NAME KEY

QUICKBOOKS 2015: A COMPLETE COURSE

EXAM CHAPTERS 1-4

TRUE/FALSE

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.

T 1.A new customer may be added “on the fly.”

T 2.Credit memos are prepared to record a reduction to a sale on account.

F 3.An Accounts Receivable report summarizes sales by item.

F 4. In a sole proprietorship an owner’s name is added to the vendor list for recording withdrawals.

F 5.Once a transaction has been saved, it may not be deleted.

F 6.The Accounts Payable Register keeps track of all checks written in the business.

T 7.Accrual basis accounting matches the income from the period and the expenses for the period in order to determine the net income for the period.

F 8.A customer’s payment on account is immediately recorded in the checking account.

F 9.The restore button is marked with an X.

T 10.When using the Write Checks feature of QuickBooks, it is possible to duplicate a check in QuickBooks.

T 11.The Alt key + a letter may be used to access the drop-down menus on the menu bar.

EXAM KEY QUICKBOOKS 2015: A Complete Course

F 12.The QuickBooks backup (.qbb) file is used to record transactions.

F 13.QuickBooks Home Page appears beneath the title bar and has a list of drop-down menus.

T 14.When a correction for a transaction is made, QuickBooks not only changes the form used to record the transaction; it also changes all journal and account entries for the transaction to reflect the correction.

T 15.There are various methods of giving QuickBooks commands including use of QuickBooks Home Page, the menu bar, and keyboard shortcuts.

F 16.A Vendor Balance Summary report shows each transaction for a vendor.

F 17.The bank statement ending balance will always match the ending balance of the checking account.

T 18.A missing check report lists any duplicate check numbers or gaps between check numbers.

F 19.A Sales Item List stores information about products you purchase.

T 20.Anything entered as a bank service charge or as interest earned will be entered automatically when the bank reconciliation is complete.

MULTIPLE CHOICE

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.

A 21.The Journal shows .A. all transactions no matter where they were recordedB. only those transactions recorded in the General JournalC. only transactions recorded in account registersD. only those transactions that have been edited

C 22.Changes to the chart of accounts may be made .A. at the beginning of a fiscal periodB. before the end of the fiscal yearC. at any timeD. once established the chart of accounts may not be modified

Full file at http://testbanksite.eu/QuickBooks-2015-A-Complete-Course-16th-Edition-Test-Bank B 23.As soon as a bill is received, .

A. a check is written but it is not printed until the bill is dueB. it is entered as a billC. a check is written and printedD. QuickBooks deducts the amount due from the checking account

A 24.To permanently remove the Date Prepared, Time Prepared, and Report Basis from the heading of all reports you .A. change the Report PreferencesB. modify the Header on the individual reportC. it cannot be removedD. once you remove it from a report header, it never shows up again

C 25. If the adjusting entry to transfer Net Income/Owner’s Equity into the owner’s capital account is made prior to the end of the year, the Balance Sheet shows .A. Owner’s EquityB. Net IncomeC. both Net Income and Owner’s EquityD. none of the above because the income/earnings has been transferred into

capital

B 26.QuickMath displays .A. a calculatorB. adding machine tapeC. a calculator with adding machine tapeD. none of the above

D 27.A closing date is assigned .A. after all passwords have been assigned B. at the beginning of the yearC. by entering a closing transactionD. at the end of the accounting period to be closed

C 28.To enter a cash sale, a(n) is completed.A. debitB. invoiceC. sales receiptD. bank deposit

EXAM KEY QUICKBOOKS 2015: A Complete Course

C 29.When an invoice is deleted, .A. the amount is changed to 0.00B. the word “Deleted” appears as the MemoC. it is removed without a traceD. an invoice cannot be deleted

B 30.QuickBooks uses graphs to illustrate information about .A. the chart of accountsB. salesC. the cash accountD. supplies

A 31.Undeposited Funds represents .A. cash or checks received from customers but not yet deposited in the bankB. all cash sales C. the balance of the accounts receivable accountD. none of the above

B 32. allow(s) you to make a closer observation of transaction details and/or amounts.A. GraphsB. QuickZoomC. InvoicesD. The Balance Sheet

B 33.To add your name to a QuickBooks Company name, you use the .A. Edit menuB. Company menuC. Company PreferencesD. Chart of Accounts

B 34. If a bill is recorded in the Enter Bills window, it is best to pay the bill by .A. writing a checkB. using the Pay Bills windowC. using petty cashD. allowing QuickBooks to generate the check automatically five days before

the due date

C 35.A correction to a bill that has been recorded can be made on the bill or .A. not at allB. on the Accounts Payable GraphC. in the Accounts Payable RegisterD. none of the above

Full file at http://testbanksite.eu/QuickBooks-2015-A-Complete-Course-16th-Edition-Test-Bank B 36.The Items List for a service business contains .

A. a list of inventory items used for purchases from vendorsB. a list of sales items used for billingC. both A and BD. none of the above

D 37.At the end of the year, QuickBooks automatically puts the net income for the year in the account.A. owner’s capitalB. owner’s investmentC. owner’s net incomeD. owner’s equity

D 38.The report that proves Assets = Liabilities + Equity is the .A. Trial BalanceB. Income StatementC. Profit and Loss StatementD. Balance Sheet

D 39.A QuickBooks register .A. is prepared for every balance sheet accountB. contains records of all activity for an accountC. can be used to record transactionsD. all of the above

A 40.The Report contains the balances of all the customers on account.A. Customer Balance SummaryB. Customer Detail SummaryC. Customer SummaryD. Accounts Receivable Detail

FILL-IN

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.

41. To verify the company being used in QuickBooks, you check the title bar .

42. QuickBooks records transactions on actual business forms. Sales on account are recorded on invoices , and cash sales are recorded on sales receipts .

43. A report may be exported to Excel for working with “what if” scenarios.

EXAM KEY QUICKBOOKS 2015: A Complete Course

44. Petty Cash is identified as a(n) Bank account type, so it will be placed at the top of the chart of accounts along with checking and savings accounts.

45. A check written to the owner for working in the business is considered a(n) withdrawal .

46. The Journal shows all transactions in the traditional debit/credit format.

47. The Receive Payments icon is clicked to record the receipt of a payment on account.

48. The keyboard shortcut to edit an account name is Ctrl+E .

49. Additional investments by an owner may be cash or noncash items.

50. When you Void an invoice the amount is changed to 0.00.