ACNT 1313 Practice Quiz
1. Accounting for the financial activity of any company involves
• repetitive recording of day-to-day business activities
2. Recording common business activities does not include
• counting inventory
3. Summaries of the financial information of a company are called
• financial statements
4. The most common financial statements are the:
• income statement and the balance sheet
5. With a computerized accounting software package, as business activities are recorded:
• All necessary reports are instantly prepared
6. Behind the scenes, QuickBooks uses traditional accounting procedures:
• to record, summarize, and report financial information
7. A monetary business event or activity is called:
• a transaction
8. Which statement is false?
• Transactions are entered directly in the general ledger
9. Reports in QuickBooks:
• can be easily corrected and a revised report immediately printed
10. In a manual system, the document where transactions are initially recorded chronologically is
called:
• the general journal
11. The general ledger is:
• the document where transactions are summarized by account
12. Which statement is not true
,ACNT 1313 Practice Quiz
• In QuickBooks, transactions must be posted to the general ledger at the end of each
month.
13. To facilitate the recording of transactions in a manual accounting system, which journals are
typically used?
• purchases journal, sales journal, cash receipts journal, cash payments journal
14. In a manual system, routine transactions are recorded in the journal and then:
• posted to the general ledger
15. What are the four levels of operation within QuickBooks:
• New Company Setup, Lists/Centers, Activities, and Reports
16. The first level of operation within QuickBooks
• is creating and setting up a new company file with the background information for the
new company
17. The second step in the four levels of operation in QuickBooks is:
• recording background information in Lists and Centers..
18. Recording the company name, address, identification numbers, fiscal periods of time, types of
business, accounts, and balances occurs:
• in the first level of operation
19. Activities in QuickBooks are identified using:
• common business language such as enter bills, write checks, and create invoices
20. QuickBooks user enters a transaction based on the nature of the activity:
• such as enter bills, write checks, and create invoices
21. Lists include:
• Chart of Accounts, Item, Price Level, and Sales Tax Code.
22. Centers include:
,ACNT 1313 Practice Quiz
• Customer, Vendor, and Employee
23. Once Lists are set up, they
• are frequently used to eliminate repetitive keying of data.
24. In QuickBooks, the difference between Lists and Centers
• rests in how the information is accessed.
The fourth level of operation is using QuickBooks
• to display and print an assortment of Reports.
Reports in QuickBooks include
• management reports related to each activity, such as vendor, customer, inventory, and
payroll reports.
All the Reports can be
• customized according to the user’s needs..
Information that appears on the Reports
• is gathered during other operations within QuickBooks.
In the New Company Setup, Lists/Centers, and Activities levels of operation, the information is
• simultaneously recorded in the Reports level.
The third level of operation is
• recording daily business activity in QuickBooks.
Which statement is not correct?
• In QuickBooks, daily business activities are recorded in special journals.
The menu title is in when it is active and can be chosen.
• dark print
, ACNT 1313 Practice Quiz
The QuickBooks title bar includes the when a company file is open.
• company name
The main menu bar in QuickBooks includes
• Company, Customers, Vendors, Employees, Banking, and Reports.
In the No Company Open window, the choices include
• Create a new company, Open or restore an existing company, or Open a sample file.
Which of the following is not a correct statement?
• You do not have to use the Restore command to open a backup copy of a company file.
What name is indicated in the Backup and Restore windows?
• file name
In business, a backup copy of a company file is
• used to maintain a copy of company financial records.
Which statement about QuickBooks is false?
• The main menu bar, File menu, Top Icon bar, Left Icon bar, and Home page are displayed
by default when a company file is opened.
QuickBooks automatically assigns the extension to a backup copy and condenses the file.
• .QBB
A vendor is:
• someone from whom a company buys goods or services, either on account or for cash.
Which statement is true?
• The Vendor Center serves as the accounts payable subsidiary ledger for the company.
Once a vendor file is established, transactions can include
• receiving a bill from a vendor, paying that bill, and paying for a cash purchase.
A bill from a vendor is considered
• a liability.
The Vendor Center should contain
• company name, address, contact person, type of vendor, terms, and other important
information.
1. Accounting for the financial activity of any company involves
• repetitive recording of day-to-day business activities
2. Recording common business activities does not include
• counting inventory
3. Summaries of the financial information of a company are called
• financial statements
4. The most common financial statements are the:
• income statement and the balance sheet
5. With a computerized accounting software package, as business activities are recorded:
• All necessary reports are instantly prepared
6. Behind the scenes, QuickBooks uses traditional accounting procedures:
• to record, summarize, and report financial information
7. A monetary business event or activity is called:
• a transaction
8. Which statement is false?
• Transactions are entered directly in the general ledger
9. Reports in QuickBooks:
• can be easily corrected and a revised report immediately printed
10. In a manual system, the document where transactions are initially recorded chronologically is
called:
• the general journal
11. The general ledger is:
• the document where transactions are summarized by account
12. Which statement is not true
,ACNT 1313 Practice Quiz
• In QuickBooks, transactions must be posted to the general ledger at the end of each
month.
13. To facilitate the recording of transactions in a manual accounting system, which journals are
typically used?
• purchases journal, sales journal, cash receipts journal, cash payments journal
14. In a manual system, routine transactions are recorded in the journal and then:
• posted to the general ledger
15. What are the four levels of operation within QuickBooks:
• New Company Setup, Lists/Centers, Activities, and Reports
16. The first level of operation within QuickBooks
• is creating and setting up a new company file with the background information for the
new company
17. The second step in the four levels of operation in QuickBooks is:
• recording background information in Lists and Centers..
18. Recording the company name, address, identification numbers, fiscal periods of time, types of
business, accounts, and balances occurs:
• in the first level of operation
19. Activities in QuickBooks are identified using:
• common business language such as enter bills, write checks, and create invoices
20. QuickBooks user enters a transaction based on the nature of the activity:
• such as enter bills, write checks, and create invoices
21. Lists include:
• Chart of Accounts, Item, Price Level, and Sales Tax Code.
22. Centers include:
,ACNT 1313 Practice Quiz
• Customer, Vendor, and Employee
23. Once Lists are set up, they
• are frequently used to eliminate repetitive keying of data.
24. In QuickBooks, the difference between Lists and Centers
• rests in how the information is accessed.
The fourth level of operation is using QuickBooks
• to display and print an assortment of Reports.
Reports in QuickBooks include
• management reports related to each activity, such as vendor, customer, inventory, and
payroll reports.
All the Reports can be
• customized according to the user’s needs..
Information that appears on the Reports
• is gathered during other operations within QuickBooks.
In the New Company Setup, Lists/Centers, and Activities levels of operation, the information is
• simultaneously recorded in the Reports level.
The third level of operation is
• recording daily business activity in QuickBooks.
Which statement is not correct?
• In QuickBooks, daily business activities are recorded in special journals.
The menu title is in when it is active and can be chosen.
• dark print
, ACNT 1313 Practice Quiz
The QuickBooks title bar includes the when a company file is open.
• company name
The main menu bar in QuickBooks includes
• Company, Customers, Vendors, Employees, Banking, and Reports.
In the No Company Open window, the choices include
• Create a new company, Open or restore an existing company, or Open a sample file.
Which of the following is not a correct statement?
• You do not have to use the Restore command to open a backup copy of a company file.
What name is indicated in the Backup and Restore windows?
• file name
In business, a backup copy of a company file is
• used to maintain a copy of company financial records.
Which statement about QuickBooks is false?
• The main menu bar, File menu, Top Icon bar, Left Icon bar, and Home page are displayed
by default when a company file is opened.
QuickBooks automatically assigns the extension to a backup copy and condenses the file.
• .QBB
A vendor is:
• someone from whom a company buys goods or services, either on account or for cash.
Which statement is true?
• The Vendor Center serves as the accounts payable subsidiary ledger for the company.
Once a vendor file is established, transactions can include
• receiving a bill from a vendor, paying that bill, and paying for a cash purchase.
A bill from a vendor is considered
• a liability.
The Vendor Center should contain
• company name, address, contact person, type of vendor, terms, and other important
information.
