Deck 5: Customers and Sales

Question 1

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

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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

Answer 3

True

Question 4

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

Question 5

To start Chapter 5,what is the best way to check your data?

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 6

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

Question 7

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

Question 8

The preference for the customer label is:

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

Question 9

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

Question 10

_______________________________________are credit transactions from customers.

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

Question 11

Another term for a customer is:

A)Consumer.
B)Buyer.
C)Shopper.
D)Subscriber.
E)All.

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.

Question 13

A credit memo affects the customer's balance.

Question 14

To edit a customer record,use:

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

Question 15

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 16

Use this page to record customer transactions on account:

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

Question 17

This term identifies what customers owe your business:

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

Question 18

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

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

Question 19

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

Question 20

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