Exam 10: Desktop Accounting System: Features and Functionality Overview

The amount of the sale when paid by debit and credit cards is placed into the Undeposited Funds account.When the actual bank deposit is made, the amount is deposited into the checking or bank account.

Rather than use a traditional Purchases Journal to record transactions using debits and credits and special columns, QuickBooks Desktop uses an invoice to record sales transactions for accounts receivable in the Accounts Receivable Register.

To close the balances of the Uncategorized Expenses and Uncategorized Income accounts, you record a clearing transaction.

Sales tax is paid by using ________.

To close a period, you must enter a(n)______ .

QuickMath displays______ .

Receipt of purchase order items is never recorded before the bill arrives.

The Accountant's Copy of the company file is used to record day-to-day business transactions.

When using QuickBooks Desktop, all checks must be printed by the computer.

QuickBooks Desktop automatically applies payments received from customers on account to the most current invoice.

In QuickBooks Desktop, the Journal is called the book of final entry.

The account type for Merchandise Discounts should be ________.

The ____________section of the QuickBooks Payroll Setup allows information for earnings, withholding, and payroll liabilities to be entered for the year-to-date.

QuickBooks Desktop gives you an instant visual analysis of different elements of your business using_______ .

When a correction for a transaction is made, QuickBooks Desktop changes the form used to record the transaction; all journal entries, and all account entries for the transaction.

QuickBooks Desktop prevents the deletion of an account once it has been used even if it simply contains an opening or an existing balance.

Anything entered as a service charge or interest earned on a bank reconciliation will be entered automatically in the checking account register when the reconciliation is complete.

No matter where transactions are recorded, they all appear in the______ .

Processing the Payroll Liability Balances Report does not generate the checks for payment of the liabilities.

A customer may be added while preparing an invoice using_____-- .