Computer Accounting with QuickBooks 2013 15e Donna Kay (Test Bank All Chapters, 100% Original Verified, A+ Grade) Answers At The End Of Each Chapter
Chapter 01_Quick Tour of QuickBooks 1.
Which screen provides a summary of important company information? A. Company Information B. Company Snapshot C. Home Page D. Company Center
2.
In QuickBooks, how do you can enter transaction information? A. Onscreen forms and scanned images of transaction forms B. Onscreen forms and QuickBooks reports C. Onscreen Journal and scanned images of transaction forms D. Onscreen Journal and Onscreen Forms
3.
All of the following are one of the four main categories of transactions in QuickBooks except? A. Chart of Accounts B. Customers C. Vendors D. Employees
4.
Which of the following tasks is completed from the Banking section of the Home page? A. Enter credit card charges B. Pay employees C. Record bills paid D. Record payments received from customers.
5.
Which of the following tasks can be completed in the Vendor section of the Home page? A. Create Invoices B. Create Estimates C. Receive Inventory D. Receive Payments
6.
The Chart of Accounts can be accessed from which section of the Home page? A. Customer B. Banking C. Vendor D. Company
7.
To change company information, such as the company name, you would use: A. Company section of the Home page B. Company Center C. Company Menu D. Company List
8.
Which of the following file types identifies a QuickBooks Portable file? A. .QBM B. .QBB C. .QBX D. .QBW
9.
Which one of the following activities is associated with the Customer section of the Home page? A. Pay sales tax B. Enter bills C. Record refunds and credits D. Record inventory received
10. The Home page in QuickBooks consists of all the following sections except: A. Employee B. Lists C. Customer D. Vendor 11. The objective of an accounting information system, like QuickBooks, is to: 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 these 12. Accounting information is used to do all of the following except: 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 13. Your QuickBooks data can be stored in all the following ways except: A. Online B. Backup C. Portable File D. All of these to store QuickBooks data 14. A business transaction is an exchange between: A. Vendor B. Employee C. Customer D. All of these 15. Double-entry account records what is exchanged in a transaction (debits and credits). Which of the following is recorded when a company purchases (receives) a computer and pays (gives) cash? 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 16. The onscreen form for ordering items from a vendor looks like the paper version of a: A. Purchase Order B. Invoice C. Check D. None of these 17. Which type of QuickBooks data file allows you to enter data and transactions? A. .QBM B. .QBB C. .QBX D. .QBW
18. The QuickBooks file extension .QBM indicates the file is a: A. QuickBooks working file B. QuickBooks movable file C. QuickBooks Accountant's transfer file D. QuickBooks Accountant's working file 19. The QuickBooks file extension .QBA indicates the file is a: A. QuickBooks working file B. QuickBooks movable file C. QuickBooks Accountant's transfer file D. QuickBooks Accountant's working file 20. Which QuickBooks window allows you to add your name to the checking account? A. Chart of Accounts B. Company Information C. Company Center D. Check Register 21. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these. 22. Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement 23. Which financial statement below summarizes a company's earnings? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement 24. Which financial statement below summarizes a company's cash inflow and outflow? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement 25. Management reports help identify: A. Overdue customer accounts B. Least profitable product C. Most profitable product D. All of these. 26. Which icon is used to add your own documents to QuickBooks? A. Docs icon B. Customer icon C. Vendor icon D. All of these. 27. The Apps Center: A. Is only available in certain states B. Used only in service companies C. Used only in retail companies D. Organizes apps that will work with your QuickBooks software and data.
28. List the 3 (three) different type of QuickBooks files. What is the purpose of each file type?
29. Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:
Chapter 01_Quick Tour of QuickBooks Key 1.
Which screen provides a summary of important company information? A. Company Information B. Company Snapshot C. Home Page D. Company Center
2.
In QuickBooks, how do you can enter transaction information? A. Onscreen forms and scanned images of transaction forms
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B. Onscreen forms and QuickBooks reports C. Onscreen Journal and scanned images of transaction forms D. Onscreen Journal and Onscreen Forms Kay - Chapter 01 #2
3.
All of the following are one of the four main categories of transactions in QuickBooks except? A. Chart of Accounts B. Customers C. Vendors D. Employees
4.
Which of the following tasks is completed from the Banking section of the Home page? A. Enter credit card charges B. Pay employees C. Record bills paid D. Record payments received from customers.
5.
Which of the following tasks can be completed in the Vendor section of the Home page? A. Create Invoices B. Create Estimates C. Receive Inventory D. Receive Payments
6.
The Chart of Accounts can be accessed from which section of the Home page? A. Customer B. Banking C. Vendor D. Company
7.
To change company information, such as the company name, you would use: A. Company section of the Home page B. Company Center C. Company Menu D. Company List
8.
Which of the following file types identifies a QuickBooks Portable file? A. .QBM B. .QBB C. .QBX D. .QBW
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9.
Which one of the following activities is associated with the Customer section of the Home page? A. Pay sales tax B. Enter bills C. Record refunds and credits D. Record inventory received Kay - Chapter 01 #9
10.
The Home page in QuickBooks consists of all the following sections except: A. Employee B. Lists C. Customer D. Vendor Kay - Chapter 01 #10
11.
The objective of an accounting information system, like QuickBooks, is to: 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 these
12.
Accounting information is used to do all of the following except: 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
13.
Your QuickBooks data can be stored in all the following ways except: A. Online B. Backup C. Portable File D. All of these to store QuickBooks data
14.
