.

Perpetual Inventory System

Values the inventory periodically based on a physical count of the merchandise; usually done once a year.

In QuickBooks, the _____ Center serves as the accounts payable subsidiary ledger for the company being paid.

Vendor

In business terminology, a _____ is someone from whom the company buys goods and services.

Vendor

This group of QuickBooks reports are especially useful in helping a company manage its liability payments, ensure timely and correct remittances, and control cash flow.

Vendor Reports

To record a purchase and receipt of an inventory item on account, begin by clicking _____ on the main menu bar.

Vendors

Purchase on Account

When a company receives a bill for goods or services from a vendor but plans to pay it at a later date.

When are you prevented from deleting an inventory item from the Item List?

When it has a balance or has been part of a transaction during the current period.

Withholdings

Withholdings generally refer to the payroll taxes the employer is required to take out of the employee's paycheck and submit to the appropriate government agency.

A payment of a bill via debit card is recorded in the ______ window.

Write Checks

Cash purchases of inventory items are recorded in the _____ window.

Write Checks

Where are cash purchases recorded in QuickBooks

Write Checks Window

In QuickBooks, you can subtotal two or more accounts by designating them as _____; the account to which the subtotals roll up is referred to as the _____ account.

subaccounts; parent

In accounting terms, inventory refers to

the ready-made merchandise that is sold to customer for a profit.

In the upper left corner of QuickBooks' Enter Bills window, there are options labeled Bill and Credit. When would you use the credit option?

to enter a credit memo from a vendor.


Kaugnay na mga set ng pag-aaral

Unit 3 - Virginia License Law and Math Practice Exam 2018

View Set

ASSESSMENT AND MANAGEMENT OF PATIENTS WITH VASCULAR DISORDERS AND DISORDERS OF PERIPHERAL CIRCULATION (CH. 26) PREPU

View Set

Test 1 (ch. 1) Practice Questions

View Set

Corporate finance chapter 9 questions

View Set

Chapter 44: Nursing Management: Patients With Oncologic Disorders of the Brain and Spinal Cord

View Set

Chapter 17 Quiz 1 (antibiotics/antibacterial)

View Set

Chapter 22: Assessment: Integumentary System

View Set