QUESTION 1

1. The Journal shows.
2. a.all transactions no matter where they were recorded
3. b.only those transactions recorded in the General Journal
4. c.only transactions recorded in account registers
5. d.only those transactions that have been edited

2 points

QUESTION 2

1. Changes to the chart of accounts may be made.
3. a.at the beginning of a fiscal period
4. b.before the end of the fiscal year
5. c.at any time
6. d.once established the chart of accounts may not be modified

2 points

QUESTION 3

1. As soon as a bill is received,.
2. a.a check is written but it is not printed until the bill is due
3. b.it is entered as a bill
4. c.a check is written and printed
5. d.QuickBooks deducts the amount due from the checking account

2 points

QUESTION 4

1. To permanently remove the Date Prepared, Time Prepared, and Report Basis from the heading of all reports you.
3. a.change the Report Preferences
4. b.modify the Header on the individual report
5. c.it cannot be removed
6. d.once you remove it from a report header, it never shows up again

2 points

QUESTION 5

1. QuickMath displays.
3. a.a calculator
4. b.adding machine tape
5. c.a calculator with adding machine tape
6. d.none of the above

2 points

QUESTION 6

1. A closing date is assigned.
2. a.after all passwords have been assigned
3. b.at the beginning of the year
4. c.by entering a closing transaction
5. d.at the end of the accounting period to be closed

2 points

QUESTION 7

1. To enter a cash sale, a(n)is completed.
3. a.debit
5. b.invoice
6. c.sales receipt
7. d.bank deposit

2 points

QUESTION 8

1. When an invoice is deleted,.
2. a.the amount is changed to 0.00
3. b.the word "Deleted" appears as the Memo
4. c.it is removed without a trace
5. d.an invoice cannot be deleted

2 points

QUESTION 9

1. Undeposited Funds represents.
2. a.cash or checks received from customers but not yet deposited in the bank
3. b.all cash sales
4. c.the balance of the accounts receivable account
5. d.none of the above

2 points

QUESTION 10

1. allow(s) you to make a closer observation of transaction details and/or amounts.
3. a.Graphs
4. b.QuickZoom
5. c.Invoices
6. d.The Balance Sheet

2 points

QUESTION 11

1. To add your name to a QuickBooks Company name, you use the.
3. a.Edit menu
4. b.Company menu
5. c.Company Preferences
6. d.Chart of Accounts

2 points

QUESTION 12

1. If a bill is recorded in the Enter Bills window, it is best to pay the bill by.
2. a.writing a check
3. b.using the Pay Bills window
4. c.using petty cash
5. d.allowing QuickBooks to generate the check automatically five days before the due date

2 points

QUESTION 13

1. A correction to a bill that has been recorded can be made on the bill or.
2. a.not at all
3. b.on the Accounts Payable Graph
4. c.in the Accounts Payable Register
5. d.none of the above

2 points

QUESTION 14

1. The Items List for a service business contains.
2. a.a list of inventory items used for purchases from vendors
3. b.a list of sales items used for billing
4. c.both A and B
5. d.none of the above

2 points

QUESTION 15

1. At the end of the year, QuickBooks automatically puts the net income for the year in theaccount.
2. a.owner's capital
3. b.owner's investment
4. c.owner's net income
5. d.owner's equity

2 points

QUESTION 16

1. The report that proves Assets = Liabilities + Equity is the.
2. a.Trial Balance
3. b.Income Statement
4. c.Profit and Loss Statement
5. d.Balance Sheet

2 points

QUESTION 17

1. TheReport contains the balances of all the customers on account.
2. a.Customer Balance Summary
3. b.Customer Detail Summary
4. c.Customer Summary
5. d.Accounts Receivable Detail

2 points

QUESTION 18

1. The-basis of accounting matches income for the period against expenses for the period.
2. a.cash
3. b.credit
4. c.accrual
5. d.debit/credit

2 points

QUESTION 19

1. If an invoice is, it will not show up in the Customer Balance Detail Report.
2. a.voided
3. b.deleted
4. c.corrected
5. d.printed

2 points

QUESTION 20

1. Adjustments for accrual basis accounting generally include adjustments to.
2. a.petty cash
3. b.office supplies
4. c.sales discounts
5. d.accounts payable

2 points

QUESTION 21

1. A discount received for a purchase of an inventory item is recorded in theaccount.
3. a.Income account: Purchases Discounts
4. b.Expense account: Sales Discounts
5. c.Cost of Goods Sold account: Merchandise Discounts
6. d.Asset account: Inventory Asset

2 points

QUESTION 22

1. If a customer has a balance for an amount owed and a return is made, a credit memo is prepared and.
3. a.a refund check is issued
4. b.the amount of the return may be applied to the balance owed for the invoice
5. c.the customer determines whether to apply the amount to the balance owed or get a refund check
6. d.all of the above

2 points

QUESTION 23

1. Theitem must appear before the Nonprofit Discount item on an invoice in order for QuickBooks to calculate the sales discount on the entire sale.
2. a.Subtotal
3. b.last sales item
4. c.no special item is required
5. d.QuickBooks does not calculate the discount, it must be computed manually

2 points

QUESTION 24

1. If reports are prepared as of January 31 of the current year, net income will appear in the.
2. a.Profit & Loss Statement
3. b.Balance Sheet
4. c.both A and B
5. d.neither A nor B

2 points

QUESTION 25

1. If an invoice is entered and causes a customer's account to exceed its limit, QuickBooks.
3. a.denies the transaction
4. b.automatically approves the transaction
5. c.provides a dialog box allowing you to approve the transaction
6. d.requires you to change the customer's credit limit

2 points

QUESTION 26

1. Even though transactions are entered via business documents such as invoices and sales receipts, QuickBooks keeps track of all
2. transactions.
3. a.in a chart
4. b.in the master register
5. c.on a graph
6. d.in the Journal

2 points

QUESTION 27

1. To print a reconciliation report that lists only totals, select.
2. a.none
3. b.summary
4. c.detailed
5. d.complete

2 points

QUESTION 28

1. If an order for an inventory item is received with a bill but is incomplete, QuickBooks will.
2. a.record the bill for the full amount ordered
3. b.record the bill only for the amount received
4. c.not allow the bill to be prepared until all the merchandise is received
5. d.close the purchase order

2 points

QUESTION 29

1. If a customer makes a payment on account and a return has been made, the correct amount of the sales discount is calculated.
2. a.automatically by QuickBooks on the full amount
3. b.automatically by QuickBooks on the amount due after the credit is subtracted
4. c.manually by using QuickMath
5. d.all of the above

2 points

QUESTION 30

1. QuickBooks uses themethod of inventory valuation
2. a.LIFO
3. b.average cost
4. c.FIFO
5. d.Actual Cost

2 points

QUESTION 31

1. When recording a bill, you canso the same transaction is entered when recording the bill next month.
2. a.customize My Preferences for Bills
3. b.memorize a report
4. c.memorize a transaction
5. d.None of the above

2 points

QUESTION 32

1. Adjusting entries that must be made after the company set up are.
2. a.Close Uncategorized Income to Capital
3. b.Close Uncategorized Expenses to Capital
4. c.Both of the above
5. d.None of the above

2 points

QUESTION 33

1. Pay stub information may be printed.
2. a.as part of a voucher check
3. b.separately
4. c.only as an individual employee report
5. d.both A and B

2 points

QUESTION 34

1. Select to display employee names by last name on the.
2. a.Payroll & Employees Preferences
3. b.Employee List
4. c.Employee Center
5. d.all of the above

2 points

QUESTION 35

1. A paycheck differs from a regular check because.
2. a.it lists accounts and amounts at the bottom of the screen
3. b.it provides a Payroll Summary and an option to view Paycheck Detail
4. c.changes are not allowed
5. d.once created, it may not be voided or deleted

2 points

QUESTION 36

1. Employee deductions for medical and dental insurance may be selected.
2. a.during the EasyStep Interview
3. b.during the QuickBooks Payroll Setup
4. c.by clicking the Reports button at the bottom of the Employee List
5. d.on the Payroll Menu

2 points

QUESTION 37

1. The Customer: Job list is also known as the
2. a.General Ledger
3. b.Charge Account list
4. c.Accounts Receivable Subsidiary Ledger
5. d.Sales list

2 points

QUESTION 38

1. To change the salary for an employee, you would go to the.
2. a.EasyStep Interview
3. b.Payroll Detail Report
4. c.Employee Center
5. d.none of the above

2 points

QUESTION 39

1. A voided check.
2. a.shows an amount of 0.00
3. b.has a memo of VOID
4. c.remains as part of the company records
5. d.all of the above

2 points

QUESTION 40

1. To begin the company creation using the QuickBooks Setup, click the.
2. a.Leave button
3. b.Detailed Start button
4. c.Convert Data button
5. d.Begin button

2 points

QUESTION 41

1. When adding a new employee to your existing employees, you use the.
2. a.Employee File
3. b.Employee Roster
4. c.Employee Center
5. d.Employee Ledger

2 points

QUESTION 42

1. Changes made to an employee's pay rate will become effective.
2. a.immediately
3. b.at the end of the next payroll period
4. c.at the end of the quarter
5. d.after a W-2 has been prepared for the employee

2 points

QUESTION 43

1. When a salaried employee works for part of the pay period, takes a vacation, and uses sick leave within the same pay period, QuickBooks allocates the salary to.
2. a.Salary
3. b.Sick Salary
4. c.Vacation Salary
5. d.All the above

2 points

QUESTION 44

1. SelectPreferences to indicate the account to use to pay the payroll.
2. a.Employee
3. b.Checking
4. c.Payroll
5. d.Any of the above

2 points

QUESTION 45

1. When payroll liabilities to be paid have been selected, QuickBooks will.
2. a.create a separate check for each liability
3. b.automatically process a Payroll Liabilities report
4. c.consolidate liabilities paid and create one check for each vendor
5. d.prepare any tax return forms necessary

2 points

QUESTION 46

1. Report formats may be customized.
2. a.by clicking Company Info icon
3. b.by customizing the business form
4. c.by changing Reports & Graphs preferences
5. d.by accessing QuickBooks Setup

2 points

QUESTION 47

1. To change the amount of a deduction entered on an employee's check that has been created but not distributed, you.
2. a.must void the check and issue a new one
3. b.adjust the next check to include the change
4. c.unlock and change the Paycheck Detail for the check and reprint it
5. d.must delete the check

2 points

QUESTION 48

1. The use of manual calculation of payroll is indicated in.
2. a.The EasyStep Interview
3. b.The Payroll Setup
4. c.QuickBooks Help
5. d.Employee Center

2 points

QUESTION 49

1. Complete informationincluding name, address, and telephone numberis provided forduring the EasyStep Interview.
2. a.employees
3. b.customers
4. c.vendors
5. d.none of the above

2 points

QUESTION 50

1. The Payroll Item List contains.
2. a.a list of payroll items for hourly wages and salary
3. b.a list of federal payroll tax items and amounts
4. c.a list of state payroll tax items and amounts
5. d.all of the above