Quickbooks Chapters 5-9

How do you record a Sales Invoice? a. + New > Check b. + New > Invoice c. + New > Sales Receipt d. Gear > Transfer e. None of these

+ New > Invoice

How do you handle the same transaction each month? a. Customize report b. Go to Gear > Products and Services c. Edit the Company profile d. Accept the prefilled amounts e. All of the answer choices are correct.

Accept the prefilled amounts

What QB module is used for Bills and Vendor payments:

Account payable module

What QB module is used for Invoices and Customer payments:

Account receivable module

The reports page is organized by module within a/an: Multiple Choice a. Business snapshot. b. Sale and customer. c. Accounting system. d. Account list. e. All of the answer choices are correct.

Accounting system

When the source document is a Bill to a Vendor, this accounting system is used: a) Accounts Receivable b) Customization c) Filtering d) Accounts Payable e) None of the above

Accounts Payable

The term that identifies what customers owe your business is: a) Audit trail b) Accounts Payable c) Bill d) Accounts Receivable e) All of the above

Accounts Receivable

When the source document is an invoice to a customer, this accounting system is used: a) Accounts Receivable b) Customization c) Filtering d) Accounts Payable e) None of the above

Accounts Receivable

What QBO module is used for a bill? a. Accounts payable b. Accounts receivable c. All of these are correct. d. General ledger. e. Sales

Accounts payable

What QBO module is used for an Invoice? a. Accounts payable b. Accounts receivable c. Journal d. None of these are correct. e. Write check

Accounts receivable

What report shows the balance for each customer? a) Accounts payable aging b) Accounts receivable aging c) Plus d) Gear e) None of the above

Accounts receivable aging

When you run Student Name Sales and Service's Financial Statements, what accounting basis is shown on the report? a. Cash Basis b. Accrual Basis c. You cannot switch accounting basis d. All of the answer choices are correct. e. None of the answer choices are correct.

Accrual Basis

This feature allows you to see a list of transactions, date ranges, amounts, and transaction types: a) History by account b) View register c) Start reconciling by account d) Advanced search e) None of the above

Advanced search

What is run report used for on COA? a. Retained earnings. b. COGS. c. Income d. Expense accounts. e. All of the above.

All of the above

Adjusting entries include: Multiple Choice a. Revenue has been earned but not yet recorded. b. Expense has been incurred but not recorded. c. Prepaid expenses that are paid for more than one month. d. Customer paid a company in advance of receiving merchandise. c. All of the answer choices are correct.

All of the answer choices are correct

How are sales taxes determined? a. The amount of sales tax collected varies from state to state. b. Each state sets a sales tax rate. c. Counties, cities, and other localities can set their own rates. d. Some states are exempt from sales taxes. e. All of the answer choices are correct.

All of the answer choices are correct

The Dashboard shows the current balance for: a. Profit and Loss b. Bank Accounts c. Expenses d. Invoices and Sales e. All of the answer choices are correct.

All of the answer choices are correct

What is view register used for on chart of accounts?

Balance sheet accounts

In what area of the Dashboard is the balance in the checking account shown? a. All of these b. Bank Accounts c. Gear d. Getting things done e. Search

Bank Accounts

Use this selection for payables (received items to be paid later). a. Check b. Invoice c. Sales receipt d. Bill e. None of the answer choices are correct

Bill

Describe the difference between a Bill and Invoice. a. Bills show purchases on account from vendors; invoices sales on account from customers. b. Invoices include amounts purchased from vendors on account. c. None of these are correct. d. Since Student Name Sales and Service is a service business, non of the transactions include purchases on account. e. There is no difference between a vendor bill and a customer invoice.

Bills show purchases on account from vendors; invoices sales on account from customers

Sales receipts are used for? a) Accounts payable transactions b) Transfers c) Invoices d) Cash sales e) All of the above

Cash sales

For expenses to be paid immediately, use this selection. a. Invoice b. Receipt c. Check d. Invoice e. None of the answer choices are correct

Check

What information from the Transaction Register does the Check number page verify? a) Check numbers, expense amounts, and balances b) Check numbers, accounts payable transactions, and vendor balances c) Memos that include deposits d) Invoice numbers, payment terms, and customer balances e) All of these are correct.

Check numbers, expense amounts, and balances

What transaction should you enter if a customer returns a damaged product? a) Debit memo b) Invoice or sales receipt c) Credit memo d) Check or bill e) All the above

Credit memo

What report shows customer payment due dates?

Customer Balance Detail

QB steps to show the account balance?

Gear > COA, Reports > Trial Balance

If you need to see a previous reconciliation, use this link: a) Summary b) History by account c) Show me around d) View register e) None of the above

History by account

What account is tracked when you create an invoice and add a sales receipt? a. Account Payable b. Checking c. Inventory d. Loan Payable None of the answer choices are correct

Inventory

What dashboard graphics reports invoices not due yet?

Invoices

Record adjusting entries in the: a. Adjustment register. b. Profit and loss page. c. Invoice page. d. Journal. e. All of the answer choices are correct.

Journal

On reports, what selections do you make to show accounts with balances only? a. Reports > Custom > date range > Run report b. Reports > select report > Customize > Filter > Vendor or Customer c. Non-zero rows > Non-zero columns > Run report d. Account method, change to Cash e. None of the answer choices are correct

Non-zero rows > Non-zero columns > Run report

To remove zero amounts from reports, make these selections: a) Non-zero rows/columns b) Display columns by account balances only c) Export Excel > save as PDF file d) For the report period, select all dates e) None of the above

Non-zero rows/columns

What link on the Customer's page shows that customers have not paid? a. Create invoice b. Deposit c. Status d. Receive payment e. All of the answer choices are correct

Receive payment

What is a useful way to look at transactions and amounts associated with a particular account?

Registers

After starting your browser and signing into QBO, what should you do if a "New updates" prompt appears? a) Close browser b) Reload c) Go to Navigation bar d) Ignore it e) All of the above

Reload

Accounts shown on the profit and loss statement are called: Multiple Choice a. Temporary accounts. b. Permanent accounts. c. Distributed to show equity. d. Gear. e. None of the answer choices are correct.

Temporary accounts

When you drill down on the Bank register, how do you know if a check or deposit is outstanding? a. An O is not shown. b. Column has an X. c. The Type column is blank. d. There is no R. e. None of the answer choices are correct.

There is no R

Changes to the user interface, accounting features, and user functions are called: a. Apps. b. Transactions. c. Updates. d. End-of-year transaction. e. None of the answer choices are correct.

Updates

How do you record a Sales Receipt? a. + New > Invoice b. + New > Sales Receipt c. Gear > All Lists d. Gear > Audit Log e. None of these

+ New > Sales Receipt

Use this selection for customer sales on account: a) +New > Bill b) +New > Sales Receipt c) Gear > Check d) +New > Invoices e) None of the above

+New > Invoices

Use these steps to record credit card receipts: a) +New > Sales receipt > Credit card sales b) Gear > Invoice > Credit card c) +New > Bill > Credit card d) +New > Bill > Check e) None of the above

+New > Sales receipt > Credit card sales

What source documents do you use for customer sales on account, customer payments, cash sales, and credit card sales? a. All of these b. Customer payments memo c. Sales invoice for customer sales on account d. Sales receipt for cash sales e. Sales receipt for credit cards

All of these

Explain the difference between the adjusted trial balance and the postclosing trial balance. Multiple Choice a. After adjusting entries are journalized, the adjusted trial balance shows general ledger balances. b. Adjusted trial balance includes permanent and temporary accounts. c. After the fiscal year is closed, net income is transferred to retained earnings on the postclosing trial balance. d. Postclosing trial balance includes permanent accounts only; temporary accounts have a zero balance.

All of these are correct

On the Check number page, what icon is used to display checks issued? a. Category details b. Item details c. Clock icon d. Paper clip e. None of these are correct.

Clock icon

How do you show some Profit and Loss accounts but not others? Multiple Choice a. Use different report periods b. Gear > select Audit c. Customize > Filter d. + New > Bills > make payments e. All of the answer choices are correct

Customize > Filter

To see a range of dates, use this feature: a) Customize reports b) Edit the chart of accounts c) Edit the company profile d) Refer to account and settings e) None of the above

Customize reports

How do you display Dashboard graphics? a) Gear > All lists b) Gear > Account and Settings > Advanced c) Dashboard > Getting things done d) Dashboard > Business Overview e) None of the above

Dashboard > Business Overview

To show income accounts only on the Profit and Loss report, do this: Multiple Choice a. Display Journal > Customize > Filter > All Accounts > Run report. b. Customize company profile and all reports. c. Display P&L > Customize > Filter > Distribution Account > All Income Accounts. d. Display P&L > Customize > Filter > Distribution Account > All Cost of Goods Sold Accounts. e. None of the answer choices are correct.

Display P&L > Customize > Filter > Distribution Account > All Income Accounts.

On various forms, how can you go back and look at earlier ones? a. Display the form, select the clock icon. b. Go to the form, select Move. c. Display the form, select Print or Preview. d. None of the answer choices are correct. e. All of the answer choices are correct.

Display the form, select Print or Preview

I notice a mistake in my customer invoices. What is the best way to fix it? a. Go to the A/R summary report and edit the invoice. b. Go to the A/P summary report and edit the invoice. c. Go to one of the inventory reports and edit. d. Display the invoice. Correct the entries > Save. e. None of the answer choices are correct.

