Question 1

Which screen provides a summary of important company information?
A)Company Information
B)Company Snapshot
C)Home Page
D)Company Center

Accepted Answer

The screen that provides a summary of important company information is the Company Snapshot. This screen typically includes key financial metrics, recent news and events, stock information, and other notable highlights of the company.

Question 2

Accounting information is used to do all of the following except:
A)Prepare financial statements for investors
B)Prepare tax returns for the IRS
C)Prepare reports for management
D)Prepare meeting minutes for the board of directors

Accepted Answer

Accounting information is used for various purposes such as preparing financial statements for investors, preparing tax returns for the IRS, and preparing reports for management. However, it is not used to prepare meeting minutes for the board of directors. Meeting minutes are a record of discussions and decisions made during board meetings, which may include references to accounting information, but they are not themselves a purpose for which accounting information is used.

Question 3

Which type of QuickBooks data file allows you to enter data and transactions?
A).QBM
B).QBB
C).QBX
D).QBW

Accepted Answer

The QuickBooks data file type that allows you to enter data and transactions is QBW (QuickBooks Working file). QBW files can be used to create a new company file or to open an existing company file. QBW files are the main files used in QuickBooks and contain all of the information regarding a company's financial transactions. QBM, QBB, and QBX files are used for backup, transfer, and portable company files, respectively.

Question 4

The onscreen form for ordering items from a vendor looks like the paper version of a:
A)Purchase Order
B)Invoice
C)Check
D)None of these

Accepted Answer

An onscreen form for ordering items from a vendor typically resembles a Purchase Order, which is a document issued by a buyer to a seller, outlining the details of the goods or services to be purchased. The form may include fields for the item description, quantity, price, delivery date, and other relevant information, which would be similar to the paper version of a Purchase Order. An Invoice and a Check are different types of documents that would not typically be used for placing an order.

Question 5

A business transaction is an exchange between:
A)Vendor
B)Employee
C)Customer
D)All of these

Accepted Answer

The answer of A business transaction is an exchange between:
A)Vendor
B)Employee
C)Customer
D)All...

Question 6

To change a company name in QuickBooks,select the following from the Menu Bar:
A)Company > Preferences
B)Home > Edit > Preferences
C)Company > My Company > Edit
D)None of these

Accepted Answer

Choose "Company" from the Menu Bar, then select "My Company" and click on "Edit". From there, you can change the name of the company.

Question 7

The QuickBooks file extension .QBA indicates the file is a:
A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file

Accepted Answer

The answer of The QuickBooks file extension .QBA indicates the...

Question 8

Which one of the following activities is associated with the Customer section of the Home page?
A)Pay sales tax
B)Enter bills
C)Record refunds and credits
D)Record inventory received

Accepted Answer

Recording refunds and credits is associated with the Customer section of the Home page as it is an activity related to managing customer transactions and resolving any issues or discrepancies in their account. Paying sales tax and recording inventory received are associated with the Vendor section, and entering bills is associated with the Banking section.

Question 9

The Home page in QuickBooks consists of all of the following sections except:
A)Employee
B)Lists
C)Customer
D)Vendor

Accepted Answer

The Home page in QuickBooks typically includes sections for Employee, Customer, and Vendor, but not Lists. Lists are accessed through a different menu.

Question 10

The objective of an accounting information system,like QuickBooks,is to:
A)Save company resources,like time and paper
B)Use the computer for keeping accounting records
C)Collect,summarize,and analyze data
D)None of these

Accepted Answer

The objective of an accounting information system, like QuickBooks, is to collect, summarize, and analyze data. QuickBooks allows businesses to efficiently manage their financial transactions by organizing and storing data in a way that makes it easy to create customized reports and gain insight into the financial health of the business. While QuickBooks does save time and paper by automating certain tasks and reducing the need for manual record-keeping, this is not its primary objective. Similarly, while QuickBooks is a computer-based system for keeping accounting records, this is only one facet of its broader objective.

Question 11

Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recorded when a company purchases (receives)a computer and pays (gives)cash?
A)The computer is recorded as a credit and the cash is recorded as a credit
B)The computer is recorded as a debit and the cash is recorded as a debit
C)The computer is recorded as a credit and the cash is recorded as a debit
D)The computer is recorded as a debit and the cash is recorded as a credit

Accepted Answer

According to the double-entry accounting system, every transaction affects at least two accounts. In this transaction, the company is receiving a computer, which is an asset, and paying cash, which is a decrease in assets. The asset account, computer, is debited, and the cash account is credited. Therefore, the computer is recorded as a debit, and the cash is recorded as a credit. The correct answer is D.

