Question 1

What is difference between a Sales Receipt and an Invoice?

Accepted Answer

A)  Sales Receipts include cash sales and credit card sales; Invoices are used to record customer sales that are paid for later.
B)  Sales Receipts are used for customer sales on account; Invoices are used for cash sales and credit card sales.
C)  Sales Receipts and Invoices use the same QB Online selection -- Bills.
D)  Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills
E)  None. A

Question 2

The Accounts Payable Aging report shows that status of what you owe to vendors.

Accepted Answer

A) True 
 B)False  True

Question 3

What are the sequence of steps to complete bank reconciliation:

Accepted Answer

A)  Transactions > Reports > Recommended Reports > Journal Entry.
B)  Gear > Audit Log > Account and Settings.
C)  Transactions > Chart of Accounts > 101 Checking > Reconcile.
D)  All.
E)  None. C

Question 4

Use this source document for issuing checks:

Accepted Answer

A)  Invoice.
B)  Sales Receipts.
C)  Credit card receipts.
D)  Transaction register.
E)  None.

Question 5

If the debits do not equal the credits,QBO will allow you to post the transaction.

Accepted Answer

A) True 
 B)False

Question 6

To record vendor payments,use these steps:

Accepted Answer

A)  + for the Settings Menu > Credit Memo.
B)  + for the Create Menu > Pay Bills.
C)  Gear > Manage Users.
D)  Clock icon > go to Recent Transactions.
E)  None.

Question 7

In QuickBooks you can void a check if it was lost in the mail or never cashed.

Accepted Answer

A) True 
 B)False

Question 8

QB Online tracks Accounts Receivable (A/R)by entering a bill,then paying the bill.

Accepted Answer

A) True 
 B)False

Question 9

What type of entries does the Journal report show?

Accepted Answer

A)  Check.
B)  Sales Receipt.
C)  Bill.
D)  Invoice.
E)  All.

Question 10

In QBO,tracking inventory is automatically done.

Accepted Answer

A) True 
 B)False

Question 11

When inventory is purchased,Account 115 Merchandise Inventory is decreased.

Accepted Answer

A) True 
 B)False

Question 12

Sales on account to customers are recorded on this page:

Accepted Answer

A)  Journal entry.
B)  Invoice.
C)  Bill.
D)  Sales Receipt.
E)  None.

Question 13

When recording Sales Receipts,use these steps:

Accepted Answer

A)  + > Invoice.
B)  + > Receive Payment.
C)  + > Bill.
D)  + > Transfer
E)  None.

Question 14

Do not delete a check if the check number has been used of if the check was printed.

Accepted Answer

A) True 
 B)False

Question 15

To edit an account,go to Recent Transactions and drill down.

Accepted Answer

A) True 
 B)False

Question 16

When recording customer payments,use these steps:

Accepted Answer

A)  + > Invoice.
B)  + Receive Payment.
C)  Gear > Manage Users.
D)  + > Sales Receipt.
E)  None.

Question 17

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

Accepted Answer

A) True 
 B)False

Question 18

Vendor terms are Net 60.

Accepted Answer

A) True 
 B)False

Question 19

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

Accepted Answer

A)  The sales account shows income from the Accounts Payable account.
B)  Bank deposits only reflect income from Accounts Receivable.
C)  Best practice is to record sales as a Transfer entry.
D)  A bank deposit or journal entry will not appear on sales reports.
E)  None.

Question 20

Vendor purchases on account are recorded on this page:

Accepted Answer

A)  Journal entry.
B)  Invoice.
C)  Bill.
D)  Sales Receipt.
E)  None.

Exam 8: January Source Documents

What is difference between a Sales Receipt and an Invoice?

The Accounts Payable Aging report shows that status of what you owe to vendors.

What are the sequence of steps to complete bank reconciliation:

Use this source document for issuing checks:

If the debits do not equal the credits,QBO will allow you to post the transaction.

To record vendor payments,use these steps:

In QuickBooks you can void a check if it was lost in the mail or never cashed.

QB Online tracks Accounts Receivable (A/R)by entering a bill,then paying the bill.

What type of entries does the Journal report show?

In QBO,tracking inventory is automatically done.

When inventory is purchased,Account 115 Merchandise Inventory is decreased.

Sales on account to customers are recorded on this page:

When recording Sales Receipts,use these steps:

Do not delete a check if the check number has been used of if the check was printed.

To edit an account,go to Recent Transactions and drill down.

When recording customer payments,use these steps:

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

Vendor terms are Net 60.

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

Vendor purchases on account are recorded on this page: