Financial Accounting
Final Exam
Course Introduction
Financial Accounting introduces students to the fundamental principles and concepts of accounting that are essential for preparing and interpreting external financial statements. The course covers the recording, summarizing, and reporting of financial transactions, emphasizing the accounting cycle, accrual accounting, and the preparation of balance sheets, income statements, and cash flow statements. Students will gain an understanding of how financial information is used by stakeholders such as investors, creditors, and regulators to make economic decisions, and will develop practical skills in analyzing and interpreting financial data in accordance with generally accepted accounting principles (GAAP).
Recommended Textbook
Computer Accounting with QuickBooks 2015 17th Edition by Donna Kay
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12 Chapters
340 Verified Questions
340 Flashcards
Source URL: https://quizplus.com/study-set/3438
Page 2
Chapter 1: Quick Tour of Quickbooks 2011
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28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/68288
Sample Questions
Q1) Double-entry account records are exchanged in a transaction (debits and credits). Which of the following is recorded when a company purchases (receives) a computer and pays (gives) cash?
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 credit
Answer: D
Q2) Which QuickBooks window allows you to add your name to the checking account?
A)Chart of Accounts
B)Company Information
C)Company Center
D)Check Register
Answer: A
Q3) 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
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Chapter 2: Customizing Quickbooks and the Chart of Accounts
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29 Verified Questions
29 Flashcards
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Sample Questions
Q1) The different types of business ownership are:
A)Sole proprietorship
B)Partnership
C)Corporation
D)All of these
Answer: D
Q2) What does the QuickBooks Company Snapshot provide?
Answer: The QuickBooks Company Snapshot provides a digital dashboard for your company. The Company Snapshot gives you an overview of key information for your company and allows you perform key tasks.
Q3) To Re-sort the Chart of Accounts, first display the Chart of Accounts window, then:
A)Click on the Company heading bar
B)Click Account > Re-sort List
C)Click File > Sort
D)Right click Sort by Name
Answer: B
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Chapter 3: Banking
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29 Verified Questions
29 Flashcards
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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) When the balance of an asset account, like Checking, increases, it means that the account has been:
A)Debited
B)Credited
C)Deposited
D)None of these Answer: A
Q3) When the balance of an equity account, like Capital Stock, increases, it means that the account has been:
A)Debited
B)Credited
C)Deposited
D)None of these Answer: B
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5
Chapter 4: Customers and Sales
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Briefly explain the difference between creating a sales receipt and creating an invoice.
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) Sales in QuickBooks can be recorded with all the following means of payment, except:
A)Cash
B)Check
C)Credit Card
D)Purchase Order
Q4) Which report provides information on customers who have overdue accounts?
A)Accounts Receivable Aging Summary
B)Accounts Receivable Aging Detail
C)Customers with Open Invoices
D)Collections Report
Q5) Name 3 (three) reasons why a job for a customer might be "pending".
Q6) Name 3 (three) reasons why a job for a customer might be "pending".
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Chapter 5: Vendors, Purchases, and Inventory
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) 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.
Q2) 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
Q3) 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
Q4) 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
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Chapter 6: Employees and Payroll
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Name 3 (three) types of payroll liabilities and indicate who funds each one.
Q2) When tracking time for subcontractors, which QuickBooks window is used to enter subcontractor information?
A)Vendor List
B)Item List
C)Payroll Setup
D)Employee List
Q3) What is the purpose of Federal Form 941?
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.
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Chapter 7: Reports and Graphs
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29 Verified Questions
29 Flashcards
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Sample Questions
Q1) Which of the following determines if the account appears classified properly on the balance sheet?
A)Tax-Mapping Line
B)Account Number
C)Item Number
D)None of these
Q2) Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:
A)Investing activities
B)Financing activities
C)Sales activities
D)Operating activities
Q3) To record adjusting journal entries in QuickBooks, select:
A)Company Center, Journal Entry icon
B)Accountant menu, Make General Journal Entries
C)Banking section of the Home page, Journal Entry icon
D)Company section of the Home page, Journal Entry icon
Q4) Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
Q5) What is the difference between the cash basis and the accrual basis?
Page 9
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Chapter 8: New Company Setup
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) What options do you have when adding the "People You Do Business With" section of the QuickBooks Setup Window?
A)Importing from Outlook
B)Importing from Yahoo or Gmail
C)Pasting from Excel or entering manually
D)All of these
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."Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"
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Chapter 9: Accounting for a Service Company
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) QuickBooks automatically closes ________________ accounts to start each new accounting year with a $0 balance in all _______________ accounts.
A)temporary; permanent
B)temporary; temporary
C)permanent; permanent
D)permanent; temporary
Q2) To create a memorized transaction for a utility bill, first enter the transaction in QuickBooks, then click:
A)Transactions menu > Memorize
B)Enter Bills icon in the Vendors section of the Home Page> Memorize
C)Vendors menu of Home Page > Memorize
D)Lists menu >Vendors> Reminders
Q3) Before making adjusting entries you must:
A)Close permanent accounts
B)Prepare the trial balance
C)Close temporary accounts
D)Print the balance sheet
Q4) Briefly explain how to record an owner's investment in their company.
Q5) Briefly explain the difference between a permanent and a temporary account.
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Chapter 10: Merchandising Corporation: Sales, Purchases and Inventory
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) The cost of the inventory items sold is tracked in what account?
A)Items Sold
B)Cost of Goods Sold
C)Cost of Materials
D)Inventory Sold
Q2) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts payable balances with an entry to the:
A)Uncategorized Expenses account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
Q3) When using QuickBooks, sales tax is:
A)Calculated manually for each item sold
B)Calculated for all items that are listed on an invoice
C)Calculated automatically by QuickBooks for items flagged as taxable
D)All of these
Q4) Briefly explain how the supplies on hand account is adjusted at the end of the period.
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Q5) Name 2 (two) differences between accounting for a service company and a retail shop.
Chapter 11: Merchandising Corporation: Payroll
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) The employer must match which of the following taxes paid by an employee?
A)Medicare
B)Federal Unemployment
C)State Income Tax Withholding
D)The employer must match all of these
Q2) When creating a new account to record a new loan, enter the loan amount as:
A)an opening balance
B)investment
C)income
D)a separate transaction
Q3) Taxes are withheld from paychecks for:
A)Employees
B)Independent Contractors
C)Owner's withdrawals
D)All of these
Q4) List 3 (three) types for payroll liabilities and who is responsible for funding them.
Q5) Briefly describe how you manually process payroll forms.
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Chapter 12: Advanced Quickbooks Features for Accountants
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27 Flashcards
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Sample Questions
Q1) The Docs Center:
A)Helps you to organize your accounting and business documents within QuickBooks software.
B)Is accessed by clicking on the Docs icon in My Shortcuts.
C)Offers you the ability to attach an electronic version of a document to a QuickBooks transaction.
D)All of these
Q2) If the Estimates icon does not appear on your screen in QuickBooks, select:
A)Edit menu > Preferences > Jobs and Estimates > Company Preferences
B)Customer menu > Jobs > Estimates
C)Company menu > Estimates > Preferences
D)Company menu > Preferences > Estimates
Q3) Which of the following identifies a QuickBooks working company file?
A).QBB
B).QBM
C).QBW
D).QBX
Q4) Briefly explain the direct write off method for accounting for bad debts.
Q5) Briefly explain the allowance method for accounting for bad debts.
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