Question 1

Another term for Account and Settings selections is:

Accepted Answer

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

Question 2

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. 
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. C

Question 3

Use this page to record customer transactions on account:

Accepted Answer

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

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

This term identifies what customers owe your business:

Accepted Answer

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

Question 10

The preference for the customer label is:

Accepted Answer

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

Question 11

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

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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. 
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.

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

A credit memo affects the customer's balance.

Accepted Answer

A) True 
 B)False

Question 18

To edit a customer record, use:

Accepted Answer

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

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Another term for Account and Settings selections is:

To start Chapter 5, what data should you check?

Use this page to record customer transactions on account:

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

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

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

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

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

This term identifies what customers owe your business:

The preference for the customer label is:

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

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

On the Customers page, you can:

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

_______________________________________are credit transactions from customers.

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

A credit memo affects the customer's balance.

To edit a customer record, use:

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

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

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

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters

Exam 5: Customers and Sales

Another term for Account and Settings selections is:

To start Chapter 5, what data should you check?

Use this page to record customer transactions on account:

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

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

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

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

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

This term identifies what customers owe your business:

The preference for the customer label is:

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

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

On the Customers page, you can:

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

_______________________________________are credit transactions from customers.

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

A credit memo affects the customer's balance.

To edit a customer record, use:

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

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

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

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters