Quickbooks 2014 Flashcards Chapter 5

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QuickBooks considers all of the following to be vendors except:
A. Financial institutions such as banks
B. Tax agencies such as the IRS
C. Utility companies
D. All of these

D. All of these

Which one of the following is a vendor transaction?
A. Make Deposits
B. Receive Customer Payments
C. Enter Bills
D. Sell Goods to Customers

C. Enter Bills

How does QuickBooks categorize items?
A. Non-inventory items
B. Inventory items
C. Service items
D. All of these

D. All of these

Which of the following activities and QuickBooks window used to record it is incorrect?
A. Sell goods and bill customers; Invoice
B. Record inventory information; Inventory List
C. Record vendor information; Vendor List
D. Order goods; Purchase Orders

B. Record inventory information; Inventory List

Which one of the following activities is not shown in the Vendor section of the Home page?
A. Write Checks
B. Pay Sales Taxes
C. Pay Bills
D. Purchase Orders

A. Write Checks

Which one of the following is usually classified as an inventory item?
A. Goods purchased for resale to customers
B. Items purchased and the quantity on hand does not need to be tracked
C. Items purchased and used by the company such as office supplies
D. Items purchased for a specific customer job

A. Goods purchased for resale to customers

Which of the following reports is typically used when counting inventory on hand?
A. Inventory Valuation Summary
B. Inventory Valuation Detail
C. Inventory Stock Status by Item
D. Physical Inventory Worksheet

D. Physical Inventory Worksheet

Which QuickBooks window is used to record services received?
A. Create Invoice
B. Purchase Order
C. Enter Bills
D. Estimates

C. Enter Bills

The Inventory Stock Status by Item report is used when:
A. Vendors offer a purchase discount on inventory items
B. A list is needed of the quantity of inventory on hand and on order
C. The computers go down
D. Inventory items are physically placed in the warehouse

B. A list is needed of the quantity of inventory on hand and on order

Vendor reports can be accessed in QuickBooks in all of the following ways except:
A. Report Center
B. Vendor Center
C. Report Menu
D. All of these

D. All of these

What QuickBooks activity comes next in the this string of business activities: Purchase Order > Receive Items > Enter Bills > ______.
A. Receive Payments
B. Pay Bills
C. Deposit
D. Vendor List

B. Pay Bills

What QuickBooks activity comes next in the this string of business activities: Invoice > Receive Payments > ______.
A. Deposit
B. Receive Payments
C. Pay Bills
D. Vendor List

A. Deposit

If you received inventory without a bill, once the bill has arrived you could do all of the following, except:
A. Enter the bill against the inventory already recorded
B. Enter the inventory and then enter the bill separately
C. Enter the bill and wait for the inventory to arrive
D. Enter the inventory and bill at the same time

C. Enter the bill and wait for the inventory to arrive

The Purchase Orders window is used to record which one of the following transactions?
A. A customer order to purchase goods
B. An order to purchase goods from a vendor
C. Services received but not yet paid
D. Cash purchases of supplies

B. An order to purchase goods from a vendor

Which order of tasks is used when purchasing inventory?
A. Enter Bills; Pay Bills
B. Enter Invoice; Write Check
C. Purchase Order; Receive Bill; Pay Bills
D. Purchase Requisition; Receive Inventory; Pay Bills

C. Purchase Order; Receive Bill; Pay Bills

Which one of the following is a customer transaction?
A. Record Customer Information
B. Receive Customer Payments
C. Sell Goods to Customers
D. All of these

D. All of these

Sales taxes are:
A. Charged on sales to other retailers
B. Charged on retail sales to customers
C. Paid by the retailer on sales to customers
D. Paid by the vendor

B. Charged on retail sales to customers

The Open Purchase Orders Report gives information about:
A. Purchase Orders for items ordered but not yet received.
B. All Purchase Orders.
C. Purchase Orders from domestic companies only.
D. Purchase Orders from foreign companies only.

A. Purchase Orders for items ordered but not yet received.

Which inventory costing method does QuickBooks use to track inventory?
A. First-in First-out
B. First-in Last-out
C. Weighted Average
D. All of these

C. Weighted Average

A non-inventory item is:
A. Goods purchased for resale to customers
B. An item purchased for a specific customer job
C. A service purchased from a vendor
D. A service sold to a vendor

B. An item purchased for a specific customer job

All the times below are when you can receive a bill except:
A. When receiving a service
B. When submitting a purchase order
C. When receiving inventory
D. After receiving inventory

B. When submitting a purchase order

Which window is used to pay sales taxes?
A. Create Invoice
B. Write Checks
C. Manage Sales Tax
D. Enter Bills

C. Manage Sales Tax

Which report summarizes accounts payable balances by the age of the account?
A. Accounts Payable Aging Detail
B. Accounts Payable Aging Summary
C. Purchases by Vendor Summary
D. Purchases by Item Summary

B. Accounts Payable Aging Summary

Which report provides information on items ordered but not received?
A. Accounts Payable Aging Detail
B. Accounts Payable Aging Summary
C. Open Purchase Orders Report
D. Physical Inventory Worksheet

C. Open Purchase Orders Report

The Purchase Orders window is used to record which one of the following transactions?
A. Cash purchases of supplies
B. Services received but not yet paid
C. An order to purchase goods from a vendor
D. A customer order to purchase goods

C. An order to purchase goods from a vendor

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