Deck 3: Transactions

Question 1

In QuickBooks,information about transactions can be entered in onscreen forms,such as:

A)Check
B)Invoice
C)Purchase Order
D)All of the choices are correct

Answer 1

D

Question 2

Which of the following transactions is considered a Customers and Sales transaction?

A)Invoice
B)Purchase Order
C)Pay Bills
D)Check

Answer 2

A

Question 3

The onscreen form for recording bills received is accessed from which section of the Home Page:

A)Vendors
B)Customers
C)Employees
D)Banking

Answer 3

A

Question 4

When a customer deposit is recorded using the Make Deposits window,behind the screen QuickBooks converts the transactions into a journal entry that:

A)Debits Checking account,Credits Undeposited Funds
B)Credits Checking account,Debits Undeposited Funds
C)Debits Checking account,Credits Accounts Receivable
D)Debits Accounts Receivable,Credits Checking account

Question 5

Vendor transactions include which of the following?

A)Enter Credit Card Charges
B)Enter Bills
C)Make Deposits
D)Receive Payments

Question 6

QuickBooks lists include:

A)Customer List
B)Vendor List
C)Item List
D)All of the choices are correct

Question 7

QuickBooks lists include all of the following except:

A)Customer List
B)Item List
C)Owner List
D)Vendor List

Question 8

When a bill is paid using the Pay Bills window,QuickBooks records a journal entry that:

A)Debits Checking account,Credits Undeposited Funds
B)Credits Checking account,Debits Accounts Payable
C)Debits Expense account,Credits Accounts Payable
D)Debits Accounts Receivable,Credits Checking account

Question 9

Which of the following is a Customer transaction?

A)Pay sales tax
B)Enter bills
C)Receive payments
D)Receive bills

Question 10

Customer transactions include which of the following?

A)Write Checks
B)Enter Bills
C)Pay Bills
D)Create Invoices

Question 11

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

A)Customers
B)Vendors
C)Employees
D)Owners

Question 12

Which of the following is a Banking transaction?

A)Make deposit
B)Pay employees
C)Enter bills
D)Pay bills

Question 13

Double-entry accounting records exchanges in a transaction with debits and credits. Which of the following is recorded when a company purchases a desk and pays cash?

A)The desk is recorded with a credit and the cash is recorded with a credit
B)The desk is recorded with a debit and the cash is recorded with a debit
C)The desk is recorded with a credit and the cash is recorded with a debit
D)The desk is recorded with a debit and the cash is recorded with a credit

Question 14

Which of the following QuickBooks features can be used to save a transaction that will be re-used in the future?

A)Saved transactions
B)Create icon
C)Repeat transactions
D)Memorized transactions

Question 15

Which of the following transactions is considered a Vendors and Expenses transaction?

A)Invoice
B)Receive Payment
C)Purchase Order
D)Make Deposit

Question 16

Which of the following is a Vendor transaction?

A)Create invoices
B)Create estimates
C)Receive inventory
D)Receive payments

Question 17

The Item List can be accessed from which section of the Home Page?

A)Banking
B)Customers
C)Vendors
D)Company

Question 18

When a bill is entered using the Enter Bills window,QuickBooks records a journal entry that:

A)Debits Checking account,Credits Expense account
B)Credits Expense account,Debits Checking account
C)Debits Expense account,Credits Accounts Payable
D)Debits Accounts Payable,Credits Checking account

Question 19

To use a memorized transaction,select:

A)Select Lists Menu > Memorized Transaction List
B)Select Navigation Bar > Recurring Transaction List
C)Select Company section of the Home Page > Saved Transactions
D)None of the choices are correct

Question 20

The Banking section of the Home Page includes which of the following banking transactions?

A)Enter Credit Card Charges
B)Enter Bills
C)Pay Bills
D)Receive Payments

Question 21

A business transaction is an exchange between the QuickBooks company and:

A)Vendor
B)Employee
C)Customer
D)All of the choices are correct

Question 22

In QuickBooks,how do you enter transaction information?

A)Onscreen Journal and onscreen forms
B)Onscreen Journal and QuickBooks reports
C)Onscreen forms and QuickBooks reports
D)None of the choices are correct

Question 23

Discuss the two main ways of entering information into QuickBooks. Why are two different ways necessary for entering information. What are the advantages and disadvantages of each method.

Question 24

List 4 main types of QuickBooks transactions.

Question 25

What are the three parts or processes of QuickBooks SatNav?