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Study Resources (Accounting)

51) The Transactions tab in the Vendor Center allows you to perform a variety of activities, including: A) initiating transactions. B) locating posted transactions. C) managing vendor accounts and creating new accounts. D) all the above. 52) The activity on the Transactions tab of the Vendor Center that allows you to create a new vendor.
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41) In the Employee Center, new employees are added by clicking: A) New Employee. B) Employees>>New. C) Employees>>Open New Account. D) Employees>>New Employees. 42) Since an employee with paycheck information in the current or preceding year cannot be deleted, you can select the Employment Tab and then: A) enter a termination date in the Employee Field.
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81) Inventory reporting is located under the Inventory category of the: A) Report Center. B) Inventory & Services. C) In-stock Inventory. D) none of the above. 82) The inventory report used to show the cost and retail value of each inventory item is called the: A) Physical Inventory Summary report. B) Inventory Profitability Summary report. C) Inventory Valuation.
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81) When editing a customer account, the tab that stores basic customer information such as address, phone numbers, and email address is the: A) Address Info tab. B) Additional Info tab. C) Payment Info tab. D) Job Info tab. 82) When editing a customer account, the tab that stores customer defaults used during transaction entries.
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51) W-2s are sent to employees on a: A) yearly basis. B) monthly basis. C) quarterly basis. D) biweekly basis. 52) You should reconcile employee wages report on Form 941 with the: A) Employees Wages report. B) Employer Summary report. C) Company Earning Summary report. D) Employees Earning Summary report. 53) Gross pay minus total payroll tax withholdings and total.
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31) The button on the Vendor Center used to edit vendor account information is the: A) Vendors Information. B) Vendors Activities. C) Edit Notes. D) Edit Vendor. 32) The button on the Vendor Center that edits account notes is the: A) Vendors Information. B) Vendors Activities. C) Edit Notes. D) Edit Vendor. 33) On the Vendors tab of the Vendor.
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91) The Item type used for charges such as service labor costs provided by company employees or subcontractors is the: A) Sales Tax Items. B) Services. C) Other Charges. D) Non-inventory Part. 92) The Item type used for charges such as job materials purchased but not tracked in inventory is the: A) Sales Tax Items. B) Services. C).
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21) QBP's non-inventory part items are used for invoicing job material purchases. 22) For a service-based business, cost of goods sold posts when recording a vendor receipt or bill for material purchases. 23) Service-based businesses normally bill customers for the time and materials involved used on the job. 24) The drawback to invoicing.
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31) A reconciliation report that provides information on individual transactions is called a: A) Reconciliation Detail report. B) Reconciled Bank Statement report. C) Reconciliation Summary report. D) Summary of Ending Bank Balance. 32) The first report printed after closing the end of the period, which is then reviewed so you can do a final account.
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111) The report that lists customer outstanding balances by the age of the account balance is called the: A) Accounts Receipts report. B) Cash Receipts Journal report. C) Customer Balance Summary report. D) A/R Aging Summary report. 112) The purpose of the A/R Aging Detail report is: A) to monitor customer payments. B) to manage cash flow. C).
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41) The button that opens customer accounts for editing customer information is the: A) Edit Customers. B) Edit Information. C) Edit Notes. D) Edit Accounts. 42) The button that lets you enter account notes is called the: A) Edit Customers. B) Edit Information. C) Edit Notes. D) Edit Accounts. 43) On the Customer center, customer filter options include: A) Show. B) Filter.
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21) To post accrued wages, you must determine average weekly wage expense by opening the: A) Payroll Expense account. B) Employee Earnings Summary report. C) Wages Expense account. D) Salary Expense account. 22) QBP has a report that shows total wages for salary, hourly office, and hourly wage employees for a chosen period. It is.
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1) Employees claiming the Single (S) filing status and employees claiming the married (M) filing status use the same IRS tables for weekly, biweekly, or monthly pay. 2) Unlike a manual system, QBP performs all paycheck calculations. 3) By selecting Lists>>Payroll Item List, you can view items used to track compensation, payroll.
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91) The A/R Aging Summary report serves the purpose of: A) monitoring customer payments and managing company cash flow. B) reconciling customer activities with the accounts receivable control account. C) managing A/R general ledger account. D) only A and B. 92) In a manual accounting system, the sales invoice is posted to the customer's ________.
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61) On the Customer center, to print a selected customer's transactions for the current fiscal year, use Print>>: A) Customer & Job List. B) Customer & Job Information. C) Customer & Job Transaction List. D) View Customer Lists. 62) On the Customer center, to create an Excel workbook or comma separated values (.csv) file containing.
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11) When sales invoices are printed, QBP either prompts you to save the invoice or automatically saves the invoice. 12) When posting a sales invoice, QBP automatically posts entries to the accounts receivables and sales general ledger accounts, but requires you to post the cost of goods sold and inventory entries. 13).
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71) To trace the audit trail for transactions posted to vendor accounts, select Reports>>Vendor & Payables>>: A) Transaction List by Vendor. B) Transaction Accounts. C) Transaction List by Payables. D) Payables List. 72) To void a check, open the Vendor Center and locate it by selecting the Transactions tab and choosing: A) Bill Payments. B) Bills. C) Payments. D).
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21) Employee deductions from net pay for employee charitable contributions are called: A) Retirement plans. B) Health Insurance. C) Contributions. D) none of the above. 22) Employers and employees both pay: A) Social Security and Medicare taxes. B) Federal Unemployment taxes. C) State Unemployment taxes. D) Worker's Compensation taxes. 23) The employer tax on gross wages that is paid towards.
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11) In a manual accounting system, a preclosing trial balance is prepared before posting adjusting entries and a post closing trial balance before preparing financial statements. 12) Closing the period is important to prevent posting transactions that affect issued financial statements. 13) Open the General Ledger report by selecting: A) Reports & Analysis>>Accountant.
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51) When recording a journal entry, clicking Save and Close will save the transaction and ________ the transaction window. 52) QBP has been set to ________ enter decimal points. 53) The Billable field of a journal entry is used when the transaction amount will be ________ to a customer. 54) When posting adjusting.
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61) On a vendor account, the Address Info Tab stores: A) basic vendor information. B) address and phone number. C) contact information. D) all the above. 62) On a vendor account, the tab that stores vendor transaction defaults is the: A) Address Info tab. B) Additional Info tab. C) Account Prefill tab. D) none of the above. 63) On a.
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1) Before closing an accounting period it is important to analyze posted transactions. 2) The General Ledger Detail Report printed at the end of the month has beginning and ending account balances. 3) The Split Column of a General Ledger lists the corresponding account used on the transaction. 4) To analyze the General.
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31) In a manual accounting system, the sales invoice is recorded in the: A) purchase journal. B) sales journal. C) general ledger. D) general journal. 32) In a manual accounting system, the sales invoice is entered as a debit to: A) Accounts Receivable. B) Accounts Payable. C) Purchases. D) Sales. 33) In a manual accounting system, the sales invoice is.
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1) In a manual accounting system, accounting procedures begin at the point where a customer initiates a transaction. 2) In a manual accounting system, the Sales Journal does not have to be totaled and cross-footed to verify that debits equal credits. 3) QBP automatically posts inventory and costs of good sold entries.
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71) The Item Class that is used to calculate sales tax for a single taxing agency is called: A) Inventory Part. B) Non-inventory Part. C) Service. D) Sales Tax Item. 72) Customer accounts have fields for setting: A) a credit limit. B) discount terms. C) sales tax. D) all the above. 73) Merchandising businesses record cost of goods sold: A) at.
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11) Before paying employees, you should review the Time by Name report to verify that employee hours were entered correctly. 12) The due dates for paying taxes are set by each individual company. 13) In a manual accounting system, each hourly employee's gross pay is calculated by totaling employee hours worked for.
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41) In a manual accounting system, proving that the trial balance "balanced" was critical because: A) this step formed the basis for preparing closing entries. B) this step formed the basis for preparing financial statements. C) this step formed the basis for preparing next month's general journal entries. D) none of the above. 42) The.
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31) General journal entries that affect more than two accounts are called: A) composite journal entries. B) multiple journal entries. C) compound journal entries. D) multipart journal entries. 32) In a journal entry, the Name field is used when a transaction: A) affects a customer. B) affects a vendor. C) affects an inventory account. D) all the above. 33) To.
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21) QBP has a feature that allows you to manage and pay sales taxes. 22) Vendor purchase orders are posted in the: A) Cash Requirements Journal. B) Purchase Order Journal. C) Purchases Journal. D) none of the above. 23) Checks for vendor bills and expenses are recorded in the: A) Cash Receipts Journal. B) Cash Payments Journal. C) Cash.
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71) On the Transactions tab in the Customer center, you can create an Excel workbook or comma separated values (.csv) file containing transactions listed on the right by selecting: A) Export. B) Document Transfer. C) Customer Transfer. D) Customer Exports. 72) To email an invoice to the customer, with the invoice open, select: A) File>>Send>>E-mail. B) File>>Send>>Outlook. C).
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1) When using a manual accounting system, service quotes for customers are posted before the service is performed. 2) With QBP, the tedious posting process of manual accounting, along with most of the posting errors, is eliminated. 3) With QBP, sales invoices and customer payments are posted automatically when saving transactions. 4) On.
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