Computer Accounting with QuickBooks 2013 15e Donna Kay (Test Bank All Chapters, 100% Original Verified, A+ Grade) Answers At The End Of Each Chapter
Chapter 01_Quick Tour of QuickBooks 1.
Which screen provides a summary of important company information? A. Company Information B. Company Snapshot C. Home Page D. Company Center
2.
In QuickBooks, how do you can enter transaction information? A. Onscreen forms and scanned images of transaction forms B. Onscreen forms and QuickBooks reports C. Onscreen Journal and scanned images of transaction forms D. Onscreen Journal and Onscreen Forms
3.
All of the following are one of the four main categories of transactions in QuickBooks except? A. Chart of Accounts B. Customers C. Vendors D. Employees
4.
Which of the following tasks is completed from the Banking section of the Home page? A. Enter credit card charges B. Pay employees C. Record bills paid D. Record payments received from customers.
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
6.
The Chart of Accounts can be accessed from which section of the Home page? A. Customer B. Banking C. Vendor D. Company
7.
To change company information, such as the company name, you would use: A. Company section of the Home page B. Company Center C. Company Menu D. Company List
8.
Which of the following file types identifies a QuickBooks Portable file? A. .QBM B. .QBB C. .QBX D. .QBW
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. Record refunds and credits D. Record inventory received
10. The Home page in QuickBooks consists of all the following sections except: A. Employee B. Lists C. Customer D. Vendor 11. 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 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 13. Your QuickBooks data can be stored in all the following ways except: A. Online B. Backup C. Portable File D. All of these to store QuickBooks data 14. A business transaction is an exchange between: A. Vendor B. Employee C. Customer D. All of these 15. Double-entry account records what is 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 16. The onscreen form for ordering items from a vendor looks like the paper version of a: A. Purchase Order B. Invoice C. Check D. None of these 17. Which type of QuickBooks data file allows you to enter data and transactions? A. .QBM B. .QBB C. .QBX D. .QBW
18. The QuickBooks file extension .QBM 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 19. 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 20. 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 21. The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these. 22. 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 23. Which financial statement below summarizes a company's earnings? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement 24. 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. Income Statement 25. Management reports help identify: A. Overdue customer accounts B. Least profitable product C. Most profitable product D. All of these. 26. Which icon is used to add your own documents to QuickBooks? A. Docs icon B. Customer icon C. Vendor icon D. All of these. 27. The Apps Center: A. Is only available in certain states B. Used only in service companies C. Used only in retail companies D. Organizes apps that will work with your QuickBooks software and data.
28. List the 3 (three) different type of QuickBooks files. What is the purpose of each file type?
29. Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers:
Chapter 01_Quick Tour of QuickBooks Key 1.
Which screen provides a summary of important company information? A. Company Information B. Company Snapshot C. Home Page D. Company Center
2.
In QuickBooks, how do you can enter transaction information? A. Onscreen forms and scanned images of transaction forms
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B. Onscreen forms and QuickBooks reports C. Onscreen Journal and scanned images of transaction forms D. Onscreen Journal and Onscreen Forms Kay - Chapter 01 #2
3.
All of the following are one of the four main categories of transactions in QuickBooks except? A. Chart of Accounts B. Customers C. Vendors D. Employees
4.
Which of the following tasks is completed from the Banking section of the Home page? A. Enter credit card charges B. Pay employees C. Record bills paid D. Record payments received from customers.
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
6.
The Chart of Accounts can be accessed from which section of the Home page? A. Customer B. Banking C. Vendor D. Company
7.
To change company information, such as the company name, you would use: A. Company section of the Home page B. Company Center C. Company Menu D. Company List
8.
Which of the following file types identifies a QuickBooks Portable file? A. .QBM B. .QBB C. .QBX D. .QBW
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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. Record refunds and credits D. Record inventory received Kay - Chapter 01 #9
10.
The Home page in QuickBooks consists of all the following sections except: A. Employee B. Lists C. Customer D. Vendor Kay - Chapter 01 #10
11.
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
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
13.
Your QuickBooks data can be stored in all the following ways except: A. Online B. Backup C. Portable File D. All of these to store QuickBooks data
14.
A business transaction is an exchange between: A. Vendor B. Employee C. Customer D. All of these
15.
Double-entry account records what is 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
16.
The onscreen form for ordering items from a vendor looks like the paper version of a: A. Purchase Order B. Invoice C. Check D. None of these
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17.
