Deck 3: Payables and Purchases: Service Business

Question 1

Bills may be paid when they are received or when they are due.

Answer 1

True

Question 2

The ____Report contains the customes and the balances owed.

A)Customer Balance Summary
B)Customer Detail Summary
C)Customer Summary
D)Accounts Receivable Detail

Answer 2

Customer Balance Summary

Question 3

A new vendor may be added "on the fly."

Answer 3

True

Question 4

A Vendor Balance Summary report shows each transaction for a vendor.

Question 5

QuickBooks Desktop uses graphs to illustrate information about_____ .

A)the chart of accounts
B)accounts payable
C)the cash account
D)supplies

Question 6

When a correction for a transaction is made, QuickBooks Desktop not only makes changes on the form used to record the transaction; it also changes all journal and account entries for the transaction to reflect the correction.

Question 7

A missing check report lists any duplicate check numbers or gaps between check numbers.

Question 8

A QuickBooks Desktop register_____ .

A)is prepared for every balance sheet account
B)contains records of all activity for an account
C)can be used to record transactions
D)all the above

Question 9

To permanently remove the Date Prepared, Time Prepared, and Report Basis from the heading of all reports you____ .

A)change the Report Preferences
B)modify the Header on the individual report
C)it cannot be removed
D)once you remove it from a report header, it never shows up again

Question 10

If a bill is recorded in the Enter Bills window, it is should be paid by_____ .

A)writing a check
B)using the Pay Bills window
C)using petty cash
D)allowing QuickBooks Desktop to generate the check automatically five days before the due date

Question 11

An A/P Aging Summary report summarizes purchases by item.

Question 12

The Vendor Balance Summary shows______ .

A)vendors and their balances
B)transactions and balances for all vendors
C)the transactions for each vendor
D)the vendor list

Question 13

Pay Bills is used to record a business purchase at a store where a company check was written by hand.

Question 14

A correction to a bill that has been recorded can be made on the bill or_____ .

A)on the check
B)on the Accounts Payable Graph
C)in the Accounts Payable Register
D)none of the above

Question 15

The Accounts Payable Register keeps track of all checks written in the business.

Question 16

______allow(s) you to make a closer observation of transaction details and/or amounts.

A)Graphs
B)QuickZoom
C)Invoices
D)The Balance Sheet

Question 17

Credit memos are prepared to record a reduction to a transaction.

Question 18

Payment for expenses using petty cash are recorde____ .

A)as a Bill Payment
B)in the Cash account
C)in the Petty Cash Register
D)all the above

Question 19

If a check has been edited, it cannot be printed.

Question 20

As soon as a bill is received,_____ .

A)a check is written but it is not printed until the bill is due
B)it is entered as a bill
C)you record a General Journal entry for the bill
D)QuickBooks Desktop deducts the amount due from the checking account

Question 21

The keyboard shortcut to edit an account name is _____.

Question 22

Petty Cash is identified as a(n) _____account type, so it will be placed at the top of the chart of accounts along with checking and savings accounts.

Question 23

When you______ a bill the amount is changed to 0.00.

Question 24

A bill is divided into two sections.They are the_______and the _____sections.

Question 25

When entering several bills at once on the Enter Bills screen, you click_________ to go to the next blank bill.