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
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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. The Customer List contains information about: A. The quantity of non-inventory parts on hand B. The credit rating of the vendors C. Vendors from whom the company buys products and services D. Customer addresses, contacts and phone numbers 11. The Item List contains information about all of the following except: A. Service items B. Non-inventory items C. Inventory items D. All of these. 12. To display account numbers in the chart of accounts choose: A. Edit > Options B. Edit > Preferences C. Company > Financial D. Company > Accounts 13. A company's computer is classified as what account type: A. Expense B. Owner's Equity C. Fixed Asset D. Retained Earnings 14. The steps to set up a new service company in QuickBooks with no employees are: A. Easy Step Interview > Customer List > Vendor List > Item List B. Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item List C. Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List D. Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of Accounts 15. To complete company setup you must complete all of the following except: A. Add customers B. Add payroll forms C. Add products and services as items D. Add vendors 16. Sole Proprietorships use __________ as its Federal Tax ID number. A. The owner's social security number B. An EIN number C. Business operating license number D. None of these 17. A corporation uses __________ as its Federal Tax ID number. A. The owner's social security number B. An EIN number C. Business operating license number D. None of these 18. The QuickBooks Setup window allows you to enter __________ information. A. Vendor B. Customer C. Banking D. All of these 19. Which tax form would you select for a Partnership? A. Form 1120 B. Form 1120S C. Form 1065 D. Form 1040S
20. Which tax form would you select for a Corporation? A. Form 1120 B. Form 1120S C. Form 1065 D. Form 1040S 21. An account's tax line determines where QuickBooks lists the account balance on the: A. Income Statement B. Income Tax Summary Report C. Balance Sheet D. Statement of Cash Flows 22. QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window): A. Yahoo B. Outlook C. Gmail D. All of these. 23. To customize QuickBooks after creating a company file you would: A. Enter additional company information B. Set QuickBooks preferences C. Customize the Chart of Accounts D. All of these. 24. QuickBooks creates a Chart of Accounts for your company based on: A. Company address B. Industry type C. Your Federal ID Tax number D. None of these. 25. Which of the following type of information is not entered during the Easy Step Interview? A. Company organization (for example, LLC, LLP, S Corporation) B. Industry type C. Products and services the company sells D. QuickBooks company file password 26. Which feature allows you to make changes after company setup is completed? A. Express start B. Go start C. Fast start D. None of these 27. Why should you customize the Chart of Accounts? A. It's required B. To modify it for your specific business C. To make the system function D. None of these 28. Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.
29. List 3 (three) questions asked by the QuickBooks EasyStep Interview.
Chapter 08_New Company Setup Key 1.
Which tax form would you select for a Subchapter S corporation? A. Form 1120 B. Form 1120S C. Form 1040 D. Form 1040S
2.
To create a new company data file in QuickBooks, use the: A. Company menu > New Company B. Company section of the Home page > New Company C. File menu > Open or Copy Company D. File menu > New Company
3.
In the Easy Step Interview, you must identify: A. Type of Industry B. Company name C. Company address D. All of these.
4.
When setting up a new company, QuickBooks automatically creates: A. Chart of Accounts B. Vendor List C. Customer List D. None of these.
5.
To edit an account in the Chart of Accounts: A. From the Company Center > Edit Chart of Accounts B. From the Chart of Accounts window > right-click > New C. From the Chart of Accounts window > Account > Edit Account D. From the Company menu > New Account
6.
The Doing Business As name identifies a company for: A. Bank accounts B. Sales C. Patents D. None of these.
7.
The Legal Name identifies a company for: A. Advertising B. Sales C. Patents D. All of these.
8.
Which icon does not appear in the Vendors section for service companies that do not sell inventory?
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A. Receive Inventory B. Pay Bills C. Enter Bills D. All of these. Kay - Chapter 08 #8
9.
The Vendor List contains information about: A. Addresses, contacts and phone numbers of customers B. Addresses, contacts and phone numbers for suppliers C. Quantities and prices of items on hand D. All of these.
10.
The Customer List contains information about: A. The quantity of non-inventory parts on hand B. The credit rating of the vendors C. Vendors from whom the company buys products and services D. Customer addresses, contacts and phone numbers
11.
The Item List contains information about all of the following except: A. Service items B. Non-inventory items C. Inventory items D. All of these.
12.
To display account numbers in the chart of accounts choose: A. Edit > Options B. Edit > Preferences C. Company > Financial D. Company > Accounts
13.
A company's computer is classified as what account type: A. Expense B. Owner's Equity C. Fixed Asset D. Retained Earnings
14.
The steps to set up a new service company in QuickBooks with no employees are: A. Easy Step Interview > Customer List > Vendor List > Item List B. Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item List C. Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List D. Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of Accounts
15.
To complete company setup you must complete all of the following except: A. Add customers B. Add payroll forms C. Add products and services as items D. Add vendors
16.
Sole Proprietorships use __________ as its Federal Tax ID number. A. The owner's social security number B. An EIN number C. Business operating license number D. None of these
17.
A corporation uses __________ as its Federal Tax ID number. A. The owner's social security number B. An EIN number C. Business operating license number D. None of these
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18.
The QuickBooks Setup window allows you to enter __________ information. A. Vendor B. Customer C. Banking D. All of these
19.
