Question 1

When customer payments are recorded, QuickBooks reduces the ________ balance.

Accepted Answer

A) Accounts Payable. 
B) Accounts Receivable. 
C) Undeposited Funds. 
D) Checking 
A) Accounts Payable. 
B) Accounts Receivable. 
C) Undeposited Funds. 
D) Checking B

Question 2

Briefly explain how to record an owner's investment in their company.

Accepted Answer

To record an owner's investment record the deposit, add the owner as the "received from" entity.The amount is then added to the checking account and the owner's equity account or the owners' Capital Stock account.

Question 3

Before making adjusting entries you must:

Accepted Answer

A) Close permanent accounts 
B) Print the trial balance 
C) Close temporary accounts 
D) Print the balance sheet 
A) Close permanent accounts 
B) Print the trial balance 
C) Close temporary accounts 
D) Print the balance sheet B

Question 4

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

Accepted Answer

A) Bank Account, Accounts Receivable 
B) Accounts Payable, Undeposited Funds 
C) Accounts Receivable, Undeposited Funds 
D) Accounts Receivable, Bank Account 
A) Bank Account, Accounts Receivable 
B) Accounts Payable, Undeposited Funds 
C) Accounts Receivable, Undeposited Funds 
D) Accounts Receivable, Bank Account

Question 5

Credit sales are recorded using the _________ window.

Accepted Answer

A) Make Deposits 
B) Sales Receipts 
C) Create Invoices 
D) Receive Items 
A) Make Deposits 
B) Sales Receipts 
C) Create Invoices 
D) Receive Items

Question 6

When closing the accounting period you:

Accepted Answer

A) Close temporary accounts at year end 
B) Bring account balances up to date at year end 
C) Close permanent accounts at year-end 
D) All the above 
A) Close temporary accounts at year end 
B) Bring account balances up to date at year end 
C) Close permanent accounts at year-end 
D) All the above

Question 7

To print the Balance Sheet, select:

Accepted Answer

A) Company Center > Company & Financials 
B) Report Center > Company & Financials 
C) Report Center > Accountant & Taxes 
D) Company Center > Accountant & Taxes 
A) Company Center > Company & Financials 
B) Report Center > Company & Financials 
C) Report Center > Accountant & Taxes 
D) Company Center > Accountant & Taxes

Question 8

To create a memorized transaction for a utility bill, in the Enter Bills window select:

Accepted Answer

A) Transactions menu > Memorize 
B) Edit menu > Memorize Bill 
C) Vendors menu > Memorize Transactions 
D) Lists menu > Reminders 
A) Transactions menu > Memorize 
B) Edit menu > Memorize Bill 
C) Vendors menu > Memorize Transactions 
D) Lists menu > Reminders

Question 9

Adjusting entries are used to:

Accepted Answer

A) Close temporary accounts at year end 
B) Close permanent accounts at year-end 
C) Bring account balances up to date at year end 
D) All the above 
A) Close temporary accounts at year end 
B) Close permanent accounts at year-end 
C) Bring account balances up to date at year end 
D) All the above

Question 10

To print the Statement of Cash Flows, select:

Accepted Answer

A) Report Center > Company & Financials 
B) Report Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes 
A) Report Center > Company & Financials 
B) Report Center > Accountant & Taxes 
C) Company Center > Company & Financials 
D) Company Center > Accountant & Taxes

Question 11

To remove accounts with zero balances from the General Ledger report, after generating the report, select:

Accepted Answer

A) Modify Report > Filters > In use 
B) Modify Report > Display > Advanced > In use 
C) Modify Report > Display > In use 
D) Modify Report > Filters > Display > In use 
A) Modify Report > Filters > In use 
B) Modify Report > Display > Advanced > In use 
C) Modify Report > Display > In use 
D) Modify Report > Filters > Display > In use

Question 12

To print the entire Journal, select:

Accepted Answer

A) Report Center > Accountant & Taxes > Journal 
B) Company Center > Company & Financials > Journal 
C) Report Center > Company & Financials > Journal 
D) Company Center > Accountant & Taxes > Journal 
A) Report Center > Accountant & Taxes > Journal 
B) Company Center > Company & Financials > Journal 
C) Report Center > Company & Financials > Journal 
D) Company Center > Accountant & Taxes > Journal

Question 13

To record adjusting entries, use:

Accepted Answer

A) Report menu > General Journal Entries. 
B) Company menu > Make General Journal Entries. 
C) Banking menu > Make General Journal Entries 
D) Accountant menu > Journal Entries 
A) Report menu > General Journal Entries. 
B) Company menu > Make General Journal Entries. 
C) Banking menu > Make General Journal Entries 
D) Accountant menu > Journal Entries

Question 14

To record a credit purchase, use the:

Accepted Answer

A) Purchase Order > Receive Payment > Deposit 
B) Invoice > Receive Payment > Deposit 
C) Enter Bills > Pay Bills 
D) Invoice > Enter Bills > Pay Bills 
A) Purchase Order > Receive Payment > Deposit 
B) Invoice > Receive Payment > Deposit 
C) Enter Bills > Pay Bills 
D) Invoice > Enter Bills > Pay Bills

Question 15

Briefly explain the difference between a permanent and a temporary account.

Accepted Answer

Temporary accounts (revenues, expenses,

Question 16

To print the General Ledger, select:

Accepted Answer

A) Report Center > Company & Financials > General Ledger 
B) Company Center > Company & Financials > General Ledger 
C) Report Center > Accountant & Taxes > General Ledger 
D) Company Center > Accountant & Taxes > General Ledger 
A) Report Center > Company & Financials > General Ledger 
B) Company Center > Company & Financials > General Ledger 
C) Report Center > Accountant & Taxes > General Ledger 
D) Company Center > Accountant & Taxes > General Ledger

Question 17

Deposits may be recorded using the:

Accepted Answer

A) Check Register window 
B) Write Checks window 
C) Reconcile window 
D) Print Checks window 
A) Check Register window 
B) Write Checks window 
C) Reconcile window 
D) Print Checks window

Question 18

To print the Trial Balance, select:

Accepted Answer

A) Report Center > Accountant & Taxes 
B) Company Center > Company & Financials 
C) Report Center > Company & Financials 
D) Company Center > Accountant & Taxes 
A) Report Center > Accountant & Taxes 
B) Company Center > Company & Financials 
C) Report Center > Company & Financials 
D) Company Center > Accountant & Taxes

Question 19

To record a sales transaction, use the:

Accepted Answer

A) Create Purchase Order > Receive Payment > Make Deposit 
B) Create Invoices > Receive Payment > Make Deposits 
C) Create Invoices > Create Sales Receipts > Make Deposits 
D) Receive Payment > Create Sales Receipts > Make Deposits 
A) Create Purchase Order > Receive Payment > Make Deposit 
B) Create Invoices > Receive Payment > Make Deposits 
C) Create Invoices > Create Sales Receipts > Make Deposits 
D) Receive Payment > Create Sales Receipts > Make Deposits

Question 20

To record a cash purchase, use the:

Accepted Answer

A) Pay Bills 
B) Write Check 
C) Purchase Order 
D) None of the above 
A) Pay Bills 
B) Write Check 
C) Purchase Order 
D) None of the above

When customer payments are recorded, QuickBooks reduces the ________ balance.

Briefly explain how to record an owner's investment in their company.

Before making adjusting entries you must:

When you record the receipt of a customer payment QuickBooks reduces _ and increases __.

Credit sales are recorded using the _________ window.

When closing the accounting period you:

To print the Balance Sheet, select:

To create a memorized transaction for a utility bill, in the Enter Bills window select:

Adjusting entries are used to:

To print the Statement of Cash Flows, select:

To remove accounts with zero balances from the General Ledger report, after generating the report, select:

To print the entire Journal, select:

To record adjusting entries, use:

To record a credit purchase, use the:

Briefly explain the difference between a permanent and a temporary account.

To print the General Ledger, select:

Deposits may be recorded using the:

To print the Trial Balance, select:

To record a sales transaction, use the:

To record a cash purchase, use the:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 9: Accounting for a Service Company

When customer payments are recorded, QuickBooks reduces the ________ balance.

Briefly explain how to record an owner's investment in their company.

Before making adjusting entries you must:

When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.

Credit sales are recorded using the _________ window.

When closing the accounting period you:

To print the Balance Sheet, select:

To create a memorized transaction for a utility bill, in the Enter Bills window select:

Adjusting entries are used to:

To print the Statement of Cash Flows, select:

To remove accounts with zero balances from the General Ledger report, after generating the report, select:

To print the entire Journal, select:

To record adjusting entries, use:

To record a credit purchase, use the:

Briefly explain the difference between a permanent and a temporary account.

To print the General Ledger, select:

Deposits may be recorded using the:

To print the Trial Balance, select:

To record a sales transaction, use the:

To record a cash purchase, use the:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

When you record the receipt of a customer payment QuickBooks reduces _ and increases __.