Computerized Accounting: Quickbooks Online 2022 (Chapter 3)

Which one of the following accounts is a system default account for a vendor? a.Accounts Payable b.Accounts Receivable c.Equity d.Supplies Expense

a.Accounts Payable

What are the two sections in the Bill window in QuickBooks? a.Category details and Item details b.Write checks and Expenses c.Reports and Post Transactions d.Post transaction and Expenses

a.Category details and Item details

The Bill window displays the Blank Space in the upper right corner. a.balance due b.vendor name c.bill due date d.vendor account number

a.balance due

Payment on account a.is payment of an outstanding account payable. b.does not include partial payments. c.must always be paid in full. d.is payment of a bill not previously recorded.

a.is payment of an outstanding account payable.

A purchase on account a.is posted to the Accounts Payable account by default. b.is the same as a credit memo. c.must be immediately paid. d.is not included in vendor reports.

a.is posted to the Accounts Payable account by default.

In the Pay Bills window, the user has the option of doing all the following, except a.paying multiple vendors with one check. b.customizing the display of bills. c.indicating the payment date that will appear on the check. d.selecting a payment method.

a.paying multiple vendors with one check

A(n) _____ journal is used to record all purchases of goods on account; it can be in a single-column or multi-column format. a.purchases b.vendor c.cash payments d.accounts payable

a.purchases

A report that displays transactions in general journal format for a specified period of time.

journal report

An activity window used to pay bills previously entered in the Bill window.

pay bills window

A report that lists all unpaid vendor bills at a specific date.

unpaid bills report

Someone from whom the business buys goods or services.

vendor

A reduction of the vendor's liability due to a credit for return or allowance

vendor credit

Contains a file for all vendors with whom the company does business.

vendor list

A report that lists all vendors from which the company buys goods and services.

Vendor Contact List

The Pay Bills window uses which of these default general ledger posting accounts? a.Notes Payable and Accounts Payable b.Accounts Payable and Cash/Credit Card c.Accounts Receivable and Cash/Credit Card d.Cash and Notes Payable

b.Accounts Payable and Cash/Credit Card

A payment is not recorded in the Check window until the check is printed. a.True b.False

b.False

The Recent Transactions icon in the Check window only displays payments recorded in that window. a.True b.False

b.False

Which of these windows do you use to record the payment of an outstanding account payable? a.Check b.Pay Bills c.Bill d.Vendor Credit

b.Pay Bills

A bill from a vendor is considered a(n) a.transaction. b.liability. c.account. d.debit.

b.liability

The Unpaid Bills Detail Report does not a.list each open bill (with date and invoice number) for a vendor. b.show vendors that have not sent bills. c.list any vendor credits applied. d.list all unpaid bills for each vendor as of a specific date.

b.show vendors that have not sent bills.

When you write a check in the Check window, a.QuickBooks Online automatically debits the Cash account. b.the account field is used to indicate the asset, expense, or drawings account to be debited. c.QuickBooks Online automatically decreases the Accounts Payable account. d.QuickBooks Online tracks the activity through the Accounts Payable or Vendor reports.

b.the account field is used to indicate the asset, expense, or drawings account to be debited.

For a cash payment on a bill not previously entered in QuickBooks, a.you must first record the bill in the Bill window. b.use the Check window. c.use the Pay Bills window. d.use the journal to debit Cash.

b.use the Check window.

An activity window used to record vendor bills to be paid at a later date.

bill window

For transactions recorded in the Check window, Blank Space is the default credit posting account. a.Retained Earnings b.Notes Payable c.Cash d.Accounts Receivable

c.Cash

Payments on accounts are recorded in the a.Journal window. b.Chart of Accounts window. c.Pay Bills window. d.Check window.

c.Pay Bills window.

Which statement is true? a.The Vendor List serves as the accounts receivable subsidiary ledger for the company. b.The Vendor List needs to be manually updated at the end of the month. c.The Vendor List serves as the accounts payable subsidiary ledger for the company. d.The Vendor List is not used in QuickBooks transactions.

c.The Vendor List serves as the accounts payable subsidiary ledger for the company.

When you use the Pay Bills window in QuickBooks Online, a.the bill is not considered paid until the check is printed and sent. b.you do not have the option to assign check numbers. c.for general ledger purposes, the bill is considered paid. d.the check is automatically printed for you.

c.for general ledger purposes, the bill is considered paid.

Vendor reports in QuickBooks Online a.include only the Vendor Balance Detail Report and Vendor Contact List Report. b.are not customizable. c.include the Unpaid Bills Report, the Vendor Balance Detail Report, and the Vendor Contact List Report. d.reflect the information and activities recorded in all Activities windows.

c.include the Unpaid Bills Report, the Vendor Balance Detail Report, and the Vendor Contact List Report.

If a company receives a bill for goods or services from a vendor but plans to pay it at a later date, a.you enter the bill in the Pay Bills window. b.this is called an account receivable. c.this is called a purchase on account. d.you do not need to do anything until you pay the bill.

c.this is called a purchase on account.

In business terminology, a Blank Space is someone from whom the company buys goods and services. a.client b.manufacturer c.vendor d.customer

c.vendor

The Unpaid Bills Detail Report lists all unpaid bills for each _____ as of _____. a.customer; the current date b.vendor; the current date c.vendor; a specific date d.customer; a specific date

c.vendor; a specific date

An activity window used to record the cash purchase of goods or services from a vendor.

check window

Where are cash purchases recorded in QuickBooks? a.Bill window b.Pay Bills window c.Accounts Payable account d.Check window

d.Check window

When a bill (or account payable) previously recorded is to be paid, you enter the transaction in the a.cash payments journal. b.Chart of Accounts List. c.Vendor List. d.Pay Bills window.

d.Pay Bills window

A vendor credit is a.a credit to Accounts Receivable. b.the same as a vendor invoice. c.a vendor balance that has been reduced by a payment. d.a reduction of accounts payable as a result of a return or an allowance by a vendor.

d.a reduction of accounts payable as a result of a return or an allowance by a vendor.

The Pay Bills windows displays a.only bills that must be paid in full. b.only bills that can be paid with a check. c.only one bill at a time. d.all open bills as of a selected date.

d.all open bills as of a selected date.

When you write a check in the Pay Bills window, QuickBooks Online a.does nothing until you post entries at the end of the month. b.automatically notifies the vendor. c.automatically generates a paper check. d.automatically decreases (debits) the Accounts Payable account.

d.automatically decreases (debits) the Accounts Payable account.

When a company receives a bill for goods or services, the bill a.is recorded in the Journal. b.can be left alone until it is paid. c.is recorded in the Pay Bills window. d.is recorded in the Bill window.

d.is recorded in the Bill window

When making a partial payment on account, a.a warning message asks if you would rather pay the full amount. b.you use the Check window instead of the Pay Bills window. c.a credit memo is issued to the vendor. d.the vendor balance owed is reduced along with the cash balance in the checking account.

d.the vendor balance owed is reduced along with the cash balance in the checking account.

A pre-identified general ledger account that increases or decreases automatically depending on the type of transaction entered.

system default account