CA$2-$ Final Assessment $($MCQ$)$

Please answer the multiple choice questions using the class materials.

Hours: $00$ Minutes: $59$ Seconds: $53$

$1.$ To enter a sales transaction with payment to be received later

$2$ points

A$)$ From the Navigation Bar, select Vendor

B$)$ From the Navigation Bar, select Expenses

C$)$ From the $(+)$ New icon, select Invoice

D$)$ From the Gear icon, select Transactions

$2.$ When a customer pays cash at the time of sale, what do you record?

$2$ points

A$)$ A sales receipt

B$)$ An invoice

C$)$ A purchase order

D$)$ A thank you note

$3.$ When a customer purchases products or service but does not pay at the point of sale, what do you record?

$2$ points

A$)$ A sales receipt

B$)$ An invoice

C$)$ A purchase order

D$)$ A thank you note

$4.$ We can update the customer list at which of the following points?

Choose best answer

$2$ points

A$)$ Before entering the transactions

B$)$ While entering transactions

C$)$ After entering transactions

D$)$ Both A and B

$5.$ Which of the following two are Customers and Sales transactions?

$2$ points

A$)$ Invoice

B$)$ Receive Payment

C$)$ Pay Bills

D$)$ Check

$6.$ Types of Products and Servic inlcudes which two of the following?

$2$ points

A$)$ Service

B$)$ Batch

C$)$ Inventory

D$)$ All of the above

$7.$ When creating a Sales Receipt, if we select Deposit to a Checking Account, then we

$2$ points

A$)$ Create a Bank Deposit to move the customer payment from Checking account to the Undeposited Funds account

B$)$ No further action is required

C$)$ Create a Sales Receipt depositing the amount to the Checking account

D$)$ Create a subsequent Invoice depositing the amount to the Checking account

$8.$ Which of the following reports provides information about which customers owe money to the business?

$2$ points

A$)$ Profit & Loss

B$)$ Balance Sheet

C$)$ Statement of Cash Flows

D$)$ Accounts Receivable Aging

$9.$ To enter vendors and expenses tranactions

$2$ points

A$)$ From the Navigation Bar, select Customers

B$)$ From the Navigation Bar, select Expenses $>$ New transaction

C$)$ From Gear icon, select Vendors

D$)$ From the Gear icon, select Expenses Transactions

$10.$ To enter an expense transaction

$2$ points

A$)$ From the Navigation Bar, select Customers

B$)$ From the Navigation Bar, select Sales

C$)$ From the $(+)$ New icon, select Expense

D$)$ From the Gear Icon select Vendor Transaction

$11.$ Accounts Payable $($A$/$P$)$ are:

$2$ points

A$)$ Amounts totalling the net worth of the company

B$)$ Amounts paid to owners

C$)$ Amounts that customers owe your business

D$)$ Amounts owed to others and are future obligations

$12.$ QuickBooks considers all of the follwing to be vendors except

$2$ points

A$)$ Utility companies

B$)$ Suppliers of inventory and supplies

C$)$ Tax agencies such as the CRA

D$)$ Customers purchasing products

$13.$ Which of the following is not a vendor transaction

$2$ points

A$)$ Make deposits

B$)$ Pay bills

C$)$ Order products

D$)$ Receive bills

$14.$ Which of the following are two Vendors and Expenses transactions

$2$ points

A$)$ Invoice

B$)$ Receive Payment

C$)$ Pay Bills

D$)$ Check

$15.$ The Bill form is used to record which one of the following transactions?

$2$ points

A$)$ Owners investment

B$)$ Services received but not yet paid

C$)$ Product sold to customers

D$)$ Cash purchase of supplies

$16.$ Which of the following activities, and the QBO form used to record it$,$ is incorrect?

$2$ points

A$)$ Receive products, Customer List

B$)$ Order products, Purchase Order

C$)$ Record inventory information, Products and Services List

D$)$ Sell products and bill customers Invoice

$17.$ Indicate in order in which the following onscreen Vendors and Expenses transaction forms typically should be prepared

$2$ points

A$)$ Expense $>$ Pay Bills

B$)$ Check $>$ Pay Bills

C$)$ Bill $>$ Pay Bills

D$)$ Invoice $>$ Pay Bills

$18.$ Which of the following reports tracks past due bills and bills that are due shortly?

$2$ points

A$)$ Profit & Loss

B$)$ Statement of Cash Flows

C$)$ Accounts Payable Aging

D$)$ Accounts Receivable Aging

$19.$ The Profit & Loss Statement Lists:

$2$ points

A$)$ Assets, Revenues and Owners' Equity

B$)$ Assets, Liabilities and Owners' Equity

C$)$ Revenues, Expenses and Net Income

D$)$ Revenues, Liabilities and Net Income

$20.$ The Balance Sheet lists:

$2$ points

A$)$ Assets, Revenues and Owners' Equity

B$)$ Assets, Liabilities and Owners' Equity

C$)$ Revenues, Expenses and Net Inc