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ACCT 104A > Quizzes from Class > Flashcards

Quizzes from Class Flashcards

1
Q

How can you check which version of QuickBooks you are using?

A

All of the above

  1. Help Menu
  2. About
  3. F2 Key
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2
Q

Name the 3 main sections on the homepage.

A

Vendors, Customers, Employees

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3
Q

Name the three types of “screens” in QuickBooks.

A

Lists, Screens, Reports

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4
Q

QuickBooks uses “forms” when inputting data

A

True

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5
Q

What is the keyboard shortcut to view a Debit/Credit report for a transaction?

A

Control Y

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6
Q

Accrual basis accounting only records the expense when the bill is paid.

A

False

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7
Q

General Journal Entries are used for year-end adjustments.

A

True

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8
Q

The trial balance shows debits and credits.

A

True

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9
Q

No matter which version of QuickBooks you are using, the core features remain the same.

A

True

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10
Q

Which types of Accounts show on the Profit and Loss statement (pick all that apply).

A

Expenses, Income (Revenue)

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11
Q

Which types of Accounts show on the Balance Sheet (pick all that apply).

A

Assets, Equity, Liabilities

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12
Q

When reconciling a bank account, the opening balance in QuickBooks should match the ending balance of the previous month’s bank statement.

A

True

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13
Q

After completing Express Start, you can add and remove accounts in the Chart of Accounts.

A

True

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14
Q

What is the definition of a QuickBooks Start Date?

A

The date of the first transactions entered into QuickBooks

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15
Q

Where can you change software settings in QuickBooks? For examples, turn off Popup menus.

A

Edit/Preferences

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16
Q

Where is the rule-of-thumb (according to the book) when deciding how many company file you should create?

A

Based on how the company(ies) files it’s taxes. One company per tax return.

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17
Q

Where can you enter historical transactions to “catch-up” with your fiscal year.

A

All of the above

  1. Check Register
  2. Write Checks
  3. Journal Entries
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18
Q

How do you modify Company Information after Express Start?

A

Company/Company Information

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19
Q

Why is it important to set a Closing Date in QuickBooks?

A

To avoid changes to transactions in the previous year.

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20
Q

Can multiple users have access to Company in Single user mode?

A

Yes, but only user can access the Company at a time.

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21
Q

Which user has full access to ALL QuickBooks functions?

A

Administrator

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22
Q

Name the types of access a QuickBooks Administrator can assign to a user.

A

full, selective, none

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23
Q

Why is it important to backup a company file?

A
  1. In case the computer crashes

2. In case the file becomes corrupted

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24
Q

Multi-user mode allows for different versions to access the company file on the server.

A

False

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25
Q

Only some versions of QuickBooks allow multi-user mode.

A

False

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26
Q

What should you do if the Beginning Balance field in the Begin Reconciliation dialog box doesn’t match the beginning balance on your bank statement?

A

Use the Discrepancy Report and/or Previous Reports to see what changed since the last

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27
Q

Which features can you use to add bank service charges? (pick all that apply)

A
  1. The Service Charge field in the Begin Reconciliation dialog box
  2. Download the charges using Bank feeds
  3. The Write Checks window before you reconcile
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28
Q

In a transaction amount in QuickBooks doesn’t match the amount on your bank statement, which method should you use to correct the amount? (pick all that apply)

A
  1. In the account’s register window, edit the transaction’s amount
  2. In the Reconcile window, click Go To, and then edit the transaction’s amount
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29
Q

To record a voided check from a closed accounting period:

A

Make a deposit in the current period assigned to the same account as the check you

30
Q

In transfer money between accounts, you can:

A

All of the above

  1. In the Write Checks window, write a check and, in the Account field, choose the account you want to transfer money to, only
  2. Record a transfer in the first account’s register window, only.
  3. Use the Transfer Funds feature, only.
31
Q

You record the sales price for a Group Item in:

A

None of the above

  1. The Sales Price field
  2. The Rate field
  3. The Price Level field
32
Q

When you sell an inventory item, which account(s) decrease in value?

A

Inventory asset account

33
Q

If a vendor sends you more than the quantity on your purchase order, you can:

A
  1. Receive the extra shipment into inventory, and then send it back and record a bill credit.
  2. Refuse the extra shipment and send it back to the vendor without recording a transaction.
  3. Receive the extra shipment and pay for it.
34
Q

Which type of transaction applies only to inventory?

A

item receipt

35
Q

QuickBooks Pro, Premier, and Accountant can’t:

A

Use the LIFO or FIFO method to calculate inventory cost.

36
Q

Which sections are in the Vendor Center? (pick all that apply)

A
  1. Vendor List
  2. Vendor Information
  3. Transactions List
37
Q

Which tab in the vendor information screen allows you to enter payment terms for a Vendor?

