Question 1

To record a customer sale on account,select:

Accepted Answer

A) Create Purchase Order 
B) Sales Receipts 
C) Create Estimates 
D) Create Invoices 
A) Create Purchase Order 
B) Sales Receipts 
C) Create Estimates 
D) Create Invoices D

Question 2

Briefly explain the difference between creating a sales receipt and creating an invoice.

Accepted Answer

Creating a sales receipt is used when a customer pays for their goods or services at the time goods or services are provided. This is typically called a cash sale. Creating an invoice is used when the customer will pay at a later date after the goods or services are provided and will be recorded in the Receive Payment window. This is typically called a credit sale.

Question 3

When a credit sale is recorded on an invoice,QuickBooks records:

Accepted Answer

A) An increase to Sales and a decrease to Accounts Receivable 
B) An increase to Sales and an increase to Accounts Receivable 
C) An increase to Sales and an increase to Accounts Payable 
D) A decrease to Sales and a decrease to Accounts Payable 
A) An increase to Sales and a decrease to Accounts Receivable 
B) An increase to Sales and an increase to Accounts Receivable 
C) An increase to Sales and an increase to Accounts Payable 
D) A decrease to Sales and a decrease to Accounts Payable B

Question 4

To create the Income by Customer Summary report:

Accepted Answer

A) Select Reports Center > Customer & Sales 
B) Select Customers Center > Income by Customer 
C) Select Company Center > Customers & Sales 
D) Select Reports Center > Company & Financials 
A) Select Reports Center > Customer & Sales 
B) Select Customers Center > Income by Customer 
C) Select Company Center > Customers & Sales 
D) Select Reports Center > Company & Financials

Question 5

The Job Profitability Summary Report is accessed from the:

Accepted Answer

A) Reports Center 
B) Vendor Center 
C) Employee Center 
D) Company Center 
A) Reports Center 
B) Vendor Center 
C) Employee Center 
D) Company Center

Question 6

The Undeposited Funds account contains:

Accepted Answer

A) Only partial payments received from customers 
B) Funds received from customers but not deposited in the bank 
C) Funds the company owes vendors 
D) Petty Cash funds 
A) Only partial payments received from customers 
B) Funds received from customers but not deposited in the bank 
C) Funds the company owes vendors 
D) Petty Cash funds

Question 7

Name 3 (three)reasons why a job for a customer might be pending.

Accepted Answer

A job can be pending because it is waiti

Question 8

Which report provides information to help in tracking accounts receivable?

Accepted Answer

A) Customers with Open Invoices 
B) Accounts Receivable Aging Detail 
C) Collections Reports 
D) All of the choices are correct 
A) Customers with Open Invoices 
B) Accounts Receivable Aging Detail 
C) Collections Reports 
D) All of the choices are correct

Question 9

To add a new job to the Customers List:

Accepted Answer

A) Select Customers Menu > Click Add Job 
B) Select Customers Center window > Click New Customer & Job 
C) Select the Customers List icon from the Customers section of the Home Page 
D) Select Reports Center > Add Customer 
A) Select Customers Menu > Click Add Job 
B) Select Customers Center window > Click New Customer & Job 
C) Select the Customers List icon from the Customers section of the Home Page 
D) Select Reports Center > Add Customer

Question 10

The Customers List in QuickBooks can be accessed from all of the following except:

Accepted Answer

A) Vendor section of the Home Page 
B) Customers section of the Home Page 
C) Customers Menu 
D) Customers Center 
A) Vendor section of the Home Page 
B) Customers section of the Home Page 
C) Customers Menu 
D) Customers Center

Question 11

Which one of the following activities is not shown in the Customers section of the Home Page?

Accepted Answer

A) Receive Payments 
B) Pay Bills 
C) Create Invoices 
D) Create Sales Receipts 
A) Receive Payments 
B) Pay Bills 
C) Create Invoices 
D) Create Sales Receipts

Question 12

When an invoice is created in QuickBooks using the Create Invoices window,QuickBooks:

Accepted Answer

A) Decreases a Sales account and decreases the Checking account 
B) Increases a Sales account and increases the Accounts Receivable account 
C) Increases the Accounts Receivable account and increases the Checking account 
D) Decreases the Accounts Payable account and increases the Checking account 
A) Decreases a Sales account and decreases the Checking account 
B) Increases a Sales account and increases the Accounts Receivable account 
C) Increases the Accounts Receivable account and increases the Checking account 
D) Decreases the Accounts Payable account and increases the Checking account

Question 13

When recording a customer payment from a credit sale,select:

Accepted Answer

A) Create Invoice > Customer Payment > Customer & Job Name 
B) Receive Payment > Customer & Job Name 
C) Make Deposit > Customer & Job Name 
D) Create Sales Receipt > Record Deposits 
A) Create Invoice > Customer Payment > Customer & Job Name 
B) Receive Payment > Customer & Job Name 
C) Make Deposit > Customer & Job Name 
D) Create Sales Receipt > Record Deposits

Question 14

Sales in QuickBooks can be recorded with all the following means of payment except:

Accepted Answer

A) Cash 
B) Check 
C) Credit Card 
D) Purchase Order 
A) Cash 
B) Check 
C) Credit Card 
D) Purchase Order

Question 15

When recording a customer payment from a cash sale,select:

Accepted Answer

A) Create Invoice > Customer Payment > Customer Name Only 
B) Make Deposit 
C) Create Sales Receipt > Record Deposits 
D) Receive Payment > Customer & Job Name 
A) Create Invoice > Customer Payment > Customer Name Only 
B) Make Deposit 
C) Create Sales Receipt > Record Deposits 
D) Receive Payment > Customer & Job Name

Question 16

To increase collections of payments,you can use all the following QuickBooks features,except:

Accepted Answer

A) Accounts Receivable Aging Report 
B) Customers with Open Invoices Report 
C) Collections Report 
D) Accounts Payable Aging Report 
A) Accounts Receivable Aging Report 
B) Customers with Open Invoices Report 
C) Collections Report 
D) Accounts Payable Aging Report

Question 17

List two different methods of accounting for bad debts (uncollectible accounts)and briefly explain how the two methods differ.

Accepted Answer

Two methods that can be used to account

Question 18

To create the Aging of Accounts Receivable report:

Accepted Answer

A) Select Customers Center > Customers & Receivables 
B) Select Company Center > Customers & Receivables 
C) Select Reports Center > Customers & Receivables 
D) Select Reports Center > Company & Financials 
A) Select Customers Center > Customers & Receivables 
B) Select Company Center > Customers & Receivables 
C) Select Reports Center > Customers & Receivables 
D) Select Reports Center > Company & Financials

Question 19

The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:

Accepted Answer

A) Debit Accounts Receivable; Credit Checking account 
B) Debit Checking account; Credit Accounts Receivable 
C) Debit Undeposited Funds account; Credit Accounts Receivable 
D) Debit Accounts Receivable; Credit Undeposited Funds account 
A) Debit Accounts Receivable; Credit Checking account 
B) Debit Checking account; Credit Accounts Receivable 
C) Debit Undeposited Funds account; Credit Accounts Receivable 
D) Debit Accounts Receivable; Credit Undeposited Funds account

Question 20

Credit sales to customers are:

Accepted Answer

A) Recorded using the Enter Bills window 
B) Recorded in a Credit Card Sales window 
C) Recorded using the Create Sales Receipts window 
D) Recorded using a Create Invoices window 
A) Recorded using the Enter Bills window 
B) Recorded in a Credit Card Sales window 
C) Recorded using the Create Sales Receipts window 
D) Recorded using a Create Invoices window

To record a customer sale on account,select:

Briefly explain the difference between creating a sales receipt and creating an invoice.

When a credit sale is recorded on an invoice,QuickBooks records:

To create the Income by Customer Summary report:

The Job Profitability Summary Report is accessed from the:

The Undeposited Funds account contains:

Name 3 (three)reasons why a job for a customer might be pending.

Which report provides information to help in tracking accounts receivable?

To add a new job to the Customers List:

The Customers List in QuickBooks can be accessed from all of the following except:

Which one of the following activities is not shown in the Customers section of the Home Page?

When an invoice is created in QuickBooks using the Create Invoices window,QuickBooks:

When recording a customer payment from a credit sale,select:

Sales in QuickBooks can be recorded with all the following means of payment except:

When recording a customer payment from a cash sale,select:

To increase collections of payments,you can use all the following QuickBooks features,except:

List two different methods of accounting for bad debts (uncollectible accounts)and briefly explain how the two methods differ.

To create the Aging of Accounts Receivable report:

The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:

Credit sales to customers are:

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Transactions

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Vendors and Expenses

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Exam 5: Customers and Sales

To record a customer sale on account,select:

Briefly explain the difference between creating a sales receipt and creating an invoice.

When a credit sale is recorded on an invoice,QuickBooks records:

To create the Income by Customer Summary report:

The Job Profitability Summary Report is accessed from the:

The Undeposited Funds account contains:

Name 3 (three)reasons why a job for a customer might be pending.

Which report provides information to help in tracking accounts receivable?

To add a new job to the Customers List:

The Customers List in QuickBooks can be accessed from all of the following except:

Which one of the following activities is not shown in the Customers section of the Home Page?

When an invoice is created in QuickBooks using the Create Invoices window,QuickBooks:

When recording a customer payment from a credit sale,select:

Sales in QuickBooks can be recorded with all the following means of payment except:

When recording a customer payment from a cash sale,select:

To increase collections of payments,you can use all the following QuickBooks features,except:

List two different methods of accounting for bad debts (uncollectible accounts)and briefly explain how the two methods differ.

To create the Aging of Accounts Receivable report:

The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:

Credit sales to customers are:

Navigation and Settings

Chart of Accounts

Transactions

Banking

Vendors and Expenses

Inventory

Employees and Payroll

Adjustments

Reports

Service Company

Merchandise Company

Features for Accountants

Desktop Versus Quickbooks Online

Review Guide

Filters