Question 1

Briefly describe how sales tax payments flow from customers to government entities.

Accepted Answer

Customers pay sales tax to companies based on the amount and type of items sold.The amounts are tracked by companies and then paid to governmental entities.

Question 2

What QuickBooks activity comes next in this string of business activities: Invoice > Receive Payments > ______

Accepted Answer

A) Deposit 
B) Receive Payments 
C) Pay Bills 
D) Vendor List 
A) Deposit 
B) Receive Payments 
C) Pay Bills 
D) Vendor List A

Question 3

What are Inventory Items, Non-inventory items, and Services? Provide examples.

Accepted Answer

Inventory items are goods that a business purchases, holds as inventory, and then resells to customers.For example, Rock Castle would hold these types of items in its inventory: doors, door knobs, plywood, etc.
Non-inventory items are purchases for a specific job, for example a custom countertop; items purchases and used by the company instead of resold to customers, for example, copy paper, pens, and coffee; and items purchased and resold to customer but the quantity does not need to be tracked, for example, Rock Castle might include roofing nails in this category.
Service items can be services that are purchased or sold.For example, service items include: services you buy from vendors, such as cleaning services and services you sell to customers, such as installation labor.

Question 4

Sales taxes are:

Accepted Answer

A) Charged on sales to other retailers 
B) Charged on retail sales to customers 
C) Paid by the retailer on sales to customers 
D) Paid by the vendor 
A) Charged on sales to other retailers 
B) Charged on retail sales to customers 
C) Paid by the retailer on sales to customers 
D) Paid by the vendor

Question 5

The Inventory Stock Status by Item report is used when:

Accepted Answer

A) Vendors offer a purchase discount on inventory items 
B) A list is needed of the quantity of inventory on hand and on order 
C) The computers go down 
D) Inventory items are physically placed in the warehouse 
A) Vendors offer a purchase discount on inventory items 
B) A list is needed of the quantity of inventory on hand and on order 
C) The computers go down 
D) Inventory items are physically placed in the warehouse

Question 6

Which order of tasks is used when purchasing inventory?

Accepted Answer

A) Enter Bills; Pay Bills 
B) Enter Invoice; Write Check 
C) Purchase Order; Receive Bill; Pay Bills 
D) Purchase Requisition; Receive Inventory; Pay Bills 
A) Enter Bills; Pay Bills 
B) Enter Invoice; Write Check 
C) Purchase Order; Receive Bill; Pay Bills 
D) Purchase Requisition; Receive Inventory; Pay Bills

Question 7

Which one of the following is usually classified as an inventory item?

Accepted Answer

A) Goods purchased for resale to customers 
B) Items purchased and the quantity on hand does not need to be tracked 
C) Items purchased and used by the company such as office supplies 
D) Items purchased for a specific customer job 
A) Goods purchased for resale to customers 
B) Items purchased and the quantity on hand does not need to be tracked 
C) Items purchased and used by the company such as office supplies 
D) Items purchased for a specific customer job

Question 8

Which report summarizes accounts payable balances by the age of the account?

Accepted Answer

A) Accounts Payable Aging Detail 
B) Accounts Payable Aging Summary 
C) Purchases by Vendor Summary 
D) Purchases by Item Summary 
A) Accounts Payable Aging Detail 
B) Accounts Payable Aging Summary 
C) Purchases by Vendor Summary 
D) Purchases by Item Summary

Question 9

Which inventory costing method does QuickBooks use to track inventory?

Accepted Answer

A) First-in First-out 
B) First-in Last-out 
C) Weighted Average 
D) All the above 
A) First-in First-out 
B) First-in Last-out 
C) Weighted Average 
D) All the above

Question 10

Which window is pay sales taxes?

Accepted Answer

A) Create Invoice 
B) Write Checks 
C) Manage Sales Tax 
D) Enter Bills 
A) Create Invoice 
B) Write Checks 
C) Manage Sales Tax 
D) Enter Bills

Question 11

If you received inventory without a bill, once the bill has arrived you could do all of the following, except:

Accepted Answer

A) Enter the bill against the inventory already recorded 
B) Enter the inventory and then enter the bill separately 
C) Enter the bill and wait for the inventory to arrive 
D) Enter the inventory and bill at the same time 
A) Enter the bill against the inventory already recorded 
B) Enter the inventory and then enter the bill separately 
C) Enter the bill and wait for the inventory to arrive 
D) Enter the inventory and bill at the same time

Question 12

Vendor reports can be accessed in QuickBooks in all of the following ways except:

Accepted Answer

A) Report Center. 
B) Vendor Center 
C) Report Menu 
D) All of the above 
A) Report Center. 
B) Vendor Center 
C) Report Menu 
D) All of the above

Question 13

Which one of the following is a customer transaction?

