Computer Accounting with QuickBooks 2018, 18e Donna Kay (Test Bank All Chapters, 100% Original Verified, A+ Grade) Ch 12 and 14 Are Missing Computer Accounting with QuickBooks 2018 (Kay) Chapter 1 QuickBooks Quick Tour: Navigation and Settings 1) In the Company section of the Home Page, you can: A) Pay bills B) Record deposits C) View the Chart of Accounts D) Enter invoices Answer: C Difficulty: 2 Medium Learning Objective: 01-06 QuickBooks Home Page Accessibility: Keyboard Navigation Gradable: automatic 2) In QuickBooks, how do you enter transaction information? A) Onscreen forms and QuickBooks reports B) Onscreen Journal and QuickBooks reports C) Onscreen Journal and onscreen forms D) None of the choices are correct Answer: C Difficulty: 2 Medium Learning Objective: 01-01 Install QuickBooks Accessibility: Keyboard Navigation Gradable: automatic 3) All of the following are one of the four main categories of transactions in QuickBooks except? A) Customers and sales B) Vendors and expenses C) Chart of Accounts D) Banking Answer: C Difficulty: 2 Medium Learning Objective: 01-06 QuickBooks Home Page Accessibility: Keyboard Navigation Gradable: automatic
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4) Ways to navigate QuickBooks include: A) Menus B) Icon Bar C) Home Page D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 01-05 QuickBooks Navigation Accessibility: Keyboard Navigation Gradable: automatic 5) Which of the following tasks can be completed in the Vendor section of the Home page? A) Create Invoices B) Create Estimates C) Receive Inventory D) Receive Payments Answer: C Difficulty: 1 Easy Learning Objective: 01-05 QuickBooks Navigation Accessibility: Keyboard Navigation Gradable: automatic 6) The Chart of Accounts can be accessed from which section of the Home page? A) Customer B) Banking C) Company D) Vendor Answer: C Difficulty: 1 Easy Learning Objective: 01-05 QuickBooks Navigation Accessibility: Keyboard Navigation Gradable: automatic
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7) To change a company name in QuickBooks, select the following from the My Shortcuts on the Navigation (Icon) Bar: A) Company > Preferences B) My Company > Edit C) Home > Edit > Preferences D) None of the choices are correct Answer: B Difficulty: 1 Easy Learning Objective: 01-03 Restore a QuickBooks File Accessibility: Keyboard Navigation Gradable: automatic 8) Which of the following file types identifies a QuickBooks Backup file? A) QBM B) QBW C) QBB D) QBX Answer: C Difficulty: 1 Easy Learning Objective: 01-12 Restore QuickBooks File Options Accessibility: Keyboard Navigation Gradable: automatic 9) Which one of the following activities is associated with the Customer section of the Home page? A) Pay sales tax B) Enter bills C) Create invoices D) Record inventory received Answer: C Difficulty: 1 Easy Learning Objective: 01-05 QuickBooks Navigation Accessibility: Keyboard Navigation Gradable: automatic
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10) The Home page in QuickBooks consists of all the following sections except: A) Employee B) Lists C) Customer D) Vendor Answer: B Difficulty: 1 Easy Learning Objective: 01-05 QuickBooks Navigation Accessibility: Keyboard Navigation Gradable: automatic 11) Which of the following tasks is completed from the Banking section of the Home Page? A) Pay employees B) Record deposits C) Enter bills D) Record payments received from customers Answer: B Difficulty: 2 Medium Learning Objective: 01-06 QuickBooks Home Page Accessibility: Keyboard Navigation Gradable: automatic 12) Accounting information is used to do all of the following except: 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 directors Answer: D Difficulty: 2 Medium Accessibility: Keyboard Navigation Gradable: automatic 13) Most accounting systems consist of which of the following components: A) Input B) Processing C) Output D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 01-14 Accounting Essentials: Accounting Systems Accessibility: Keyboard Navigation Gradable: automatic 4 Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
14) A business transaction is an exchange between the QuickBooks company and: A) Vendor B) Employee C) Customer D) All of the choices are correct Answer: D Difficulty: 1 Easy Accessibility: Keyboard Navigation Gradable: automatic 15) Which type of QuickBooks data file allows you to enter data and transactions? A) QBM B) QBB C) QBW D) QBX Answer: C Difficulty: 2 Medium Learning Objective: 01-12 Restore QuickBooks File Options; 01-11 Back Up QuickBooks Files Accessibility: Keyboard Navigation Gradable: automatic 16) Which financial statement below summarizes the financial position of a company? A) Statement of Cash Flows B) Profit & Loss Statement C) Income Statement D) Balance Sheet Answer: D Difficulty: 1 Easy Learning Objective: 01-09 QuickBooks Reports Accessibility: Keyboard Navigation Gradable: automatic 17) Which financial statement below summarizes a company's earnings? A) Statement of Cash Flows B) Cash Flow Forecast C) Balance Sheet D) Profit & Loss Statement Answer: D Difficulty: 1 Easy Learning Objective: 01-09 QuickBooks Reports Accessibility: Keyboard Navigation Gradable: automatic 5 Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
