Question 1

Refunds for merchandise that is returned by a customer are called:

Accepted Answer

A) Credit memos. 
B) Purchases on account. 
C) Sales on accounts. 
D) Accounts payable transactions. 
E) All of these. 
A) Credit memos. 
B) Purchases on account. 
C) Sales on accounts. 
D) Accounts payable transactions. 
E) All of these. A

Question 2

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

Accepted Answer

A) True 
 B)False  True

Question 3

This term identifies what customers owe your business:

Accepted Answer

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

Question 4

To start Chapter 5, what data should you check?

Accepted Answer

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 of these. 
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 of these.

Question 5

To edit a customer record, use:

Accepted Answer

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

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

The preference for the customer label is:

Accepted Answer

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

Question 9

On the Customers page, you can:

Accepted Answer

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 of these. 
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 of these.

Question 10

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

Accepted Answer

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

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

A credit memo affects the customer's balance.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

_________ are credit transactions from customers.

Accepted Answer

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

Question 19

Another term for Account and Settings selections is:

Accepted Answer

A) Trial Balance. 
B) Sales. 
C) Preferences. 
D) Subscriber. 
E) All of these. 
A) Trial Balance. 
B) Sales. 
C) Preferences. 
D) Subscriber. 
E) All of these.

Question 20

Use this page to record customer transactions on account:

Accepted Answer

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

Refunds for merchandise that is returned by a customer are called:

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

This term identifies what customers owe your business:

To start Chapter 5, what data should you check?

To edit a customer record, use:

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

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

The preference for the customer label is:

On the Customers page, you can:

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

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

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

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

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

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

A credit memo affects the customer's balance.

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

_________ are credit transactions from customers.

Another term for Account and Settings selections is:

Use this page to record customer transactions on account:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters

Exam 5: Customers and Sales

Refunds for merchandise that is returned by a customer are called:

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

This term identifies what customers owe your business:

To start Chapter 5, what data should you check?

To edit a customer record, use:

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

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

The preference for the customer label is:

On the Customers page, you can:

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

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

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

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

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

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

A credit memo affects the customer's balance.

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

_________ are credit transactions from customers.

Another term for Account and Settings selections is:

Use this page to record customer transactions on account:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters