Quickbooks Test #1 (Ch
1 - 5) Questions and
Complete Solutions
Graded A+
Which financial statement below summarizes a company's cash inflow and outflow? - Answer:
Statement of Cash Flow
Sales in QuickBooks can be recorded with all the following means of payment, except: - Answer:
Purchase Order
Income Statement accounts are also called: - Answer: Temporary accounts
All of the following tasks can be completed in the Banking section of the Home page except: - Answer:
pay employeses
The Customers List in QuickBooks can be accessed from all of the following except: - Answer: Vendor
section of the Home Page
To record a sales transaction, use: - Answer: Create invoices > Receive payment > Make deposits
Which of the following tasks is completed from the Banking section of the Home Page? - Answer: Record
deposits
The Item List can be accessed from which section of the Home Page? - Answer: company
, Which of the following statements is true? - Answer: To maintain separation between the personal and
business accounting records, the owner's personal Checking account should not be used to pay bills for
the business and should not be listed in the business' Chart of Accounts
Double-entry accounting records exchanges in a transaction with debits and credits. Which of the
following is recorded when a company purchases a computer and pays cash? - Answer: The computer is
recorded with a debit and the cash is recorded with a credit
The Job Profitability Summary Report is accessed from the: - Answer: Reports center
To add a new job to the Customers List: - Answer: Select Customers Center window > Click New
Customer & Job
When a bill is paid using the Pay Bills window, QuickBooks records a journal entry that: - Answer: Credits
Checking account, Debits Accounts Payable
Which of the following is considered a permanent account? - Answer: Balance sheet accounts
What does the Chart of Accounts list? - Answer: Assets,liabilities, owners equity, income, expense
accounts, and owner's contributions
All of the following are one of the four main categories of transactions in QuickBooks except? - Answer:
chart of accounts
The Home page in QuickBooks consists of all the following sections except: - Answer: lists
When reconciling a bank account, which one of the following is considered a timing difference
(difference between the bank balance and the book balance)? - Answer: outstanding checks
Which of the following is a Banking transaction? - Answer: make deposits
1 - 5) Questions and
Complete Solutions
Graded A+
Which financial statement below summarizes a company's cash inflow and outflow? - Answer:
Statement of Cash Flow
Sales in QuickBooks can be recorded with all the following means of payment, except: - Answer:
Purchase Order
Income Statement accounts are also called: - Answer: Temporary accounts
All of the following tasks can be completed in the Banking section of the Home page except: - Answer:
pay employeses
The Customers List in QuickBooks can be accessed from all of the following except: - Answer: Vendor
section of the Home Page
To record a sales transaction, use: - Answer: Create invoices > Receive payment > Make deposits
Which of the following tasks is completed from the Banking section of the Home Page? - Answer: Record
deposits
The Item List can be accessed from which section of the Home Page? - Answer: company
, Which of the following statements is true? - Answer: To maintain separation between the personal and
business accounting records, the owner's personal Checking account should not be used to pay bills for
the business and should not be listed in the business' Chart of Accounts
Double-entry accounting records exchanges in a transaction with debits and credits. Which of the
following is recorded when a company purchases a computer and pays cash? - Answer: The computer is
recorded with a debit and the cash is recorded with a credit
The Job Profitability Summary Report is accessed from the: - Answer: Reports center
To add a new job to the Customers List: - Answer: Select Customers Center window > Click New
Customer & Job
When a bill is paid using the Pay Bills window, QuickBooks records a journal entry that: - Answer: Credits
Checking account, Debits Accounts Payable
Which of the following is considered a permanent account? - Answer: Balance sheet accounts
What does the Chart of Accounts list? - Answer: Assets,liabilities, owners equity, income, expense
accounts, and owner's contributions
All of the following are one of the four main categories of transactions in QuickBooks except? - Answer:
chart of accounts
The Home page in QuickBooks consists of all the following sections except: - Answer: lists
When reconciling a bank account, which one of the following is considered a timing difference
(difference between the bank balance and the book balance)? - Answer: outstanding checks
Which of the following is a Banking transaction? - Answer: make deposits