Which type of QuickBooks data file allows you to enter data and transactions? A. .QBM B. .QBB C. .QBX D. .QBW
18.
The QuickBooks file extension .QBM 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
19.
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
20.
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
21.
The Banking section of the Home Page includes which flow chart? A. Payroll flowchart B. Bank Reconciliation flowchart C. Bill Pay flow chart D. None of these.
22.
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
23.
Which financial statement below summarizes a company's earnings? A. Statement of Cash Flows B. Profit & Loss Statement C. Balance Sheet D. Income Statement
24.
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. Income Statement
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25.
Management reports help identify: A. Overdue customer accounts B. Least profitable product C. Most profitable product D. All of these.
26.
Which icon is used to add your own documents to QuickBooks? A. Docs icon B. Customer icon C. Vendor icon D. All of these.
27.
The Apps Center: A. Is only available in certain states B. Used only in service companies C. Used only in retail companies D. Organizes apps that will work with your QuickBooks software and data.
28.
List the 3 (three) different type of QuickBooks files. What is the purpose of each file type?
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• QBW file - This is the regular company file that has a .QBW extension. It is a QuickBooks working file that is usually saved to the hard drive (C:) 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 memory stick, a CD drive or a network drive. Backup files are compressed files and used only if the working file (.QBW) file fails. • QBM file - This is a QuickBooks movable file, also called a portable file. These files are compressed and are used to email or move a company file to another computer. • QBX and .QBA - These are files used by accountants. Kay - Chapter 01 #28
29.
Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe what kind of activity flows through those centers: • Vendors - pay bills, enter bills, create purchase orders, receive inventory, etc. • Customers - create estimates, create invoices, record refunds and credits, record payments, etc. • Employees - time entry, payroll, pay liabilities, etc. • Banking - record deposits, check register, write checks, print checks, etc. • Company - items and services, chart of accounts, etc. Kay - Chapter 01 #29
Chapter 01_Quick Tour of QuickBooks Summary Category # of Questions Kay - Chapter 01 29
Chapter 02_Customizing QuickBooks and the Chart of Accounts Student: ___________________________________________________________________________
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. Employees > Employee Center C. Edit menu > Preferences > Employees D. Company menu > Company Information
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 these
3.
Which account below is not an Expense account? A. Utilities B. Rent C. Accounts Payable D. Advertising
4.
What are assets? A. Resources that a company owns with future benefit B. Net worth of a company C. Amounts paid to owners D. Amounts owed to others and are future obligations
5.
The Income Statement: A. lists the accounts and account numbers B. lists a company's assets C. summarizes what a company owns and what it owes D. reports the results of a company's operations, listing income and expenses for a period of time
6.
Which of the following is a temporary account? A. Sales B. Inventory C. Accounts Payable D. Accounts Receivable
7.
An example of a non-posting account is ________. A. Employee Expense B. Inventory C. Purchase Orders Account D. Accounts Payable
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 Chart of Accounts menu, select New Account D. From the Lists menu, select New Account
9.
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.
10. Which of the following is considered a permanent account? A. Income Statement accounts B. Balance Sheet accounts C. All of these. D. None of these. 11. 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. 12. Which of the following is not an income account? A. Revenue B. Interest Revenue C. Rent Expense D. Gain on sale 13. To sort the Chart of Accounts by account name: A. Click on the Name heading bar B. Click Account > Re-sort List C. Click File > Sort D. Right click Sort by Name 14. Which QuickBooks version is designed for small businesses without industry specific needs? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions 15. 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 16. Which QuickBooks version is designed for mid-sized businesses? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions 17. Balance Sheet accounts are also called: A. equity accounts B. temporary accounts C. permanent accounts D. None of these. 18. Income Statement accounts are also called: A. equity accounts B. temporary accounts C. permanent accounts D. None of these. 19. 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 these.
20. A Mortgage Payable account: A. Has real estate as collateral B. Is identical to a Loan Payable account C. Is a type of Owner's Equity account D. None of these. 21. 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 22. What is an asset? A. Mortgage payable B. An amount a company owes C. A resource a company owns D. None of these. 23. What is a liability? A. Inventory B. An amount a company owes C. A resource a company owns D. None of these. 24. Which of the following increases owner's equity? A. Dividends B. Business losses C. Business expenses D. Business profits 25. The different types of business ownership are: A. Sole proprietorship B. Partnership C. Corporation D. All of these. 26. 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. 27. What feature helps you to track tasks and due dates? A. Control B. Calendar C. Charting D. All of these. 28. What does the QuickBooks Company Snapshot provide?
