Deck 8: January Source Documents

Question 1

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

Answer 1

True

Question 2

Use this source document for issuing checks:

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

Answer 2

D

Question 3

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

Answer 3

True

Question 4

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

Question 5

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.

Question 6

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

Question 7

Vendor purchases on account are recorded on this page:

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

Question 8

What type of entries does the Journal report show?

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

Question 9

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

Question 10

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

Question 11

Sales on account to customers are recorded on this page:

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

Question 12

In QBO, tracking inventory is automatically done.

Question 13

What are 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.
E)None.

Question 14

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.

Question 15

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

Question 16

When recording Sales Receipts, use these steps:

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

Question 17

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.

Question 18

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.

Question 19

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

Question 20

Vendor terms are Net 60.