Accounting and payroll administration courses

I - Choose the best answer for the following questions: (7 points)* a. 1) New accounts are added from the Chart of Accounts. Chart of Accounts cannot be accessed from one of the following: On the Home Page, the Chart Of Accounts Icon b. On the List menu, Chart of Accounts C. On the Company menu, Company information d. On the keyboard shortcut, click Ctrl +A 2) We can add any of the icons from the home page for easy access, if the form is displayed on the screen. If a Receipts form is displayed and you want it to be added to the Icon bar: a. You go to the List menu and click Memorized transaction List" to Icon bar b. You go to the view menu and click add "Enter Sales Receipts to Icon Bar C. You go to Edit menu and click Memorize Sales Receipts to Icon Bar d. You go to the keyboard shortcut and click "Ctrl + N" 3) You can add a new customer records from several locations in QuickBooks. a. Go to Customer center - New customer & Job icon - New customer b. Go to the keyboard and click "Ctrl +N C. Go to any form in Customer section - Customer: Job - write name of customer - Setup d. All of the above 4) Businesses frequently ask customers to pay a deposit when they make a purchase on account. This deposit can serve one of the following purposes businesses: a. They help the customer to proceed with the purchase b. It helps the business to ensure that the order is confirmed and will make the items ready C. They reduce the final amount owing so that the customer would not exceed credit limit d. "a" and "c" are correct 5) One of the following is not true about customer prepayments (Customer deposits) a. As the payment is not applied to an outstanding invoice, the entire cheque amount is displayed as overpayment b. Prepayments are entered on the Receive Payments Form c. When you enter a customer prepayment, an outstanding invoice is selected for payment d. Customer prepayments are entered just like other customer payments because you receive a cheque from the customer 6) What is the reason that a Credit Card bill requires to be reconciled before payment a. The bill amount may be higher because of interest charges assessed but not recorded b. The bill amount may be lower because of some purchases made after the credit card's billing date C. The bill may be different because of other accounting or journalizing errors d. All of the above 7) Most businesses with employees have payroll liabilities with a number of different agencies and organizations. One of the following sentences is false: a. Income tax, EI , and CPP withheld from employees are paid to the Receiver General b. Employer expenses for WCB & medical premiums are paid to the Provincial Minster of Finance C. The Employer's contribution on behalf of the employee's of EI & CPP is paid to the Receiver General. d. The federal Government collects both Provincial and federal income taxes in all provinces except Quebec. II - Answer the following sentences by saying True or False (8 Points)* 1) When you review the Chart of Accounts, you may find that some of the accounts were entered incorrectly. To correct an opening balance or date, you must change the amount in the register for the account. 2) Cheques written in payment of vendor bills in the pay bills form cannot be corrected from the Write Cheques form, just like other Cheques 3) The Accounts Receivable Aging Reports shows only the outstanding amounts your customers owe aged according the current periods but not previous periods. 4) Inventory adjustments should be performed continuously whenever an item is discovered missing or damaged, as well as periodically when complete inventory stock is taken. 5) The Cost field in Inventory Assembly Icon (new item box) is used to enter the total cost of assembly and this cost represents the purchase price from a vendor. 6) A sales discount is a contra-sales account and its normal balance is debit side 7) You cannot create Invoices directly from the Sales Order form. 8) If customers fail to pay their outstanding balances within the given due date period, they may be charged interest on the overdue amounts