Applied Accounting Technology
Test Bank
Course Introduction
Applied Accounting Technology explores the intersection of accounting principles and modern technological tools, focusing on how software applications and digital platforms streamline, automate, and enhance financial processes. Students will learn to use accounting information systems, implement cloud-based solutions, and analyze transactions using spreadsheets and specialized accounting software. The course emphasizes practical skills in data management, electronic auditing, and financial reporting, preparing students to adapt to evolving technological advancements in the accounting profession and make informed decisions based on real-time financial data.
Recommended Textbook
Computer Accounting with QuickBooks 2014 16th Edition by Donna Kay
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12 Chapters
332 Verified Questions
332 Flashcards
Source URL: https://quizplus.com/study-set/2616
Page 2
Chapter 1: Introduction to PFP
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28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/52096
Sample Questions
Q1) 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
Answer: C
Q2) Which icon is used to add a document on your computer into QuickBooks?
A)Docs icon
B)Customer icon
C)Vendor icon
D)All of these
Answer: A
Q3) 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
Answer: D
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Chapter 2: Time Value of Money
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29 Verified Questions
29 Flashcards
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Sample Questions
Q1) To add a new account to the Chart of Accounts:
A)Display the Chart of Accounts,select Account,New
B)From the Company menu,select New Account
C)From the Home page,select New Account
D)From the Lists menu,select New Account
Answer: A
Q2) Which of the following is not an income account?
A)Revenue
B)Interest Revenue
C)Rent Expense
D)Gain on sale
Answer: C
Q3) What is a liability?
A)Inventory
B)An amount a company owes
C)A resource a company owns
D)None of these
Answer: B
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Chapter 3: Beginning the Planning Process
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29 Verified Questions
29 Flashcards
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Sample Questions
Q1) The one-step approach to bill paying:
A)Pays the bill and then records the bill later
B)Records a bill when receives and pays the bill later
C)Records and pays a bill at the same time
D)Is not supported by QuickBooks
Answer: C
Q2) What are the 4 (four)types of bills that should not be paid using the one-step approach?
Answer: Paychecks to employees for wages and salaries;payroll taxes and liabilities;sales taxes;bills already entered in the Enter Bills window.
Q3) When paying a bill,QuickBooks automatically:
A)Records an expense (credit)and the obligation to pay later (debit)
B)Records an expense (debit)and the obligation to pay later (credit)
C)Reduces the liability (debit)and the checking account (credit)
D)Reduces the liability (credit)and the checking account (debit)
Answer: C
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Chapter 4: Household Finance
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) When a customer is billed when the project/job reaches specified milestones,what type of billing does the company use?
A)Purchase Order billing
B)Estimates
C)Progress billing
D)Normal (end-of-job)billing
Q2) All of the reports below provide information about customer and job profitability,except:
A)Customer Detail List
B)Income by Customer Summary
C)Income by Customer Detail
D)Job Profitability Detail
Q3) Sales in QuickBooks can be recorded with all of the following means of payment,except:
A)Cash
B)Check
C)Credit Card
D)Purchase Order
Q4) Briefly explain the difference between creating a sales receipt and creating an invoice.
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Chapter 5: Financial Statements Analysis
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Which of the following activities and QuickBooks window used to record it is incorrect?
A)Sell goods and bill customers;Invoice
B)Record inventory information;Inventory List
C)Record vendor information;Vendor List
D)Order goods;Purchase Order
Q2) The Inventory Stock Status by Item report is used when:
A)Vendors offer a purchase discount on inventory items
B)A list is needed of the quantity of inventory on hand and on order
C)The computers go down
D)Inventory items are physically placed in the warehouse
Q3) If you received inventory without a bill,once the bill has arrived you could do all of the following,except:
A)Enter the bill against the inventory already recorded
B)Enter the inventory and then enter the bill separately
C)Enter the bill and wait for the inventory to arrive
D)Enter the inventory and bill at the same time
Q4) What are Inventory Items,Non-inventory items,and Services? Provide examples.
Q5) Briefly describe how sales tax payments flow from customers to government entities.
7
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Chapter 6: Cash Flow Planning
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27 Flashcards
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Sample Questions
Q1) Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?
A)Time Single Activity
B)Weekly Timesheet
C)Time clock
D)Online Timesheets
Q2) Which of the following is typically used to track time for a single activity?
