Business Processes and Accounting Exam Review
Course Introduction
This course explores the fundamentals of business processes and their critical relationship with accounting systems. Students will learn how organizations design, analyze, and optimize workflows to achieve operational efficiency and compliance. The course covers key business activities such as sales, procurement, production, and financial reporting, highlighting the integration of these functions with accounting information systems. Emphasis is placed on how accurate accounting data supports effective decision-making and internal controls, preparing students to assess, implement, and improve business processes in a variety of organizational contexts.
Recommended Textbook
Computer Accounting With Quickbooks Pro 2011 13th Edition by Donna Kay
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12 Chapters
338 Verified Questions
338 Flashcards
Source URL: https://quizplus.com/study-set/3437
Page 2
Chapter 1: Quick Tour of Quickbooks 2011
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68276
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 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
Answer: A
Q3) Which screen provides a summary of important company information?
A)Company Information
B)Company Snapshot
C)Home Page
D)Company Center
Answer: B
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Customizing Quickbooks and the Chart of Accounts
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68275
Sample Questions
Q1) Which of the following is a temporary account?
A)Sales
B)Inventory
C)Accounts Payable
D)Accounts Receivable
Answer: A
Q2) Which of the following increases owner's equity?
A)Dividends
B)Business losses
C)Business expenses
D)Business profits
Answer: D
Q3) 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
Answer: A
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Chapter 3: Banking
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68274
Sample Questions
Q1) The Check Register:
A)Lists all accounts and their account numbers
B)Records payments and deposits to the Checking account
C)Is located directly on the Company section of the Home page
D)Keeps track of company deposits only
Answer: B
Q2) When recording a bill, QuickBooks automatically:
A)Records and expense (credit) and the obligation to pay later (debit)
B)Records and 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: B
Q3) Examples of undeposited funds are:
A)Interest earned on the Checking account
B)Customer payments recorded as received but not yet deposited
C)Bank service charges
D)Owner's investment
Answer: B
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5
Chapter 4: Customers and Sales
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Online bill pay allows you to:
A)Sell goods over the Internet
B)Email invoices to customers
C)Receive online payments from customers
D)QuickBooks does not support online bill pay
Q2) Credit card sales are:
A)Recorded using a Create Invoices window
B)Recorded in a Credit Card Sales window
C)Recorded using the Create Sales Receipts window
D)None of the above
Q3) When a credit sale is recorded on an invoice, QuickBooks records:
A)An increase to Sales and a decrease to Accounts Receivable
B)An increase to Sales and an increase to Accounts Payable
C)An increase to Sales and an increase to Accounts Receivable
D)A decrease to Sales and a decrease to Accounts Payable
Q4) To add a new job to the Customer List:
A)Select Customer menu, Add Job
B)Select Customer Center, New Customer & Job
C)Select the Customer List icon from the Customer section of the Home page
D)Select Report Center, add Customer
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Chapter 5: Vendors, Purchases, and Inventory
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68272
Sample Questions
Q1) 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
Q2) Which inventory costing method does QuickBooks use to track inventory?
A)First-in First-out
B)First-in Last-out
C)Weighted Average
D)All the above
Q3) Form 1099 must be completed:
A)For companies you paid $600 or more for services during the year
B)And sent in with the sales taxes
C)By the vendor
D)None of the above
Q4) Briefly describe how sales tax payments flow from customers to government entities.
Q5) What are Inventory Items, Non-inventory items, and Services? Provide examples.
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Chapter 6: Employees and Payroll
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68271
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) The Payroll Center:
A)Contains the employee list
B)Manages payroll and tax information
C)Is where employees enter time worked
D)Is located in the Banking Center
Q3) What is the purpose of Federal Form 491?
