Computer Accounting Study Set 2

Business

Quiz 8 :

January Source Documents

Quiz 8 :

January Source Documents

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Use this source document for issuing checks:
Free
Multiple Choice
Answer:

Answer:

D

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To edit an account, go to Recent Transactions and drill down.
Free
True False
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Answer:

True

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In QuickBooks you can void a check if it was lost in the mail or never cashed.
Free
True False
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Answer:

True

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When recording Sales Receipts, use these steps:
Multiple Choice
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Vendor purchases on account are recorded on this page:
Multiple Choice
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What type of entries does the Journal report show?
Multiple Choice
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Do not delete a check if the check number has been used or if the check was printed.
True False
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All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.
True False
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In QBO, tracking inventory is automatically done.
True False
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What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?
Multiple Choice
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QB Online tracks Accounts Receivable (A/R)by entering a bill, then paying the bill.
True False
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Sales on account to customers are recorded on this page:
Multiple Choice
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If the debits do not equal the credits, QBO will allow you to post the transaction.
True False
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Vendor terms are Net 60.
True False
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To record vendor payments, use these steps:
Multiple Choice
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When inventory is purchased, Account 115 Merchandise Inventory is decreased.
True False
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The Accounts Payable Aging report shows that status of what you owe to vendors.
True False
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What is difference between a Sales Receipt and an Invoice?
Multiple Choice
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What is the sequence of steps to complete bank reconciliation?
Multiple Choice
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When recording customer payments, use these steps:
Multiple Choice
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