29. Briefly explain the purpose and benefits of using a password for QuickBooks access?
Chapter 02_Customizing QuickBooks and the Chart of Accounts Key 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. Employees > Employee Center C. Edit menu > Preferences > Employees D. Company menu > Company Information
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 these
3.
Which account below is not an Expense account? A. Utilities B. Rent C. Accounts Payable D. Advertising
4.
What are assets? A. Resources that a company owns with future benefit B. Net worth of a company C. Amounts paid to owners D. Amounts owed to others and are future obligations
5.
The Income Statement: A. lists the accounts and account numbers B. lists a company's assets C. summarizes what a company owns and what it owes D. reports the results of a company's operations, listing income and expenses for a period of time
6.
Which of the following is a temporary account? A. Sales B. Inventory C. Accounts Payable D. Accounts Receivable
7.
An example of a non-posting account is ________. A. Employee Expense B. Inventory C. Purchase Orders Account D. Accounts Payable
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 Chart of Accounts menu, select New Account D. From the Lists menu, select New Account
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9.
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.
10.
Which of the following is considered a permanent account? A. Income Statement accounts B. Balance Sheet accounts C. All of these. D. None of these.
11.
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.
12.
Which of the following is not an income account? A. Revenue B. Interest Revenue C. Rent Expense D. Gain on sale
13.
To sort the Chart of Accounts by account name: A. Click on the Name heading bar B. Click Account > Re-sort List C. Click File > Sort D. Right click Sort by Name
14.
Which QuickBooks version is designed for small businesses without industry specific needs? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions
15.
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
16.
Which QuickBooks version is designed for mid-sized businesses? A. QuickBooks Pro B. QuickBooks Premier C. QuickBooks Accountant D. QuickBooks Enterprise Solutions
17.
Balance Sheet accounts are also called: A. equity accounts B. temporary accounts C. permanent accounts D. None of these.
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18.
Income Statement accounts are also called: A. equity accounts B. temporary accounts C. permanent accounts D. None of these.
19.
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 these.
20.
A Mortgage Payable account: A. Has real estate as collateral B. Is identical to a Loan Payable account C. Is a type of Owner's Equity account D. None of these.
21.
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
22.
What is an asset? A. Mortgage payable B. An amount a company owes C. A resource a company owns D. None of these.
23.
What is a liability? A. Inventory B. An amount a company owes C. A resource a company owns D. None of these.
24.
Which of the following increases owner's equity? A. Dividends B. Business losses C. Business expenses D. Business profits
25.
The different types of business ownership are: A. Sole proprietorship B. Partnership C. Corporation D. All of these.
26.
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.
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Chapter 05_Vendors, Purchases, and Inventory Summary Category # of Questions Kay - Chapter 05 27
Chapter 06_Employees and Payroll Student: ___________________________________________________________________________
1.
A company is required to withhold payroll taxes for: A. Employees B. Vendors C. Subcontractors D. All of these.
2.
All of the following automatically calculate payroll tax withholdings in QuickBooks except: A. Basic Payroll B. Assisted Payroll C. Enhanced Payroll D. All of these automatically calculate payroll tax withholdings
3.
To turn on QuickBooks time tracking feature, the following steps must be completed: A. Click QuickBooks Menu > Time Tracking B. Click Edit > Preferences > Time and Expenses > Time Tracking C. Click Employees > Payroll > Time Tracking D. Click Employees > Payroll and Employees > Time Tracking
4.
Each year employees are sent Form ______ to summarize tax withholdings for the year. A. 1099 B. W-2 C. W-3 D. W-4
5.
The order of steps to process payroll is: A. Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms B. Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report C. Pay Employees > Process Payroll Forms > Pay Payroll Liabilities D. Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities Report
6.
In QuickBooks, time data is listed on customer invoices using the: A. Timesheet icon B. Pay Sales Taxes icon C. Pay Employees button D. Time/Costs button
7.
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.
8.
Which of the following is not a payroll report: A. Form W-2 B. Form 1065 C. Form 940 D. Form 941
9.