Question 12

Which QuickBooks window allows you to add your name to the checking account?
A)Chart of Accounts
B)Company Information
C)Company Center
D)Check Register

Accepted Answer

The answer of Which QuickBooks window allows you to add...

Question 13

Which of the following tasks is completed from the Banking section of the Home page?
A)Enter credit card charges
B)Pay employees
C)Record bills paid
D)Record payments received from customers.

Accepted Answer

The answer of Which of the following tasks is completed...

Question 14

Which of the following file types identifies a QuickBooks Portable file?
A).QBM
B).QBB
C).QBX
D).QBW

Accepted Answer

The file type that identifies a QuickBooks Portable file is QBM. QBB is for QuickBooks backup file, QBX is for Accountant's copy file, and QBW is for QuickBooks working file.

Question 15

All of the following are one of the four main categories of transactions in QuickBooks except?
A)Chart of Accounts
B)Customers
C)Vendors
D)Employees

Accepted Answer

Chart of Accounts is not one of the four main categories of transactions in QuickBooks. The four main categories are Customers, Vendors, Employees, and Other - which includes transactions such as expenses, transfers, and journal entries.

Question 16

Which of the following tasks can be completed in the Vendor section of the Home page?
A)Create Invoices
B)Create Estimates
C)Receive Inventory
D)Receive Payments

Accepted Answer

Receiving inventory from vendors is a task that can be completed in the Vendor section of the Home page. Creating invoices, creating estimates, and receiving payments are tasks that are typically done in the Customer section.

Question 17

In QuickBooks,how do you can enter transaction information?
A)Onscreen forms and scanned images of transaction forms
B)Onscreen forms and QuickBooks reports
C)Onscreen Journal and scanned images of transaction forms
D)Onscreen Journal and Onscreen Forms

Accepted Answer

In QuickBooks, the best way to enter transaction information is through onscreen forms and the onscreen journal. These forms and journal provide structured fields for entering transaction details and ensure that the data is recorded accurately in the appropriate accounts. Scanned images of transaction forms and QuickBooks reports may be useful for reference, but are not as efficient for data entry purposes.

Question 18

The QuickBooks file extension .QBM indicates the file is a:
A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file

Accepted Answer

The answer of The QuickBooks file extension .QBM indicates the...

Question 19

Your QuickBooks data can be stored in all of the following ways except:
A)Online
B)Backup
C)Portable File
D)All of these store QuickBooks data

Accepted Answer

All of these options can be used to store QuickBooks data. Online storage allows you to access your QuickBooks data from anywhere with an internet connection, backup storage provides a secure way to store a copy of your data in case of data loss, and portable file storage allows you to easily transfer your data to another computer or user.

Question 20

The Chart of Accounts can be accessed from which section of the Home page?
A)Customer
B)Banking
C)Vendor
D)Company

Accepted Answer

The Chart of Accounts can be accessed from the "Company" section of the Home page.

Quiz 1: Introduction to PFP

Which screen provides a summary of important company information?

Accounting information is used to do all of the following except:

Which type of QuickBooks data file allows you to enter data and transactions?

The onscreen form for ordering items from a vendor looks like the paper version of a:

A business transaction is an exchange between:

To change a company name in QuickBooks,select the following from the Menu Bar:

The QuickBooks file extension .QBA indicates the file is a:

Which one of the following activities is associated with the Customer section of the Home page?

The Home page in QuickBooks consists of all of the following sections except:

The objective of an accounting information system,like QuickBooks,is to:

Double-entry account records what is exchanged in a transaction (debits and credits) .Which of the following is recorded when a company purchases (receives) a computer and pays (gives) cash?

Which QuickBooks window allows you to add your name to the checking account?

Which of the following tasks is completed from the Banking section of the Home page?

Which of the following file types identifies a QuickBooks Portable file?

All of the following are one of the four main categories of transactions in QuickBooks except?

Which of the following tasks can be completed in the Vendor section of the Home page?

In QuickBooks,how do you can enter transaction information?

The QuickBooks file extension .QBM indicates the file is a:

Your QuickBooks data can be stored in all of the following ways except:

The Chart of Accounts can be accessed from which section of the Home page?