Question 1

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. B

Question 2

Another term for a customer is:

Accepted Answer

A) Consumer. 
B) Buyer. 
C) Shopper. 
D) Subscriber. 
E) All. 
A) Consumer. 
B) Buyer. 
C) Shopper. 
D) Subscriber. 
E) All. E

Question 3

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. E

Question 4

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

Accepted Answer

A) True 
 B)False

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

Question 6

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 7

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

Accepted Answer

A) True 
 B)False

Question 8

A credit memo affects the customer's balance.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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.

Question 12

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 13

_______________________________________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 14

To start Chapter 5,what is the best way to check your data?

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.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

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

The preference for the customer label is:

Another term for a customer is:

On the Customers page,you can:

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

To edit a customer record,use:

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

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

A credit memo affects the customer's balance.

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

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

Use this page to record customer transactions on account:

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

_______________________________________are credit transactions from customers.

To start Chapter 5,what is the best way to check your data?

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

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

This term identifies what customers owe your business:

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

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

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

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, quick-Books Labs and Report Customization

Apps, updates and QB Online Blog

Filters

Exam 5: Customers and Sales

The preference for the customer label is:

Another term for a customer is:

On the Customers page,you can:

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

To edit a customer record,use:

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

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

A credit memo affects the customer's balance.

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

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

Use this page to record customer transactions on account:

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

_______________________________________are credit transactions from customers.

To start Chapter 5,what is the best way to check your data?

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

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

This term identifies what customers owe your business:

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

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

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

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, quick-Books Labs and Report Customization

Apps, updates and QB Online Blog

Filters