Question 1

To print the Trial Balance, select:&#10;A)Report Center > Accountant & Taxes&#10;B)Company Center > Company & Financials&#10;C)Report Center > Company & Financials&#10;D)Company Center > Accountant & Taxes

Accepted Answer

Report Center > Accountant & Taxes is the correct choice because it contains the Trial Balance report.

Question 2

To email an invoice, click the Email icon on the top of the Create Invoices window. Then:&#10;A)Click the Vendor List&#10;B)Select Customer List and Select Email Choices&#10;C)Select Email Invoice if you use Yahoo only&#10;D)Select Email Invoice>Yes> Click Choose Your Email Method

Accepted Answer

The correct steps involve selecting "Email Invoice," confirming with "Yes," and then choosing the email method.

Question 3

When customer payments are recorded in the Receive Payments window, QuickBooks records:&#10;A)An increase in the Checking account&#10;B)An increase in Sales&#10;C)An increase in Accounts Receivable&#10;D)An increase in Undeposited Funds account

Accepted Answer

D

Question 4

To record a sales transaction, use the:&#10;A)Create Purchase Order > Receive Payment > Make Deposit&#10;B)Create Invoices > Receive Payment > Make Deposits&#10;C)Create Invoices > Create Sales Receipts > Make Deposits&#10;D)Receive Payment > Create Sales Receipts > Make Deposits

Accepted Answer

To record a sales transaction, first you need to create an invoice for the product or service sold. Once the customer pays, you can then receive the payment and make a deposit into your account. Therefore, the correct sequence is to create invoices, receive payment, and make deposits.

Question 5

Credit sales are recorded using the _________ window.&#10;A)Make Deposits&#10;B)Sales Receipts&#10;C)Create Invoices&#10;D)Receive Items

Accepted Answer

Credit sales are typically recorded using invoices, which can be created through the "Create Invoices" window in QuickBooks. The "Make Deposits" window is used to record deposits, the "Sales Receipts" window is used to record sales made directly to customers without an invoice, and the "Receive Items" window is used to record inventory items received into inventory.

Question 6

To record the payment of bills just received from vendors, use the:&#10;A)Pay Bills > Write Checks&#10;B)Write Checks > Pay Bills&#10;C)Enter Bills > Print Checks&#10;D)Enter Bills > Pay Bills > Print Checks

Accepted Answer

To record the payment of bills just received from vendors, the best choice is to first Enter Bills to indicate that the vendor bill has been received and needs to be paid. Then, go to Pay Bills to select the bills that need to be paid, and then Print Checks to create the checks to pay the bills. Therefore, the best choice is D - Enter Bills > Pay Bills > Print Checks.

Question 7

To record adjusting entries, use:&#10;A)Report menu > General Journal Entries&#10;B)Accountant menu > Make General Journal Entries&#10;C)Banking menu > Make General Journal Entries&#10;D)Home > Journal Entries

Accepted Answer

The Accountant menu > Make General Journal Entries is the best choice for recording adjusting entries as it allows for more control over the accounts being affected and provides a clear audit trail for your records.

Question 8

To print the entire Journal, select:&#10;A)Report Center > Accountant & Taxes > Journal&#10;B)Company Center > Company & Financials > Journal&#10;C)Report Center > Company & Financials > Journal&#10;D)Company Center > Accountant & Taxes > Journal

Accepted Answer

The Report Center is the most direct menu option for printing reports, and selecting Accountant & Taxes > Journal ensures that the correct type of journal will be printed.

Question 9

To create a memorized transaction for a utility bill, first enter the transaction in QuickBooks, then click:&#10;A)Transactions menu > Memorize&#10;B)Enter Bills icon in the Vendors section of the Home Page> Memorize&#10;C)Vendors menu of Home Page > Memorize&#10;D)Lists menu >Vendors> Reminders

Accepted Answer

To memorize a transaction in QuickBooks, you first enter the transaction, such as a bill, and then use the "Memorize" option from the Enter Bills icon in the Vendors section of the Home Page.

Question 10

Adjusting entries are used to:&#10;A)Close temporary accounts at year end&#10;B)Close permanent accounts at year-end&#10;C)Bring account balances up to date at year end&#10;D)All of these

Accepted Answer

Adjusting entries are used to bring account balances up to date at year-end by ensuring that all revenue and expenses are properly recognized and recorded in the appropriate periods. This process is necessary to accurately reflect the financial position of a company and prepare accurate financial statements. Adjusting entries do not involve closing accounts, as this is a separate process done at year-end to close temporary accounts. Permanent accounts do not need to be closed. Therefore, choices A and B are incorrect.

Question 11

To record a cash purchase, use the:&#10;A)Pay Bills&#10;B)Write Check&#10;C)Purchase Order&#10;D)None of these

Accepted Answer

The answer of To record a cash purchase, use the:&#10;A)Pay...

Question 12

Before making adjusting entries you must:&#10;A)Close permanent accounts&#10;B)Prepare the trial balance&#10;C)Close temporary accounts&#10;D)Print the balance sheet

Accepted Answer

The answer of Before making adjusting entries you must:&#10;A)Close permanent...

Question 13

When customer payments are received and recorded, QuickBooks reduces the ________ balance.&#10;A)Accounts Receivable&#10;B)Accounts Payable&#10;C)Undeposited Funds&#10;D)Checking

Accepted Answer

The answer of When customer payments are received and recorded,...

Question 14

Deposits may be recorded using the:&#10;A)Check Register window&#10;B)Write Checks window&#10;C)Reconcile window&#10;D)Print Checks window

Accepted Answer

The answer of Deposits may be recorded using the:&#10;A)Check Register...

Question 15

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.&#10;A)Bank Account, Accounts Receivable&#10;B)Accounts Payable, Undeposited Funds&#10;C)Accounts Receivable, Undeposited Funds&#10;D)Accounts Receivable, Bank Account

Accepted Answer

The answer of When you record the receipt of a...

Question 16

To record a purchase on account, use the:&#10;A)Purchase Order > Receive Payment > Deposit&#10;B)Invoice > Receive Payment > Deposit&#10;C)Enter Bills > Pay Bills&#10;D)Invoice > Enter Bills > Pay Bills

Accepted Answer

The answer of To record a purchase on account, use...

Question 17

When closing the accounting period you:&#10;A)Close temporary accounts at year end&#10;B)Bring account balances up to date at year end&#10;C)Close permanent accounts at year-end&#10;D)All of these

Accepted Answer

The answer of When closing the accounting period you:&#10;A)Close temporary...

Question 18

All of the following are examples of recurring transactions, except:&#10;A)Depreciation&#10;B)Utilities&#10;C)Rent&#10;D)All of these

Accepted Answer

The answer of All of the following are examples of...

Question 19

To print the Balance Sheet, select:&#10;A)Company Center > Company & Financials&#10;B)Report Center > Company & Financials&#10;C)Report Center > Accountant & Taxes&#10;D)Company Center > Accountant & Taxes

Accepted Answer

The answer of To print the Balance Sheet, select:&#10;A)Company Center...

Question 20

To print multiple checks at one time, use:&#10;A)Banking menu > Write Checks > Print Checks&#10;B)Vendor menu > Print Forms > Print Checks&#10;C)File menu > Print Forms > Checks&#10;D)Banking menu > Print Forms > Checks

Accepted Answer

The answer of To print multiple checks at one time,...

Question 21

To print the General Ledger, select:&#10;A)Report Center > Company & Financials > General Ledger&#10;B)Company Center > Company & Financials > General Ledger&#10;C)Report Center > Accountant & Taxes > General Ledger&#10;D)Company Center > Accountant & Taxes > General Ledger

Accepted Answer

The answer of To print the General Ledger, select:&#10;A)Report Center...

Question 22

To print the Profit & Loss report, select:&#10;A)Report Center > Company & Financials&#10;B)Report Center > Accountant & Taxes&#10;C)Company Center > Company & Financials&#10;D)Company Center > Accountant & Taxes

Accepted Answer

The answer of To print the Profit & Loss report,...

Question 23

Briefly explain how to record an owner's investment in their company.

Accepted Answer

The answer of Briefly explain how to record an owner's...

Question 24

The following are examples of possible memorized transactions except:&#10;A)Rent payments&#10;B)Utility bills&#10;C)Special order for a customer&#10;D)None of these

Accepted Answer

The answer of The following are examples of possible memorized...

Question 25

QuickBooks automatically closes ________________ accounts to start each new accounting year with a $0 balance in all _______________ accounts.&#10;A)temporary; permanent&#10;B)temporary; temporary&#10;C)permanent; permanent&#10;D)permanent; temporary

Accepted Answer

The answer of QuickBooks automatically closes ________________ accounts to start...

Question 26

To print the Statement of Cash Flows, select:&#10;A)Report Center > Company & Financials&#10;B)Report Center > Accountant & Taxes&#10;C)Company Center > Company & Financials&#10;D)Company Center > Accountant & Taxes

Accepted Answer

The answer of To print the Statement of Cash Flows,...

Question 27

Briefly explain the difference between a permanent and a temporary account.

Accepted Answer

The answer of Briefly explain the difference between a permanent...

Deck 9: Accounting for a Service Company