Question 1

When recording a cash sale, QuickBooks Desktop puts the money from the cash sale into the_____ until you record a deposit to a bank account.

Accepted Answer

A)  Sales Ledger
B)  Receipts file
C)  Undeposited Funds account
D)  Accounts Receivable Ledger C

Question 2

As with other accounting programs, QuickBooks Desktop requires a formal closing to be performed at the end of each year.

Accepted Answer

A) True 
 B)False  False

Question 3

You may add individual information for vendors in the ______.

Accepted Answer

A)  Accounts Payable Register
B)  Chart of Accounts
C)  Vendor Center
D)  all of the above C

Question 4

QuickBooks Desktop keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Manage Sales Tax feature of the program.

Accepted Answer

A) True 
 B)False

Question 5

The Vendor List can also be called the_______ .

Accepted Answer

A)  Sales Journal
B)  Purchases Journal
C)  Accounts Payable Ledger
D)  Payables schedule

Question 6

When items ordered are received without a bill, you record the receipt________ .

Accepted Answer

A)  on a bill
B)  on an item receipt form
C)  on the original purchase order
D)  in the journal

Question 7

The accrual method of accounting matches the income of the period with the cash received for sales.

Accepted Answer

A) True 
 B)False

Question 8

In order to customize a(n)_______ , you must duplicate it.

Accepted Answer

A)  Purchase Order
B)  Sales Receipt
C)  Invoice
D)  All of the above

Question 9

If the word -Split- appears in the Split column of a report rather than an account name, it means that the transaction is split between two or more______ .

Accepted Answer

A)  journals
B)  customers
C)  accounts or items
D)  reports

Question 10

A credit received from a vendor for the return of merchandise can be applied to a payment to the vendor.

Accepted Answer

A) True 
 B)False

Question 11

If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the penalty charges you impose.

Accepted Answer

A) True 
 B)False

Question 12

For inventory valuation, QuickBooks Desktop the _________method.

Accepted Answer

The answer of For inventory valuation, QuickBooks Desktop the _________method....

Question 13

The form prepared to show a reduction to a bill is a(n) __________________.

Accepted Answer

The answer of The form prepared to show a reduction...

Question 14

In a sole proprietorship, an owner's paycheck is considered a(n) _______--.

Accepted Answer

The answer of In a sole proprietorship, an owner's paycheck...

Question 15

At the end of the year, a closing entry to transfer the owner withdrawals from the drawing account to the capital account needs to be made.

Accepted Answer

A) True 
 B)False

Question 16

When adding a new employee after the Payroll Setup has been completed, you use the______- .

Accepted Answer

A)  Employee Center
B)  Employee File
C)  Employee Roster
D)  Employee Record

Question 17

You may access QuickMath when preparing a journal entry, by pressing the________ key.

Accepted Answer

A)  =
B)  &
C)  $
D)  @

Question 18

The total of the Vendor list/Accounts Payable ledger will match the total of the Accounts Payable account in the Chart of Accounts/General ledger.

Accepted Answer

A) True 
 B)False

Question 19

If a customer has a balance for an amount owed and a return is made, a credit memo is prepared and______ .

Accepted Answer

A)  a refund check is issued
B)  the amount of the return may be applied to the invoice for the original sale
C)  the customer determines whether to apply the amount to the invoice for the sale or get a refund check
D)  any of the above

Question 20

When payroll liabilities to be paid have been selected, QuickBooks Desktop will_______ .

Accepted Answer

A)  create a separate check for each liability
B)  consolidate liabilities paid and create one check for each vendor
C)  automatically process a Payroll Liabilities report
D)  prepare any tax return forms necessary

Exam 10: Desktop Accounting System: Features and Functionality Overview

When recording a cash sale, QuickBooks Desktop puts the money from the cash sale into the_____ until you record a deposit to a bank account.

As with other accounting programs, QuickBooks Desktop requires a formal closing to be performed at the end of each year.

You may add individual information for vendors in the ______.

QuickBooks Desktop keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Manage Sales Tax feature of the program.

The Vendor List can also be called the_______ .

When items ordered are received without a bill, you record the receipt________ .

The accrual method of accounting matches the income of the period with the cash received for sales.

In order to customize a(n) _______ , you must duplicate it.

If the word -Split- appears in the Split column of a report rather than an account name, it means that the transaction is split between two or more______ .

A credit received from a vendor for the return of merchandise can be applied to a payment to the vendor.

If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the penalty charges you impose.

For inventory valuation, QuickBooks Desktop the _________method.

The form prepared to show a reduction to a bill is a(n) __________________.

In a sole proprietorship, an owner's paycheck is considered a(n) _______--.

At the end of the year, a closing entry to transfer the owner withdrawals from the drawing account to the capital account needs to be made.

When adding a new employee after the Payroll Setup has been completed, you use the______- .

You may access QuickMath when preparing a journal entry, by pressing the________ key.

The total of the Vendor list/Accounts Payable ledger will match the total of the Accounts Payable account in the Chart of Accounts/General ledger.

If a customer has a balance for an amount owed and a return is made, a credit memo is prepared and______ .

When payroll liabilities to be paid have been selected, QuickBooks Desktop will_______ .