Deck 5: Financial Statements Analysis

Question 1

Which of the following reports is typically used when counting inventory on hand?

A)Inventory Valuation Summary
B)Inventory Valuation Detail
C)Inventory Stock Status by Item
D)Physical Inventory Worksheet

Answer 1

D

Question 2

Which inventory costing method does QuickBooks use to track inventory?

A)First-in First-out
B)First-in Last-out
C)Weighted Average
D)All of these

Answer 2

C

Question 3

QuickBooks considers all of the following to be vendors except:

A)Financial institutions such as banks
B)Tax agencies such as the IRS
C)Utility companies
D)All of these

Answer 3

D

Question 4

Sales taxes are:

A)Charged on sales to other retailers
B)Charged on retail sales to customers
C)Paid by the retailer on sales to customers
D)Paid by the vendor

Question 5

What QuickBooks activity comes next in the this string of business activities: Invoice > Receive Payments > ______.

A)Deposit
B)Receive Payments
C)Pay Bills
D)Vendor List

Question 6

Vendor reports can be accessed in QuickBooks in all of the following ways except:

A)Report Center
B)Vendor Center
C)Report Menu
D)All of these

Question 7

Which one of the following is usually classified as an inventory item?

A)Goods purchased for resale to customers
B)Items purchased and the quantity on hand does not need to be tracked
C)Items purchased and used by the company such as office supplies
D)Items purchased for a specific customer job

Question 8

Which QuickBooks window is used to record services received?

A)Create Invoice
B)Purchase Order
C)Enter Bills
D)Estimates

Question 9

The Purchase Orders window is used to record which one of the following transactions?

A)A customer order to purchase goods
B)An order to purchase goods from a vendor
C)Services received but not yet paid
D)Cash purchases of supplies

Question 10

Which one of the following activities is not shown in the Vendor section of the Home page?

A)Write Checks
B)Pay Sales Taxes
C)Pay Bills
D)Purchase Orders

Question 11

Which of the following activities and QuickBooks window used to record it is incorrect?

A)Sell goods and bill customers;Invoice
B)Record inventory information;Inventory List
C)Record vendor information;Vendor List
D)Order goods;Purchase Order

Question 12

Which one of the following is a customer transaction?

A)Record Customer Information
B)Receive Customer Payments
C)Sell Goods to Customers
D)All of these

Question 13

Which order of tasks is used when purchasing inventory?

A)Enter Bills;Pay Bills
B)Enter Invoice;Write Check
C)Purchase Order;Receive Bill;Pay Bills
D)Purchase Requisition;Receive Inventory;Pay Bills

Question 14

Which one of the following is a vendor transaction?

A)Make Deposits
B)Receive Customer Payments
C)Enter Bills
D)Sell Goods to Customers

Question 15

The Open Purchase Orders Report gives information about:

A)Purchase Orders for items ordered but not yet received.
B)All Purchase Orders.
C)Purchase Orders from domestic companies only.
D)Purchase Orders from foreign companies only.

Question 16

A non-inventory item is:

A)Goods purchased for resale to customers
B)An item purchased for a specific customer job
C)A service purchased from a vendor
D)A service sold to a vendor

Question 17

What QuickBooks activity comes next in the this string of business activities: Purchase Order > Receive Items > Enter Bills > ______.

A)Receive Payments
B)Pay Bills
C)Deposit
D)Vendor List

Question 18

If you received inventory without a bill,once the bill has arrived you could do all of the following,except:

A)Enter the bill against the inventory already recorded
B)Enter the inventory and then enter the bill separately
C)Enter the bill and wait for the inventory to arrive
D)Enter the inventory and bill at the same time

Question 19

The Inventory Stock Status by Item report is used when:

A)Vendors offer a purchase discount on inventory items
B)A list is needed of the quantity of inventory on hand and on order
C)The computers go down
D)Inventory items are physically placed in the warehouse

Question 20

How does QuickBooks categorize items?

A)Non-inventory items
B)Inventory items
C)Service items
D)All of these

Question 21

Which window is used to pay sales taxes?

A)Create Invoice
B)Write Checks
C)Manage Sales Tax
D)Enter Bills

Question 22

The Purchase Orders window is used to record which one of the following transactions?

A)Cash purchases of supplies
B)Services received but not yet paid
C)An order to purchase goods from a vendor
D)A customer order to purchase goods

Question 23

All the times below are when you can receive a bill except:

A)When receiving a service
B)When submitting a purchase order
C)When receiving inventory
D)After receiving inventory

Question 24

What are Inventory Items,Non-inventory items,and Services? Provide examples.

Question 25

Which report summarizes accounts payable balances by the age of the account?

A)Accounts Payable Aging Detail
B)Accounts Payable Aging Summary
C)Purchases by Vendor Summary
D)Purchases by Item Summary

Question 26

Briefly describe how sales tax payments flow from customers to government entities.

Question 27

Which report provides information on items ordered but not received?

A)Accounts Payable Aging Detail
B)Accounts Payable Aging Summary
C)Open Purchase Orders Report
D)Physical Inventory Worksheet