Computerized Accounting Ch. 8 Exam

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

A bank deposit or journal entry will not appear on sales reports.

What is the sequence of steps to complete bank reconciliation?

Accounting > Chart of Acounts > 101 Checking > Reconcile

What is the difference between a Sales Receipt and an Invoice?

Sales Receipts include cash sales and credit card sales, Invoices are used to record customer sales that are paid for later.

What type of entries does the Journal report show? check sales receipt bill invoice all of the listed answers

all of the listed answers

Vendor purchases on account are recorded on this page:

bill

When recording customer payments, use these steps:

customers page > receive payment

If the debits do not equal the credits, QBO will allow you to post the transaction.

false

In QBO, tracking inventory is automatically done.

false

QB Online tracks Accounts Receivable (A/R) by entering a bill, then paying the bill.

false

Vendor terms are Net 60.

false

When inventory is purchased, Account 115 Merchandise Inventory is decreased

false

Sales on account to customers are recorded on this page:

invoice

When recording Sales Receipts, use these steps: + > invoice + > receive payment + > bill + > transfer none of the listed answers

none of the listed answers

Use this source document for issuing checks:

transaction register

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

true

Do not delete a check if the check number has been used or if the check was printed.

true

In QuickBooks you can void a check if it was lost in the mail or never cashed.

true

The Accounts Payable Aging report shows that status of what you owe to vendors.

true

To edit an account, go to Recent Transactions and drill down.

true

To record vendor payments, use these steps:

vendors page > make payment