A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year
D)Summarize all your W-2 forms
Short Answer Questions
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Chapter 7: Reports and Graphs
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) The order of the steps in the accounting cycle includes:
A)Adjusted trial balance, financial reports, adjusting entries, trial balance
B)Adjusted trial balance, adjusting entries, financial reports, trial balance
C)Trial balance, adjusting entries, adjusted trial balance, financial reports
D)Trial balance, financial reports, adjusting entries, adjusted trial balance
Q2) Which one of the following classifications is found on the Statement of Cash Flows?
A)Cash Flows from Financing Activities
B)Cash Flows from Purchasing Activities
C)Cash Flows from Owner's Activities
D)Cash Flows from Selling Activities
Q3) The Balance Sheet lists:
A)Assets, Liabilities, and Owner's Equity
B)Gains, Losses, and Net Income
C)Operating, Investing, and Financing Activity
D)Income, Expenses, Liabilities
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: New Company Setup
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41 Verified Questions
41 Flashcards
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Sample Questions
Q1) Which tax form would you select for a Corporation?
A)Form 1120
B)Form 1120S
C)Form 1065
D)Form 1040S
Q2) 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 the above
Q3) The Item List contains information about all of the following except:
A)Service items
B)Non-inventory items
C)Inventory items
D)All of the above
Q4) Which tax form would you select for a Partnership?
A.Form 1120
B.Form 1120S
C.Form 1065
D.Form 1040S
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Chapter 9: Accounting for a Service Company
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) 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
Q2) All of the following are examples of recurring transactions, except:
A)Depreciation
B)Utilities
C)Rent
D)All of the above
Q3) 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
Q4) Credit sales are recorded using the _________ window.
A)Make Deposits
B)Sales Receipts
C)Create Invoices
D)Receive Items
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Chapter 10: Merchandising Corporation: Sales, Purchases and Inventory
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68267
Sample Questions
Q1) If the supplies on hand at the end of January totaled $200 and the Supplies on Hand account before adjustment is $900, what would be the adjustment at month-end?
A)Reduce supplies on hand by $700; increase supplies expense by $700
B)Increase supplies on hand by $900; reduce supplies expense by $900
C)Reduce supplies on hand by $200; increase supplies expense by $200
D)Increase supplies on hand by $200; reduce supplies expense by $200
Q2) When creating a new QuickBooks data file for an existing company, QuickBooks automatically off sets accounts receivable balances with an entry to the:
A)Uncategorized Expenses account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
Q3) Wholesale customers:
A)Pay no sales tax
B)Pay sales tax
C)Pay a manufacturing tax
D)Pay sales tax on labor only
Short Answer Questions
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Chapter 11: Merchandising Corporation: Payroll
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Which icon is not in the Employees section of the Home page when a company file is set to use manual payroll calculations?
A)Enter Time
B)Pay Employees
C)Pay Liabilities
D)Payroll Forms
Q2) Taxes are withheld from paychecks for:
A)Employees
B)Independent Contractors
C)Owner's withdrawals
D)All of the above
Q3) When creating a new account to record a new loan, enter the loan amount as:
A)an opening balance
B)investment
C)income
D)a separate transaction
Q4) Briefly describe how you manually process payroll forms.
Q5) List 3 (three) types for payroll liabilities and who is responsible for funding them.
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Chapter 12: Advanced Quickbooks Features for Accountants
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27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68265
Sample Questions
Q1) To write off a transaction that was charged a sales tax:
A)use a journal entry to move the customer's balance (credit) to the Bad Debt Expense account (debit)
B)use a journal entry to move the customer's balance (credit) to Allowance for Uncollectable Accounts (debit)
C)use the Credit Memo window
D)use the Receive Payments window (Discount Info button)
Q2) Which of the following file extensions identifies an accountant's copy file?
A).QBX
B).QBW
C).QBB
D).QBM
Q3) The Allowance Method for bad debts:
A)Should be used if uncollectible accounts have a material effect on the company's financial statements used by investors and creditors
B)Complies with GAAP
C)Estimates bad debt expense and establishes an allowance or reserve for uncollectible
D)All of the above
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