CH2-25 CH1-18. Which of the following accounts should be set up using the Equity account type? (Select all that apply.) A. Retained earnings B. Common stock C. Dividends D. Net income The A/R Aging Summary is found in the group of reports on the Reports dropdown menu. A. Accountant & Taxes B. Sales C. Customers & Receivables D. Company & Financial You would like to print a simple report that shows income from each customer during the past year. You would most likely choose A. Sales by Item Detail B. Sales by Item Summary C. Sales by Customer Detail D. Sales by Customer Summary CH2-26. CH2-19. The customer name A. Always appears in the address information box on sales receipts and invoices. B. Acts as an identifier in QuickBooks. C. Must be different than the company name. D. Is an optional field. CH2-20. CH2-27 When setting up a new customer, which of the following can be entered in QuickBooks? A Credit terms for the customer B. Specific projects for the customer C. Credit card information for the customer D. All of the above can be entered in QuickBooks You would like to print a simple report that shows income from the various services you provided during the past year. You would most likely choose A. Sales by Item Detail B. Sales by Item Summary C. Sales by Customer Detail D. Sales by Customer Summary CH2-21 CH3-28 The account that is debited when an invoice is completed in QuickBooks must have the account type A. Bank B. Accounts receivable C. Other current asset D. Income QuickBooks considers all of the following to be vendors except: A. Utility companies B. Suppliers of inventory and supplies C. Tax agencies such as the IRS D. All of the above are considered vendors in QuickBooks. CH2-22. CH3-29 The account type for the Undeposited Funds account is A. Income B. Bank C. Cash D. Other current asset The initial set up of 1099 tracking in QuickBooks is done A. In Preferences B. Through the Vendor Center C. In the Enter Bill window D. Through Vendors & Payables CH2-23 CH3-30 The transaction type used for recording cash sales is A. Invoice B. Sales Receipt C. Cash Sale D. Payment When a bill is recorded, the account credited must have an account type. A. Accounts payable B. Other current liability C. Liability D. Expense Which of the following transactions would most likely have the transaction type bill payment? A. Check written to pay employee's salary B. Check written to pay for pizza delivered to the office C. Check written to pay the telephone bill entered in the previous month. D. Payment for magazine subscription using a company credit card CH2-24. CH3-31. By default the account debited when a cash sale or customer payment on account is recorded is: A. Bank B. Cash C. Checking D. Undeposited Funds