Deck 8: January Source Documents

Question 1

Use this source document for issuing checks:

A)Invoice.
B)Sales Receipts.
C)Credit card receipts.
D)Transaction register.
E)None of these.

Answer 1

D

Question 2

To edit an account, go to Recent Transactions and drill down.

Answer 2

True

Question 3

In QuickBooks you can void a check if it was lost in the mail or never cashed.

Answer 3

True

Question 4

When recording Sales Receipts, use these steps:

A)+ > Invoice.
B)+ > Receive Payment.
C)+ > Bill.
D)+ > Transfer
E)None of these.

Question 5

Vendor purchases on account are recorded on this page:

A)Journal entry.
B)Invoice.
C)Bill.
D)Sales Receipt.
E)None of these.

Question 6

What type of entries does the Journal report show?

A)Check.
B)Sales Receipt.
C)Bill.
D)Invoice.
E)All of these.

Question 7

Do not delete a check if the check number has been used or if the check was printed.

Question 8

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

Question 9

In QBO, tracking inventory is automatically done.

Question 10

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

A)The sales account shows income from the Accounts Payable account.
B)Bank deposits only reflect income from Accounts Receivable.
C)Best practice is to record sales as a Transfer entry.
D)A bank deposit or journal entry will not appear on sales reports.
E)None of these.

Question 11

QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.

Question 12

Sales on account to customers are recorded on this page:

A)Journal entry.
B)Invoice.
C)Bill.
D)Sales Receipt.
E)None of these.

Question 13

If the debits do not equal the credits, QBO will allow you to post the transaction.

Question 14

Vendor terms are Net 60.

Question 15

To record vendor payments, use these steps:

A)+ for the Settings Menu > Credit Memo.
B)Vendors page > Make payment.
C)Gear > Manage Users.
D)Magnifying-glass icon > go to Recent Transactions.
E)None of these.

Question 16

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Question 17

The Accounts Payable Aging report shows that status of what you owe to vendors.

Question 18

What is difference between a Sales Receipt and an Invoice?

A)Sales Receipts include cash sales and credit card sales;Invoices are used to record customer sales that are paid for later.
B)Sales Receipts are used for customer sales on account;Invoices are used for cash sales and credit card sales.
C)Sales Receipts and Invoices use the same QB Online selection -- Bills.
D)Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills.
E)None of these.

Question 19

What is the sequence of steps to complete bank reconciliation?

A)Accounting> Reports > Recommended Reports > Journal Entry.
B)Gear > Audit Log > Account and Settings.
C)Accounting > Chart of Accounts > 101 Checking > Reconcile.
D)All of these.
E)None of these.

Question 20

When recording customer payments, use these steps:

A)Customers > Vendors > Make payment.
B)+ Sales Receipts.
C)Gear > Manage Users.
D)Customers page > Receive payment.
E)None of these.