Question 1

In a sole proprietorship an owner's name is added to the Vendor list for recording withdrawals.

Accepted Answer

A) True 
 B)False

Question 2

If a salaried employee uses vacation pay, QuickBooks Desktop will automatically distribute the correct amount of earnings to Vacation Salary once the number of vacation hours has been entered.

Accepted Answer

A) True 
 B)False

Question 3

In QuickBooks Desktop, error correction for a sale on account can be accomplished by editing the invoice.

Accepted Answer

A) True 
 B)False

Question 4

A purchase order is closed automatically when a partial receipt of merchandise is recorded.

Accepted Answer

A) True 
 B)False

Question 5

To begin the company creation using the EasyStep Interview, click the_______ .

Accepted Answer

A) Start Interview button 
B) Begin button 
C) Convert Data button 
D) Detailed Start button 
A) Start Interview button 
B) Begin button 
C) Convert Data button 
D) Detailed Start button

Question 6

If the adjusting entry to transfer net income/owner's equity into the owner's capital account is made prior to the end of the year, the Balance Sheet shows _______.

Accepted Answer

A) Owner's Equity 
B) Net Income 
C) both Net Income and Owner's Equity 
D) none of the above because the income/earnings has been transferred into capital 
A) Owner's Equity 
B) Net Income 
C) both Net Income and Owner's Equity 
D) none of the above because the income/earnings has been transferred into capital

Question 7

Pay stub information may be printed_________ .

Accepted Answer

A) only at the end of the year 
B) only when there is a voided check 
C) only as an individual employee report 
D) as part of a voucher check 
A) only at the end of the year 
B) only when there is a voided check 
C) only as an individual employee report 
D) as part of a voucher check

Question 8

Customer information may be changed by editing the Chart of Accounts.

Accepted Answer

A) True 
 B)False

Question 9

At the end of the fiscal year, QuickBooks Desktop transfers the net income into the Owner's Equity account and allows you to protect the data for the year by entering a closing date.

Accepted Answer

A) True 
 B)False

Question 10

When recording a bill, you can _____so the same transaction is entered when recording the bill next month.

Accepted Answer

A) customize My Preferences for Bills 
B) memorize a report 
C) memorize a transaction 
D) All of the above 
A) customize My Preferences for Bills 
B) memorize a report 
C) memorize a transaction 
D) All of the above

Question 11

When a bill is deleted,_______ .

Accepted Answer

A) the amount is changed to 0.00 
B) the word Deleted appears as the Memo 
C) it is removed without a trace 
D) a bill cannot be deleted 
A) the amount is changed to 0.00 
B) the word Deleted appears as the Memo 
C) it is removed without a trace 
D) a bill cannot be deleted

Question 12

Because cash sales do not involve accounts receivable, a Sales Receipt is prepared.

Accepted Answer

A) True 
 B)False

Question 13

When a Sales Order has been prepared for a customer, the invoice should be created directly from the Sales Order.

Accepted Answer

A) True 
 B)False

Question 14

If an order is received with a bill but is incomplete, QuickBooks Desktop will______ .

Accepted Answer

A) record the bill for the full amount ordered 
B) close the purchase order 
C) not allow the bill to be prepared until all the merchandise is received 
D) record the bill only for the amount received 
A) record the bill for the full amount ordered 
B) close the purchase order 
C) not allow the bill to be prepared until all the merchandise is received 
D) record the bill only for the amount received

Question 15

Report formats may be customized_______ .

Accepted Answer

A) by clicking My Company icon 
B) by customizing the business form 
C) by changing Reports & Graphs Preferences 
D) by selecting Customize in the Reports Center 
A) by clicking My Company icon 
B) by customizing the business form 
C) by changing Reports & Graphs Preferences 
D) by selecting Customize in the Reports Center

Question 16

If you change the minimum quantity for an item, it becomes effective____________ .

Accepted Answer

A) as soon as outstanding purchase orders are received 
B) the beginning of next month 
C) immediately 
D) the beginning of the next fiscal year 
A) as soon as outstanding purchase orders are received 
B) the beginning of next month 
C) immediately 
D) the beginning of the next fiscal year

Question 17

Petty Cash is identified as a______- account type, so it will be placed at the top of the chart of accounts along with checking and savings accounts.

Accepted Answer

The answer of Petty Cash is identified as a______- account...