The following are payroll liabilities except A. Federal income taxes B. Unemployment taxes C. Sales taxes D. FICA
10. Which of the following is typically used to track time for a single activity? A. Employee Tracker B. Stopwatch C. Timesheet D. QuickTime 11. What QuickBooks activity comes next in this string of payroll activities: Enter Time > Pay Employees > ______ > Process Payroll Forms. A. Reconcile Payroll B. Print Payroll Report C. Pay Payroll Liabilities D. None of these 12. 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 13. All of the following are QuickBooks Payroll Services, except: A. Basic B. Assisted C. Advanced D. Enhanced 14. 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 15. Which form summarizes payments made to subcontractors? A. Form 940 B. Form 1065 C. Form 1099 D. W-4 16. In Chapter 6, paychecks were printed using: A. Voucher checks B. Standard checks only C. Register checks D. None of these 17. Which of the following activities and QuickBooks window used to record it as incorrect? A. Enter time worked; Weekly Timesheet B. Pay payroll liabilities; Write Check C. Enter employee information; Employee List D. Pay payroll taxes; Pay Liabilities 18. 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 these
19. To include a charge for labor on an invoice, labor as a service item must be recorded in the: A. Item List B. Vendor List C. Inventory List D. Employee List 20. 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 21. Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier? A. Time Single Activity B. Weekly Timesheet C. Time clock D. Online Timesheets 22. Which of the following may be billed to a specific customer job? A. Mileage B. Hours C. Expenses D. All of these. 23. The Payroll Center has the following sections except: A. Pay Employees B. Write Checks C. Pay Scheduled Liabilities D. File Tax Forms 24. What is purpose of Federal Form 490? 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. 25. What is the purpose of Federal Form 491? 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. 26. Name 3 (three) types of payroll liabilities and indicate who funds each one.
27. Briefly describe what the "Time by Job" project reports tell management.
Chapter 06_Employees and Payroll Key 1.
A company is required to withhold payroll taxes for: A. Employees B. Vendors C. Subcontractors D. All of these.
2.
All of the following automatically calculate payroll tax withholdings in QuickBooks except: A. Basic Payroll B. Assisted Payroll C. Enhanced Payroll D. All of these automatically calculate payroll tax withholdings
3.
To turn on QuickBooks time tracking feature, the following steps must be completed: A. Click QuickBooks Menu > Time Tracking B. Click Edit > Preferences > Time and Expenses > Time Tracking C. Click Employees > Payroll > Time Tracking D. Click Employees > Payroll and Employees > Time Tracking
4.
Each year employees are sent Form ______ to summarize tax withholdings for the year. A. 1099 B. W-2 C. W-3 D. W-4
5.
The order of steps to process payroll is: A. Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms B. Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report C. Pay Employees > Process Payroll Forms > Pay Payroll Liabilities D. Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities Report
6.
In QuickBooks, time data is listed on customer invoices using the: A. Timesheet icon B. Pay Sales Taxes icon C. Pay Employees button D. Time/Costs button
7.
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.
8.
Which of the following is not a payroll report: A. Form W-2 B. Form 1065 C. Form 940 D. Form 941
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9.
The following are payroll liabilities except A. Federal income taxes B. Unemployment taxes C. Sales taxes D. FICA
10.
Which of the following is typically used to track time for a single activity? A. Employee Tracker B. Stopwatch C. Timesheet D. QuickTime
11.
What QuickBooks activity comes next in this string of payroll activities: Enter Time > Pay Employees > ______ > Process Payroll Forms. A. Reconcile Payroll B. Print Payroll Report C. Pay Payroll Liabilities D. None of these
12.
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
13.
All of the following are QuickBooks Payroll Services, except: A. Basic B. Assisted C. Advanced D. Enhanced
14.
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
15.
Which form summarizes payments made to subcontractors? A. Form 940 B. Form 1065 C. Form 1099 D. W-4
16.
In Chapter 6, paychecks were printed using: A. Voucher checks
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17.
Which of the following activities and QuickBooks window used to record it as incorrect? A. Enter time worked; Weekly Timesheet B. Pay payroll liabilities; Write Check C. Enter employee information; Employee List D. Pay payroll taxes; Pay Liabilities
18.
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 these
19.
To include a charge for labor on an invoice, labor as a service item must be recorded in the: A. Item List B. Vendor List C. Inventory List D. Employee List
20.
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
21.
Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier? A. Time Single Activity B. Weekly Timesheet C. Time clock D. Online Timesheets
22.
