Fundamentals of Accounting Final Exam Questions
Course Introduction
Fundamentals of Accounting introduces students to the essential principles and concepts underlying financial and managerial accounting. The course covers the accounting cycle, including journal entries, ledger posting, trial balances, and the preparation of basic financial statements such as the balance sheet, income statement, and cash flow statement. Emphasis is placed on understanding the role of accounting in business decision-making, interpreting financial information, and applying generally accepted accounting principles (GAAP). Students will develop analytical skills necessary to process accounting data and gain a foundational understanding of how businesses track, manage, and report their financial performance.
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
2
Chapter 1: Quick Tour of Quickbooks 2011
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28 Verified Questions
28 Flashcards
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Sample Questions
Q1) The QuickBooks file extension .QBA indicates the file is a:
A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file
Answer: D
Q2) Which screen provides a digital dashboard of a company's relevant financial data?
A)Company Information
B)Insights
C)Home Page
D)Company Center
Answer: B
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) 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
Q2) Which QuickBooks version is designed for small businesses that have industry specific needs?
A)QuickBooks Pro
B)QuickBooks Premier
C)QuickBooks Accountant
D)QuickBooks Enterprise Solutions
Answer: B
Q3) What is the purpose of a non-posting account?
A)To calculate income.
B)To track information necessary to the accounting information system.
C)To calculate expenses.
D)To identify owner's equity.
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) How can I create a filter on a Report?
A)Click Customize Report, then click Filters Tab
B)Click Customize Report, then click Company Tab
C)Click Customize Report, then click Edit
D)None of these
Answer: A
Q2) A business checking account may be used for which of the following purchases?
A)Furniture for the office
B)Furniture for the owner's home
C)Utility bills for the owner
D)Owner's car payment
Answer: A
Q3) When reconciling the bank statement using QuickBooks:
A)Service charges are added
B)Interest earned is subtracted
C)All deposits listed on the bank statement are selected as cleared in the Reconcile window
D)All of these
Answer: C
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Page 5
Chapter 4: Customers and Sales
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Online bill pay allows you to:
A)Sell goods over the internet
B)Email invoices to customers
C)Receive online payments from customers
D)QuickBooks does not support online bill pay
Q2) To increase collections of payments, you can use all the following QuickBooks features, except:
A)E-mail Invoices
B)Customers with New Invoices Report
C)Customers with Overdue Balances Report
D)Reminder Statements
Q3) Name 3 (three) reasons why a job for a customer might be "pending".
Q4) When recording a customer payment from a credit sale, select:
A)Create Invoice > Customer Payment > Customer & Job Name
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name
Q5) Briefly explain the difference between creating a sales receipt and creating an invoice.
Q6) Name 3 (three) reasons why a job for a customer might be "pending".
Page 6
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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) Which one of the following is a vendor transaction?
A)Make Deposits
B)Receive Customer Payments
C)Enter Bills
D)Sell Goods to Customers
Q2) Which one of the following is usually classified as an inventory item?
A)Goods purchased for resale to customers
B)Items purchased and the quantity on hand does not need to be tracked
C)Items purchased and used by the company such as office supplies
D)Items purchased for a specific customer job
Q3) Briefly describe how sales tax payments flow from customers to government entities.
Q4) How does QuickBooks categorize items?
A)Non-inventory items
B)Inventory items
C)Service items
D)All of these
Q5) What are Inventory items, Non-inventory items, and Services? Provide examples.
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Chapter 6: Employees and Payroll
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27 Flashcards
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Sample Questions
Q1) 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
Q2) 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
Q3) Briefly describe what the "Time by Job" project reports tell management.
Q4) The payment to a stockholder who is not an employee of the company is a:
A)Dividend
B)Paycheck
C)Vendor payment
D)None of these
Q5) Name 3 (three) types of payroll liabilities and indicate who funds each one.
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Chapter 7: Reports and Graphs
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29 Flashcards
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Sample Questions
Q1) The Income Statement lists:
A)Net Income and Owner's Equity
B)Income and Expenses
C)Assets and Liabilities
D)Assets and Expenses
Q2) What is the difference between the cash basis and the accrual basis?
Q3) To export reports to Excel:
A)With the Report window open, click the Excel button
B)With the Report window open, click the Export button
C)With the Report window open, click the Print button
D)All of these
Q4) What information does the Balance Sheet provide?
A)A summary of cash inflows and outflows over a specific time period
B)A company's financial position on a specific date
C)Sales and expenses for a specific time period
D)None of these
Q5) Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
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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) Which tax form would you select for a Subchapter S corporation?
A)Form 1120
B)Form 1120S
C)Form 1040
D)Form 1040S
Q2) QuickBooks creates a Chart of Accounts for your company based on:
A)Industry type
B)Fiscal or calendar year
C)Federal ID Tax number
D)Company address
Q3) An account's tax line determines where QuickBooks lists the account balance on the:
A)Income Statement
B)Statement of Cash Flows
C)Balance Sheet
D)Income Tax Summary Report
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) To email an invoice, click the Email icon on the top of the Create Invoices window. Then:
A)Click the Vendor List
B)Select Customer List and Select Email Choices
C)Select Email Invoice if you use Yahoo only
D)Select Email Invoice>Yes> Click Choose Your Email Method
Q2) To print the Balance Sheet, select:
A)Company Center > Company & Financials
B)Report Center > Company & Financials
C)Report Center > Accountant & Taxes
D)Company Center > Accountant & Taxes
Q3) To print multiple checks at one time, use:
A)Banking menu > Write Checks > Print Checks
B)Vendor menu > Print Forms > Print Checks
C)File menu > Print Forms > Checks
D)Banking menu > Print Forms > Checks
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: Merchandising Corporation: Sales, Purchases and Inventory
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) The purchasing cycle includes all of the following transactions except:
A)Create a purchase order to order inventory
B)Enter hours in the time sheet for stocking inventory
C)Receive inventory items and record in the inventory account
D)Enter bill in QuickBooks when bill is received
Q2) Inventory items received should be compared against:
A)Purchase order
B)Sales order
C)Supplies inventory
D)Sales receipt
Q3) 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
Q4) Name 2 (two) differences between accounting for a service company and a retail shop.
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Q5) Briefly explain how the supplies on hand account is adjusted at the end of the period.
Chapter 11: Merchandising Corporation: Payroll
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) 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
Q2) All of the following are payroll tax liabilities owed to outside agencies except:
A)Federal Income Taxes
B)Unemployment Taxes
C)Net Pay
D)State Income Taxes
Q3) The Payroll Summary report:
A)Summarizes the amounts paid to employees
B)Summarizes the amounts paid in payroll taxes
C)May be accessed using the Reports Center
D)All of these
Q4) Briefly describe how you manually process payroll forms.
Q5) List 3 (three) types for payroll liabilities and who is responsible for funding them.
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13
Chapter 12: Advanced Quickbooks Features for Accountants
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27 Flashcards
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Sample Questions
Q1) Which of the following identifies a QuickBooks portable company file?
A).QBB
B).QBM
C).QBW
D).QBX
Q2) Progress Invoicing is turned on by going to Edit > Preferences > ____________
A)Jobs and Estimates
B)Bills
C)Sales and Customers
D)Time and Expenses
Q3) When recording a credit card sale using QuickBooks, select:
A)Create Invoice > Customer Payment > Customer & Job Name
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment >Select Customer & Job Name>Select Payment Method and enter credit card information
Q4) Briefly explain the direct write off method for accounting for bad debts.
Q5) Briefly explain the allowance method for accounting for bad debts.
Page 14
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