Question 18

A single order request can be prepared and sent to several vendors.

Accepted Answer

A) True 
 B)False

Question 19

If Include Inactive is selected, inactive accounts will appear in the Chart of Accounts.

Accepted Answer

A) True 
 B)False

Question 20

A bill can be paid by check or credit card.

Accepted Answer

A) True 
 B)False

In a sole proprietorship an owner's name is added to the Vendor list for recording withdrawals.

If a salaried employee uses vacation pay, QuickBooks Desktop will automatically distribute the correct amount of earnings to Vacation Salary once the number of vacation hours has been entered.

In QuickBooks Desktop, error correction for a sale on account can be accomplished by editing the invoice.

A purchase order is closed automatically when a partial receipt of merchandise is recorded.

To begin the company creation using the EasyStep Interview, click the_______ .

If the adjusting entry to transfer net income/owner's equity into the owner's capital account is made prior to the end of the year, the Balance Sheet shows _______.

Pay stub information may be printed_________ .

Customer information may be changed by editing the Chart of Accounts.

At the end of the fiscal year, QuickBooks Desktop transfers the net income into the Owner's Equity account and allows you to protect the data for the year by entering a closing date.

When recording a bill, you can _____so the same transaction is entered when recording the bill next month.

When a bill is deleted,_______ .

Because cash sales do not involve accounts receivable, a Sales Receipt is prepared.

When a Sales Order has been prepared for a customer, the invoice should be created directly from the Sales Order.

If an order is received with a bill but is incomplete, QuickBooks Desktop will______ .

Report formats may be customized_______ .

If you change the minimum quantity for an item, it becomes effective____________ .

Petty Cash is identified as a______- account type, so it will be placed at the top of the chart of accounts along with checking and savings accounts.

A single order request can be prepared and sent to several vendors.

If Include Inactive is selected, inactive accounts will appear in the Chart of Accounts.

A bill can be paid by check or credit card.

Introduction to Quickbooks 2018 and Company Files

Sales and Receivables: Service Business

Payables and Purchases: Service Business

General Accounting and End-Of- Period Procedures: Service Business

Sales and Receivables: Merchandising Business

Payables and Purchases: Merchandising Business

General Accounting and End-Of-Period Procedures: Merchandising Business

Payroll

Creating a Company in Quickbooks

Filters

Exam 10: Desktop Accounting System: Features and Functionality Overview

In a sole proprietorship an owner's name is added to the Vendor list for recording withdrawals.

If a salaried employee uses vacation pay, QuickBooks Desktop will automatically distribute the correct amount of earnings to Vacation Salary once the number of vacation hours has been entered.

In QuickBooks Desktop, error correction for a sale on account can be accomplished by editing the invoice.

A purchase order is closed automatically when a partial receipt of merchandise is recorded.

To begin the company creation using the EasyStep Interview, click the_______ .

If the adjusting entry to transfer net income/owner's equity into the owner's capital account is made prior to the end of the year, the Balance Sheet shows _______.

Pay stub information may be printed_________ .

Customer information may be changed by editing the Chart of Accounts.

At the end of the fiscal year, QuickBooks Desktop transfers the net income into the Owner's Equity account and allows you to protect the data for the year by entering a closing date.

When recording a bill, you can _____so the same transaction is entered when recording the bill next month.

When a bill is deleted,_______ .

Because cash sales do not involve accounts receivable, a Sales Receipt is prepared.

When a Sales Order has been prepared for a customer, the invoice should be created directly from the Sales Order.

If an order is received with a bill but is incomplete, QuickBooks Desktop will______ .

Report formats may be customized_______ .

If you change the minimum quantity for an item, it becomes effective____________ .

Petty Cash is identified as a______- account type, so it will be placed at the top of the chart of accounts along with checking and savings accounts.

A single order request can be prepared and sent to several vendors.

If Include Inactive is selected, inactive accounts will appear in the Chart of Accounts.

A bill can be paid by check or credit card.

Introduction to Quickbooks 2018 and Company Files

Sales and Receivables: Service Business

Payables and Purchases: Service Business

General Accounting and End-Of- Period Procedures: Service Business

Sales and Receivables: Merchandising Business

Payables and Purchases: Merchandising Business

General Accounting and End-Of-Period Procedures: Merchandising Business

Payroll

Creating a Company in Quickbooks

Filters