Which tax form would you select for a Partnership? A. Form 1120 B. Form 1120S C. Form 1065 D. Form 1040S
20.
Which tax form would you select for a Corporation? A. Form 1120 B. Form 1120S C. Form 1065 D. Form 1040S
21.
An account's tax line determines where QuickBooks lists the account balance on the: A. Income Statement B. Income Tax Summary Report C. Balance Sheet D. Statement of Cash Flows
22.
QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window): A. Yahoo B. Outlook C. Gmail D. All of these.
23.
To customize QuickBooks after creating a company file you would: A. Enter additional company information B. Set QuickBooks preferences C. Customize the Chart of Accounts D. All of these.
24.
QuickBooks creates a Chart of Accounts for your company based on: A. Company address B. Industry type C. Your Federal ID Tax number D. None of these.
25.
Which of the following type of information is not entered during the Easy Step Interview? A. Company organization (for example, LLC, LLP, S Corporation) B. Industry type C. Products and services the company sells D. QuickBooks company file password
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26.
Which feature allows you to make changes after company setup is completed? A. Express start B. Go start C. Fast start D. None of these
27.
Why should you customize the Chart of Accounts? A. It's required B. To modify it for your specific business C. To make the system function D. None of these
28.
Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.
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Advertising and Promotion - Expense, Owner's Equity - Equity, Rent Expense - Expense, and Furniture and Equipment - Fixed Asset Kay - Chapter 08 #28
29.
List 3 (three) questions asked by the QuickBooks EasyStep Interview. "Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?" Kay - Chapter 08 #29
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Chapter 09_Accounting for a Service Company Student: ___________________________________________________________________________
1.
To record the payment of bills received from vendors, use the: A. Pay Bills > Write Checks B. Write Checks > Pay Bills C. Enter Bills > Print Checks D. Enter Bills > Pay Bills > Print Checks
2.
Credit sales are recorded using the _________ window. A. Make Deposits B. Sales Receipts C. Create Invoices D. Receive Items
3.
To print the Trial Balance, select: A. Report Center > Accountant & Taxes B. Company Center > Company & Financials C. Report Center > Company & Financials D. Company Center > Accountant & Taxes
4.
To print the Balance Sheet, select: A. Company Center > Company & Financials B. Report Center > Company & Financials C. Report Center > Accountant & Taxes D. Company Center > Accountant & Taxes
5.
To record a credit purchase, use the: A. Purchase Order > Receive Payment > Deposit B. Invoice > Receive Payment > Deposit C. Enter Bills > Pay Bills D. Invoice > Enter Bills > Pay Bills
6.
To record a cash purchase, use the: A. Pay Bills B. Write Check C. Purchase Order D. None of these
7.
Items charged to a specific customer job can be transferred to the customer's invoice using: A. Item List B. Timesheet C. Stopwatch D. Time/Costs button
8.
To create a memorized transaction for a utility bill, in the Enter Bills window select: A. Transactions menu > Memorize B. Edit menu > Memorize Bill C. Vendors menu > Memorize Transactions D. Lists menu > Reminders
9.
Adjusting entries are used to: 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 of these
10. When closing the accounting period you: 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 of these 11. All of the following are examples of recurring transactions, except: A. Depreciation B. Utilities C. Rent D. All of these 12. When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________. A. Bank Account, Accounts Receivable B. Accounts Payable, Undeposited Funds C. Accounts Receivable, Undeposited Funds D. Accounts Receivable, Bank Account 13. Before making adjusting entries you must: A. Close permanent accounts B. Prepare the trial balance C. Close temporary accounts D. Print the balance sheet 14. Deposits may be recorded using the: A. Check Register window B. Write Checks window C. Reconcile window D. Print Checks window 15. To print multiple checks at one time, use: A. Banking menu > Write Checks > Print Checks B. Vendor menu > Print Forms > Print Checks C. File menu > Print Forms > Checks D. Banking menu > Print Forms > Checks 16. To record a sales transaction, use the: 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 17. When customer payments are recorded in the Receive Payments window, QuickBooks records: A. An increase in the Checking account B. An increase in Undeposited Funds account C. An increase in Accounts Receivable D. An increase in Sales 18. When customer payments are recorded, QuickBooks reduces the ________ balance. A. Accounts Payable B. Accounts Receivable C. Undeposited Funds D. Checking
19. To record adjusting entries, use: 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 20. To print the entire Journal, select: A. Report Center > Accountant & Taxes > Journal B. Company Center > Company & Financials > Journal C. Report Center > Company & Financials > Journal D. Company Center > Accountant & Taxes > Journal 21. To print the General Ledger, select: 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 22. To remove accounts with zero balances from the General Ledger report, after generating the report, select: 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 23. To print the Profit & Loss report, select: A. Report Center > Company & Financials B. Report Center > Accountant & Taxes C. Company Center > Company & Financials D. Company Center > Accountant & Taxes 24. To print the Statement of Cash Flows, select: A. Report Center > Company & Financials B. Report Center > Accountant & Taxes C. Company Center > Company & Financials D. Company Center > Accountant & Taxes 25. The following are examples of possible memorized transactions except: A. Rent payments B. Utility bills C. Special order for a customer D. None of these 26. Briefly explain the difference between a permanent and a temporary account.
27. Briefly explain how to record an owner's investment in their company.