Question 1

When you create a check to pay for a Bill that was recorded as a Bill, you .&#10;A)Write a Check in QuickBooks Online&#10;B)Use Pay Bills&#10;C)Handwrite a check&#10;D)Any of the above

Accepted Answer

When you have recorded a bill in QuickBooks Online, you should use the "Pay Bills" feature to ensure that the payment is properly linked to the bill and the accounts payable is updated correctly.

Question 2

An Expense transaction is recorded for Petty Cash purchases.

Accepted Answer

Petty Cash purchases are typically small and frequent expenses that are recorded in a separate account from regular expenses. These purchases need to be tracked and recorded as an expense transaction to ensure accurate financial records.

Question 3

is prepared to record a reduction to an unpaid transaction between your company and a vendor.&#10;A)Refund Check&#10;B)Bill&#10;C)Vendor Credit&#10;D)Expense Transaction

Accepted Answer

A vendor credit is the best choice to record a reduction in an unpaid transaction between a company and a vendor. This will allow the company to keep track of the amount owed to the vendor and ensure that the vendor is properly credited for the transaction. Refund checks would only be relevant if the company had paid the vendor and then received a refund, bills would not be relevant because they would not reflect the reduction in the unpaid transaction, and expense transactions do not accurately reflect the scenario described.

Question 4

Petty Cash is funded by .&#10;A)Writing a check in QuickBooks and cashing it at the bank&#10;B)Making a withdrawal from checking at the bank and recording a Transfer of Funds&#10;C)Entering a balance when creating the Petty Cash account&#10;D)Either A or B

Accepted Answer

Petty Cash can be funded by either writing a check in QuickBooks and cashing it at the bank (Option A) or making a withdrawal from checking at the bank and recording a Transfer of Funds (Option B). Both options are acceptable ways to fund the Petty Cash account in QuickBooks. Option C is not a valid method of funding the Petty Cash account.

Question 5

All checks are written using Pay Bills.

Accepted Answer

Checks can be written for various purposes, not just for paying bills. They can be used for personal transactions, gifts, payroll, and other financial exchanges.

Question 6

You may view the audit history for a transaction in view.&#10;A)Collapsed&#10;B)Expanded&#10;C)Compare&#10;D)All of the above

Accepted Answer

All of the above are correct.

Question 7

After clicking the Plus icon, the Vendors column is used to select .&#10;A)Bill&#10;B)Pay Bills&#10;C)Vendor Credit&#10;D)Any of the above

Accepted Answer

The Vendors column, after clicking the Plus icon, allows for the selection of various vendor-related transactions, including creating a Bill, paying bills, and issuing vendor credits.

Question 8

The Bill Payment List displays a list of all of the bills paid during a specified date range.

Accepted Answer

The Bill Payment List is designed to show all bills that have been paid within a user-defined date range, allowing users to track and review their payment history.

Question 9

To purchase a printer and pay for it at the same time, you create a bill.

Accepted Answer

A bill is typically created by the seller to request payment from the buyer, not by the buyer to make a purchase.

Question 10

The Vendor Balance Summary report shows unpaid balances for vendors.

Accepted Answer

The Vendor Balance Summary report is used to track the unpaid balances of vendors. It provides a summary of the amounts owed to each vendor and can be used to make sure that all bills are paid on time.

Deck 4: Focus on Payables When Providing Services