Multiple Choice

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.

4.11. When you record a bill, it must be paid .

With Petty Cash

By writing a Check

Using Pay Bills

All of the above

4.12. You may view the Audit History of a transaction in the following ways:

Show All

Compare

Collapsed

All of the above

4.13. Which of the following would not be a prepaid expense?

Equipment Rental

Insurance

Office Supplies

None of the above

4.14. To pay for a bill that has not been recorded, you use .

Pay Bills

Bills

Check

Accounts Payable

4.15. If a bill payment amount does not match any of the bill amounts, QuickBooks Online applies it to .

The newest bill

The oldest bill

Splits the amount among all bills owed to the vendor

Vendor Credits

4.16. If you purchase something to have on hand that will eventually be used up in the operation of the business, it is recorded as a(n) .

Liability

Expense

Asset

Any of the above

4.17. To pay for small expenses using cash, you use the account.

Cash

Transfer

Petty Cash

Undeposited Funds

4.18. The report that you prepare to determine which bills to pay is the report.

Expenses List

Vendor Balance Detail

Bill Payment List

Unpaid Bills

4.19. All of the following may be added on the fly when entering a Bill except

A new Account

A new Customer

A new Vendor

Any of the above may be added on the fly when entering a Bill

4.20. To see the unpaid balances for vendors, you prepare a(n) report.

Unpaid Bills

Vendor Balance Summary

Vendor Balance Detail

Any of the above