AIS- QUICKBOOKS EXAM 2 QUESTIONS
WITH COMPLETE ANSWERS
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.
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
Vendor payments are made on the Bill or invoice window. - Answer-False
Sales on account are recorded on the Purchase Invoice window or page. - Answer-
False
The inventory valuation summary shows all purchases made on account. - Answer-
False
The purpose of an adjusting entry is: - Answer-All of the above.
Adjusting entries are made on the: - Answer-Last day of the month, quarter, or year.
On January 1 of the new year, this account shows Net Income: - Answer-Retained
Earnings
On January 1, the Profit & Loss statement shows the following account balances: -
Answer-Zero.
The Exercise 6-2 December trial balance shows account balances before: - Answer-
Adjustments.
Record adjusting entries on the: - Answer-Journal Entry window
When depreciating Computer Equipment, this method was used: - Answer-Straight-line.
This report lists each account on the chart of accounts with a minus sign in front of
credit balances. - Answer-Transaction Detail by Account.
After adjustments are journalized and posted, the report(s) updated is/are: - Answer-All
of the above.
In Chapter 7, when the Balance Sheet date is changed to January 1: - Answer-Net
income is shown as Retained Earnings.
WITH COMPLETE ANSWERS
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.
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
Vendor payments are made on the Bill or invoice window. - Answer-False
Sales on account are recorded on the Purchase Invoice window or page. - Answer-
False
The inventory valuation summary shows all purchases made on account. - Answer-
False
The purpose of an adjusting entry is: - Answer-All of the above.
Adjusting entries are made on the: - Answer-Last day of the month, quarter, or year.
On January 1 of the new year, this account shows Net Income: - Answer-Retained
Earnings
On January 1, the Profit & Loss statement shows the following account balances: -
Answer-Zero.
The Exercise 6-2 December trial balance shows account balances before: - Answer-
Adjustments.
Record adjusting entries on the: - Answer-Journal Entry window
When depreciating Computer Equipment, this method was used: - Answer-Straight-line.
This report lists each account on the chart of accounts with a minus sign in front of
credit balances. - Answer-Transaction Detail by Account.
After adjustments are journalized and posted, the report(s) updated is/are: - Answer-All
of the above.
In Chapter 7, when the Balance Sheet date is changed to January 1: - Answer-Net
income is shown as Retained Earnings.
