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apter 5 Erking with Suppliers 1. In the Expenses centre, the money bar shows an overview of A. Undeposited Funds B. Accounts Payable C. Fixed Assets D. Long-term Liabilities 2. Match each form to the corresponding impact on the ledger account. Impact on Ledger Account Forms A. Accounts Payable increases 1. Expense B. Chequing account decreases 2. Cheque Credit Card liability 3. Bill C. increases 3. What type of form is used for payments made with a debit card, credit card, automatic withdrawal or wire transfer? A. Expense B. Invoice C. Bill D. Cheque 4. Which "behind-the-scenes" image shows what happens when you pay a bill? Accounts Payable Chequing 100 100 A. Rent Expense Accounts Payable 100 100 B. Accounts Receivable Rent Expense Search (Alt+Q) Of PL Chapter 5 Assignment Questions. Saved to this PC- he Insert Draw Design Layout References Mailings Review View Help X Calibri (Body) v 11 & A A Aa Po v = = TT Normal No Spacing Head ste B IV al X X AA llilu V board G Font Paragraph Styles decrease. I Vhen you pay a bill with a cheque, Chequing and A. Accounts Payable B. Accounts Receivable C. Pay Bills D. Equity f the agreed-upon payment terms are Net 30, what does this report indicate? Long for Success - Event Planning AT AGING DETAIL Dr. DATE THANSACTION TYPE . SUPPLIER DUE DATE PAST DUC AMOUNT OPEN BALANCE FORDGN AMOUNT . 14 30/00200 SOS 22:00 573431 300 22400 2260 3734.31 A. Two customers have not paid their invoices within the agreed-upon payment terms. B. Long for Success needs to implement more aggressive collection practices so customers pay their invoices in a timely manner- C. Long for Success has not paid two suppliers in accordance with the payment terms. D. Long for Success has paid all outstanding bills within 30 days. Why create purchase orders? A. You can track products that have already been ordered. B. Purchase orders immediately post to Cost of Goods Sold. C. They auto-convert into expenses upon receipt of the items. D. Inventory is adjusted when purchase orders are created. English (United States) Accessibility: Investigate utoSave Off Chapter S Assignment Questions.Saved to this PC O Search (Alt-Q) Home Insert Draw Design Layout References Mailings Review View Help Calibri (Body) 11 A A A A S 1 Normal No Spacing Paste Heading 1 SI U XX A. P. A Clipboard Font Paragraph Styles 8. Match each term to its description Descriptions A shows names, contact info and opening balances B. can be created when filling in an expense form C. displays supplier information and transactions D. provides a high-level overview of Accounts Payable Terms 1. the Expenses centre 2. the money bar 3. the Supplier list 4. a new supplier 9. What is NOT a way you can add suppliers into QBO? A. Use the Import Data tool to pull in suppliers from an Outlook PST file. B. Import from an Excel or CSV file. C. Add them manually in the Suppliers list. D. Add them as you create supplier transactions. 10. Elliott is cleaning out his Supplier list. What should he do with suppliers he hasn't worked with in some time and doesn't expect to work with A. Delete them. B. Void the account. C. Merge them into one record. D. Make them inactive. 11. Akim is entering a bill from a new supplier whose name does NOT appear in the Supplier drop-down menu. What should he do? ds LX English (United States) Accessibility: Investigate o hp 2. 0 o - # $ 7 2. 3 % 5 & 4. sk 7. 8 Search (Alt+0) toSave Off Chapter 5 Assignment Questions. Saved to this PC Review View Help Home Insert Draw Design Layout References Mailings 11 Calibri (Body) ALT A Aa~ Po Normal No Spacing Headin Paste B IV ab x x A LA Styles Clipboard Font Paragraph 11. Akim is entering a bill from a new supplier whose name does NOT appear in the Supplier drop-down menu. What should he do? A. Close the Bill window, go to the Suppliers tab, create the supplier and then return to the Bill window and fill in the form, B. Choose Add New from the menu and create the new supplier right from the Bill window. C. Leave the Supplier field blank and complete the rest of the bill. D. Use the Import Data tool to pull in the supplier's name. is the only required field, but it's a good idea to fill in as much information as possible. 12. When creating a new supplier, A. Terms B. Billing Rate C. Display Name As D. Business ID No. 13. Henry wants to view the transactions for each supplier and their unpaid balance. What standard report should he run? A. Bill Payment List I B. Expenses by Supplier Summary C. Accounts Payable Aging Detail D. Transaction List by Supplier 14. What is unique about paying down a credit card? A. If you aren't paying the entire balance due, you must select the credit card charges you want to pay. B. All expenses that make up the balance on the credit card have already been entered into QBO. C. You can't make partial credit card payments. D. Creating a journal entry is preferred over a transaction form when paying down a fcredit card. cords English (United States) Accessibility: Investigate hp) 2 JO + 19 11 a # % 3 & * 15. Ale opens the Pay Bills transaction form to pay a supplier and checks the Print Later box. Why? A. She will be setting up and printing the cheque directly from QBO. B. She's out of toner. C. She will go to the bank to get a printout. D. The funds are not yet due to the supplier. 16. What does the Accounts Payable Aging Summary show that the Supplier Balance Summary does NOT? A. expenses associated with each supplier B. individual transactions that make up the total due C. the total of unpaid bills grouped by days past due D. bills that have been paid 17. There are two options for paying outstanding bills in QBO. What are they? A. in the Banking centre, with a journal entry B. from the + New menu, in the Suppliers list C. on demand, at a later date D. marking it as billable, using the Gear menu I 18. What can you customize on your expense forms? A. Include the option to make expenses and items billable. B. Display your company logo and contact information. C. Choose a template to match your invoices and sales receipts. D. Apply font formatting, such as a color or bold, to amounts due. Paragraph Styles ndo Clipboard 15 Font 19 20. Match each transaction form to when you would use it. Events A. The supplier offers you a credit to apply to a future involce since the product arrived late. B. The supplier issues a refund for the returned product to a debit card. C. You returned an item, and a credit was issued to the card used to make the original purchase. Forms 1. Supplier Credit 2. Credit Card Credit 3. Bank Deposit and Pay Bill 21. What type of transaction is a purchase order? A. Transfer B. Expense C. Credit D. non-posting I Almost all transactions relate to sales tax. For the rare transaction that has nothing to do with sales tax, what "Amounts Are" option to you A. Exclusive of Tax B. HST ON C. Duty Free D. Out of Scope 22 VALA 23. What two transaction forms initiate this journal entry? ACCOUNT DEBIT CREDIT Credit Card Liability XXX Chequing Account XXX A. Pay Down Credit Card, Transfer B. Pay Bills, Credit Card Credit C. Transfer, Expense D. Cheque, Credit Card Credit I 24. Why set default payment terms? A. so the terms appear on the various expense and purchase forms B. because you want to track expenses and items by customer C. to make expenses and items billable D. to help ensure the company bills are paid on time 25. If you purchase and pay for an item in the same day, which two forms do you use to record the transaction? A. Cheque, Expense B. Expense, Transfer C. Bill, Sales Receipt D. Purchase Order, Pay Bills