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Final Exam - BA105 - Computerized Accounting Systems Flashcards | StudBud
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Final Exam - BA105 - Computerized Accounting Systems
Final Exam - BA105 - Computerized Accounting Systems
80 terms
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StudBud Administration
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55 plays
This course is an overview of the functionality of integrated accounting software systems.
Flashcards
80 cards
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Practice quiz
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Host live
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Questions
80
Answers
1
Sophia offers 2% discount to customers who pay early. How does she record this in QuickBooks?
She enters it on the bill
She changes the amount of the bill payment check
She prepares a Vendor Credit
Any of the above
2
A logo can be added to the company file and will appear on the Home Page and on Business Forms.
False
True
3
A prepaid expense is an asset
True
False
4
In the text, sales tax is charged on all inventory/product items.
False
True
5
You can add preferred invoice terms by editing Sales Settings
True
False
6
When taking an early payment discount, the discount amount is recorded on the ______
Bill
Make Payment
Discount Form
Check
7
QuickBooks Online does not print ______
Credit Memo and/or Refund Receipts
Invoices
Receive Payments
Sales Receipts
8
When a bill has been recorded, you may pay it using Pay Bills or by writing a check manually.
False
True
9
Which of the following would not be a prepaid expense?
Office Supplies to have on hand
None of the above
Insurance for six months
Equipment Rental for a day
10
When a customer qualifies for an early payment discount, the discount is recorded _____.
In the Sales Discount register
On a new Invoice
As a Journal entry
On the original Invoice
11
After adding an item and preparing a purchase order, you will have an Inventory Start Value.
True
False
12
QuickBooks automatically calculate & insert 2% discount when paying for purchases from vendors
True
False
13
When recording an NSF check, you include charges for .
Bank Fees
All of the above
Original Invoice
Company Fees for NSF Checks
14
Payment Methods are created for ________
Debit Cards
All of the above
Visa
MasterCard
15
When recording an early payment discount on inventory items, you use the _______ account
Purchases Discount
Discount Expense
Sales Discount
Merchandise Discount
16
Cash is the only payment method accepted for a Cash Sale
False
True
17
The report that you prepare to determine which bills to pay is the ________ report.
Vendor Balance Detail
Unpaid Bills
Bill Payment List
Expenses List
18
Jamie transposed 2 numbers on her payment. The company uses QuickBooks and applied it to ____ .
The oldest bill
Splits the amount among all bills owed to the vendor
The newest bill
Vendor Credits
19
When recording an NSF check, you include charges for _________
Original Invoice
Company Fees for NSF Checks
All of the above
Bank Fees
20
When a return is made for a Sales Receipt, a is completed
Refund Receipt
Credit Memo
Sales Receipt Return
Voided Transaction
21
The Payee is the person or company making a payment.
False
True
22
The Chart of Accounts is accessed via the _______ tab on the Left-Navigation Bar.
Transactions
Accounts
Reports
Gear
23
Al bought a boat and later returned it. This transaction in QuickBooks is a _____
Credit Memo
Invoice
Return Receipt
Sales Receipt
24
When editing an invoice in a closed period you record the change by editing the adjusting entry
For the Closing Date
You do not edit anything, you record another adjusting entry
Transfer Net Income & Retained Earning into the Capital acct
Both A and B
25
In the text, California Sales Taxes are charged on ___________ sold.
Service Items
All of the above
Sales Discounts
Inventory Items
26
Each product or service must be linked to an appropriate income account
False
True
27
After you import the Chart of Accounts, edit the ____ & ___accts to add Opening Balance & date.
Asset and Liability
Income and Expense
Asset and Income
Liability and Expense
28
The Sales Tax Center must be set up to include _______.
Agency collecting Sales Tax
All of the above
Name of the Sales Tax
Sales Tax Rates
29
A logo can be added to the company file and will appear on the Home Page and Business Forms.
False
True
30
In the text, sales tax is charged on all inventory/product items.
False
True
31
Cloud-Based Computing uses the Internet to provide program access
False
True
32
Esmeralda employs five people she pays every 2 weeks. The withholding allowance is on ____ form
W-4
ED-44
I-9
W-2
33
You may create Payroll Schedules in Payroll Settings
False
True
34
An Expense transaction is recorded for Petty Cash purchases.
True
False
35
Classes are not allowed to use a descriptive name; such as, Store
True
False
36
Each time employees are paid, the company incurs Employer Payroll Taxes
False
True
37
QuickBook Online automatically transfer Net Income into Retained Earning at the end of the year
True
False
38
Opening Balances for Items added without preparing a purchase order/bill are entered into _____
Your Name, Investment
Inventory Assets
Opening Balance Equity
Both A and B
39
To change the quantity on hand for an inventory item, you ______.
Prepare an Inventory Valuation Detail report
Edit the item in the Products/Services List
Edit the Inventory Asset account
Change the Opening Balance Invoice
40
The Bill Payment List shows all of the checks written to pay bills
False
True
41
There are three distinct areas of information for each employee: Pay, Profile, and Employment.
False
True
42
You may prepare a budget for locations.
True
False
43
When you don't receive all the inventory ordered you prepare a Purchase Order for the backorder
True
False
44
A Delayed Charge is added to the customer’s balance.
True
False
45
When payment is made at the time of sale, the transaction is recorded on a(n) ________.
Sales Receipt
Payment Receipt
Invoice
Refund Receipt
46
When editing a paycheck, you may change anything shown in a rectangular box.
True
False
47
Which report in QuickBooks should Shawn print to view payroll information about each employee?
Payroll Details
Paycheck List
Employee Details
Employee Obligations
48
A credit card purchase is recorded on a(n) _____ form.
Bill
Credit Card
Expense
Invoice
49
The effective date for ABC Company to comply with the new minimum wage law 3 months earlier is
immediately
Next Quarter
For the Next Pay Period
Next Year
50
Additional investments made by an owner may be cash or non-cash items.
True
False
51
To pay sales tax, you click the Plus icon and Checks and then write the check.
False
True
52
You may access the Inventory Quantity Adjustment form by _______ and clicking
Click the drop-down arrow Action column in Product & Service
All of the above
Clicking Plus icon Inventory Qty Adjustment in Other column
Opening the item in the Products and Services List, Quantity
53
QuickBooks Online uses the cash-basis of accounting by default.
False
True
54
The total amount of a purchase order shows as an amount due in the vendor’s register.
False
True
55
The Sales Tax Liability report is prepared in the _____
Accountant Reports section of Reports
Manage Payables section of Reports
Review Expenses and Purchases section of Reports
Sales Tax Center
56
Bill owns a company. He wants to view transactions in Debit/Credit format so he prepares a ____
Journal
Trial Balance
Transaction List
Customer Balance Detail
57
QuickBooks Online shows the Sales Discount after Sales Taxes
False
True
58
Reports are accessed by clicking the Gear and grouped into categories according to functions.
False
True
59
The types of accounts that may be reconciled are ________.
Equity
Assets
All of the above
Liabilities
60
A sale on account means that the sale was paid for at the time of purchase.
True
False
61
Depreciation is recorded for the decrease in value of a fixed asset.
False
True
62
When an invoice is __________ it is removed from the customer’s register
Paid
Deleted
Edited
Voided
63
A credit card purchase is recorded on a(n) ______ form.
Invoice
Credit Card
Bill
Expense
64
Bob had net income & retained earning in capital before end of year. The Balance Sheet show ___
None of the above
Net Income
Retained Earnings
Both Net Income and Retained Earnings
65
If inventory was damaged you adjust the ______.
Quantity
Budget
Inventory Starting Value
Item in a Journal Entry
66
QuickBooks Online Plus uses the method of inventory valuation
Declining Balance
Average Cost
Accelerated Use
FIFO
67
Lowe's want to track income/expense for each office separately. Transactions are categorized by
Location and Class
Locations and Settings
Any of the above
Settings and Class
68
Each Location of the business may use a different address and phone number.
False
True
69
You cannot record an automatic loan payment when you reconcile a bank statement
True
False
70
If you create a budget with locations, prior entries are classified as .
Unknown
Prior to Budget
Not Specified
Unbudgeted
71
The Customer Balance Summary report lists the unpaid invoices for each customer.
True
False
72
Petty Cash is funded by ________.
The owner putting money in the Petty Cash drawer
Either A or B
Making a withdrawal from checking at the bank & recording it
Writing a check in QuickBooks and cashing it at the bank
73
Opening balances are imported for Customers, Vendors, and Liabilities
False
True
74
As a business owner, what report does Raja need to see Assets = Liabilities + Owner’s Equity?
The Trial Balance
The Income Statement
The Balance Sheet
The Profit & Loss Report
75
A Customer Balance Summary Report shows you the balances for all customers who owe you money.
True
False
76
If you donate a desk to Beach Barkers, it's recorded in Your Name, Investment account and in __
Checking
Furniture: Original Cost
Store Supplies
Owner’s Donations
77
A bill may be paid using cash, a check, or a company credit card
False
True
78
When you have a budget, you cannot purchase office supplies if it is over the budgeted amount.
True
False
79
The Gear icon may be used to access Lists in QuickBooks Online
True
False
80
The _______ report shows details for each paycheck created and includes all deductions.
Tax Liability
Payroll Summary
Payroll Billing Summary
Employee Details
