Deck 4: Payables and Purchases

Question 1

An Expense transaction is recorded for Petty Cash purchases.

Answer 1

True

Question 2

A bill is removed from transaction records.

A) Deleted
B) Voided
C) Cancelled
D) Paid

Answer 2

A

Question 3

When you write a check to pay for a Bill that was recorded as a Bill, you .

A) Write a Check in QuickBooks Online
B) Use Pay Bills
C) Handwrite a check
D) Any of the above

Answer 3

B

Question 4

The Bill Payment List lists all of the checks written to pay bills.

Question 5

Petty Cash is funded by .

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

Question 6

A(n) is prepared to record a reduction to an unpaid transaction between your company and a vendor.

A) Refund Check
B) Bill
C) Vendor Credit
D) Expense Transaction

Question 7

All checks are written using Pay Bills.

Question 8

Once printed, a check cannot be edited.

Question 9

The Vendor Balance Summary report shows unpaid balances for vendors.

Question 10

After clicking the Plus icon, the Vendors column is used to select .

A) Bill
B) Pay Bills
C) Vendor Credit
D) Any of the above