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Quich Books tAss M MULTIPLE CHOICE (2 PTS EACH) CHOOS THE BEST ANSWER 1. 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 2. 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 Which financial statement below summarizes a companys earnings? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement 3. 4. Which financial statement below summarizes a companys cash inflow and outflow? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement Management reports help identify: A. Overdue customer accounts B. Least profitable product C. Most profitable product D. All of these. 5. What is an asset? A. Mortgage payable B. An amount a company owes C. A resource a company owns D. None of these 6. What is a liability? A. Inventory B. An amount a company owes C. A resource a company owns D. None of these 7. Which of the following increases owners equity? A. Dividends B. Business losses C. Business expenses D. Business profits 8.
9. The different types of business ownership are: A. Sole proprietorship B. Partnership C. Corporation D. All of these 10. The Favorites menu allows you to: A. Add websites that are useful to your business B. Customize up to 30 of your favorite QuickBooks menu items C. Add one favorite QuickBooks menu item D. None of these 11. How can I create a filter on a Report? A. Click Customize Report, then click Filters Tab B. Click Customize Report, then click Company Tab C. Click Customize Report, then click Edit D. None of these 12. Documents that prove a transaction occurred are: A. Source documents B. Receipts C. Paid invoices D. All of these 13. 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 14. When recording 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) 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) 15. C. Reduces the liability (debit) and the checking account (credit) D. Reduces the liability (credit) and the checking account (debit) 16. The Job Profitability Summary Report is accessed from the: A. Report Center B. Vendor Center C. Employee Center D. Company Center
17. 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 18. From the Customers Section, Assess Finance Charges allows you to: A. Re-calculate the correct payment when a discount is applied to a customer bill B. Re-calculate the correct payment when a bill is not paid to a vendor on time C. Add finance charges to customer bills when bills are not paid by the due date D. All of these 19. From the Customers Section, Create Credit Memos/Refunds allows you to: A. Record a refund or credit to a vendor account for returned or damaged merchandise B. Record a refund or credit to a customer account for returned or damaged merchandise C. Prepare a billing statement for a customer D. All of these 20. The Customer List stores all of the information listed below except A. Sales tax rates B. Notes about a projectjolb C. Project/job estimate information 21. Which one of the following is a customer transaction? A. Record Customer Information B. Receive Customer Payments C. Sell Goods to Customers D. All of these 22. Sales taxes are: A. Charged on sales to other retailers B. Charged on retail sales to customers C. Paid by the retailer on sales to customens D. Paid by the vendor 23. The Open Purchase Orders Report gives information about: A. Purchase Orders for items ordered but not yet received B. All Purchase Orders C. Purchase Orders from domestic companies only D. Purchase Orders from foreign companies only 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 of these 24.
25. A non-inventory item is: A. Goods purchased for resale to customers B. An item purchased for a specific customer job C. A service purchased from a vendor D. A service sold to a vendor 26. The payment to a stockholder who is not an employee of the company is a A. Dividend B. Paycheck C. Vendor payment D. None of these 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 27. s status determines how to record payment to that individual. Which of the following status and payment method is incorrect? A. Vendor; Bill B. Employee; Payroll C. Stockholder; Dividend D. None of these 29 To include a charge for labor on an invoice, labor as a service item must be recorded in the: A. Item List B. Vendor List C. Inventory List D. Employee List 30. 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 Providing information to external users decision making is the purpose of which of the following? A. Management Reports B. Tax forms C. Financial statements 31. D. Inventory reports Providing information to internal users decision making is the purpose of which of the following? A. Management Reports 32. B. Tax forms C. Financial statements D. Vendor list
33. The Trial Balance: A. Lists all the companys accounts and ending balances B. Is printed before and after making adjustments C. Verifies the accounting system balances D. All of these 34. The General Ledger A. Is always provided to external users for decision making B. Provides the quickest way to communicate financial information C. Is a collection of all of the companys accounts and account activity D. None of these 35. Cash inflows and outflows related to the companys primary business are categorized as cash flows from: A. Investing activities B. Financing activities C. Sales activities 36. A corporation uses A. the owners social security number B. an EIN number C. business operating license number D, none of these as its Federal Tax ID number. 37. The QuickBooks Setup window allows you to enter information. A. Vendor B. Customer C. Banking D. All of these 38. Which tax form would you select for a Partnership? A. Form I120 B. Form 1120S C. Form 1065 D. Form 1040S 39. Which tax form would you select for a Corporation? A. Form 1120 B. Form 1120S C. Form 1065 D. Form 1040S An accounts 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 40.
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Homework Answers

Answer #1

Solution 1:

The Banking section of the Home Page includes "Bank Reconciliation flowchart"

Hence option B is correct.

Solution 2:

Balance sheet summarizes the financial position of a company.

Hence option C is correct.

Solution 3:

Profit & Loss statement summarizes a company's earnings.

Hence option B is correct.

Solution 4:

"Statement of cash flow" summarizes a company's cash inflow and outflow.

Hence option A is correct.

Solution 5:

Management report helps identify:

1. Overdue customer accounts

2. Least profitable products

3. Most profitable products.

Hence option d "All of these" are correct.

Solution 6:

A resource a company owns is an "Asset"

Hence option c is correct.

Note: As multiple questions are posted, i have answered more than required questions as per HomeworkLib policy, kindly post separate question for answer of remaining questions.

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