Question 1

When recording customer payments, use these steps:

Accepted Answer

A) Customers > Vendors > Make payment. 
B) + Sales Receipts. 
C) Gear > Manage Users. 
D) Customers page > Receive payment. 
E) None of these. 
A) Customers > Vendors > Make payment. 
B) + Sales Receipts. 
C) Gear > Manage Users. 
D) Customers page > Receive payment. 
E) None of these. D

Question 2

What type of entries does the Journal report show?

Accepted Answer

A) Check. 
B) Sales Receipt. 
C) Bill. 
D) Invoice. 
E) All of these. 
A) Check. 
B) Sales Receipt. 
C) Bill. 
D) Invoice. 
E) All of these. E

Question 3

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

Accepted Answer

A) The sales account shows income from the Accounts Payable account. 
B) Bank deposits only reflect income from Accounts Receivable. 
C) Best practice is to record sales as a Transfer entry. 
D) A bank deposit or journal entry will not appear on sales reports. 
E) None of these. 
A) The sales account shows income from the Accounts Payable account. 
B) Bank deposits only reflect income from Accounts Receivable. 
C) Best practice is to record sales as a Transfer entry. 
D) A bank deposit or journal entry will not appear on sales reports. 
E) None of these. D

Question 4

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

Accepted Answer

A) True 
 B)False

Question 5

In QuickBooks you can void a check if it was lost in the mail or never cashed.

Accepted Answer

A) True 
 B)False

Question 6

What is the sequence of steps to complete bank reconciliation?

Accepted Answer

A) Accounting> Reports > Recommended Reports > Journal Entry. 
B) Gear > Audit Log > Account and Settings. 
C) Accounting > Chart of Accounts > 101 Checking > Reconcile. 
D) All of these. 
E) None of these. 
A) Accounting> Reports > Recommended Reports > Journal Entry. 
B) Gear > Audit Log > Account and Settings. 
C) Accounting > Chart of Accounts > 101 Checking > Reconcile. 
D) All of these. 
E) None of these.

Question 7

When recording Sales Receipts, use these steps:

Accepted Answer

A) + > Invoice. 
B) + > Receive Payment. 
C) + > Bill. 
D) + > Transfer 
E) None of these. 
A) + > Invoice. 
B) + > Receive Payment. 
C) + > Bill. 
D) + > Transfer 
E) None of these.

Question 8

Vendor terms are Net 60.

Accepted Answer

A) True 
 B)False

Question 9

The Accounts Payable Aging report shows that status of what you owe to vendors.

Accepted Answer

A) True 
 B)False

Question 10

In QBO, tracking inventory is automatically done.

Accepted Answer

A) True 
 B)False

Question 11

To edit an account, go to Recent Transactions and drill down.

Accepted Answer

A) True 
 B)False

Question 12

Do not delete a check if the check number has been used or if the check was printed.

Accepted Answer

A) True 
 B)False

Question 13

What is difference between a Sales Receipt and an Invoice?

Accepted Answer

A) Sales Receipts include cash sales and credit card sales;Invoices are used to record customer sales that are paid for later. 
B) Sales Receipts are used for customer sales on account;Invoices are used for cash sales and credit card sales. 
C) Sales Receipts and Invoices use the same QB Online selection -- Bills. 
D) Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills. 
E) None of these. 
A) Sales Receipts include cash sales and credit card sales;Invoices are used to record customer sales that are paid for later. 
B) Sales Receipts are used for customer sales on account;Invoices are used for cash sales and credit card sales. 
C) Sales Receipts and Invoices use the same QB Online selection -- Bills. 
D) Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills. 
E) None of these.

Question 14

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Accepted Answer

A) True 
 B)False

Question 15

Vendor purchases on account are recorded on this page:

Accepted Answer

A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None of these. 
A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None of these.

Question 16

Use this source document for issuing checks:

Accepted Answer

A) Invoice. 
B) Sales Receipts. 
C) Credit card receipts. 
D) Transaction register. 
E) None of these. 
A) Invoice. 
B) Sales Receipts. 
C) Credit card receipts. 
D) Transaction register. 
E) None of these.

Question 17

Sales on account to customers are recorded on this page:

Accepted Answer

A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None of these. 
A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None of these.

Question 18

QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.

Accepted Answer

A) True 
 B)False

Question 19

If the debits do not equal the credits, QBO will allow you to post the transaction.

Accepted Answer

A) True 
 B)False

Question 20

To record vendor payments, use these steps:

Accepted Answer

A) + for the Settings Menu > Credit Memo. 
B) Vendors page > Make payment. 
C) Gear > Manage Users. 
D) Magnifying-glass icon > go to Recent Transactions. 
E) None of these. 
A) + for the Settings Menu > Credit Memo. 
B) Vendors page > Make payment. 
C) Gear > Manage Users. 
D) Magnifying-glass icon > go to Recent Transactions. 
E) None of these.

When recording customer payments, use these steps:

What type of entries does the Journal report show?

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

In QuickBooks you can void a check if it was lost in the mail or never cashed.

What is the sequence of steps to complete bank reconciliation?

When recording Sales Receipts, use these steps:

Vendor terms are Net 60.

The Accounts Payable Aging report shows that status of what you owe to vendors.

In QBO, tracking inventory is automatically done.

To edit an account, go to Recent Transactions and drill down.

Do not delete a check if the check number has been used or if the check was printed.

What is difference between a Sales Receipt and an Invoice?

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Vendor purchases on account are recorded on this page:

Use this source document for issuing checks:

Sales on account to customers are recorded on this page:

QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.

If the debits do not equal the credits, QBO will allow you to post the transaction.

To record vendor payments, use these steps:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters

Exam 8: January Source Documents

When recording customer payments, use these steps:

What type of entries does the Journal report show?

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

In QuickBooks you can void a check if it was lost in the mail or never cashed.

What is the sequence of steps to complete bank reconciliation?

When recording Sales Receipts, use these steps:

Vendor terms are Net 60.

The Accounts Payable Aging report shows that status of what you owe to vendors.

In QBO, tracking inventory is automatically done.

To edit an account, go to Recent Transactions and drill down.

Do not delete a check if the check number has been used or if the check was printed.

What is difference between a Sales Receipt and an Invoice?

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Vendor purchases on account are recorded on this page:

Use this source document for issuing checks:

Sales on account to customers are recorded on this page:

QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.

If the debits do not equal the credits, QBO will allow you to post the transaction.

To record vendor payments, use these steps:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters