Deck 5: Customers and Sales

Question 1

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

Answer 1

True

Question 2

This term identifies what customers owe your business:

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

Answer 2

D

Question 3

A credit memo affects the customer's balance.

Answer 3

True

Question 4

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

Question 5

_______________________________________are credit transactions from customers.

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

Question 6

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

Question 7

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

Question 8

To edit a customer record, use:

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

Question 9

Use this page to record customer transactions on account:

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

Question 10

Another term for Account and Settings selections is:

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

Question 11

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

Question 12

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

Question 13

The preference for the customer label is:

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

Question 14

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.

Question 15

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

Question 16

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.

Question 17

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.

Question 18

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

Question 19

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.

Question 20

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