Which of the following may be billed to a specific customer job? A. Mileage B. Hours C. Expenses D. All of these.
23.
The Payroll Center has the following sections except: A. Pay Employees B. Write Checks C. Pay Scheduled Liabilities D. File Tax Forms
24.
What is purpose of Federal Form 490? 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.
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25.
What is the purpose of Federal Form 491? 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.
26.
Name 3 (three) types of payroll liabilities and indicate who funds each one.
Kay - Chapter 06 #25
Federal Income Tax - funded by the employee, State Income Tax - funded by employee, FICA funded by both the employee and employer, and Unemployment Taxes - funded by the employer. Kay - Chapter 06 #26
27.
Briefly describe what the "Time by Job" project reports tell management. These reports can help management by telling them how much time was worked on each job. Detail can also be given by category, by employee, or by service offered. Kay - Chapter 06 #27
Chapter 06_Employees and Payroll Summary Category # of Questions Kay - Chapter 06 27
Chapter 07_Reports and Graphs Student: ___________________________________________________________________________
1.
What is an asset? A. What is left after the liabilities are satisfied B. What a company owns C. What a company owes D. None of these.
2.
To record adjusting journal entries in QuickBooks, select: A. Company Center, Journal Entry icon B. Company 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
3.
The order of the steps in the accounting cycle includes: A. Adjusted trial balance, financial reports, adjusting entries, trial balance B. Adjusted trial balance, adjusting entries, financial reports, trial balance C. Trial balance, adjusting entries, adjusted trial balance, financial reports D. Trial balance, financial reports, adjusting entries, adjusted trial balance
4.
Examples of management reports for internal decision making include all of the following except: A. 1120S Report B. Cash Budget C. Cash Forecast D. Accounts Receivable Aging Summary
5.
Income tax reports in QuickBooks include all of the following except: A. Income Tax Preparation report B. Income Tax Detail report C. Income Tax Summary report D. Income Tax Mapping report
6.
Sales are recorded under cash basis accounting when: A. The goods or services are provided regardless of whether the cash is collected from the customers B. The bookkeeper has time to record the transactions C. The cash is collected from the customers D. The costs are incurred to earn the revenue
7.
The Income Statement lists: A. Net Income and Owner's Equity B. Income and Expenses C. Assets and Liabilities D. Assets and Expenses
8.
Which one of the following classifications is found on the Statement of Cash Flows? A. Cash Flows from Financing Activities B. Cash Flows from Purchasing Activities C. Cash Flows from Owner's Activities D. Cash Flows from Selling Activities
9.
What is owner's equity? A. What a company owes B. What is left after the liabilities are satisfied C. What a company owns D. None of these.
10. 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 11. The Profit & Loss Statement lists: A. Assets and Expenses B. Assets and Liabilities C. Net Income and Owner's Equity D. Income and Expenses 12. 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. 13. The Statement of Cash Flows lists: A. Operating, Investing, and Financing Activity B. Assets, Liabilities, and Owner's Equity C. Income, Expenses, Liabilities D. Gains, Losses, and Net Income 14. 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 15. 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, Liabilities 16. 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. 17. An account period may be: A. One quarter B. One month C. One year D. All of these. 18. Providing information to external users' decision making is the purpose of which of the following? A. Management Reports B. Tax forms C. Financial statements D. Inventory reports 19. 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
20. 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. 21. The General Ledger: A. Is always provided to external users for decision making B. Provides the quickest way to communicate financial information C. Is a collection of all of the company's accounts and account activity D. None of these. 22. Cash inflows and outflows related to the company's primary business are categorized as cash flows from: A. Investing activities B. Financing activities C. Sales activities D. Operating activities 23. 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 24. Cash inflows and outflows to and from investors and creditors are categorized as cash flows from: A. Investing activities B. Financing activities C. Sales activities D. Operating activities 25. The Income Tax Preparation report: A. Summarizes income and expenses that should be listed on a business income tax return B. Lists the assigned tax line for each account C. Provides detailed information about the income and expenses D. All of these. 26. Adjusting entries should be made ______________ preparing financial statements. A. Before B. During C. After D. Never 27. Unearned revenue occurs when: A. Customers pay after receiving a service B. Customers pay in advance of receiving a service C. Customers default and do not pay you what is owed D. All of these. 28. Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
29. What is the difference between the cash basis and the accrual basis?