Business Information Systems
Exam Practice Tests
Course Introduction
Business Information Systems explores the integration of information technology and systems within modern business environments. This course examines how organizations use data, software, and digital tools to support decision-making, streamline operations, and gain competitive advantages. Students will learn about various types of information systems including transaction processing, management information, and enterprise systems, as well as the strategic role of IT in business planning and innovation. Key topics include system development life cycles, database management, cybersecurity, ethical considerations, and the impact of emerging technologies on business processes.
Recommended Textbook
Computer Accounting with QuickBooks 2014 16th Edition by Donna Kay
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12 Chapters
332 Verified Questions
332 Flashcards
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Page 2
Chapter 1: Introduction to PFP
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Sample Questions
Q1) A business transaction is an exchange between:
A)Vendor
B)Employee
C)Customer
D)All of these
Answer: D
Q2) The objective of an accounting information system,like QuickBooks,is to:
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 these
Answer: C
Q3) 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
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Page 3
Chapter 2: Time Value of Money
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Sample Questions
Q1) The Favorites menu allows you to:
A)Add websites that are useful to your business
B)Customize up to 30 of your favorite QuickBooks menu items
C)Add one favorite QuickBooks menu item
D)None of these
Answer: B
Q2) How may you customize QuickBooks to fit your specific needs?
A)Make changes to the Chart of Accounts.
B)Purchase one of the various QuickBooks editions.
C)Enable security access to QuickBooks files.
D)All of these
Answer: D
Q3) How do you access the Statement of Cash Flows report?
A)Report Center icon > Banking
B)Report Center icon > Company & Financial
C)Report Center icon > Accountant & Taxes
D)Company menu > Company Information
Answer: B
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4
Chapter 3: Beginning the Planning Process
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Sample Questions
Q1) Briefly describe the QuickBooks "drill-down" feature and how helps companies.
Answer: The drill down feature in QuickBooks is the ability to click on an item and be taken to the supporting detail.This can help a company understand what transactions make up a number or entry in their accounting records.
Q2) The two-step approach for writing checks must be used to pay which of the following?
A)Rent Payments
B)Legal Services
C)Sales Taxes
D)None of these Answer: C
Q3) When reconciling the bank statement using QuickBooks:
A)Service charges are subtracted
B)Interest earned is added
C)All deposits listed on the bank statement are selected as cleared in the Reconcile window
D)All of these
Answer: D
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Chapter 4: Household Finance
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Sample Questions
Q1) To print the Aging of Accounts Receivable report:
A)Select Customer Center,Customer & Receivables
B)Select Company Center,Customer & Receivables
C)Select Report Center,Company & Financials
D)Select Report Center,Customer & Receivables
Q2) Which report provides information to help in tracking accounts receivable?
A)Customers with Open Invoices
B)Accounts Receivable Aging Summary
C)Collections Reports
D)All of these
Q3) The Customer List in QuickBooks can be accessed from all of the following except:
A)Banking section of the Home page
B)Customer section of the Home page
C)Customer Menu
D)Customer Center
Q4) Briefly explain the difference between creating a sales receipt and creating an invoice.
Q5) Name 3 (three)reasons why a job for a customer might be "pending".
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Chapter 5: Financial Statements Analysis
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Sample Questions
Q1) 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
Q2) 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
Q3) 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
Q4) Briefly describe how sales tax payments flow from customers to government entities.
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Chapter 6: Cash Flow Planning
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Sample Questions
Q1) Which one of the following is paid by both the employee and company?
A)Federal income taxes
B)State income taxes
C)FICA
D)All of these
Q2) The Payroll Center:
A)Contains the employee list
B)Manages payroll and tax information
C)Is where employees enter time worked
D)Is located in the Banking Center
Q3) What is purpose of Federal Form 940?
A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the year
D)Summarize of all your W-2 forms
Q4) Briefly describe what the "Time by Job" project reports tell management.
Q5) Name 3 (three)types of payroll liabilities and indicate who funds each one.
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Chapter 7: Debt
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Sample Questions
Q1) To print the General Ledger:
A)Select Chart of Accounts icon > Print Report
B)From the Company section of the Home page > select Trial Balance icon
C)Select Report Center > Accountant & Taxes,General Ledger
D)Select Company Center > Print General Ledger
Q2) The Trial Balance:
A)Lists all the company's accounts and ending balances
B)Is printed before and after making adjustments
C)Verifies the accounting system balances
D)All of these
Q3) The Balance Sheet lists:
A)Assets,Liabilities,and Owner's Equity
B)Gains,Losses,and Net Income
C)Operating,Investing,and Financing Activity
D)Income,Expenses,and Liabilities
Q4) An account period may be:
A)One quarter
B)One month
C)One year
D)All of these
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Chapter 8: Non Financial Investments
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Sample Questions
Q1) Which of the following type of information is not entered during the Easy Step Interview?
A)Company organization (for example,LLC,LLP,S Corporation)
B)Industry type
C)Products and services the company sells
D)QuickBooks company file password
Q2) Which tax form would you select for a Partnership?
A)Form 1120
B)Form 1120S
C)Form 1065
D)Form 1040S
Q3) To create a new company data file in QuickBooks,use the:
A)Company menu > New Company
B)Company section of the Home page > New Company
C)File menu > Open or Copy Company
D)File menu > New Company
Q4) List 3 (three)questions asked by the QuickBooks EasyStep Interview.
Q5) Name 4 (four)accounts that would commonly be used for a service company and identify the account type for each.
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Chapter 9: Financial Investments
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Sample Questions
Q1) To print the Profit & Loss report,select:
A)Report Center > Company & Financials
B)Report Center > Accountant & Taxes
C)Company Center > Company & Financials
D)Company Center > Accountant & Taxes
Q2) When you record the receipt of a customer payment QuickBooks reduces _______ and increases ________.
A)Bank Account,Accounts Receivable
B)Accounts Payable,Undeposited Funds
C)Accounts Receivable,Undeposited Funds
D)Accounts Receivable,Bank Account
Q3) To print the entire Journal,select:
A)Report Center > Accountant & Taxes > Journal
B)Company Center > Company & Financials > Journal
C)Report Center > Company & Financials > Journal
D)Company Center > Accountant & Taxes > Journal
Q4) Briefly explain the difference between a permanent and a temporary account.
Q5) Briefly explain how to record an owner's investment in their company.
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Chapter 10: Risk Management
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Sample Questions
Q1) After creating a new QuickBooks data file for an existing company and entering all the existing balances,use an opening adjustment to move the balance in the _________ account to the Capital Stock account.
A)Uncategorized Expenses
B)Uncategorized Income
C)Opening Balance Equity
D)None of these
Q2) When creating a new QuickBooks data file for an existing company,opening balances are added when you:
A)Customize the Chart of Accounts
B)Add vendors to the vendor list
C)Add customers to the customer list
D)Add inventory the item list
Q3) A grocery store is an example of a _________ company.
A)Service
B)Retail
C)Manufacturing
D)Product-based business
Q4) Name 2 (two)differences between accounting for a service company and a retail shop.
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Chapter 11: Other Insurance
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Sample Questions
Q1) Payroll taxes a company must pay are recorded as:
A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue
Q2) Briefly describe how you manually process payroll forms.
Q3) Taxes are withheld from paychecks for:
A)Employees
B)Independent Contractors
C)Owner's withdrawals
D)All of these
Q4) A short term loan to be repaid within one year is classified as a(n):
A)Other Current Asset
B)Other Current Liability
C)Expense
D)Owner's Due
Q5) List 3 (three)types for payroll liabilities and who is responsible for funding them.
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Page 13
Chapter 12: Retirement Planning
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Sample Questions
Q1) To print an audit trail report:
A)Select Report menu > Company & Financials > Audit Trail
B)Select the Audit Trail icon in the Company Center
C)Select Report Center > Accountant & Taxes > Audit Trail
D)Select the Audit Trail report from the Company section of the Home page
Q2) QuickBooks Mobile App:
A)Allows you to see who owes you money,permitting you to view and add invoices.
B)Allows you to create and email sales receipts to customers.
C)Allows you to add new customer information on the go and then synced to your QuickBooks software.
D)All of these
Q3) When doing business in multiple currencies,QuickBooks allows you to:
A)Apply currency conversions automatically
B)Download the current currency exchange rates
C)Specify your home currency
D)All of these
Q4) Briefly explain the allowance method for accounting for bad debts.
Q5) Briefly explain the direct write off method for accounting for bad debts.
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