Question 1

Which financial statement below summarizes a company's earnings?

Accepted Answer

A) Statement of Cash Flows 
B) Profit & Loss Statement 
C) Balance Sheet 
D) Income Statement 
A) Statement of Cash Flows 
B) Profit & Loss Statement 
C) Balance Sheet 
D) Income Statement B

Question 2

Which financial statement below summarizes the financial position of a company?

Accepted Answer

A) Statement of Cash Flows 
B) Profit & Loss Statement 
C) Balance Sheet 
D) Income Statement 
A) Statement of Cash Flows 
B) Profit & Loss Statement 
C) Balance Sheet 
D) Income Statement C

Question 3

The objective of an accounting information system, like QuickBooks, is to:

Accepted Answer

A) Save company resources, like time and paper 
B) Use the computer for keeping accounting records 
C) Collect, summarize, and analyze data 
D) None of the above 
A) Save company resources, like time and paper 
B) Use the computer for keeping accounting records 
C) Collect, summarize, and analyze data 
D) None of the above C

Question 4

Which QuickBooks window allows you to add your name to the checking account?

Accepted Answer

A) Chart of Accounts 
B) Company Information 
C) Company Center 
D) Check Register 
A) Chart of Accounts 
B) Company Information 
C) Company Center 
D) Check Register

Question 5

The QuickBooks file extension .QBA indicates the file is a:

Accepted Answer

A) QuickBooks working file 
B) QuickBooks movable file 
C) QuickBooks Accountant's transfer file 
D) QuickBooks Accountant's working file 
A) QuickBooks working file 
B) QuickBooks movable file 
C) QuickBooks Accountant's transfer file 
D) QuickBooks Accountant's working file

Question 6

Which screen provides a summary of important company information?

Accepted Answer

A) Company Information 
B) Company Snapshot 
C) Home Page 
D) Company Center 
A) Company Information 
B) Company Snapshot 
C) Home Page 
D) Company Center

Question 7

The Chart of Accounts can be accessed from which section of the Home page?

Accepted Answer

A) Customer 
B) Banking 
C) Vendor 
D) Company 
A) Customer 
B) Banking 
C) Vendor 
D) Company

Question 8

Which financial statement below summarizes a company's cash inflow and outflow?

Accepted Answer

A) Statement of Cash Flows 
B) Profit & Loss Statement 
C) Balance Sheet 
D) Income Statement 
A) Statement of Cash Flows 
B) Profit & Loss Statement 
C) Balance Sheet 
D) Income Statement

Question 9

Accounting information is used to do all of the following except:

Accepted Answer

A) Prepare financial statements for investors 
B) Prepare tax returns for the IRS 
C) Prepare reports for management 
D) Prepare meeting minutes for the board of directors 
A) Prepare financial statements for investors 
B) Prepare tax returns for the IRS 
C) Prepare reports for management 
D) Prepare meeting minutes for the board of directors

Question 10

Which of the following tasks can be completed in the Vendor section of the Home page?

Accepted Answer

A) Create Invoices 
B) Create Estimates 
C) Receive Inventory 
D) Receive Payments 
A) Create Invoices 
B) Create Estimates 
C) Receive Inventory 
D) Receive Payments

Question 11

Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:

Accepted Answer

The five centers are:
Vendors - pay bill

Question 12

Which one of the following activities is associated with the Customer section of the Home page?

Accepted Answer

A) Pay sales tax 
B) Enter bills 
C) Record refunds and credits 
D) Record inventory received 
A) Pay sales tax 
B) Enter bills 
C) Record refunds and credits 
D) Record inventory received

Question 13

Your QuickBooks data can be stored in all the following ways except:

Accepted Answer

A) Online 
B) Backup 
C) Portable File 
D) All of the above are ways to store QuickBooks data 
A) Online 
B) Backup 
C) Portable File 
D) All of the above are ways to store QuickBooks data

Question 14

List the 3 (three) different type of QuickBooks files.What is the purpose of each file type?