A

Payment settings

38
Q

Which Tab in the Vendor Information screen will allow you to enter more than one expense account assigned to the Vendor.

A

Account Settings

39
Q

What transactions would automatically fill-in the expense area for the vendor?

A

Enter Bills

40
Q

What is the name of the most common transaction related to Vendors?

A

Enter Bills

41
Q

Put the steps in order (match) for the shortest AP process.

A
  1. Enter Bills
  2. Pay Bills
  3. Write Checks
42
Q

It’s ok to write a check to pay a vendor in the Write Checks window after previously entering the bill in the Enter Bill window.

A

False

43
Q

What register does the Enter Bill and Pay Bill transactions go into?

A

Accounts Payable Register

44
Q

Which report can be run directly from the Vendor Center main screen?

A

All of the above

  1. Vendor List
  2. Vendor Information
  3. Transactions List
45
Q

Which section of the Vendor Center shows all transactions related to a specific vendor

A

Transactions List

46
Q

In general where would you enter these transaction?

A
  • Cash Sale > Sales Receipt
  • Accounts Receivable Sale > Create Sales Invoice
  • Miscellaneous non-sale deposit, that still needs to be deposited. > Make/Record Deposit
  • To record a deposit already made, but the owner forgot to tell you > Check Register
47
Q

What order do these need to entered?

A
  1. Sales order
  2. Create Invoices
  3. Receive Payments
  4. Make/Record Deposit
48
Q

What are the 3 types of Payroll Services available in QuickBooks?

A

Basic, Enhanced, Assisted

49
Q

You must contact QuickBooks and purchase a payroll service to activate the Payroll feature in QuickBooks

A

True

50
Q

What types of Payroll Schedules are there in QuickBooks?

A

All of the above

  1. Weekly
  2. Bi-weekly
  3. Monthly
51
Q

Which of the following payroll periods is not an option in QuickBooks?

A

Semiannually

52
Q

In QuickBooks Payroll Setup, you can’t:

A

Add two employees with the same name.

53
Q

When you print voucher style paychecks, you can include:

A

All of the above

  1. Federal filing status
  2. Earnings and tax withholdings
  3. Adjustments to net pay
54
Q

To run a payroll, you should:

A
  1. On the Home Page, click the Pay Employees icon

2. On the Employees menu, choose Pay Employees, and then choose Scheduled Payroll

55
Q

The Payroll Liabilities Balance Report identifies:

A
  1. Liability amounts you owe by Payroll item
  2. Liability amounts for employee deductions
  3. Liabilities for employer taxes
56
Q

Which Home Page Icon should you click to pay payroll taxes?

A

Pay Liabilities

57
Q

Which statement is true?

A

You can print pay stubs at any time

58
Q

In QuickBooks, you charge customers for billable expenses by:

A

Turning on the Billable? checkbox and choosing the customer or job to which the expense applies in a purchase transaction expense row.

59
Q

Which account types can be used in the expense tab of a purchase transaction to make the expense billable?

A

All of the above

  1. Expense
  2. Cost of Goods Sold
  3. Other Expense
60
Q

How do you assign expenses to a Customer: Job without billing the customer?

A

In the expense row, choose the Customer: Job and turn off the Billable checkmark

61
Q

Which types of billable expenses can you add to invoices?

A

Items
Expenses
Time
Mileage

62
Q

In an invoice, you can automatically mark up billable expenses using the Markup Account option on which tab of the Choose Billable Time and Costs window?

A

Expense tab

63
Q

9

If you run a summary report, you can modify it in the following ways: (pick all that apply)

A

Apply a filter to include or exclude data
Specify the categories for report columns
Change the date range

64
Q

9

You can make the following changes to reports in a Modify Report dialog box: (pick all that apply)

A
  1. Specify the sort order

2. Choose the columns that appear

65
Q

9

To examine your company’s profitability, you should: (pick all that apply)

A

Run a Profit & Loss Standard report

Include a % of Income column in a Profit & Loss report

66
Q

9

You can create QuickReports for: (pick all that apply)

A

Accounts
Items
Customers

67
Q

9

After you customize a report, how can you reuse it in the future? (pick all that apply)

A
  1. Save the report as a template
  2. Share the report with the QuickBooks community
  3. Memorize the report
68
Q

9

The settings in the Preferences dialog box Company Preferences tab:

A

Apply to every user who logs into the company file

69
Q

9

Which features can you customize i QuickBooks? (pick all that apply)

A

The icon bar
The Home Page
The Favorites menu

70
Q

9

If you purchase products specifically for a customer or job, which type of item should you create for those products?

A

Non-inventory Part item

71
Q

9

With price levels, you can: (pick all that apply)

A
  1. Adjust all prices for a customer by a percentage

2. Adjust the price of an item on an invoice

72
Q

9

You can’t set up custom templates for the following forms:

A

Bill

ACCT 104A (4 decks)

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