AIS- QuickBooks Exam 2 Questions with
Latest Update
Before adding customers, check QBO's: - Answer-Account and Settings.
The Customers page includes the: - Answer-All
When cash sales are recorded, use: - Answer-Sales Receipt.
What customers owe your business is known as: - Answer-Accounts receivable.
The following transaction affects the customer's balance. - Answer-Credit memo.
To see customer transactions and account balances, display the: - Answer-A/R
Register.
Products and services are associated with this type of account: - Answer-Income.
In this type of report, each transaction's debit and credit is shown: - Answer-Journal.
The inventory valuation summary shows: - Answer-All
The Audit Log displays events occurred in: - Answer-Your local time.
The focus of Chapter 5 is customers and sales: - Answer-True
Starting data is displayed for 11/1/20XX. - Answer-False
A sales receipt is used for customer sales on account. - Answer-False
Credit transactions from customers are accounts payable transactions. - Answer-False
Credit memos apply returns to the customer's balance. - Answer-True
Registers can be used to look at transactions and account balances. - Answer-True
The November bank statement shows checking account activity through 10/30/20XX. -
Answer-False
On invoices and other sales transactions, you choose products and services. - Answer-
True
The Journal is an example of a specialized screen. - Answer-False
, The account distribution for an invoice includes debits to Account 105 Account
Receivable/customer and Account 501 Cost of Goods Sold; and credits to Account 401
Sales, and Account 115 Merchandise Inventory. - Answer-False
When issuing checks or ATMs for expenses, refer to the: - Answer-Transaction register.
To show the amount charged for earlier disbursements, select <Yes> to this window
prompt: - Answer-Auto Recall Dialog.
Vendor purchases are tracked by the following: - Answer-Bill number.
When customers pay what they owe, the check is payable to: - Answer-QB
Cloud_Student Name.
The terms of vendor payments are: - Answer-Net 30.
The Sales Receipts window is used for the following: - Answer-Cash and credit card
sales.
The trial balance account totals for the fourth quarter are the same as: - Answer-
Transaction detail by account.
The customer balance summary total agrees with this account balance: - Answer-
Account 105 Accounts Receivable
The vendor balance summary total agrees with this account balance: - Answer-Account
201 Accounts Payable.
The Inventory valuation Summary shows: - Answer-All of the above.
In Chapter 6, documents trigger transaction analysis. - Answer-True
A remittance is the action of sending money in payment of a bill. - Answer-True
To make sure you are starting in the correct place, display the 11/2/20XX to 11/30/20XX
trial balance. - Answer-False
In Chapter 6, all transactions occurred during November. - Answer-False
When customer payments are received, use the Sales Receipts window. - Answer-
False
Credit card receipts are entered on the Sales Receipts page or window. - Answer-True
Bills show a purchase amount as well as a remittance amount. - Answer-True
Latest Update
Before adding customers, check QBO's: - Answer-Account and Settings.
The Customers page includes the: - Answer-All
When cash sales are recorded, use: - Answer-Sales Receipt.
What customers owe your business is known as: - Answer-Accounts receivable.
The following transaction affects the customer's balance. - Answer-Credit memo.
To see customer transactions and account balances, display the: - Answer-A/R
Register.
Products and services are associated with this type of account: - Answer-Income.
In this type of report, each transaction's debit and credit is shown: - Answer-Journal.
The inventory valuation summary shows: - Answer-All
The Audit Log displays events occurred in: - Answer-Your local time.
The focus of Chapter 5 is customers and sales: - Answer-True
Starting data is displayed for 11/1/20XX. - Answer-False
A sales receipt is used for customer sales on account. - Answer-False
Credit transactions from customers are accounts payable transactions. - Answer-False
Credit memos apply returns to the customer's balance. - Answer-True
Registers can be used to look at transactions and account balances. - Answer-True
The November bank statement shows checking account activity through 10/30/20XX. -
Answer-False
On invoices and other sales transactions, you choose products and services. - Answer-
True
The Journal is an example of a specialized screen. - Answer-False
, The account distribution for an invoice includes debits to Account 105 Account
Receivable/customer and Account 501 Cost of Goods Sold; and credits to Account 401
Sales, and Account 115 Merchandise Inventory. - Answer-False
When issuing checks or ATMs for expenses, refer to the: - Answer-Transaction register.
To show the amount charged for earlier disbursements, select <Yes> to this window
prompt: - Answer-Auto Recall Dialog.
Vendor purchases are tracked by the following: - Answer-Bill number.
When customers pay what they owe, the check is payable to: - Answer-QB
Cloud_Student Name.
The terms of vendor payments are: - Answer-Net 30.
The Sales Receipts window is used for the following: - Answer-Cash and credit card
sales.
The trial balance account totals for the fourth quarter are the same as: - Answer-
Transaction detail by account.
The customer balance summary total agrees with this account balance: - Answer-
Account 105 Accounts Receivable
The vendor balance summary total agrees with this account balance: - Answer-Account
201 Accounts Payable.
The Inventory valuation Summary shows: - Answer-All of the above.
In Chapter 6, documents trigger transaction analysis. - Answer-True
A remittance is the action of sending money in payment of a bill. - Answer-True
To make sure you are starting in the correct place, display the 11/2/20XX to 11/30/20XX
trial balance. - Answer-False
In Chapter 6, all transactions occurred during November. - Answer-False
When customer payments are received, use the Sales Receipts window. - Answer-
False
Credit card receipts are entered on the Sales Receipts page or window. - Answer-True
Bills show a purchase amount as well as a remittance amount. - Answer-True