Accepted Answer

The three QuickBooks file types are:
 .Q

Question 15

The onscreen form for ordering items from a vendor looks like the paper version of a:

Accepted Answer

A) Purchase Order 
B) Invoice 
C) Check 
D) None of the above 
A) Purchase Order 
B) Invoice 
C) Check 
D) None of the above

Question 16

Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash?

Accepted Answer

A) The computer is recorded as a credit and the cash is recorded as a credit 
B) The computer is recorded as a debit and the cash is recorded as a debit 
C) The computer is recorded as a credit and the cash is recorded as a debit 
D) The computer is recorded as a debit and the cash is recorded as a credit 
A) The computer is recorded as a credit and the cash is recorded as a credit 
B) The computer is recorded as a debit and the cash is recorded as a debit 
C) The computer is recorded as a credit and the cash is recorded as a debit 
D) The computer is recorded as a debit and the cash is recorded as a credit

Question 17

Which type of QuickBooks data file allows you to enter data and transactions?

Accepted Answer

A) .QBM 
B) .QBB 
C) .QBX 
D) .QBW 
A) .QBM 
B) .QBB 
C) .QBX 
D) .QBW

Question 18

The Home page in QuickBooks consists of all the following sections except:

Accepted Answer

A) Employee 
B) Lists 
C) Customer 
D) Vendor 
A) Employee 
B) Lists 
C) Customer 
D) Vendor

Question 19

To change company information, such as the company name, you would use:

Accepted Answer

A) Company section of the Home page 
B) Company Center 
C) Company Menu 
D) Company List 
A) Company section of the Home page 
B) Company Center 
C) Company Menu 
D) Company List

Question 20

Management reports help identify:

Accepted Answer

A) Overdue customer accounts 
B) Least profitable product 
C) Most profitable product 
D) All the above.
Short Answer Questions 
A) Overdue customer accounts 
B) Least profitable product 
C) Most profitable product 
D) All the above.
Short Answer Questions

Which financial statement below summarizes a company's earnings?

Which financial statement below summarizes the financial position of a company?

The objective of an accounting information system, like QuickBooks, is to:

Which QuickBooks window allows you to add your name to the checking account?

The QuickBooks file extension .QBA indicates the file is a:

Which screen provides a summary of important company information?

The Chart of Accounts can be accessed from which section of the Home page?

Which financial statement below summarizes a company's cash inflow and outflow?

Accounting information is used to do all of the following except:

Which of the following tasks can be completed in the Vendor section of the Home page?

Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:

Which one of the following activities is associated with the Customer section of the Home page?

Your QuickBooks data can be stored in all the following ways except:

List the 3 (three) different type of QuickBooks files.What is the purpose of each file type?

The onscreen form for ordering items from a vendor looks like the paper version of a:

Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash?

Which type of QuickBooks data file allows you to enter data and transactions?

The Home page in QuickBooks consists of all the following sections except:

To change company information, such as the company name, you would use:

Management reports help identify:

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 1: Quick Tour of Quickbooks 2011

Which financial statement below summarizes a company's earnings?

Which financial statement below summarizes the financial position of a company?

The objective of an accounting information system, like QuickBooks, is to:

Which QuickBooks window allows you to add your name to the checking account?

The QuickBooks file extension .QBA indicates the file is a:

Which screen provides a summary of important company information?

The Chart of Accounts can be accessed from which section of the Home page?

Which financial statement below summarizes a company's cash inflow and outflow?

Accounting information is used to do all of the following except:

Which of the following tasks can be completed in the Vendor section of the Home page?

Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:

Which one of the following activities is associated with the Customer section of the Home page?

Your QuickBooks data can be stored in all the following ways except:

List the 3 (three) different type of QuickBooks files.What is the purpose of each file type?

The onscreen form for ordering items from a vendor looks like the paper version of a:

Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash?

Which type of QuickBooks data file allows you to enter data and transactions?

The Home page in QuickBooks consists of all the following sections except:

To change company information, such as the company name, you would use:

Management reports help identify:

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters