Chap 6 Quiz Flashcards
To enter Vendors and Expenses transactions:
Multiple Choice
- From the Navigation Bar, select Customers
- From the Navigation Bar, select Expenses > New Transaction
- From the Gear icon, select Vendors
- From the Gear icon, select Expense Transactions
From the Navigation Bar, select Expenses > New Transaction
To enter an Expense transaction:
Multiple Choice
- From the Navigation Bar, select Customers
- From the Navigation Bar, select Sales
- From the Create (+) icon, select Expense
- From the Gear icon, select Vendor transactions
From the Create (+) icon, select Expense
QuickBooks considers all of the following to be vendors except:
Multiple Choice
- Utility companies
- Suppliers of inventory and supplies
- Tax agencies such as the IRS
- Customers purchasing products
Customers purchasing products
Which of the following is not a vendor transaction?
Multiple Choice
- Order products
- Pay bills
- Make deposits
- Receive bills
Make deposits
We can update the Vendors 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 Vendors and Expenses transactions? (Check all that apply)
Check All That Apply
- Invoice
- Receive Payment
- Pay Bills
- Check
-
- Pay Bills
- Check
The Bill form is used to record which one of the following transactions?
Multiple Choice
- Owners investment
- Services received but not yet paid
- Products sold to customers
- Cash purchases of supplies
Services received but not yet paid
Which of the following activities, and the QBO form used to record it, is incorrect?
Multiple Choice
- Receive products, Customers List
- Order products, Purchase Order
- Record inventory information, Products and Services List
- Sell products and bill customers, Invoice
Receive products, Customers List
Indicate the order in which the following onscreen Vendors and Expenses transaction forms typically should be prepared:
Multiple Choice
- Expense > Pay Bills
- Check > Pay Bills
- Bill > Pay Bills
- Invoice > Pay Bills
Bill > Pay Bills
Which of the following reports tracks past due bills and bills that are due shortly?
Multiple Choice
- Profit & Loss
- Statement of Cash Flows
- Accounts Payable Aging
- Accounts Receivable Aging
Accounts Payable Aging
Accounts Payable (A/P) 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 that are obligations
Amounts owed to others that are obligations
When a purchase is recorded as a bill, 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
Credit (increase) to accounts payable
