Deck 2: Sales and Receivables: Service Business

Question 1

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
In QuickBooks, error correction for a sale on account can be accomplished by editing the invoice.

Answer 1

" In QuickBooks, error correction for a sale on account can be accomplished by editing the invoice "
Answer :
True
Justification :
In QuickBooks, the correction of error can be deleted, voided, or edited by invoice or sale receipts.

Question 2

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
To obtain information about sales by item, you can view _______.

A) the income statement
B) the trial balance
C) receivables reports
D) sales reports

Answer 2

" To obtain information about sales by item, you can view "
Answer :
(D) Sales report
Justification :
Sales report provides the information about the credit and cash sales. To get details about the sales according to the sale item , the users can print or view sales report.

Question 3

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
The report that proves that debits equal credits is the ______.

Answer 3

" The report that proves that debits equal credits is the "
Answer :
Trial balance
Justification :
The trial balances are prepared to identify the mathematical error which occurred in the double-entry accounting and also it is important to verify that the " total debit equals to the total credit".

Question 4

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
QuickZoom allows you to print a report instantly.

Question 5

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Two primary types of lists used in this chapter are ______.

A) receivables and payables
B) invoices and checks
C) registers and navigator
D) customers and item

Question 6

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When you add a customer using the Set Up method, you add ______.

A) complete information for a customer
B) only a customer's name
C) the customer's name, address, and telephone number
D) the customer's name and telephone number

Question 7

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
An item List stores information about products you purchase.

Question 8

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
A customer's payment on account is immediately recorded in the cash account.

Question 9

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
QuickBooks shows icons on the ____ and on the ____ that may be clicked to open the business documents used in recording transactions.

Question 10

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When you enter an invoice, an error may be corrected by _______.

A) backspacing or deleting
B) tabbing and typing
C) dragging and typing
D) all of the above

Question 11

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Once transactions have been entered, modifications to a customer's account may be made only at the end of the fiscal year.

Question 12

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
To verify the company being used in QuickBooks, you check the _____.

Question 13

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
While in the Customer Balance Summary Report, it is possible to get an individual customer's information by using _______.

A) QuickReport
B) QuickZoom
C) QuickGraph
D) QuickSummary

Question 14

Chapter 2 continues with the entry of both cash and credit sales, receipt of payment by credit customers, credit memos, and bank deposits. In addition, reports focusing on sales and accounts receivable are prepared.

Question 15

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
In QuickBooks all transactions must be entered using the traditional debit/credit method.

Question 16

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
The report used to view only the balances on account of each customer is the ______.

Question 17

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Undeposited Funds represents _______.

A) cash or checks received from customers but not yet deposited in the bank
B) all cash sales
C) the balance of the accounts receivable account
D) none of the above

Question 18

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
To remove an invoice without a trace, it is _______.

A) voided
B) deleted
C) blocked
D) reversed

Question 19

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Checks received for cash sales are held in the Undeposited Funds account until the bank deposit is made.

Question 20

Explain how the method used to enter an Accounts Receivable transaction in QuickBooks is different from the method used to enter a transaction according to an accounting textbook.

Question 21

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
QuickBooks uses graphs to illustrate information about ______.

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

Question 22

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
A new customer can be added to a company's records on the fly.

Question 23

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When a correction for a transactions is made, QuickBooks not only changes the form used to record the transaction, it also changes all journal and account entires for the transaction to reflect the correction.

Question 24

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
The form prepared to show a reduction to a sale on account is a(n) ______.

Question 25

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Changes to the chart of accounts may be made ________.

A) at the beginning of a fiscal period
B) before the end of the fiscal year
C) at any time
D) once established, the chart of accounts may not be modified

Question 26

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
To enter a cash sale, _______ is completed.

A) a debit
B) an invoice
C) a sales receipt
D) receive payments

Question 27

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
QucikGraphs allow information to be viewed from both a sales standpoint and from an accounts receivable perspective.