Question 1

In order to customize a(n)_______ , you must duplicate it.
A)Purchase Order
B)Sales Receipt
C)Invoice
D)All of the above

Accepted Answer

The answer of In order to customize a(n)_______ , you...

Question 2

Undeposited Funds represents __________.
A)cash sales
B)cash or checks received from customers but not yet deposited in the bank
C)the balance of the accounts receivable account
D)income earned in a previous year

Accepted Answer

Undeposited Funds account is used to record cash or checks received from customers that have not yet been deposited into the bank. This account acts as a temporary holding place for these funds until they are deposited.

Question 3

When a bill is deleted,_______ .
A)the amount is changed to 0.00
B)the word Deleted appears as the Memo
C)it is removed without a trace
D)a bill cannot be deleted

Accepted Answer

When a bill is deleted, it is typically removed without a trace, meaning it is no longer visible or accessible in the system.

Question 4

The Vendor List can also be called the_______ .
A)Sales Journal
B)Purchases Journal
C)Accounts Payable Ledger
D)Payables schedule

Accepted Answer

The Vendor List is essentially a record of all the suppliers from whom a business purchases goods or services on credit, making it synonymous with the Accounts Payable Ledger, which tracks amounts owed to suppliers.

Question 5

To create a new company, you use the______ .
A)File Menu
B)QuickBooks Desktop Company Preferences screen
C)Activities Menu
D)any of the above

Accepted Answer

The File Menu in QuickBooks is used to create a new company.

Question 6

The amount of the sale when paid by debit and credit cards is placed into the Undeposited Funds account.When the actual bank deposit is made, the amount is deposited into the checking or bank account.

Accepted Answer

The Undeposited Funds account is used in accounting to hold funds received from credit and debit card sales until they are batched and deposited into the bank account, at which point the funds are transferred from the Undeposited Funds account to the actual bank account in the accounting records.

Question 7

QuickGraphs allows information to be viewed from both a sales standpoint and from an accounts receivable perspective.

Accepted Answer

QuickGraphs is designed to provide visual representations of data, allowing users to view information from various perspectives, including sales and accounts receivable, to make informed decisions.

Question 8

QuickMath displays______ .
A)a calculator
B)adding machine tape
C)a calculator with adding machine tape
D)none of the above

Accepted Answer

The answer of QuickMath displays______ .
A)a calculator
B)adding machine tape
C)a calculator...

Question 9

To display employee names by last name, make the selection on the________ .
A)Payroll & Employees Preferences
B)Employee List
C)Employee Center
D)any of the above

Accepted Answer

The answer of To display employee names by last name,...

Question 10

If you change the minimum quantity for an item, it becomes effective____________ .
A)as soon as outstanding purchase orders are received
B)the beginning of next month
C)immediately
D)the beginning of the next fiscal year

Accepted Answer

Changing the minimum quantity for an item in inventory or supply chain management systems typically becomes effective immediately, allowing for real-time adjustments to inventory control parameters.

Question 11

When payroll liabilities to be paid have been selected, QuickBooks Desktop will_______ .
A)create a separate check for each liability
B)consolidate liabilities paid and create one check for each vendor
C)automatically process a Payroll Liabilities report
D)prepare any tax return forms necessary

Accepted Answer

QuickBooks Desktop consolidates liabilities paid to the same vendor and creates one check for each vendor, streamlining the payment process and reducing the number of transactions.

Question 12

QuickBooks Desktop uses ________to value the inventory.
A)LIFO
B)FIFO
C)the gross profit method
D)the average cost method

Accepted Answer

QuickBooks Desktop uses the average cost method to value inventory, which calculates the cost of inventory based on the average cost of all similar items in stock, regardless of purchase date.

Question 13

The Item List stores information for _______.
A)Purchase Orders for each item on order
B)items marked to reorder
C)each item a company sells
D)both A and B

Accepted Answer

The Item List stores information for each item a company sells.

Question 14

The account type for Merchandise Discounts should be ________.
A)income
B)cost of goods sold
C)expense
D)asset

Accepted Answer

Merchandise discounts are typically recorded as a reduction in the cost of goods sold, as they reduce the purchase cost of inventory.

Question 15

Customer information may be changed by editing the Chart of Accounts.

Accepted Answer

The Chart of Accounts is used for organizing financial transactions and balances, not for storing or editing customer information. Customer information is typically managed in a separate customer database or CRM system.

Question 16

A credit card sale is treated exactly like a________ .
A)cash sale
B)sale on account until reimbursement is received from a bank
C)sale on account
D)bank deposit

Accepted Answer

A credit card sale is treated exactly like a cash sale because the merchant receives payment from the credit card company almost immediately, rather than waiting for the customer to pay the bill.

Question 17

Receipt of purchase order items is never recorded before the bill arrives.

Accepted Answer

Receipt of purchase order items can be recorded upon their arrival, before the bill arrives, to update inventory and acknowledge the receipt of goods, which is a common practice in inventory management and accounting.

Question 18

When recording a bill, you can _____so the same transaction is entered when recording the bill next month.
A)customize My Preferences for Bills
B)memorize a report
C)memorize a transaction
D)All of the above

Accepted Answer

Memorizing a transaction allows you to save the details of a transaction so that it can be easily reused or automatically entered in the future, which is useful for recurring bills.

Question 19

If Include Inactive is selected, inactive accounts will appear in the Chart of Accounts.

Accepted Answer

Selecting "Include Inactive" in the Chart of Accounts settings allows both active and inactive accounts to be displayed, enabling users to view all accounts regardless of their status.

Question 20

To begin the company creation using the EasyStep Interview, click the_______ .
A)Start Interview button
B)Begin button
C)Convert Data button
D)Detailed Start button

Accepted Answer

The answer of To begin the company creation using the...

Quiz 10: Desktop Accounting System: Features and Functionality Overview

In order to customize a(n) _______ , you must duplicate it.

Undeposited Funds represents __________.

When a bill is deleted,_______ .

The Vendor List can also be called the_______ .

To create a new company, you use the______ .

The amount of the sale when paid by debit and credit cards is placed into the Undeposited Funds account.When the actual bank deposit is made, the amount is deposited into the checking or bank account.

QuickGraphs allows information to be viewed from both a sales standpoint and from an accounts receivable perspective.

QuickMath displays______ .

To display employee names by last name, make the selection on the________ .

If you change the minimum quantity for an item, it becomes effective____________ .

When payroll liabilities to be paid have been selected, QuickBooks Desktop will_______ .

QuickBooks Desktop uses ________to value the inventory.

The Item List stores information for _______.

The account type for Merchandise Discounts should be ________.

Customer information may be changed by editing the Chart of Accounts.

A credit card sale is treated exactly like a________ .

Receipt of purchase order items is never recorded before the bill arrives.

When recording a bill, you can _____so the same transaction is entered when recording the bill next month.

If Include Inactive is selected, inactive accounts will appear in the Chart of Accounts.

To begin the company creation using the EasyStep Interview, click the_______ .