Display the invoice. Correct the entries > Save

If your end-of-year adjustments do not agree with the textbook illustration, do this within the displayed report: Multiple Choice a. Customize report. b. Go to Gear > Products and Services. c. Edit the Company profile. d. Drill down > edit > save. e. All of the answer choices are correct.

Drill down > edit > save

Checks are issued for: a. Sales on account. b. Purchases on account. c. Expenses. d. Credit card receipts. e. All of the answer choices are correct.

Expenses

The _________blank is a period that a company or government uses for accounting purposes and preparing financial statements. Multiple Choice a. Category type b. Adjustment c. Fiscal year d. End-of-year transaction e. None of the answer choices are correct

Fiscal year

Use this icon to go to the Product/Service list: a) Question Mark b) Magnifying glass c) Plus d) Gear e) None of the above

Gear

When products are selected, this accounting system is used: a) Registers b) Audit trail c) Inventory d) Accounts Payable e) All of the above

Inventory

What report shows the quantity, asset value, and average cost? a) Accounts payable aging and Customer balance detail b) Accounts receivable aging and Vendor balance detail c) Inventory valuation summary d) Account List e) All of the above

Inventory valuation summary

For sales on account, use this selection. a. Invoice b. Sales receipt c. Pay bills d. Transfer e. None of the answer choices are correct

Invoice

On the Vendors page, how do you make payments? a) Select Expenses > Vendor > Create bill b) Select My Accountant > Chart of Accounts c) Select Reports > Balance Sheet, Profit and Loss, and Accounts receiving aging d) Link to a vendor that shows an open balance > click Make payment e) None of these are correct.

Link to a vendor that shows an open balance > click Make payment

What link on the Vendors page shows what is owed? a. Make payment b. Create bill c. Journal entry d. Transfer e. All of the answer choices are correct.

Make payment

What is the account distribution for a customer invoice? a. Debit 101 Checking; Credit 201 Accounts Payable; Credit 501 Cost of Goods Sold b. Debit 115 Merchandise Inventory; Credit 201 Accounts Payable c. Debit 501 Cost of Goods Sold; Credit 115 Merchandise Inventory; Credit Arizona Department of Revenue Payable d. Debit Accounts Payable; Credit 101 Checking e. None of these are correct.

None of these are correct

Accounts shown on the balance sheet are called: Multiple Choice a. Temporary accounts. b. Permanent accounts. c. Accounts for all report periods. d. None of the answer choices are correct. e. All of the answer choices are correct.

Permanent accounts

Use invoices to choose: a) Vendors, Suppliers, or Clients b) Products and Services c) Account list d) Register e) All of the above

Products and services

Except for this report, the balance in Account 115, Merchandise Inventory is shown: a. Trial Balance. b. Balance Sheet. c. Profit and Loss. d. Statement of Cash Flows. e. None of the answer choices are correct.

Profit and Loss

What Dashboard graphics reports income and expenses for the year?

Profit and loss

Student Name Sales and Services pays the sales tax agencies according to this schedule: a) Quarterly b) Daily c) Weekly d) Monthly e) All of the above

Quarterly

QB steps to show account balances for expenses?

Reports > Profit and Loss, and Reports > Transaction detail by account

To make sure you are starting Chapter 7 in the correct place in the data, make these selections: Multiple Choice a. Reports > Trial Balance > 10/1/XX to 12/31/XX. b. + New > Journal. c. Gear > Manage users. d. Reports > Profit and Loss > 1/1/20XY to 1/1/20XY. e. None of the answer choices are correct.

Reports > Trial Balance > 10/1/XX to 12/31/XX

To see a list of invoices and there due dates?

Run Accounts Receivable Aging Summary

Use this selection for credit card payments. a. Check b. Invoice c. Transfer d. Sales receipt e. All of the answer choices are correct

Sales receipt

Payments received from WebPro include invoice amount and? a) Category type b) Credit memo c) Bills d) Sales tax e) None of the above

Sales tax

What report shows how much you owe to sales tax agencies? a. Vendor Balance Summary b. Sales tax liability report c. Product/Service List d. Accounts receivable aging report e. None of the answer choices are correct

Sales tax liability report

What is a module?

Software design that separates functions independently

What QuickBooks Online report shows cash generated by your business (operating activities), cash spent on your business (investments), and cash in or out from stock and dividends (financing). a. Transaction Detail by Account. b. Balance Sheet. c. Profit and Loss. d. Statement of Cash Flows. e. All of the answer choices are correct.

Statement of Cash Flows

Audit Log shows the following except: a) Your password b) Name of user who made changes c) The original transaction date and amount d) Date of any change to your books e) All of the above

Your password