Accepted Answer

A) Record Customer Information 
B) Receive Customer Payments 
C) Sell Goods to Customers 
D) All the above 
A) Record Customer Information 
B) Receive Customer Payments 
C) Sell Goods to Customers 
D) All the above

Question 14

Form 1099 must be completed:

Accepted Answer

A) For companies you paid $600 or more for services during the year 
B) And sent in with the sales taxes 
C) By the vendor 
D) None of the above 
A) For companies you paid $600 or more for services during the year 
B) And sent in with the sales taxes 
C) By the vendor 
D) None of the above

Question 15

Which of the following reports is typically used when counting inventory on hand?

Accepted Answer

A) Inventory Valuation Summary 
B) Inventory Valuation Detail 
C) Inventory Stock Status by Item 
D) Physical Inventory Worksheet 
A) Inventory Valuation Summary 
B) Inventory Valuation Detail 
C) Inventory Stock Status by Item 
D) Physical Inventory Worksheet

Question 16

QuickBooks considers all of the following to be vendors except:

Accepted Answer

A) Financial institutions such as banks 
B) Tax agencies such as the IRS 
C) Utility companies 
D) All of the above 
A) Financial institutions such as banks 
B) Tax agencies such as the IRS 
C) Utility companies 
D) All of the above

Question 17

The Purchase Orders window is used to record which one of the following transactions?

Accepted Answer

A) Cash purchases of supplies 
B) Services received but not yet paid 
C) An order to purchase goods from a vendor 
D) A customer order to purchase goods
Short Answer Questions 
A) Cash purchases of supplies 
B) Services received but not yet paid 
C) An order to purchase goods from a vendor 
D) A customer order to purchase goods
Short Answer Questions

Question 18

Which one of the following activities is not shown in the Vendor section of the Home page?

Accepted Answer

A) Write Checks 
B) Pay Sales Taxes 
C) Pay Bills 
D) Purchase Orders 
A) Write Checks 
B) Pay Sales Taxes 
C) Pay Bills 
D) Purchase Orders

Question 19

The Purchase Orders window is used to record which one of the following transactions?

Accepted Answer

A) A customer order to purchase goods 
B) An order to purchase goods from a vendor 
C) Services received but not yet paid 
D) Cash purchases of supplies 
A) A customer order to purchase goods 
B) An order to purchase goods from a vendor 
C) Services received but not yet paid 
D) Cash purchases of supplies

Question 20

Which of the following activities and QuickBooks window used to record it is incorrect?

Accepted Answer

A) Sell goods and bill customers; Invoice 
B) Record inventory information; Inventory List 
C) Record vendor information; Vendor List 
D) Order goods; Purchase Order 
A) Sell goods and bill customers; Invoice 
B) Record inventory information; Inventory List 
C) Record vendor information; Vendor List 
D) Order goods; Purchase Order

Briefly describe how sales tax payments flow from customers to government entities.

What QuickBooks activity comes next in this string of business activities: Invoice > Receive Payments > ______

What are Inventory Items, Non-inventory items, and Services? Provide examples.

Sales taxes are:

The Inventory Stock Status by Item report is used when:

Which order of tasks is used when purchasing inventory?

Which one of the following is usually classified as an inventory item?

Which report summarizes accounts payable balances by the age of the account?

Which inventory costing method does QuickBooks use to track inventory?

Which window is pay sales taxes?

If you received inventory without a bill, once the bill has arrived you could do all of the following, except:

Vendor reports can be accessed in QuickBooks in all of the following ways except:

Which one of the following is a customer transaction?

Form 1099 must be completed:

Which of the following reports is typically used when counting inventory on hand?

QuickBooks considers all of the following to be vendors except:

The Purchase Orders window is used to record which one of the following transactions?

Which one of the following activities is not shown in the Vendor section of the Home page?

The Purchase Orders window is used to record which one of the following transactions?

Which of the following activities and QuickBooks window used to record it is incorrect?

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 5: Vendors, Purchases, and Inventory

Briefly describe how sales tax payments flow from customers to government entities.

What QuickBooks activity comes next in this string of business activities: Invoice > Receive Payments > ______

What are Inventory Items, Non-inventory items, and Services? Provide examples.

Sales taxes are:

The Inventory Stock Status by Item report is used when:

Which order of tasks is used when purchasing inventory?

Which one of the following is usually classified as an inventory item?

Which report summarizes accounts payable balances by the age of the account?

Which inventory costing method does QuickBooks use to track inventory?

Which window is pay sales taxes?

If you received inventory without a bill, once the bill has arrived you could do all of the following, except:

Vendor reports can be accessed in QuickBooks in all of the following ways except:

Which one of the following is a customer transaction?

Form 1099 must be completed:

Which of the following reports is typically used when counting inventory on hand?

QuickBooks considers all of the following to be vendors except:

The Purchase Orders window is used to record which one of the following transactions?

Which one of the following activities is not shown in the Vendor section of the Home page?

The Purchase Orders window is used to record which one of the following transactions?

Which of the following activities and QuickBooks window used to record it is incorrect?

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters