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QuickBooks Chapter 5 Questions and Answers 100% Pass

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QuickBooks Chapter 5 Questions and Answers 100% Pass Before adding customers, check quickbooks: A) vendors B) inventory C) accounts and settings D) products and services list ✔✔C) accounts and settings The customer page includes the: A)Adding a new customer. B)Customer list. C)Create invoice. D)Export to Excel. E)All. ✔✔E)All When cash sales are recorded, use: A)Invoice. B)Bill. C)Customer payment. D)Sales Receipt. E)None. ✔✔D)Sales Receipt What customers owe your business is known as: A)Accounts payable. B)Invoices. C)Accounts receivable. D)Account register. E)All. ✔✔C)Accounts receivable The following transaction affects the customer's balance: A)Credit memo. B)A/P transaction. C)Bill. D)Register. E)None. ✔✔A)Credit memo To see customer transactions and account balances, display the: A)A/P Register B)Trial Balance. C)A/R Register. D)Sales Receipts. E)None. ✔✔C)A/R Register Products and services are associated with this type of account: A)Expenses. B)Income. C)Settings. D)Liabilities. E)None. ✔✔B)Income In this type of report, each transaction's debit and credit is shown: A)A/R Aging Summary. B)Journal. C)A/R Register. D)Trial Balance. E)None ✔✔B)Journal The inventory valuation summary shows: A)Quantity. B)Asset value. C)Average cost. D)Account 115 Merchandise Inventory account balance. E)All. ✔✔E)All The Audit Log displays events occurred in: A)Daylight savings time. B)Mountain Standard Time. C)Eastern Standard Time. D)Your local time. E)None. ✔✔D)Your local time The focus of Chapter 5 is customers and sales: A)True B)False ✔✔A)True Starting data is displayed for 11/1/20XX: A)True B)False ✔✔B)False A sales receipt is used for customer sales on account: A)True B)False ✔✔B)False Credit transactions from customers are accounts payable transactions: A)True B)False ✔✔B)False Credit memos apply returns to the customer's balance: A)True B)False ✔✔B)False Registers can be used to look at transactions and account balances: A)True B)False ✔✔A)True The November bank statement shows checking account activity through 10/30/20XX: A)True B)False ✔✔B)False On invoices and other sales transactions, you choose products and services: A)True B)False ✔✔A)True The Journal is an example of a specialized screen: A)True B)False ✔✔B)False The account distribution for an invoice includes debits to Account 105 Account Receivable/customer and Account 501 Cost of Goods Sold; and credits to Account 401 Sales, and Account 115 Merchandise Inventory. A)True B)False ✔✔A)True

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