Chap 5 Quiz Flashcards
When a sale is recorded on an invoice, QBO records a:
Multiple Choice
- Debit (increase) to cash
- Credit (increase) to owner’s contribution
- Debit (increase) to accounts receivable
- Credit (increase) to accounts payable
Debit (increase) to accounts receivable
To enter a sales transaction with payment to be received later:
Multiple Choice
- From the Navigation Bar, select Vendors
- From the Navigation Bar, select Expenses
- From the Create (+) icon, select Invoice
- From the Gear icon, select Sales Transactions
From the Create (+) icon, select Invoice
When a customer pays cash at the time of sale, what do you record?
Multiple Choice
- A sales receipt
- An invoice
- A purchase order
- A thank you note
A sales receipt
When a customer purchases products or services but does not pay at the point of sale, what do you record?
Multiple Choice
- A sales receipt
- An invoice
- A purchase order
- A reminder
An invoice
We can update the Customers List at which of the following two points? (Check all that apply)
Check All That Apply
- Before entering transactions
- While entering transactions
- After entering transactions
- Before entering transactions
- While entering transactions
-
Which of the following two are Customers and Sales transactions? (Check all that apply)
Check All That Apply
- Invoice
- Receive Payment
- Pay Bills
- Check
- Invoice
- Receive Payment
-
Types of products and services on the Products and Services List include which two of the following? (Check all that apply)
Check All That Apply
- Service
- Batch
- Inventory
- All of these choices are correct.
- Service
-
- Inventory
-
Which of the following products and services types track quantities?
Multiple Choice
- Service items
- Inventory items
- Non-inventory items
- None of these choices are correct.
Inventory items
When preparing a Sales Receipt, if we select Deposit to Undeposited Funds, then we must:
Multiple Choice
- Create a Bank Deposit to move the customer payment from Undeposited Funds to the Checking account
- No further action is required
- Create a second Sales Receipt depositing the amount to the Checking account
- Create a subsequent Invoice depositing the amount to the Checking account
Create a Bank Deposit to move the customer payment from Undeposited Funds to the Checking account
When preparing a Sales Receipt, if we select Deposit to a Checking account, then we:
Multiple Choice
- Create a Bank Deposit to move the customer payment from the Checking account to the Undeposited Funds account
- No further action is required
- Create a second Sales Receipt depositing the amount to the Checking account
- Create a subsequent Invoice depositing the amount to the Checking account
No further action is required
Indicate the order in which the following onscreen customers and sales transaction forms typically should be prepared:
Multiple Choice
- Invoice > Bank Deposit > Receive Payment
- Invoice > Sales Receipt > Bank Deposit
- Invoice > Receive Payment > Bank Deposit
- None of the choices are correct
Invoice > Receive Payment > Bank Deposit
Which of the following reports provides information about which customers owe money to a business?
Multiple Choice
- Profit & Loss
- Balance Sheet
- Statement of Cash Flows
- Accounts Receivable Aging
Accounts Receivable Aging
Accounts Receivable (A/R) are:
Multiple Choice
- Amounts totaling the net worth of a company
- Amounts paid to owners
- Amounts that customers owe your business
- Amounts owed to others and are future obligations
Amounts that customers owe your business
