Deck 5: Customers and Sales

Question 1

To start Chapter 5, what data should you check?

A)Check the October 31 balance sheet.
B)Display the Bank Reconciliation report.
C)Verify the November 12 Trial Balance.
D)Display the A/P summary.
E)None of these.

Answer 1

C

Question 2

If all customer payments have been received, the A/R Aging Summary has a zero balance.

Answer 2

True

Question 3

To view the customers added in Chapter 5, go to:

A)The trial balance.
B)Reports > Customer Contact List.
C)Accounting > Chart of Accounts.
D)Reports > Recommended Reports > Search for Journal.
E)None of these.

Answer 3

B

Question 4

A credit memo affects the customer's balance.

Question 5

Refunds for merchandise that is returned by a customer are called:

A)Credit memos.
B)Purchases on account.
C)Sales on accounts.
D)Accounts payable transactions.
E)All of these.

Question 6

On invoices and other sales transactions, you select products or services which are associated with income accounts.

Question 7

To make sure your customer transactions and refunds have been recorded, display the Accounts Payable A/P register.

Question 8

Registers are a useful way to look at transactions and amounts associated with a particular account.

Question 9

The preference for the customer label is:

A)Costs of goods sold.
B)Customers.
C)Vendors.
D)Suppliers.
E)All of these.

Question 10

A Bank Statement shows the checks and deposits that cleared the bank.

Question 11

This term identifies what customers owe your business:

A)Suppliers.
B)Vendors.
C)Accounts payable.
D)Accounts receivable.
E)None of these.

Question 12

On the Customers page, you can:

A)View and update the customer list.
B)To a customer record, add notes.
C)Search and sort customers.
D)Create transactions or track transactions.
E)All of these.

Question 13

Use this page to record customer transactions on account:

A)Invoice.
B)Bill.
C)Journal Entry.
D)Transfer
E)None of these.

Question 14

Once you issue an invoice to a customer, that customer owes your business money.

Question 15

The Inventory Valuation Summary has the same balance as Account 101 Checking.

Question 16

To edit a customer record, use:

A)Reconcile.
B)The bank register.
C)Accounts receivable reports.
D)Drill down.
E)All of these.

Question 17

Distribution lines on a journal entry are also shown on the Statement of Cash Flows.

Question 18

_________ are credit transactions from customers.

A)Transfer transactions.
B)Accounts receivable transactions.
C)Accounts payable transactions.
D)Chart of accounts transactions.
E)None of these.

Question 19

The A/R Register has the same balance as Account 201 Accounts Payable.

Question 20

Another term for Account and Settings selections is:

A)Trial Balance.
B)Sales.
C)Preferences.
D)Subscriber.
E)All of these.