Computerized Accounting Test Questions
Course Introduction
Computerized Accounting explores the use of accounting software to record, process, and report financial transactions in business environments. The course covers fundamental accounting concepts and principles while providing hands-on experience with widely-used computer applications for general ledger, accounts payable, accounts receivable, payroll, and financial statement preparation. Students learn how to set up company files, enter and adjust financial data, generate accurate financial reports, and ensure data integrity and security. Emphasis is placed on the practical skills required to manage accounting tasks efficiently through technology, preparing students for the demands of modern accounting roles in various industries.
Recommended Textbook
Computer Accounting With Quickbooks Pro 2011 13th Edition by Donna Kay
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12 Chapters
338 Verified Questions
338 Flashcards
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Chapter 1: Quick Tour of Quickbooks 2011
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Sample Questions
Q1) Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recording 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
Q2) 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.
Answer: A
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3
Chapter 2: Customizing Quickbooks and the Chart of Accounts
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Sample Questions
Q1) Which of the following is considered a permanent account?
A)Income Statement accounts.
B)Balance Sheet accounts.
C)All the above.
D)None of the above.
Answer: B
Q2) 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
Answer: A
Q3) How do you access the Statement of Cash Flows report?
A)Report Center icon > Banking
B)Report Center icon > Company & Financial
C)Report Center icon > Accountant & Taxes
D)Company menu > Company Information
Answer: B
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Chapter 3: Banking
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Sample Questions
Q1) When the balance of an equity account, like Capital Stock, increases, it means that the account has been:
A)Debited
B)Credited
C)Deposited
D)None of the above
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) When deleting a check all of the following is true except:
A)It is better to Delete the check than Void the check in order to erase all records of the transaction
B)The deleted check no longer appears in the check register
C)QuickBooks changes the amount deducted in the check register to zero
D)All of the above are true
Answer: A
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Chapter 4: Customers and Sales
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Sample Questions
Q1) To print the Aging of Accounts Receivable report:
A)Select Customer Center, Customer & Receivables
B)Select Company Center, Customer & Receivables
C)Select Report Center, Company & Financials
D)Select Report Center, Customer & Receivables
Q2) Name 3 (three) reasons why a job for a customer might be "pending".
Q3) 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
Q4) A Reminder Statement provides the following information, except:
A)Purchase Order details
B)Customer's previous account balance
C)Payments received from the customer
D)Customer's ending balance
Q5) Briefly explain the difference between creating a sales receipt and creating an invoice.
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Chapter 5: Vendors, Purchases, and Inventory
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Sample Questions
Q1) Which order of tasks is used when purchasing inventory?
A)Enter Bills; Pay Bills
B)Enter Invoice; Write Check
C)Purchase Order; Receive Bill; Pay Bills
D)Purchase Requisition; Receive Inventory; Pay Bills
Q2) QuickBooks considers all of the following to be vendors except:
A)Financial institutions such as banks
B)Tax agencies such as the IRS
C)Utility companies
D)All of the above
Q3) How does QuickBooks categorize items?
A)Non-inventory items
B)Inventory items
C)Service items
D)All the above.
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.
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Chapter 6: Employees and Payroll
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Sample Questions
Q1) Each year employees are sent Form ______ to summarize tax withholdings for the year.
A)1099
B)W-2
C)W-3
D)W-4
Q2) Which of the following activities and QuickBooks window used to record it is incorrect?
A)Enter time worked; Weekly Timesheet
B)Pay payroll liabilities; Write Check
C)Enter employee information; Employee List
D)Pay payroll taxes; Pay Liabilities
Q3) Which of the following is not a payroll report:
A)Form W-2
B)Form 1065
C)Form 940
D)Form 941
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: Reports and Graphs
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Sample Questions
Q1) 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
Q2) The Profit & Loss Statement lists:
A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses
Q3) Cash inflows and outflows related to the company's primary business are categorized as cash flows from:
A)Investing activities
B)Financing activities
C)Sales activities
D)Operating activities
Q4) What is the difference between the cash basis and the accrual basis?
Q5) Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
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Chapter 8: New Company Setup
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Sample Questions
Q1) In the Easy Step Interview, you must identify:
A)Type of Industry
B)Company name
C)Company address
D)All the above
Q2) 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
Q3) Which icon does not appear in the Venders section for service companies that do not sell inventory?
A)Receive Inventory
B)Pay Bills
C)Enter Bills
D)All the above
Q4) 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?"
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Chapter 9: Accounting for a Service Company
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Sample Questions
Q1) 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
Q2) 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
Q3) 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
Q4) Briefly explain how to record an owner's investment in their company.
Q5) Briefly explain the difference between a permanent and a temporary account.
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Chapter 10: Merchandising Corporation: Sales, Purchases and Inventory
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Sample Questions
Q1) Name 2 (two) differences between accounting for a service company and a retail shop.
Q2) When recording the sale of a product, which account is decreased?
A)Inventory
B)Accounts Receivable
C)Notes Payable
D)None of the above
Q3) When using QuickBooks, sales tax is:
A)Calculated manually for each item sold
B)Calculated for all items that are listed on an invoice
C)Calculated automatically by QuickBooks for items flagged as taxable
D)All the above
Q4) 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
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Chapter 11: Merchandising Corporation: Payroll
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Sample Questions
Q1) The QuickBooks Tax Form Worksheets provide information to complete:
A)employee pay checks
B)sales tax forms
C)payroll tax forms
D)the Income Statement
Q2) All of the following are payroll tax liabilities owed to outside agencies except:
A)Federal Income Taxes
B)Unemployment Taxes
C)Net Pay
D)State Income Taxes
Q3) When creating paychecks using QuickBooks, you deduct withholdings from employees' pay for all of the following except:
A)State income taxes
B)Medicare
C)City income taxes
D)None of the above
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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Page 13
Chapter 12: Advanced Quickbooks Features for Accountants
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Sample Questions
Q1) 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
Q2) Which of the following file extensions identifies an accountant's copy file?
A).QBX
B).QBW
C).QBB
D).QBM
Q3) When doing business in multiple currencies, QuickBooks allows you to:
A)Apply currency conversions automatically
B)Download the current currency exchange rates
C)Specify your home currency
D)All the above
Q4) Briefly explain the direct write off method for accounting for bad debts.
Q5) Briefly explain the allowance method for accounting for bad debts.
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