A business transaction is an exchange between: A. Vendor B. Employee C. Customer D. All of these
15.
Double-entry account records what is exchanged in a transaction (debits and credits). Which of the following is recorded when a company purchases (receives) a computer and pays (gives) cash? 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
16.
The onscreen form for ordering items from a vendor looks like the paper version of a: A. Purchase Order B. Invoice C. Check D. None of these
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17.
Which type of QuickBooks data file allows you to enter data and transactions? A. .QBM B. .QBB C. .QBX D. .QBW
18.
The QuickBooks file extension .QBM indicates the file is a: A. QuickBooks working file B. QuickBooks movable file C. QuickBooks Accountant's transfer file D. QuickBooks Accountant's working file
19.
The QuickBooks file extension .QBA indicates the file is a: A. QuickBooks working file B. QuickBooks movable file C. QuickBooks Accountant's transfer file D. QuickBooks Accountant's working file
20.
Which QuickBooks window allows you to add your name to the checking account? A. Chart of Accounts B. Company Information C. Company Center D. Check Register
21.
The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these.
22.
Which financial statement below summarizes the financial position of a company? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement
23.
Which financial statement below summarizes a company's earnings? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement
24.
Which financial statement below summarizes a company's cash inflow and outflow? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement
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25.
Management reports help identify: A. Overdue customer accounts B. Least profitable product C. Most profitable product D. All of these.
26.
Which icon is used to add your own documents to QuickBooks? A. Docs icon B. Customer icon C. Vendor icon D. All of these.
27.
The Apps Center: A. Is only available in certain states B. Used only in service companies C. Used only in retail companies D. Organizes apps that will work with your QuickBooks software and data.
28.
List the 3 (three) different type of QuickBooks files. What is the purpose of each file type?
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• QBW file - This is the regular company file that has a .QBW extension. It is a QuickBooks working file that is usually saved to the hard drive (C:) of your computer. • QBB file - This is a QuickBooks backup file. You can save a backup file to the hard drive or to other media such as USB drive or memory stick, a CD drive or a network drive. Backup files are compressed files and used only if the working file (.QBW) file fails. • QBM file - This is a QuickBooks movable file, also called a portable file. These files are compressed and are used to email or move a company file to another computer. • QBX and .QBA - These are files used by accountants. Kay - Chapter 01 #28
29.
Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers: • Vendors - pay bills, enter bills, create purchase orders, receive inventory, etc. • Customers - create estimates, create invoices, record refunds and credits, record payments, etc. • Employees - time entry, payroll, pay liabilities, etc. • Banking - record deposits, check register, write checks, print checks, etc. • Company - items and services, chart of accounts, etc. Kay - Chapter 01 #29
Chapter 01_Quick Tour of QuickBooks Summary Category # of Questions Kay - Chapter 01 29
Chapter 02_Customizing QuickBooks and the Chart of Accounts Student: ___________________________________________________________________________
1.
How do you access the screen to add a user and password? A. Company menu > Set Up Users and Passwords > Set Up Users B. Employees > Employee Center C. Edit menu > Preferences > Employees D. Company menu > Company Information
2.
What does the Chart of Accounts list? A. Assets, liabilities and owner's equity accounts B. Income and expense accounts C. Owner's contributions D. All of these
3.
Which account below is not an Expense account? A. Utilities B. Rent C. Accounts Payable D. Advertising
4.
What are assets? A. Resources that a company owns with future benefit B. Net worth of a company C. Amounts paid to owners D. Amounts owed to others and are future obligations
5.
The Income Statement: A. lists the accounts and account numbers B. lists a company's assets C. summarizes what a company owns and what it owes D. reports the results of a company's operations, listing income and expenses for a period of time
6.
Which of the following is a temporary account? A. Sales B. Inventory C. Accounts Payable D. Accounts Receivable
7.
An example of a non-posting account is ________. A. Employee Expense B. Inventory C. Purchase Orders Account D. Accounts Payable
8.
To add a new account to the Chart of Accounts: A. From the Chart of Accounts window, select Account, New B. From the Company menu, select New Account C. From the Chart of Accounts menu, select New Account D. From the Lists menu, select New Account
9.
What is the purpose of a non-posting account? A. To calculate income. B. To track information necessary to the accounting information system. C. To calculate expenses. D. To identify owner's equity.
10. Which of the following is considered a permanent account? A. Income Statement accounts B. Balance Sheet accounts C. All of these. D. None of these. 11. How may you customize QuickBooks to fit your specific needs? A. Make changes to the Chart of Accounts. B. Purchase one of the various QuickBooks editions. C. Enable security access to QuickBooks files. D. All of these. 12. Which of the following is not an income account? A. Revenue B. Interest Revenue C. Rent Expense D. Gain on sale 13. To sort the Chart of Accounts by account name: A. Click on the Name heading bar B. Click Account > Re-sort List C. Click File > Sort D. Right click Sort by Name 14. Which QuickBooks version is designed for small businesses without industry specific needs? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions 15. Which QuickBooks version is designed for small businesses that have industry specific needs? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions 16. Which QuickBooks version is designed for mid-sized businesses? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions 17. Balance Sheet accounts are also called: A. equity accounts B. temporary accounts C. permanent accounts D. None of these. 18. Income Statement accounts are also called: A. equity accounts B. temporary accounts C. permanent accounts D. None of these. 19. Non-posting accounts: A. Track information required for the accounting system B. Do not appear on the Balance Sheet C. Do not appear on the Income Statement D. All of these.