A)Employee Tracker
B)Stopwatch
C)Timesheet
D)QuickTime
Q3) A company is required to withhold payroll taxes for:
A)Employees
B)Vendors
C)Subcontractors
D)All of these
Q4) Name 3 (three)types of payroll liabilities and indicate who funds each one.
Q5) Briefly describe what the "Time by Job" project reports tell management.
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Chapter 7: Debt
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29 Verified Questions
29 Flashcards
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Sample Questions
Q1) To print the General Ledger:
A)Select Chart of Accounts icon > Print Report
B)From the Company section of the Home page > select Trial Balance icon
C)Select Report Center > Accountant & Taxes,General Ledger
D)Select Company Center > Print General Ledger
Q2) Providing information to internal users' decision making is the purpose of which of the following?
A)Management Reports
B)Tax forms
C)Financial statements
D)Vendor list
Q3) Unearned revenue occurs when:
A)Customers pay after receiving a service
B)Customers pay in advance of receiving a service
C)Customers default and do not pay you what is owed
D)All of these
Q4) Briefly explain 2 (two)differences between depreciation on a tax return and on a financial statement.
Q5) What is the difference between the cash basis and the accrual basis?
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Chapter 8: Non Financial Investments
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) Name 4 (four)accounts that would commonly be used for a service company and identify the account type for each.
Q2) Which icon does not appear in the Vendors section for service companies that do not sell inventory?
A)Receive Inventory
B)Pay Bills
C)Enter Bills
D)All of these
Q3) Which tax form would you select for a Partnership?
A)Form 1120
B)Form 1120S
C)Form 1065
D)Form 1040S
Q4) 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
Q5) List 3 (three)questions asked by the QuickBooks EasyStep Interview.
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Chapter 9: Financial Investments
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Sample Questions
Q1) To record adjusting entries,use:
A)Report menu > General Journal Entries
B)Accountant menu > Make General Journal Entries
C)Banking menu > Make General Journal Entries
D)Home > Journal Entries
Q2) 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
Q3) Before making adjusting entries you must:
A)Close permanent accounts
B)Prepare the trial balance
C)Close temporary accounts
D)Print the balance sheet
Q4) 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
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Chapter 10: Risk Management
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27 Flashcards
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Sample Questions
Q1) Name 2 (two)differences between accounting for a service company and a retail shop.
Q2) When creating a new QuickBooks data file for an existing company,opening balances are added when you:
A)Customize the Chart of Accounts
B)Add vendors to the vendor list
C)Add customers to the customer list
D)Add inventory the item list
Q3) The purchasing cycle includes all of the following transactions except:
A)Create a purchase order to order inventory
B)Enter hours in the time sheet for stocking inventory
C)Receive inventory items and record in the inventory account
D)Enter bill in QuickBooks when bill is received
Q4) Wholesale customers:
A)Pay no sales tax
B)Pay sales tax
C)Pay a manufacturing tax
D)Pay sales tax on labor only
Q5) Briefly explain how the supplies on hand account is adjusted at the end of the period.
12
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Chapter 11: Other Insurance
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) When standard checks are used for pay checks,pay stubs are printed by selecting:
A)Employee menu > Print Pay Stubs
B)File menu > Print Forms > Pay Stubs
C)Banking menu > Print Forms > Pay Stubs
D)Company menu > Print Checks > Pay Stubs
Q2) Payroll taxes a company must pay are recorded as:
A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue
Q3) Which form is used to manually calculate tax withholdings and payroll taxes?
A)Form 940
B)Form 941
C)IRS Circular E
D)None of these
Q4) To view the payroll entry in the journal,go to Report Center > ________.
A)Customers and Jobs
B)Company and Financial
C)Accountant and Taxes
D)None of these
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Chapter 12: Retirement Planning
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Sample Questions
Q1) QuickBooks can export reports to all of the following types for files except:
A)Numbers Document
B)Excel Document
C)Comma Delimited
D)Adobe PDF
Q2) QuickBooks Go Payment:
A)Is an Intuit app that connects you to your QuickBooks software.
B)Allows you to collect customer payments on the go.
C)To use: connects a credit card reader to your mobile device.
D)All of these
Q3) Which of the following identifies a QuickBooks backup company file:
A).QBB
B).QBM
C).QBW
D).QBX
Q4) To print a budget:
A)From the Report Center,select Budgets & Forecasts
B)From the Company Center,select Company & Financials,Budgets
C)From the Report Center,select Company & Financials,Budgets
D)From the Report Center,select Accountant & Taxes,Budgets
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