Deck 5: Customers and Sales

Question 1

The Job Profitability Summary Report is accessed from the:

A)Reports Center
B)Vendor Center
C)Employee Center
D)Company Center

Answer 1

A

Question 2

What QuickBooks activity comes next in this series of business activities? Create Invoice > Receive Payments > ________

A)Make Deposit
B)Create Sales Receipts
C)Pay Bills
D)Receive Undeposited Funds

Answer 2

A

Question 3

Which one of the following activities is not shown in the Customers section of the Home Page?

A)Receive Payments
B)Pay Bills
C)Create Invoices
D)Create Sales Receipts

Answer 3

B

Question 4

When recording a customer payment from a credit sale,select:

A)Create Invoice > Customer Payment > Customer & Job Name
B)Receive Payment > Customer & Job Name
C)Make Deposit > Customer & Job Name
D)Create Sales Receipt > Record Deposits

Question 5

Which report provides information to help in tracking accounts receivable?

A)Customers with Open Invoices
B)Accounts Receivable Aging Detail
C)Collections Reports
D)All of the choices are correct

Question 6

Sales in QuickBooks can be recorded with all the following means of payment except:

A)Cash
B)Check
C)Credit Card
D)Purchase Order

Question 7

To create the Income by Customer Summary report:

A)Select Reports Center > Customer & Sales
B)Select Customers Center > Income by Customer
C)Select Company Center > Customers & Sales
D)Select Reports Center > Company & Financials

Question 8

To add a new job to the Customers List:

A)Select Customers Menu > Click Add Job
B)Select Customers Center window > Click New Customer & Job
C)Select the Customers List icon from the Customers section of the Home Page
D)Select Reports Center > Add Customer

Question 9

When recording a customer payment from a cash sale,select:

A)Create Invoice > Customer Payment > Customer Name Only
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name

Question 10

The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:

A)Debit Accounts Receivable; Credit Checking account
B)Debit Checking account; Credit Accounts Receivable
C)Debit Undeposited Funds account; Credit Accounts Receivable
D)Debit Accounts Receivable; Credit Undeposited Funds account

Question 11

To create the Aging of Accounts Receivable report:

A)Select Customers Center > Customers & Receivables
B)Select Company Center > Customers & Receivables
C)Select Reports Center > Customers & Receivables
D)Select Reports Center > Company & Financials

Question 12

The Undeposited Funds account contains:

A)Only partial payments received from customers
B)Funds received from customers but not deposited in the bank
C)Funds the company owes vendors
D)Petty Cash funds

Question 13

To record a sales transaction,use:

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 14

To record a customer sale on account,select:

A)Create Purchase Order
B)Sales Receipts
C)Create Estimates
D)Create Invoices

Question 15

Credit sales to customers are:

A)Recorded using the Enter Bills window
B)Recorded in a Credit Card Sales window
C)Recorded using the Create Sales Receipts window
D)Recorded using a Create Invoices window

Question 16

All the reports below provide information about customer and job profitability,except:

A)Job Profitability Detail
B)Income by Customer Summary
C)Income by Customer Detail
D)Customer Detail List

Question 17

To increase collections of payments,you can use all the following QuickBooks features,except:

A)Accounts Receivable Aging Report
B)Customers with Open Invoices Report
C)Collections Report
D)Accounts Payable Aging Report

Question 18

The Customers List in QuickBooks can be accessed from all of the following except:

A)Vendor section of the Home Page
B)Customers section of the Home Page
C)Customers Menu
D)Customers Center

Question 19

When an invoice is created in QuickBooks using the Create Invoices window,QuickBooks:

A)Decreases a Sales account and decreases the Checking account
B)Increases a Sales account and increases the Accounts Receivable account
C)Increases the Accounts Receivable account and increases the Checking account
D)Decreases the Accounts Payable account and increases the Checking account

Question 20

When a credit sale is recorded on an invoice,QuickBooks records:

A)An increase to Sales and a decrease to Accounts Receivable
B)An increase to Sales and an increase to Accounts Receivable
C)An increase to Sales and an increase to Accounts Payable
D)A decrease to Sales and a decrease to Accounts Payable

Question 21

List two different methods of accounting for bad debts (uncollectible accounts)and briefly explain how the two methods differ.

Question 22

Name 3 (three)reasons why a job for a customer might be pending.

Question 23

Briefly explain the difference between creating a sales receipt and creating an invoice.