Question 1

The Chart of Accounts can be accessed from which section of the Home page?

Accepted Answer

A)  Customer
B)  Banking
C)  Vendor
D)  CompanyE) B) and C)
F) None of the above

Question 2

Double-entry account records what is exchanged in a transaction (debits and credits) .Which of the following is recording when a company purchases (receives)  a computer and pays (gives)  cash?

Accepted Answer

A)  The computer is recorded as a credit and the cash is recorded as a credit
B)  The computer is recorded as a debit and the cash is recorded as a debit
C)  The computer is recorded as a credit and the cash is recorded as a debit
D)  The computer is recorded as a debit and the cash is recorded as a creditE) A) and D)
F) A) and C)

Question 3

The objective of an accounting information system, like QuickBooks, is to:

Accepted Answer

A)  Save company resources, like time and paper
B)  Use the computer for keeping accounting records
C)  Collect, summarize, and analyze data
D)  None of the aboveE) B) and C)
F) A) and D) C

Question 4

Your QuickBooks data can be stored in all the following ways except:

Accepted Answer

A)  Online
B)  Backup
C)  Portable File
D)  All of the above are ways to store QuickBooks dataE) C) and D)
F) A) and D)

Question 5

Which screen provides a summary of important company information?

Accepted Answer

A)  Company Information
B)  Company Snapshot
C)  Home Page
D)  Company CenterE) B) and D)
F) B) and C)

Question 6

Which financial statement below summarizes a company's cash inflow and outflow?

Accepted Answer

A)  Statement of Cash Flows
B)  Profit & Loss Statement
C)  Balance Sheet
D)  Income StatementE) A) and B)
F) A) and C)

Question 7

Which of the following tasks can be completed in the Vendor section of the Home page?

Accepted Answer

A)  Create Invoices
B)  Create Estimates
C)  Receive Inventory
D)  Receive PaymentsE) C) and D)
F) A) and B)

Question 8

Accounting information is used to do all of the following except:

Accepted Answer

A)  Prepare financial statements for investors
B)  Prepare tax returns for the IRS
C)  Prepare reports for management
D)  Prepare meeting minutes for the board of directorsE) A) and B)
F) B) and D)

Question 9

Which QuickBooks window allows you to add your name to the checking account?

Accepted Answer

A)  Chart of Accounts
B)  Company Information
C)  Company Center
D)  Check RegisterE) B) and C)
F) All of the above

Question 10

Management reports help identify:

Accepted Answer

A)  Overdue customer accounts
B)  Least profitable product
C)  Most profitable product
D)  All the above.Short Answer QuestionsE) B) and C)
F) C) and D)

Question 11

The QuickBooks file extension .QBA indicates the file is a:

Accepted Answer

A)  QuickBooks working file
B)  QuickBooks movable file
C)  QuickBooks Accountant's transfer file
D)  QuickBooks Accountant's working fileE) B) and D)
F) A) and C)

Question 12

The Home page in QuickBooks consists of all the following sections except:

Accepted Answer

A)  Employee
B)  Lists
C)  Customer
D)  VendorE) A) and B)
F) A) and C)

Question 13

The onscreen form for ordering items from a vendor looks like the paper version of a:

Accepted Answer

A)  Purchase Order
B)  Invoice
C)  Check
D)  None of the aboveE) B) and C)
F) A) and C)

Question 14

Which type of QuickBooks data file allows you to enter data and transactions?

Accepted Answer

A)  .QBM
B)  .QBB
C)  .QBX
D)  .QBWE) A) and C)
F) None of the above

Question 15

List the 3 (three) different type of QuickBooks files.What is the purpose of each file type?

Accepted Answer

The three QuickBooks file types are:
.Q...

Question 16

To change company information, such as the company name, you would use:

Accepted Answer

A)  Company section of the Home page
B)  Company Center
C)  Company Menu
D)  Company ListE) A) and D)
F) A) and C)

Question 17

Which one of the following activities is associated with the Customer section of the Home page?

Accepted Answer

A)  Pay sales tax
B)  Enter bills
C)  Record refunds and credits
D)  Record inventory receivedE) A) and B)
F) B) and C)

Question 18

Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:

Accepted Answer

The five centers are:
Vendors - pay bill...

Question 19

Which financial statement below summarizes a company's earnings?

Accepted Answer

A)  Statement of Cash Flows
B)  Profit & Loss Statement
C)  Balance Sheet
D)  Income StatementE) A) and B)
F) A) and C) B

Question 20

Which financial statement below summarizes the financial position of a company?

Accepted Answer

A)  Statement of Cash Flows
B)  Profit & Loss Statement
C)  Balance Sheet
D)  Income StatementE) B) and C)
F) C) and D) C

Exam 1: Quick Tour of Quickbooks 2011

The Chart of Accounts can be accessed from which section of the Home page?

Correct AnswerverifiedShow Answer

Double-entry account records what is exchanged in a transaction (debits and credits) .Which of the following is recording when a company purchases (receives) a computer and pays (gives) cash?

Correct AnswerverifiedShow Answer

The objective of an accounting information system, like QuickBooks, is to:

Correct AnswerverifiedC

Your QuickBooks data can be stored in all the following ways except:

Correct AnswerverifiedShow Answer

Which screen provides a summary of important company information?

Correct AnswerverifiedShow Answer

Which financial statement below summarizes a company's cash inflow and outflow?

Correct AnswerverifiedShow Answer

Which of the following tasks can be completed in the Vendor section of the Home page?

Correct AnswerverifiedShow Answer

Accounting information is used to do all of the following except:

Correct AnswerverifiedShow Answer

Which QuickBooks window allows you to add your name to the checking account?

Correct AnswerverifiedShow Answer

Management reports help identify:

Correct AnswerverifiedShow Answer

The QuickBooks file extension .QBA indicates the file is a:

Correct AnswerverifiedShow Answer

The Home page in QuickBooks consists of all the following sections except:

Correct AnswerverifiedShow Answer

The onscreen form for ordering items from a vendor looks like the paper version of a:

Correct AnswerverifiedShow Answer

Which type of QuickBooks data file allows you to enter data and transactions?

Correct AnswerverifiedShow Answer

List the 3 (three) different type of QuickBooks files.What is the purpose of each file type?

Correct AnswerverifiedThe three QuickBooks file types are: .Q...View AnswerShow Answer

To change company information, such as the company name, you would use:

Correct AnswerverifiedShow Answer

Which one of the following activities is associated with the Customer section of the Home page?

Correct AnswerverifiedShow Answer

Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:

Correct AnswerverifiedThe five centers are:Vendors - pay bill...View AnswerShow Answer

Which financial statement below summarizes a company's earnings?

Correct AnswerverifiedB

Which financial statement below summarizes the financial position of a company?

Correct AnswerverifiedC

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C

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The three QuickBooks file types are:
.Q...
View Answer

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The five centers are:
Vendors - pay bill...
View Answer

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B

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C