ACCT 323: QBO Purchases/Money-Out Test

Arrange the money-out transaction workflow in the correct order.

Position 1: Order an item or service Position 2: Receive the item or service Position 3: Receive a bill for the item or service Position 4: Pay for the item or service

Joe mistakenly added a new vendor, Nuts and Bolts, when it was already on his vendor list. How should Joe merge the old and new versions of this vendor account? Arrange the steps in the correct order.

Position 1: Review the first vendor account Position 2: Review the second vendor account match the first to Position 3: Edit the display name and company name of the second account Position 4: Select Save Position 5: Confirm the two accounts should be merged. Position 6: Select Yes

Kevin purchased a large order of 2x4s from Levi's Lumber. He returned 50 2x4s when he finished a project and was issued a vendor credit. Arrange the steps Kevin should take to record the vendor credit in the correct order.

Position 1: Select Expenses Position 2: Select Vendors Position 3: Select Levi's Lumber Position 4: Select New transaction Position 5: Select Vendor Credit Position 6: Select the Product/Service drop-down arrow Position 7: Select Framing Lumber 2x4 Position 8: Activate cursor in the Qty field Positon 9: Type: 50:00 Position 10: Select Save and close

Office Supply World sent an invoice for $27.00 along with the printer paper Susan received. Susan needs to enter this bill in QuickBooks and categorize it as Office Supplied and Software. Arrange the steps Susan should take in the correct order.

Position 1: Select New Position 2: Select Bill Position 3: Select the Vendor drop-down arrow Position 4: Select Office Supply World Position 5: Select the Category drop-down arrow Position 6: Select Office Supplies and Software Position 7: Activate cursor in the Description box Position 8: Type: Printer paper Position 9: Activate cursor in the Amount box Position 10: Type: 27.00 Position 11: Select Save and close

Anna needs to send an invoice to Awning Wholesalers for a billable expense she previously entered into QuickBooks. Arrange the steps Anna should take to send the invoice.

Position 1: Select Sales Position 2: Select All Sales Position 3: Select the billable expense Position 4: Select Create invoice Position 5: Review the invoice Position 6: Select Save and send

Chase wants to change his payment terms to Net 30. Arrange the steps he should take to change the payment terms in the correct order.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Sales Position 4: Select Edit Sales form content Position 5: Select the Preferred invoice terms drop-down arrow Position 6: Select Net 30 Position 7: Select Save

Mike would like to add billable items to his customer invoices. Arrange the steps he should take to make expenses billable in the correct order.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Expenses Position 4: Select Edit Bills and expenses Position 5: Turn on Make expenses and items billable Position 6: Select Save Position 7: Select Done

When paying with a bank feed transaction, arrange the steps in the correct order that a user should take to record the information in QuickBooks.

Position 1: Select Transactions Position 2: Select Banking Position 3: Select the desired bank feed transaction Position 4: Review the prefilled information Position 5: Input any additional information needed Position 6: Select Confirm

Select the area that should be checked or filled in in order to track 1099 vendors.

Privacy

Void the transaction paid to Nut and Bolts LLC for $15.00. Save the changes, and close the transaction.

Step 1: Select Expenses Step 2: In the first row, select View/Edit Step 3: Select More Step 4: Select Void Step 5: Select Save and close

Edit the vendor, Peggy's Paint, to have QuickBooks track them as a 1099 contractor. Save the changes.

Step 1: Select Expenses Step 2: Select Vendors Select 3: Select Peggy's Paint Select 4: Select Edit Select 5: Select the Track payments for 1099 check box Select 6: Select Save

Print a voucher check for the open bill to Hank's Hardware

Step 1: Select Expenses Step 2: Select Vendors Steps 3: In the Hank's Hardware row, select Make payment Step 4: Select Print check Step 5: Select Yes, I'm finished with setup Step 6: Select Preview and print Step 7: Select Print Step 8: Select the Yes, they all printed correctly option Step 9: Select Done

The vendor that is used to provide all your office supplies has changed your payment terms. Put the steps in order for how to change the payment terms for the vendor in QuickBooks Online. Assume the term is already in the Terms list. Not all steps will be used.

Step 1: Select Expenses from the left-hand navigation Step 2: Select the Vendors tab. Step 3: Click on the Name of the vendor you want to edit. Step 4: Select edit. Step 5: Change the term to the new term Step 6: Select Save and Close

The Diamond Shores Construction company went to dinner with a potential client and paid for the meal with the company credit card. Create a new expense report with the new vendor, Ray's Steakhouse. Ensure the payment details reflect that a Mastercard was used to pay for the dinner.

Step 1: Select New Step 2: Select Expense Step 3: Select the Payee drop-down arrow Step 4: Select Add new Step 5: Type: Ray's Steakhouse Step 6: In the New Name window, select Save Step 7: Select the Payment account drop-down arrow Step 8: Select Master Card Step 9: Select the Payment method drop-down arrow Step 10: Select Credit Card

Create a vendor credit of $25.00 from Tony's Taco Truck and add it to the Meals & Entertainment category. Save the changes, and close the transaction.

Step 1: Select New Step 2: Select Vendor credit Step 3: Activate cursor in the Vendor field Step 4: Type: Tony's Taco Truck Step 5: Select the Category drop-down arrow Step 6: Select Meals & Entertainment Step 7: Activate cursor in the Amount field Step 8: Type: 25.00 Step 9: Select Save and close

Add the category details to the expense report for a company meal purchased for the Chad West Housing project dinner. The company paid $233.18. Save the expense report with the added details.

Step 1: Select the Category drop-down arrow Step 2: Select Meals & Entertainment Step 3: Activate the cursor in the Description field Step 4: Type: Chad West Housing project dinner Step 5: Activate the cursor in the Amount field Step 6: Type 233.18 Step 7: Select Save and close

For each statement below identify if the statement is True or False.

True: - You can enter a Check if the Vendor field is empty - You can enter an Expense if the payee field is empty False: - You can enter an Bill if the Vendor field is empty

Evaluate each of the following statements as they relate to billable expenses and determine if each statement is True or False.

True: - For an expense to appear on an invoice sidebar the expense must be marked billable False: - Billable expenses can be added to invoiced and/or sales receipts - Checks, Bills, Bill Payments and Expenses are all able to be marked as Billable

Evaluate the following statements related to bills and paying bills and identify if the statement is True or False.

True: - You can pay bills using a check as the payment method False: - You have to pay a bill before you enter a bill - Entering a bill decreases accounts payable

Match each QuickBooks option to its function

Void: Keeps a record of the transaction within QuickBooks Edit: Opens a transaction and allows a user to make changes Delete: Removes the transaction from QuickBooks

For each statement below money out transactions identify if the statement is true or false.

When you receive a check from your customer to pay an open invoice, you should select Check to record the amount. - No Vendor credits can be used to reduce the amount paid to a vendor. - Yes After entering a Bill you should select to Pay bills when it is time to pay the bill. - Yes Entering a Bill increases Accounts Payable. - Yes

What should you select your checking account as the payment account on an Expense form? a. All of the answers are correct b. When you are entering a debit card transaction c. When you are entering a payment made online directly from your bank account d. When you are entering a wire transfer directly from your checking account

a. All of the answers are correct

Which payment type creates a digital link with a bank account? a. Bank feed transaction b. Debit Card c. Check d. Credit Card

a. Bank feed transaction

When merging two vendor accounts, what alerts QuickBooks to merge the accounts? a. Changing the display names to match b. Matching the company names c. Selecting Merge these accounts d. Choosing to make one account inactive

a. Changing the display names to match

How would you enter a transaction that won't be downloaded from an online bank account in which you paid for a service using a debit card? a. Click on the new icon and select Expense. Fill out the expense and use Debit card as the payment method. b. Click on the new icon and select Bill. Enter a bill for the transaction. Then go back to the +New Icon and select Pay Bills c. Click on the new icon and select Deposit. Fill out the deposit form and save the transaction. d. Click on the new icon and select Debit Card. Then fill out the debit card charge and save the transaction

a. Click on the new icon and select Expense. Fill out the expense and use Debit card as the payment method.

Refer to the image. What project is the least profitable? a. Fish World Tampa b. Total Fitness Fanatic Gym c. Bathroom Flooring Project d. Catherine Cook

a. Fish World Tampa

Which of the following statements are true regarding vendor credits? (Choose 2) a. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would decrease. b. Vendor credit memos decrease what you owe to the vendor. c. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would increase. d. Vendor credit memos increase what you owe to the vendor.

a. If an inventory item is entered in the product/service field of the item details section of the vendor credit, the inventory quantity on hand balance would decrease. b. Vendor credit memos decrease what you owe to the vendor.

After recording a bill, the user's inventory will automatically be updated in QuickBooks. a. TRUE b. FALSE

a. TRUE

QuickBooks will not let a user create more than one list item with the same display name. a. TRUE b. FALSE

a. TRUE

In which situations is expense tracking useful? Choose two answers. a. To compare different projects and their profitability b. To see whether a project is making a profit c. To see what customers still need to be charged for d. To see what supplies are needed for a project

a. To compare different projects and their profitability b. To see whether a project is making a profit

Why would a vendor issue a vendor credit? Choose three answers. a. To lower the balance of a bill b. To pay for suppliers c. To balance their books d. To refund a purchase e. To be used toward a future purchase f. To charge for billing expenses

a. To lower the balance of a bill d. To refund a purchase e. To be used toward a future purchase

After recording a bill, the user's inventory will automatically be updated in QuickBooks. a. True b. False

a. True

You have a customer who will now also be a vendor. How do you handle this In QuickBooks? a. Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record. b. Make sure the vendor flag is on. c. Select "also use as vendor" option on the customer record. d. As long as the address is different, you don't need to do anything.

a. Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record.

When recording a debit transaction as an expense, a user would select ____ as the payment method. a. check b. cash c. credit card d. debit card

a. check

What type of transaction is entered automatically into QuickBooks? a. A quick transaction b. A bank feed transaction c. A receipt transaction d. An expense transaction

b. A bank feed transaction

Which payment method is not an instant payment? a. Credit card b. Check c. Bank transfer d. Debit card

b. Check

Select 2 ways to identify unbilled billable expenses. a. Run the report Open invoices b. Create a new invoice and any unbillable expenses will appear on the sidebar c. Run the report Unbilled changes d. Create a new expense and any unbilled billable expenses will appear on the sidebar

b. Create a new invoice and any unbillable expenses will appear on the sidebar c. Run the report Unbilled changes

QuickBooks will create a 1099 form for every vendor on the vendor list. a. TRUE b. FALSE

b. FALSE

Transactions that have already been reconciled can be deleted. a. True b. False

b. False

Select two statements below that are correct as it relates to merging vendors. a. When merging Vendor A into vendor B all the transactions for Vendor A will be permanently deleted from the record. b. Merging of vendors cannot be undone. c. To merge vendor A into Vendor B you should edit the display name of vendor B to match vendor A. d. To merge vendor A into Vendor B you should edit the display name of vendor A to match vendor B.

b. Merging of vendors cannot be undone. d. To merge vendor A into Vendor B you should edit the display name of vendor A to match vendor B.

A user can change their preferred payment terms in the _____ section of the Sales settings. a. Products and services b. Sales form content c. Customize d. Late fees

b. Sales form content

When viewing all sales transactions, users can determine which two items? a. Which expenses are outstanding b. Which invoices need to be sent c. Which payments need to be received d. Which projects need to be completed

b. Which invoices need to be sent c. Which payments need to be received

The _____ can be the same on multiple list items. a. print on check name b. company name c. vendor name d. display name

b. company name

Vendors who have been paid more than ____ within the year must be sent a 1099 form for their taxes. a. $1000 b. $500 c. $600 d. $750

c. $600

Your new employer would like to invoice her customer for job materials that she has to buy to complete a project. Currently her expense forms look like this: a. Click the settings icon next to the company name. Click "Custom Form Styles." Edit the expense form. Select "Track Expenses and Items as billable." b. There is not a way to do this in QuickBooks Online. c. Click the settings icon next to the company name. Click Account and Settings/Company Settings. Click the Expenses tab. Select "Track Expenses and Items as billable." d. Click the Credit menu plus icon and select Expense. On the Expense form, click Customize at the bottom of the form. Select "Track Expenses and Items as billable."

c. Click the settings icon next to the company name. Click Account and Settings/Company Settings. Click the Expenses tab. Select "Track Expenses and Items as billable."

You mailed a check to your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in QuickBooks? a. Delete the check. b. Change the amount of the check to zero. c. Void the check. d. Make a Journal Entry to reverse the check.

c. Void the check.

Which types of checks are available for a user through the QuickBooks Online Print checks setup page? a. Speciality b. Basic c. Voucher d. Standard

c. Voucher d. Standard

A transaction that is entered manually into QuickBooks is called a(n) ____ transaction. a. quick b. bank feed c. expense d. receipt

c. expense

What is a money-out transaction? a. A purchase made for a project b. An expense paid by a vendor c. A billable expense on a customer invoice d. A transaction for which a user is paying

d. A transaction for which a user is paying

Mary has a new customer that would like custom payment terms of 45 days. What payment terms should Mary choose when setting up the new vendor information? a. Net 15 b. Net 60 c. Net 30 d. Add new e. Due on receipt

d. Add new

Which payment option has a fee included? a. Bank transfer b. Debit card c. Check d. Credit card

d. Credit card

After printing a batch of checks, Jon realized check number 230 was incorrect. Which option should Jon choose to reprint the check? a. Reprint check number: 230 b. No, keep all checks in the Print Checks list c. Yes, they all printed correctly d. Some checks need reprinting, start with check: 230

d. Some checks need reprinting, start with check: 230

How do you track Accounts Payable (A/P) in QuickBooks? a. Step 1: Record a Journal Entry to Accounts Payable. Step 2: Write a check to pay your vendor/supplier. b. Step 1: Enter an Expense. Step 2: Pay the Expense. c. Enter a check for the Expense. d. Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window.

d. Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window.

When should you not delete a check? a. You accidentally recorded the same check (with the same check number) twice. b. You recorded a check but have not printed it yet. c. You printed a check on blank paper but now realize you don't want to record the check. d. You printed a check and the check number has been used.

d. You printed a check and the check number has been used.

Merging vendor accounts is ____. a. situational b. required c. temporary d. permanent

d. permanent