Question 1

Since purchase discounts are a cost of doing business, they are categorized as an expense.

Accepted Answer

A) True 
 B)False

Question 2

QuickBooks Desktop uses graphs to illustrate information about _______.

Accepted Answer

A) the chart of accounts 
B) sales 
C) the cash account 
D) supplies 
A) the chart of accounts 
B) sales 
C) the cash account 
D) supplies

Question 3

The Item List stores information for _______.

Accepted Answer

A) Purchase Orders for each item on order 
B) items marked to reorder 
C) each item a company sells 
D) both A and B 
A) Purchase Orders for each item on order 
B) items marked to reorder 
C) each item a company sells 
D) both A and B

Question 4

To record an order placed by telephone, you use a____ .

Accepted Answer

A) Sales Receipt 
B) Receive Order 
C) Sales Order 
D) Purchase Order 
A) Sales Receipt 
B) Receive Order 
C) Sales Order 
D) Purchase Order

Question 5

A paycheck differs from a regular check because______ .

Accepted Answer

A) changes are not allowed 
B) it lists accounts and amounts at the bottom of the screen 
C) it provides a Payroll Summary and an option to view Paycheck Detail at the bottom of the screen 
D) once created, it may not be voided or deleted 
A) changes are not allowed 
B) it lists accounts and amounts at the bottom of the screen 
C) it provides a Payroll Summary and an option to view Paycheck Detail at the bottom of the screen 
D) once created, it may not be voided or deleted

Question 6

Accounts that are listed individually but are grouped together under a main account are called_________ .

Accepted Answer

A) dependent accounts 
B) secondary accounts 
C) subaccounts 
D) mini-accounts 
A) dependent accounts 
B) secondary accounts 
C) subaccounts 
D) mini-accounts

Question 7

When receiving a payment from a customer, QuickBooks Desktop automatically deducts any credits before calculating the sales discount.

Accepted Answer

A) True 
 B)False

Question 8

You can enter payroll deductions manually when processing the payroll.

Accepted Answer

A) True 
 B)False

Question 9

If a customer is marked taxable, sales tax will be calculated automatically for an inventory item on an invoice.

Accepted Answer

A) True 
 B)False

Question 10

Entries for bank collections for a loan payment______ .

Accepted Answer

A) are automatically recorded at the completion of the bank reconciliation 
B) must be recorded after the bank reconciliation is complete 
C) should be recorded on the first of the month 
D) should be recorded while reconciling the bank statement 
A) are automatically recorded at the completion of the bank reconciliation 
B) must be recorded after the bank reconciliation is complete 
C) should be recorded on the first of the month 
D) should be recorded while reconciling the bank statement

Question 11

QuickBooks Desktop icons appear beneath the title bar and have a list of drop-down menus.

Accepted Answer

A) True 
 B)False

Question 12

The start date is the date you select to begin tracking financial information for your company in QuickBooks Desktop.

Accepted Answer

A) True 
 B)False

Question 13

A Sales Item List stores information about everything you purchase.

Accepted Answer

A) True 
 B)False

Question 14

Once a report format has been customized as a QuickBooks Desktop preference, QuickBooks Desktop will automatically use the custom format for reports prepared in the Report Center or from the Reports menu.

Accepted Answer

A) True 
 B)False

Question 15

A Commented report must be saved before it can be printed.

Accepted Answer

A) True 
 B)False

Question 16

QuickGraphs allows information to be viewed from both a sales standpoint and from an accounts receivable perspective.

Accepted Answer

A) True 
 B)False

Question 17

To verify the name of the open company, look at______ .

Accepted Answer

A) the Icon bar 
B) QuickBooks Navigator 
C) the Menu bar 
D) the Title bar 
A) the Icon bar 
B) QuickBooks Navigator 
C) the Menu bar 
D) the Title bar

Question 18

The Subtotal account calculates the sales discount.

Accepted Answer

A) True 
 B)False

Question 19

In accrual basis accounting, insurance is a(n)_____ until it is used.

Accepted Answer

A) expense 
B) asset 
C) liability 
D) cost of goods sold 
A) expense 
B) asset 
C) liability 
D) cost of goods sold

Since purchase discounts are a cost of doing business, they are categorized as an expense.

QuickBooks Desktop uses graphs to illustrate information about _______.

The Item List stores information for _______.

To record an order placed by telephone, you use a____ .

A paycheck differs from a regular check because______ .

Accounts that are listed individually but are grouped together under a main account are called_________ .

When receiving a payment from a customer, QuickBooks Desktop automatically deducts any credits before calculating the sales discount.

You can enter payroll deductions manually when processing the payroll.

If a customer is marked taxable, sales tax will be calculated automatically for an inventory item on an invoice.

Entries for bank collections for a loan payment______ .

QuickBooks Desktop icons appear beneath the title bar and have a list of drop-down menus.

The start date is the date you select to begin tracking financial information for your company in QuickBooks Desktop.

A Sales Item List stores information about everything you purchase.

Once a report format has been customized as a QuickBooks Desktop preference, QuickBooks Desktop will automatically use the custom format for reports prepared in the Report Center or from the Reports menu.

A Commented report must be saved before it can be printed.

QuickGraphs allows information to be viewed from both a sales standpoint and from an accounts receivable perspective.

To verify the name of the open company, look at______ .

The Subtotal account calculates the sales discount.

In accrual basis accounting, insurance is a(n)_____ until it is used.

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

Since purchase discounts are a cost of doing business, they are categorized as an expense.

QuickBooks Desktop uses graphs to illustrate information about _______.

The Item List stores information for _______.

To record an order placed by telephone, you use a____ .

A paycheck differs from a regular check because______ .

Accounts that are listed individually but are grouped together under a main account are called_________ .

When receiving a payment from a customer, QuickBooks Desktop automatically deducts any credits before calculating the sales discount.

You can enter payroll deductions manually when processing the payroll.

If a customer is marked taxable, sales tax will be calculated automatically for an inventory item on an invoice.

Entries for bank collections for a loan payment______ .

QuickBooks Desktop icons appear beneath the title bar and have a list of drop-down menus.

The start date is the date you select to begin tracking financial information for your company in QuickBooks Desktop.

A Sales Item List stores information about everything you purchase.

Once a report format has been customized as a QuickBooks Desktop preference, QuickBooks Desktop will automatically use the custom format for reports prepared in the Report Center or from the Reports menu.

A Commented report must be saved before it can be printed.

QuickGraphs allows information to be viewed from both a sales standpoint and from an accounts receivable perspective.

To verify the name of the open company, look at______ .

The Subtotal account calculates the sales discount.

In accrual basis accounting, insurance is a(n)_____ until it is used.

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