Question 1

Which QuickBooks window is used to record services received?

Accepted Answer

A) Create Invoice 
B) Purchase Order 
C) Enter Bills 
D) Estimates 
A) Create Invoice 
B) Purchase Order 
C) Enter Bills 
D) Estimates C

Question 2

The Open Purchase Orders Report gives information about:

Accepted Answer

A) Purchase Orders for items ordered but not yet received. 
B) All Purchase Orders. 
C) Purchase Orders from domestic companies only. 
D) Purchase Orders from foreign companies only. 
A) Purchase Orders for items ordered but not yet received. 
B) All Purchase Orders. 
C) Purchase Orders from domestic companies only. 
D) Purchase Orders from foreign companies only. A

Question 3

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 these 
A) Report Center 
B) Vendor Center 
C) Report Menu 
D) All of these D

Question 4

How does QuickBooks categorize items?

Accepted Answer

A) Non-inventory items 
B) Inventory items 
C) Service items 
D) All of these 
A) Non-inventory items 
B) Inventory items 
C) Service items 
D) All of these

Question 5

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 6

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

Accepted Answer

Inventory items are goods that a busines

Question 7

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 8

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 9

All the times below are when you can receive a bill except:

Accepted Answer

A) When receiving a service 
B) When submitting a purchase order 
C) When receiving inventory 
D) After receiving inventory 
A) When receiving a service 
B) When submitting a purchase order 
C) When receiving inventory 
D) After receiving inventory

Question 10

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 11

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 of these 
A) Record Customer Information 
B) Receive Customer Payments 
C) Sell Goods to Customers 
D) All of these

Question 12

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

Question 13

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 14

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 
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

Question 15

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

Question 16

Which one of the following is a vendor transaction?

Accepted Answer

A) Make Deposits 
B) Receive Customer Payments 
C) Enter Bills 
D) Sell Goods to Customers 
A) Make Deposits 
B) Receive Customer Payments 
C) Enter Bills 
D) Sell Goods to Customers

Question 17

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 18

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 19

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 20

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

Accepted Answer

Customers pay sales tax to com

Which QuickBooks window is used to record services received?

The Open Purchase Orders Report gives information about:

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

How does QuickBooks categorize items?

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

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

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

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

All the times below are when you can receive a bill except:

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

Which one of the following is a customer transaction?

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

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

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

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

Which one of the following is a vendor transaction?

Sales taxes are:

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

The Inventory Stock Status by Item report is used when:

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

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

Which QuickBooks window is used to record services received?

The Open Purchase Orders Report gives information about:

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

How does QuickBooks categorize items?

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

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

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

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

All the times below are when you can receive a bill except:

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

Which one of the following is a customer transaction?

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

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

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

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

Which one of the following is a vendor transaction?

Sales taxes are:

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

The Inventory Stock Status by Item report is used when:

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

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