Question 1

To create a memorized transaction for a utility bill, first enter the transaction in QuickBooks, then click:

Accepted Answer

A) Transactions menu > Memorize 
B) Enter Bills icon in the Vendors section of the Home Page> Memorize 
C) Vendors menu of Home Page > Memorize 
D) Lists menu >Vendors> Reminders 
A) Transactions menu > Memorize 
B) Enter Bills icon in the Vendors section of the Home Page> Memorize 
C) Vendors menu of Home Page > Memorize 
D) Lists menu >Vendors> Reminders B

Question 2

To print the Balance Sheet, select:

Accepted Answer

A) Company Center > Company & Financials 
B) Report Center > Company & Financials 
C) Report Center > Accountant & Taxes 
D) Company Center > Accountant & Taxes 
A) Company Center > Company & Financials 
B) Report Center > Company & Financials 
C) Report Center > Accountant & Taxes 
D) Company Center > Accountant & Taxes B

Question 3

Briefly explain how to record an owner's investment in their company.

Accepted Answer

To record an owner's investment record the deposit, add the owner as the "received from" entity. The amount is then added to the checking account and the owner's equity account or the owners' Capital Stock account.

Question 4

Briefly explain the difference between a permanent and a temporary account.

Accepted Answer

Temporary accounts (revenues, expenses,

Question 5

When closing the accounting period you:

Accepted Answer

A) Close temporary accounts at year end 
B) Bring account balances up to date at year end 
C) Close permanent accounts at year-end 
D) All of these 
A) Close temporary accounts at year end 
B) Bring account balances up to date at year end 
C) Close permanent accounts at year-end 
D) All of these

Question 6

The following are examples of possible memorized transactions except:

Accepted Answer

A) Rent payments 
B) Utility bills 
C) Special order for a customer 
D) None of these 
A) Rent payments 
B) Utility bills 
C) Special order for a customer 
D) None of these

Question 7

All of the following are examples of recurring transactions, except:

Accepted Answer

A) Depreciation 
B) Utilities 
C) Rent 
D) All of these 
A) Depreciation 
B) Utilities 
C) Rent 
D) All of these

Question 8

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

Accepted Answer

A) Bank Account, Accounts Receivable 
B) Accounts Payable, Undeposited Funds 
C) Accounts Receivable, Undeposited Funds 
D) Accounts Receivable, Bank Account 
A) Bank Account, Accounts Receivable 
B) Accounts Payable, Undeposited Funds 
C) Accounts Receivable, Undeposited Funds 
D) Accounts Receivable, Bank Account

Question 9

To print the Profit & Loss report, select:

Accepted Answer

A) Report Center > Company & Financials 
B) Report Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes 
A) Report Center > Company & Financials 
B) Report Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes

Question 10

To record adjusting entries, use:

Accepted Answer

A) Report menu > General Journal Entries 
B) Accountant menu > Make General Journal Entries 
C) Banking menu > Make General Journal Entries 
D) Home > Journal Entries 
A) Report menu > General Journal Entries 
B) Accountant menu > Make General Journal Entries 
C) Banking menu > Make General Journal Entries 
D) Home > Journal Entries

Question 11

To print multiple checks at one time, use:

Accepted Answer

A) Banking menu > Write Checks > Print Checks 
B) Vendor menu > Print Forms > Print Checks 
C) File menu > Print Forms > Checks 
D) Banking menu > Print Forms > Checks 
A) Banking menu > Write Checks > Print Checks 
B) Vendor menu > Print Forms > Print Checks 
C) File menu > Print Forms > Checks 
D) Banking menu > Print Forms > Checks

Question 12

Credit sales are recorded using the _________ window.

Accepted Answer

A) Make Deposits 
B) Sales Receipts 
C) Create Invoices 
D) Receive Items 
A) Make Deposits 
B) Sales Receipts 
C) Create Invoices 
D) Receive Items

Question 13

When customer payments are received and recorded, QuickBooks reduces the ________ balance.

Accepted Answer

A) Accounts Receivable 
B) Accounts Payable 
C) Undeposited Funds 
D) Checking 
A) Accounts Receivable 
B) Accounts Payable 
C) Undeposited Funds 
D) Checking

Question 14

To print the General Ledger, select:

Accepted Answer

A) Report Center > Company & Financials > General Ledger 
B) Company Center > Company & Financials > General Ledger 
C) Report Center > Accountant & Taxes > General Ledger 
D) Company Center > Accountant & Taxes > General Ledger 
A) Report Center > Company & Financials > General Ledger 
B) Company Center > Company & Financials > General Ledger 
C) Report Center > Accountant & Taxes > General Ledger 
D) Company Center > Accountant & Taxes > General Ledger

Question 15

To record a purchase on account, use the:

Accepted Answer

A) Purchase Order > Receive Payment > Deposit 
B) Invoice > Receive Payment > Deposit 
C) Enter Bills > Pay Bills 
D) Invoice > Enter Bills > Pay Bills 
A) Purchase Order > Receive Payment > Deposit 
B) Invoice > Receive Payment > Deposit 
C) Enter Bills > Pay Bills 
D) Invoice > Enter Bills > Pay Bills

Question 16

QuickBooks automatically closes ________________ accounts to start each new accounting year with a $0 balance in all _______________ accounts.

Accepted Answer

A) temporary; permanent 
B) temporary; temporary 
C) permanent; permanent 
D) permanent; temporary 
A) temporary; permanent 
B) temporary; temporary 
C) permanent; permanent 
D) permanent; temporary

Question 17

To record a sales transaction, use the:

Accepted Answer

A) Create Purchase Order > Receive Payment > Make Deposit 
B) Create Invoices > Receive Payment > Make Deposits 
C) Create Invoices > Create Sales Receipts > Make Deposits 
D) Receive Payment > Create Sales Receipts > Make Deposits 
A) Create Purchase Order > Receive Payment > Make Deposit 
B) Create Invoices > Receive Payment > Make Deposits 
C) Create Invoices > Create Sales Receipts > Make Deposits 
D) Receive Payment > Create Sales Receipts > Make Deposits

Question 18

To print the Statement of Cash Flows, select:

Accepted Answer

A) Report Center > Company & Financials 
B) Report Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes 
A) Report Center > Company & Financials 
B) Report Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes

Question 19

To record the payment of bills just received from vendors, use the:

Accepted Answer

A) Pay Bills > Write Checks 
B) Write Checks > Pay Bills 
C) Enter Bills > Print Checks 
D) Enter Bills > Pay Bills > Print Checks 
A) Pay Bills > Write Checks 
B) Write Checks > Pay Bills 
C) Enter Bills > Print Checks 
D) Enter Bills > Pay Bills > Print Checks

Question 20

Adjusting entries are used to:

Accepted Answer

A) Close temporary accounts at year end 
B) Close permanent accounts at year-end 
C) Bring account balances up to date at year end 
D) All of these 
A) Close temporary accounts at year end 
B) Close permanent accounts at year-end 
C) Bring account balances up to date at year end 
D) All of these

To create a memorized transaction for a utility bill, first enter the transaction in QuickBooks, then click:

To print the Balance Sheet, select:

Briefly explain how to record an owner's investment in their company.

Briefly explain the difference between a permanent and a temporary account.

When closing the accounting period you:

The following are examples of possible memorized transactions except:

All of the following are examples of recurring transactions, except:

When you record the receipt of a customer payment QuickBooks reduces _ and increases __.

To print the Profit & Loss report, select:

To record adjusting entries, use:

To print multiple checks at one time, use:

Credit sales are recorded using the _________ window.

When customer payments are received and recorded, QuickBooks reduces the ________ balance.

To print the General Ledger, select:

To record a purchase on account, use the:

QuickBooks automatically closes __ accounts to start each new accounting year with a $0 balance in all _ accounts.

To record a sales transaction, use the:

To print the Statement of Cash Flows, select:

To record the payment of bills just received from vendors, use the:

Adjusting entries are used to:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 9: Accounting for a Service Company

To create a memorized transaction for a utility bill, first enter the transaction in QuickBooks, then click:

To print the Balance Sheet, select:

Briefly explain how to record an owner's investment in their company.

Briefly explain the difference between a permanent and a temporary account.

When closing the accounting period you:

The following are examples of possible memorized transactions except:

All of the following are examples of recurring transactions, except:

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

To print the Profit & Loss report, select:

To record adjusting entries, use:

To print multiple checks at one time, use:

Credit sales are recorded using the _________ window.

When customer payments are received and recorded, QuickBooks reduces the ________ balance.

To print the General Ledger, select:

To record a purchase on account, use the:

QuickBooks automatically closes ________________ accounts to start each new accounting year with a $0 balance in all _______________ accounts.

To record a sales transaction, use the:

To print the Statement of Cash Flows, select:

To record the payment of bills just received from vendors, use the:

Adjusting entries are used to:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

When you record the receipt of a customer payment QuickBooks reduces _ and increases __.

QuickBooks automatically closes __ accounts to start each new accounting year with a $0 balance in all _ accounts.