1. In multi-user mode QuickBooks allows up to * 1 point a) 3 users and 3 accountants b) 4 users and 2 accountants c) 5 users and 2 accountants d) 7 users and 3 accountants 2. To make an account inactive in QuickBooks _____________ * 1 point a) it must first be deleted b) its transaction history must be saved c) its content must be permanently deleted d) it must have a zero balance 3. You are displaying the Supplier list or Customer list. What is the page with an arrow icon used for? * 1 point a) To print the list b) To export the list to Excel c) To change the settings for the list d) To add a new supplier 4. A monetary sum of what you owe to suppliers is tracked in the * 1 point a) Accounts Receivable account b) Accounts Payable account c) General Journal d) Supplier list 5. All of the following are known as forms of payment except * 1 point a) electronic payment b) cash payment c) credit payment d) partial payment 6. Which button in the Bills Window is used to memorize transaction details for future transactions? * 1 point a) Save b) Save and close c) Make recurring d) Find 7. Which 2 tabs appear at the bottom of the Bills window? * 1 point a) Expenses and Inventory Items b) Category Details and Item Details c) Inventory Items and Non-Inventory Items d) Recurring Bills and Non-Recurring Bills 8. To access the Customer List from the main menu bar, first click * 1 point a) Sales b) Expenses c) Reports d) Accounting 9. Which of the following is a tab found on the Customer List? * 1 point a) New Customers b) Products c) Services d) Products and services 10. What is the most common payment term used for customers? * 1 point a) COD b) Net 10 c) Net 30 d) EOM 11. What does the 1% mean in a 1% 10 Net 30 payment term? * 1 point a) A 1% discount is applied if payment is received within 10 days b) A 1% discount is applied when payment is received between 10 and 30 days c) A 1% penalty is applied when payment is received after 10 days d) A 1% penalty is applied when payment is received after 30 days 12. In QuickBooks, when payments from customers are received, what window must be used in order to move the money into the cash account? a) Accounts receivable window * 1 point a) Accounts receivable window b) Payments window c) Cash window d) Bank deposit window 13. Which part of the Product/Service window applies only to products (not services)? * 1 point a) Income Account b) Sales Tax code c) Purchasing Information d) Cost 14. When would an inventory adjustment be recorded using the Inventory Quantity Adjustment window? * 1 point a) An item in the inventory is sold b) An item in the inventory is acquired c) An item in the inventory is modified d) An item in the inventory is damaged 15. Which of the following steps in the accounting cycle comes last? * 1 point a) Post journals to ledgers b) Prepare financial statements c) Record adjusting journal entries d) Perform adjusted trial balance 16. Which financial statement is also known as the statement of owners equity? * 1 point a) Income statement b) Balance sheet c) Cash flow statement d) Statement of retained earnings 17. Journal adjustments are typically made on the last day of the month in the ______ * 1 point a) Journal Entry window b) General Journal window c) Journal Adjustment window d) Record Adjustment window 18. What does the Name field in the Journal Entry window indicate? * 1 point a) The name of the general ledger account to be adjusted b) The name of the customer or supplier related to the transaction c) The name of the currency used for the transaction d) The name of the person recording the entry 21. A bank reconciliation is considered balanced when the difference amount is * 1 point a) less than $5 b) less than 2$ c) less than $1 d) zero 22. When preparing a reconciliation, which window allows you to enter service charges and interest earned? * 1 point a) Reconcile window b) Begin Reconciliation window c) Journal entry window d) Bank deposit window