Test Bank For Accounting with QuickBooks 2019 19th Ed Donna Kay

Computer Accounting with QuickBooks 2019, 19e (Kay) Chapter 3 QuickBooks Transactions 1) QuickBooks lists include all of the following except: A) Customer List B) Item List C) Owner List D) Vendor List Answer: C Difficulty: 1 Easy Learning Objective: 03-03 QuickBooks Lists Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 2) In QuickBooks, information about transactions can be entered in onscreen forms, such as: A) Check B) Invoice C) Purchase Order D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 03-04 How Do We Enter Transactions in QuickBooks? Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 3) Which of the following transactions is considered a Customers and Sales transaction? A) Invoice B) Purchase Order C) Pay Bills D) Check Answer: A Difficulty: 2 Medium Learning Objective: 03-07 Customer and Sales Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 1 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 4) Which of the following transactions is considered a Vendors and Expenses transaction? A) Invoice B) Receive Payment C) Purchase Order D) Make Deposit Answer: C Difficulty: 2 Medium Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 5) QuickBooks lists include: A) Customer List B) Vendor List C) Item List D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 03-03 QuickBooks Lists Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 6) All of the following are one of the four main categories of transactions in QuickBooks except? A) Customers B) Vendors C) Employees D) Owners Answer: D Difficulty: 1 Easy Learning Objective: 03-05 What Are The Different Types of Transactions? Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 2 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 7) Which of the following is a Banking transaction? A) Make deposit B) Pay employees C) Enter bills D) Pay bills Answer: A Difficulty: 2 Medium Learning Objective: 03-06 Banking and Credit Card Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 8) Which of the following is a Vendor transaction? A) Create invoices B) Create estimates C) Receive inventory D) Receive payments Answer: C Difficulty: 2 Medium Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 9) Which of the following is a Customer transaction? A) Pay sales tax B) Enter bills C) Receive payments D) Receive bills Answer: C Difficulty: 2 Medium Learning Objective: 03-07 Customer and Sales Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 3 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 10) The Item List can be accessed from which section of the Home Page? A) Banking B) Customers C) Vendors D) Company Answer: D Difficulty: 2 Medium Learning Objective: 03-03 QuickBooks Lists Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 11) Which of the following QuickBooks features can be used to save a transaction that will be re-used in the future? A) Saved transactions B) Create icon C) Repeat transactions D) Memorized transactions Answer: D Difficulty: 2 Medium Learning Objective: 03-11 Memorized Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 12) To use a memorized transaction, select: A) Select Lists Menu > Memorized Transaction List B) Select Navigation Bar > Recurring Transaction List C) Select Company section of the Home Page > Saved Transactions D) None of the choices are correct Answer: A Difficulty: 3 Hard Learning Objective: 03-11 Memorized Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 4 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 13) Double-entry accounting records exchanges in a transaction with debits and credits. Which of the following is recorded when a company purchases a desk and pays cash? A) The desk is recorded with a credit and the cash is recorded with a credit B) The desk is recorded with a debit and the cash is recorded with a debit C) The desk is recorded with a credit and the cash is recorded with a debit D) The desk is recorded with a debit and the cash is recorded with a credit Answer: D Difficulty: 2 Medium Learning Objective: 03-13 Accounting Essentials:Double-Entry Accounting Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 14) The onscreen form for recording bills received is accessed from which section of the Home Page: A) Vendors B) Customers C) Employees D) Banking Answer: A Difficulty: 2 Medium Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 15) The Banking section of the Home Page includes which of the following banking transactions? A) Enter Credit Card Charges B) Enter Bills C) Pay Bills D) Receive Payments Answer: A Difficulty: 2 Medium Learning Objective: 03-06 Banking and Credit Card Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 5 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 16) Customer transactions include which of the following? A) Write Checks B) Enter Bills C) Pay Bills D) Create Invoices Answer: D Difficulty: 2 Medium Learning Objective: 03-07 Customer and Sales Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 17) Vendor transactions include which of the following? A) Enter Credit Card Charges B) Enter Bills C) Make Deposits D) Receive Payments Answer: B Difficulty: 2 Medium Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 18) When a customer deposit is recorded using the Make Deposits window, behind the screen QuickBooks converts the transactions into a journal entry that: A) Debits Checking account, Credits Undeposited Funds B) Credits Checking account, Debits Undeposited Funds C) Debits Checking account, Credits Accounts Receivable D) Debits Accounts Receivable, Credits Checking account Answer: A Difficulty: 3 Hard Learning Objective: 03-07 Customer and Sales Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 6 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 19) When a bill is entered using the Enter Bills window, QuickBooks records a journal entry that: A) Debits Checking account, Credits Expense account B) Credits Expense account, Debits Checking account C) Debits Expense account, Credits Accounts Payable D) Debits Accounts Payable, Credits Checking account Answer: C Difficulty: 3 Hard Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 20) When a bill is paid using the Pay Bills window, QuickBooks records a journal entry that: A) Debits Checking account, Credits Undeposited Funds B) Credits Checking account, Debits Accounts Payable C) Debits Expense account, Credits Accounts Payable D) Debits Accounts Receivable, Credits Checking account Answer: B Difficulty: 3 Hard Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 21) In QuickBooks, how do you enter transaction information? A) Onscreen Journal and onscreen forms B) Onscreen Journal and QuickBooks reports C) Onscreen forms and QuickBooks reports D) None of the choices are correct Answer: A Difficulty: 2 Medium Learning Objective: 03-04 How Do We Enter Transactions in QuickBooks? Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 7 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 22) A business transaction is an exchange between the QuickBooks company and: A) Vendor B) Employee C) Customer D) All of the choices are correct Answer: D Difficulty: 2 Medium Learning Objective: 03-04 How Do We Enter Transactions in QuickBooks? Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: automatic 23) What are the three parts or processes of QuickBooks SatNav? Answer: QuickBooks SatNav divides QuickBooks into three main processes 1. QuickBooks Settings. This includes Company Settings when setting up a new QuickBooks company and the Company Chart of Accounts. 2. QuickBooks Transactions. This includes recording transactions in QuickBooks. Transaction types can be categorized as Banking, Customers and Sales, Vendors and Expenses, and Employees and Payroll. In basic terms, recording transactions involves recording money in and money out. 3. QuickBooks Reports. QuickBooks reports are the output of the system, such as commonly used financial statements of Balance Sheet, Income Statement, and Statement of Cash Flows. Difficulty: 2 Medium Learning Objective: 03-01 QuickBooks SatNav Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: manual 24) List 4 main types of QuickBooks transactions. Answer: The 4 main types of QuickBooks transactions are: 1. Banking and credit card transactions 2. Customers and sales transactions 3. Vendors and expenses transactions 4. Employees and payroll transactions Difficulty: 2 Medium Learning Objective: 03-05 What Are The Different Types of Transactions? Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: manual 8 Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 25) Discuss the two main ways of entering information into QuickBooks. Why are two different ways necessary for entering information. What are the advantages and disadvantages of each method. Answer: The two main ways of entering information into QuickBooks are: 1. Onscreen forms 2. Onscreen journal Transactions can be entered using onscreen forms without knowing debits and credits, so this makes it easier for QuickBooks to be used by clients who do not have an accounting background. Some items, however, such as adjusting entries, are easier to enter using the onscreen journal. In addition, even when transactions are entered using onscreen forms, behind the screen, QuickBooks converts the information into a debit and credit journal entry that can be viewed in journal form. Difficulty: 2 Medium Learning Objective: 03-04 How Do We Enter Transactions in QuickBooks? Accessibility: Keyboard Navigation; Screen Reader Compatible Gradable: manual