Quickbooks Online 2018 - Chapter 3 - study guide- modified
How does a cash purchase recorded in the Check window affect the vendor file?
The vendor file is unaffected.
A vendor credit is
a reduction of accounts payable as a result of a return or an allowance by a vendor.
The Pay Bills windows displays
all open bills as of a selected date
The Journal Report displays
all transactions recorded during a specified period of time
To see all recent transactions for a vendor, open the vendor file from the Vendors List and
click the Transaction List tab.
When you use the Pay Bills window in QuickBooks
for general ledger purposes, the bill is considered paid.
Vendor reports in QuickBooks
include the Unpaid Bills Report, the Vendor Balance Detail Report, and the Vendor Contact List Report.
A cash purchase
is a payment of any bill or item other than accounts payable.
Payment on account
is payment of an outstanding account payable.
Which one of the following accounts is a system default account for a vendor?
Accounts Payable
In QuickBooks, which window is used to record a purchase on account?
Bill
Vendor activities in QuickBooks use the
Bill, Pay Bills, and Check windows.
When a bill (or account payable) previously recorded is to be paid, you enter the transaction
Pay Bills window
Payments on accounts are recorded in the
Pay Bills window.
Click the _____ icon in the Check window to review recent payments recorded there and in the Pay Bills window
Recent Transaction
A purchase on account
is posted to the Accounts Payable account by default.
When a company receives a bill for goods or services, the bill
is recorded in the Bill window.
A bill from a vendor is considered a(n)
liability.
The Pay Bills window is for activities identified as
payments of outstanding accounts payable
A(n) ________ journal is used to record all purchases of goods on account; it can be in a single-column or multi-column format.
purchases
The Unpaid Bills Detail Report does not
show vendors that have not sent bills.
A vendor is
someone from whom a company buys goods or services, either on account or for cash.
When reviewing a report, QuickBooks allows you to "drill down" from a report to
the original window where data has been entered.
For a cash payment on a bill not previously entered in QuickBooks
use the Check window.
The Unpaid Bills Detail Report lists all unpaid bills for each ________ as of ________.
vendor; a specific date
Which of the following statements is not true? a. When you write a check in the Pay Bills window, QuickBooks automatically decreases (debits) the Accounts Payable account. b. Paying for a cash purchase cannot be entered in the Check window. c. The Bill window is used to record purchases on account. d. As transactions are recorded in the activities windows, QuickBooks simultaneously updates the vendor's file in the Vendor List.
Paying for a cash purchase cannot be entered in the Check window.
Which of the following is a true statement? a. QuickBooks automatically updates any related reports with information from vendor transactions. b. Vendor files are automatically set up for you in QuickBooks. c. You can only view reports after you update the general ledger. d. It is not necessary to set up a vendor file for each vendor.
QuickBooks automatically updates any related reports with information from vendor transactions.
Which statement is true? a. The Vendor List is not used in QuickBooks transactions. b. The Vendor List needs to be manually updated at the end of the month. c. The Vendor List serves as the accounts receivable subsidiary ledger for the company. d. The Vendor List serves as the accounts payable subsidiary ledger for the company.
The Vendor List serves as the accounts payable subsidiary ledger for the company
The Vendor Balance Detail Report shows
all vendor-related transactions in chronological order.
When you enter a bill from a vendor, QuickBooks
automatically credits the Accounts Payable account.
When you write a check in the Pay Bills window, QuickBooks
automatically decreases (debits) the Accounts Payable account
Once a vendor file is established, transactions can include receiving a(n)
bill from a vendor, paying that bill, and paying for a cash purchase.
When you make an entry for a new liability in the Bill window, QuickBooks does not automatically update the
checking account balance.
The Vendor List should contain
company name, address, contact person, terms, tax ID, and current balance owed.
When you write a check in the Check window
the account field is used to indicate the asset, expense, or drawings account to be debited.
A vendor credit reduces
the balance owed to the vendor
When making a partial payment on account
the vendor balance owed is reduced along with the cash balance in the checking account
In the Journal Report, the TRANSACTION TYPE indicates
the window where the activity was recorded.
If a company receives a bill for goods or services from a vendor but plans to pay it at a later date,
this is called a purchase on account.
In QuickBooks, the Pay Bills window is used
to record a payment on account.
