Deck 1: Quick Tour of Quickbooks 2011

Question 1

All of the following are one of the four main categories of transactions in QuickBooks except?

A)Chart of Accounts
B)Customers
C)Vendors
D)Employees

Answer 1

A

Question 2

Which type of QuickBooks data file allows you to enter data and transactions?

A).QBM
B).QBB
C).QBX
D).QBW

Answer 2

D

Question 3

The Home page in QuickBooks consists of all the following sections except:

A)Employee
B)Lists
C)Customer
D)Vendor

Answer 3

B

Question 4

Which of the following file types identifies a QuickBooks Portable file?

A).QBM
B).QBB
C).QBX
D).QBW

Question 5

The objective of an accounting information system, like QuickBooks, is to:

A)Save company resources, like time and paper
B)Use the computer for keeping accounting records
C)Collect, summarize, and analyze data
D)None of the above

Question 6

Which QuickBooks window allows you to add your name to the checking account?

A)Chart of Accounts
B)Company Information
C)Company Center
D)Check Register

Question 7

The onscreen form for ordering items from a vendor looks like the paper version of a:

A)Purchase Order
B)Invoice
C)Check
D)None of the above

Question 8

Which screen provides a summary of important company information?

A)Company Information
B)Company Snapshot
C)Home Page
D)Company Center

Question 9

Which one of the following activities is associated with the Customer section of the Home page?

A)Pay sales tax
B)Enter bills
C)Record refunds and credits
D)Record inventory received

Question 10

A business transactions is an exchange between:

A)Vendor
B)Employee
C)Customer
D)All of the above

Question 11

To change company information, such as the company name, you would use:

A)Company section of the Home page
B)Company Center
C)Company Menu
D)Company List

Question 12

The QuickBooks file extension .QBA indicates the file is a:

A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file

Question 13

Which of the following tasks can be completed in the Vendor section of the Home page?

A)Create Invoices
B)Create Estimates
C)Receive Inventory
D)Receive Payments

Question 14

The Chart of Accounts can be accessed from which section of the Home page?

A)Customer
B)Banking
C)Vendor
D)Company

Question 15

Your QuickBooks data can be stored in all the following ways except:

A)Online
B)Backup
C)Portable File
D)All of the above are ways to store QuickBooks data

Question 16

Accounting information is used to do all of the following except:

A)Prepare financial statements for investors
B)Prepare tax returns for the IRS
C)Prepare reports for management
D)Prepare meeting minutes for the board of directors

Question 17

In QuickBooks, how do you enter transaction information?

A)Onscreen forms and scanned images of transaction forms
B)Onscreen forms and QuickBooks reports
C)Onscreen Journal and scanned images of transaction forms
D)Onscreen Journal and Onscreen Forms

Question 18

Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash?

A)The computer is recorded as a credit and the cash is recorded as a credit
B)The computer is recorded as a debit and the cash is recorded as a debit
C)The computer is recorded as a credit and the cash is recorded as a debit
D)The computer is recorded as a debit and the cash is recorded as a credit

Question 19

Which of the following tasks is completed from the Banking section of the Home page?

A)Enter credit card charges.
B)Pay employees.
C)Record bills paid.
D)Record payments received from customers.

Question 20

The QuickBooks file extension .QBM indicates the file is a:

A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file

Question 21

Management reports help identify:

A)Overdue customer accounts
B)Least profitable product
C)Most profitable product
D)All the above.
Short Answer Questions

Question 22

Which financial statement below summarizes a company's cash inflow and outflow?

A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Income Statement

Question 23

Which financial statement below summarizes the financial position of a company?

A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Income Statement

Question 24

The Banking section of the Home Page includes which flow chart?

A)Payroll flowchart
B)Bank Reconciliation flowchart
C)Bill Pay flow chart
D)None of the above

Question 25

List the 3 (three) different type of QuickBooks files.What is the purpose of each file type?

Question 26

Which financial statement below summarizes a company's earnings?

A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Income Statement

Question 27

Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers: