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Study Resources (Accounting)

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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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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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) Computerized accounting does the following EXCEPT: A) minimizes posting errors. B) protects the validity of data. C) coordinates posting, reporting, and the audit trail. D) makes it difficult to monitor transactions and analyze financial performance. 22) Computer hardware includes all the following EXCEPT: A) QuickBooks. B) Monitor. C) CD-Rom. D) Mouse. 23) The system software that translates user instructions.
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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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71) When exporting reports, you can export Excel features such as: A) AutoFit. B) Freeze panes. C) Show Gridlines. D) all the above. 72) When exporting reports, you can export one as a/an: A) Excel workbook or Excel Macro-Enabled workbook. B) Excel Binary workbook. C) Excel 97-2003 workbook. D) Excel 3 workbook. 73) You can export a report to Excel.
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51) The menu command used to open a task window when performing multiple tasks is found under the: A) Reports menu. B) Windows menu. C) Help menu. D) Banking menu. 52) The Home page for QBP is divided into five main sections called: A) Clients, Expenses, Employees, Company, Help. B) Customers, Payables, Employees, Payroll, Banking. C) Receivables, Vendors,.
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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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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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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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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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11) One of the QBP features that offer significant advantages over a manual accounting system is the ability to drilldown on a report to view underlying transactions. 12) The drilldown feature is available on all reports. 13) Accounting transactions should only be posted to the current accounting period. 14) In the real world,.
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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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21) On general ledger accounts, the optional ________ can be used to provide additional text describing the account. A) Description field B) Notes field C) Routing Number field D) Change Opening Balance button 22) For general ledger accounts assigned to the Account type of Bank, the ________ is used to store the bank account number. A).
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61) In the Report center, the Balance Sheet report that shows only the value of company assets, liabilities, and equity by account type is called the: A) Standard. B) Detail. C) Summary. D) Income and Expense Graph. 62) In the Report center, the reporting area that focuses on account activity and income tax preparation is.
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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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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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81) ________ determine where an account is placed on financial statements. 82) A field that toggles the account from active to inactive is called the ________ field. QBP will deny transaction posting to inactive accounts. 83) The ________ is a unique name to describe the account. The name is concise, properly spelled,.
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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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31) To use a QuickBooks backup file, select: A) File>>Open>>Restore an Existing Company>>Open a company file. B) File>>Open>>Restore an Existing Company>>Restore a backup copy. C) File>>Open>>Restore an Existing Company>>Restore a portable file. D) File>Restore an Existing Company>>. 32) To Open a portable company file created with QuickBooks select: A) File>>Open>>Restore an Existing Company>>Open a company file. B).
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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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1) T-accounts help you visualize the accounts used on a transaction and verify that the debits equal the credits. 2) Accountants with years of experience do not need to rely on T-accounts to visualize complicated entries before recording a transaction. 3) In a manual accounting system, a journal entry would consist of.
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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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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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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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11) Before printing a General Journal Report, you must print the trial balance, income statement, and balance sheet. 12) When using QBP, the Trial Balance should be printed before General Journal Entries are printed to prevent out-of-balance entries. 13) With a computerized system, statements may be printed in any order because the.
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1) The "where and when" of transaction posting is determined by the accountants. 2) The chart of accounts can be opened under the List icon. 3) Printing a COA report gives you a report to refer to when posting transactions. 4) Understanding a company's general ledger account framework helps to select the correct.
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31) The two tabs within the Preferences window are: A) My Preferences and Company Preferences. B) Customer Preferences and Vendor Preferences. C) Receivables Preferences and Payable Preferences. D) Reports Preferences and Graphs Preferences. 32) The tab in the Preferences window that affects all users is the: A) My Preferences. B) Report Preferences. C) Company Preferences. D) Graphs Preferences. 33) The.
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1) Accounting software eliminates tedious processes such as typing documents, manually posting and calculating transactions, and documenting the audit trail. 2) Application software does not have to match the computer operating system software. 3) When loading QuickBooks, the welcome screen has an overview tutorial that allows you to learn about how QuickBooks.
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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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