Introduction to Accounting Exam Practice Tests
Course Introduction
Introduction to Accounting provides students with a foundational understanding of the principles and practices that underpin financial and managerial accounting. The course covers essential topics such as double-entry bookkeeping, financial statement preparation, and analysis, along with an introduction to the accounting cycle and the regulatory framework governing accounting standards. Emphasizing the role of accounting in decision-making processes, students will explore how financial information is used by internal and external stakeholders to evaluate organizational performance and make informed business decisions. By blending theoretical concepts with practical exercises, this course equips students with the necessary skills to interpret and apply accounting information in real-world scenarios.
Recommended Textbook
Computer Accounting With Quickbooks Pro 2011 13th Edition by Donna Kay
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12 Chapters
338 Verified Questions
338 Flashcards
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Page 2
Chapter 1: Quick Tour of Quickbooks 2011
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Which financial statement below summarizes the financial position of a company?
A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Income Statement
Answer: C
Q2) Double-entry account records what is exchanged in a transaction (debits and credits).Which of the following is recording 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
Q3) Which screen provides a summary of important company information?
A)Company Information
B)Company Snapshot
C)Home Page
D)Company Center
Answer: B
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Chapter 2: Customizing Quickbooks and the Chart of Accounts
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) 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
Q2) Which of the following is considered a permanent account?
A)Income Statement accounts.
B)Balance Sheet accounts.
C)All the above.
D)None of the above.
Answer: B
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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Chapter 3: Banking
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Which one of the following activities is associated with the Banking section of the Home page?
A)Enter credit card charges
B)Select bills received to pay later
C)Record finance charges
D)Create invoices to bill customers
Answer: A
Q2) The Check Register:
A)Lists all accounts and their account numbers
B)Records payments and deposits to the Checking account
C)Is located directly on the Company section of the Home page
D)Keeps track of company deposits only
Answer: B
Q3) Examples of undeposited funds are:
A)Interest earned on the Checking account
B)Customer payments recorded as received but not yet deposited
C)Bank service charges
D)Owner's investment
Answer: B
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Page 5
Chapter 4: Customers and Sales
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27 Flashcards
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Sample Questions
Q1) 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
Short Answer Questions
Q2) When a customer is billed when the project/job reaches specified milestones, what type of billing does the company use?
A)Purchase Order billing
B)Estimates
C)Progress billing
D)Normal (end-of-job) billing
Q3) 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
Q4) Name 3 (three) reasons why a job for a customer might be "pending".
Q5) Briefly explain the difference between creating a sales receipt and creating an invoice.
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) What QuickBooks activity comes next in this string of business activities: Purchase Order > Receive Items > Enter Bills > ______
A)Receive Payments
B)Pay Bills
C)Deposit
D)Vendor List
Q2) What are Inventory Items, Non-inventory items, and Services? Provide examples.
Q3) All the times below are when you can receive a bill except:
A)When receiving a service
B)When submitting a purchase order
C)When receiving inventory
D)After receiving inventory
Q4) 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
Q5) Briefly describe how sales tax payments flow from customers to government entities.
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Chapter 6: Employees and Payroll
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27 Flashcards
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Sample Questions
Q1) An individual's status determines how to record payment to that individual.Which of the following status and payment method is incorrect?
A)Vendor; Bill
B)Employee; Payroll
C)Stockholder; Dividend
D)None of the above
Q2) When setting up a new employee where do you get their filing status and allowances information?
A)Form W-5
B)Form W-4
C)Form W-3
D)Form W-2
Q3) A company is required to withhold payroll taxes for:
A)Employees
B)Vendors
C)Subcontractors
D)All of the above
Q4) Name 3 (three) types of payroll liabilities and indicate who funds each one.
Q5) Briefly describe what the "Time by Job" project reports tell management.
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Chapter 7: Reports and Graphs
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27 Flashcards
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Sample Questions
Q1) Providing information to internal users decision making is the purpose of which of the following?
A)Management Reports
B)Tax forms
C)Financial statements
D)Vendor list
Q2) The Profit & Loss Statement lists:
A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses
Q3) 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
Q4) What is the difference between the cash basis and the accrual basis?
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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41 Verified Questions
41 Flashcards
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Sample Questions
Q1) To complete company setup you must complete all of the following except:
A)Add customers.
B)Add payroll forms
C)Add products and services as items
D)Add vendors
Q2) Which icon does not appear in the Venders section for service companies that do not sell inventory?
A)Receive Inventory
B)Pay Bills
C)Enter Bills
D)All the above
Q3) The Doing Business As name identifies a company for:
A)Bank accounts
B)Sales
C)Patents
D)None of the above
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.
Q6) A company's computer is classified as what account
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Chapter 9: Accounting for a Service Company
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27 Flashcards
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Sample Questions
Q1) 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
Q2) 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
Q3) The following are examples of possible memorized transactions except:
A)Rent payments
B)Utility bills
C)Special order for a customer
D)None of the above
Short Answer Questions
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) When creating a new QuickBooks data file for an existing company, QuickBooks automatically off sets inventory item balances with an entry to the:
A)Uncategorized Expenses account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
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 off sets 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.
Chapter 11: Merchandising Corporation: Payroll
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Briefly describe how you manually process payroll forms.
Q2) Payroll taxes a company must pay are recorded as:
A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue
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 the above
Short Answer Questions
Q4) 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
Q5) List 3 (three) types for payroll liabilities and who is responsible for funding them.
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Chapter 12: Advanced Quickbooks Features for Accountants
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27 Flashcards
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Sample Questions
Q1) 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 the above
Q2) To create a budget:
A)From the Company Center, select Company & Financials, Budgets
B)From the Company menu, select Planning & Budgets, Set Up Budgets
C)From the Edit menu, select Preferences, Set Up Budgets
D)From the Banking menu, select Planning & Budgets, Budgets
Q3) To print a budget:
A)From the Report Center, select Budgets
B)From the Company Center, select Company & Financials, Budgets
C)From the Report Center, select Company & Financials, Budgets
D)From the Report Center, select Accountant & Taxes, Budgets
Q4) To create estimates 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
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