18) Which financial statement below summarizes a company's cash inflow and outflow? A) Statement of Cash Flows B) Profit & Loss Statement C) Balance Sheet D) Cash Flow Forecast Answer: A Difficulty: 1 Easy Learning Objective: 01-09 QuickBooks Reports Accessibility: Keyboard Navigation Gradable: automatic 19) Reports for managers can help to identify: A) Overdue customer accounts B) Least profitable product C) Most profitable product D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 01-09 QuickBooks Reports Accessibility: Keyboard Navigation Gradable: automatic 20) Which one of the following activities is not associated with the Employee section of the Home Page? A) Write Checks B) Pay Payroll Liabilities C) Process Payroll Forms D) Enter Time Answer: A Difficulty: 2 Medium Learning Objective: 01-06 QuickBooks Home Page Accessibility: Keyboard Navigation Gradable: automatic
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21) List the 2 (two) different type of QuickBooks files. What is the purpose of each file type? Answer: QuickBooks file types include: ● QBW file - This is the company file that has a .QBW extension. It is a QuickBooks working file that is usually saved to the hard drive of your computer. ● QBB file - This is a QuickBooks backup file. You can save a backup file to the hard drive or to other media, such as USB drive or a network drive. Backup files are compressed files and used only if the working file (.QBW) file fails. Difficulty: 2 Medium Learning Objective: 01-05 QuickBooks Navigation Accessibility: Keyboard Navigation Gradable: manual 22) Name 2 (two) of the 5 sections on the QuickBooks Home Page and briefly describe what activities can be performed from those sections. Answer: The five sections of the Home Page are: ● Vendors - pay bills, enter bills, create purchase orders, receive inventory. ● Customers - create estimates, create invoices, record refunds and credits, receive payments. ● Employees - Enter time, pay employees, pay payroll liabilities, process payroll forms. ● Banking - Record deposits, write checks, view check register, reconcile bank statements, print checks. ● Company - View Items and Services List, view Chart of Accounts. Difficulty: 2 Medium Learning Objective: 01-06 QuickBooks Home Page Accessibility: Keyboard Navigation Gradable: manual
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Computer Accounting with QuickBooks 2018 (Kay) Chapter 2 QuickBooks Chart of Accounts 1) How do you access the screen to add a user and password? A) Company menu > Set Up Users and Passwords > Set Up Users B) Edit menu > Preferences > Employees C) Employees > Employee Center D) Company menu > Company Information Answer: A Difficulty: 2 Medium Learning Objective: 02-09 Quickbooks Password protection Accessibility: Keyboard Navigation Gradable: automatic 2) What does the Chart of Accounts list? A) Assets, liabilities and owner's equity accounts B) Income and expense accounts C) Owner's contributions D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 3) Which account below is not an Expense account? A) Utilities B) Rent C) Accounts Receivable D) Advertising Answer: C Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic
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4) What are assets? A) Net worth of a company B) Resources that a company owns with future benefit C) Amounts paid to owners D) Amounts owed to others and are future obligations Answer: B Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 5) The Income Statement: A) lists the accounts and account numbers B) lists a company's assets C) Summarizes the results of a company's operations, listing income and expenses D) Summarizes what a company owns and what it owes Answer: C Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 6) Which of the following is a temporary account? A) Inventory B) Rent Expense C) Accounts Payable D) Accounts Receivable Answer: B Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 7) An example of a non-posting account is ________. A) Employee Expense Account B) Purchase Orders Account C) Inventory Account D) Accounts Payable Account Answer: B Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 2 Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
8) To add a new account to the Chart of Accounts: A) From the Chart of Accounts window, select Account > New B) From the Company menu, select New Account C) From the Home Page, select Account > New D) From the Lists Menu, select New > Account Answer: A Difficulty: 2 Medium Learning Objective: 02-05 Add New Accounts Accessibility: Keyboard Navigation Gradable: automatic 9) What is the purpose of a non-posting account? A) To calculate income. B) To track information necessary for the accounting system. C) To calculate expenses. D) To identify owner's equity. Answer: B Difficulty: 2 Medium Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 10) Which of the following is considered a permanent account? A) Income Statement accounts B) Balance Sheet accounts C) All these D) None of the choices are correct Answer: B Difficulty: 2 Medium Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic
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11) A company's computer is classified as what account type: A) Expense B) Owner's Equity C) Fixed Asset D) Retained Earnings Answer: C Difficulty: 1 Easy Learning Objective: 02-11 Accounting Essentials: Chart of Accounts Accessibility: Keyboard Navigation Gradable: automatic 12) Which of the following is not an income account? A) Sales B) Insurance Expense C) Interest Revenue D) Gain on sale Answer: B Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 13) To re-sort the Chart of Accounts, first display the Chart of Accounts window, then: A) Click on the Company heading bar B) Click File > Sort C) Click Account > Re-sort List D) Right click > Sort by Name Answer: C Difficulty: 2 Medium Learning Objective: 02-04 Display Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 14) Balance Sheet accounts are also called: A) Permanent accounts B) Temporary accounts C) Equity accounts D) None of the choices are correct Answer: A Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 4 Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
15) Income Statement accounts are also called: A) Equity accounts B) Permanent accounts C) Temporary accounts D) None of the choices are correct Answer: C Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 16) Non-posting accounts: A) Track information required for the accounting system B) Do not appear on the Balance Sheet C) Do not appear on the Income Statement D) All of the choices are correct Answer: D Difficulty: 2 Medium Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 17) The different types of business ownership are: A) Sole proprietorship B) Partnership C) Corporation D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 02-11 Accounting Essentials: Chart of Accounts Accessibility: Keyboard Navigation Gradable: automatic
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18) Which of the following is an asset? A) Mortgage payable B) Accounts Payable C) Accounts Receivable D) Unearned Revenue Answer: C Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 19) Which of the following is a liability? A) Inventory B) An amount a company owes C) A resource a company owns D) Dividends Answer: C Difficulty: 1 Easy Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 20) Which of the following increases owner's equity? A) Dividends B) Business losses C) Business expenses D) Business profits Answer: D Difficulty: 2 Medium Learning Objective: 02-03 Customizing Chart of Accounts (COA) Accessibility: Keyboard Navigation Gradable: automatic 21) Briefly explain the difference between a permanent and a temporary account. Answer: Temporary accounts (revenues, expenses, and withdrawals or dividends) hold information for a particular accounting period. They are closed to zero at the end of the period. Permanent accounts retain their balances throughout the operation of the company. Difficulty: 2 Medium Learning Objective: 02-11 Accounting Essentials: Chart of Accounts Accessibility: Keyboard Navigation Gradable: manual
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22) Briefly explain the purpose and benefits of using a password for QuickBooks access. Answer: Passwords are important to help restrict access to accounting information stored in QuickBooks. Passwords can help keep people out of the system completely or only out of certain areas. Companies can protect themselves from unnecessary risk with passwords by protecting sensitive information and using them as an internal control. Difficulty: 2 Medium Accessibility: Keyboard Navigation Gradable: manual
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Computer Accounting with QuickBooks 2018 (Kay) Chapter 3 QuickBooks Transactions 1) QuickBooks lists include all of the following except: A) Customer List B) Item List C) Owner List D) Vendor List Answer: C Difficulty: 1 Easy Learning Objective: 03-03 QuickBooks Lists Accessibility: Keyboard Navigation Gradable: automatic 2) In QuickBooks, information about transactions can be entered in onscreen forms, such as: A) Check B) Invoice C) Purchase Order D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 03-04 How Do We Enter Transactions in QuickBooks? Accessibility: Keyboard Navigation Gradable: automatic 3) Which of the following transactions is considered a Customers and Sales transaction? A) Invoice B) Purchase Order C) Pay Bills D) Check Answer: A Difficulty: 2 Medium Learning Objective: 03-07 Customer and Sales Transactions Accessibility: Keyboard Navigation
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4) Which of the following transactions is considered a Vendors and Expenses transaction? A) Invoice B) Receive Payment C) Pay Bills D) Make Deposit Answer: C Difficulty: 2 Medium Learning Objective: 03-08 Vendor and Expense Transactions Accessibility: Keyboard Navigation 5) QuickBooks lists include: A) Customer List B) Vendor List C) Item List D) All of the choices are correct Answer: D Difficulty: 1 Easy Learning Objective: 03-03 QuickBooks Lists Accessibility: Keyboard Navigation 6) All of the following are one of the four main categories of transactions in QuickBooks except? A) Customers B) Vendors C) Banking D) Owners Answer: D Difficulty: 1 Easy Learning Objective: 03-05 What Are The Different Types of Transactions? Accessibility: Keyboard Navigation 7) Which of the following is a Banking transaction? A) Make deposit B) Pay employees C) Enter bills D) Record payments received from customers Answer: A Difficulty: 2 Medium Learning Objective: 03-06 Banking and Credit Card Transactions Accessibility: Keyboard Navigation
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