Unit 4 Midterm Exam- AC335-8: Computerized Accounting

Question 1

On the Balance Sheet, the previous year's Net Income amount is also the company's profit.

True/False

Question 2

To close the books, change the trial balance date to December 31 of the current year.

True/False

Question 3

Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.

True/False

Question 4

Use the Settings menu to record journal entries.

True/False

Question 5

Accounts that are closed as the end of the year are called:

All of these.

Permanent accounts.

Temporary accounts.

Trial balance accounts.

Balance sheet accounts.

Question 6

A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.

True/False

Question 7

Before completing work in Chapter 7, display the:

Save the November 30 trial balance as a PDF file.

October 1 through December 31 trial balance.

Export the October 1 trial balance to Excel.

None of these.

All of these.

Question 8

To see the appropriate report balances, type the date range.

True/False

Question 9

When does QBO Student Name record adjusting entries?

Weekly.

Every month.

All of these.

End of the quarter.

None of these.

Question 10

When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income; and the Profit and Loss accounts will have zero balances.

True/False

Question 11

To see the Sales Tax Liability Report's Total, type the date range.

True/False

Question 12

After analyzing each source document, record the appropriate __________:

None of these.

Trial balance.

Transaction.

Customized report.

Transfer.

Question 13

Before completing the work within Chapter 6, check your data with the following report:

None of these.

November 30 P&L.

December 31 Trial Balance.

December 1 Trial Balance.

November 1 Balance Sheet.

Question 14

When one Network product is sold, the rate is:

None of these.

$300.00

$30.00.

$50.00.

$150.00.

Question 15

Identify the vendor who purchases Web servers.

CloudZ Channel.

Any Time Deployment.

Computers 2 You.

eBiz.

None of these.

Question 16

The Customer Balance Summary shows the same balance as Account 105 Accounts Receivable (A/R).

True/False

Question 17

When displaying the journal, it doesn't matter if the current year is shown for each transaction.

True/False

Question 18

At the end of Chapter 6, the Transaction Detail by Account report is displayed from December 2 to December 31.

True/False

Question 19

Who sends verification of credit card receipts?

Bank.

None of these.

Clients.

Customers.

Vendors.

Question 20

The Transaction Register in Chapter 6 lists deposits.

True/False

Question 21

Explain what an Accounting Information System is.What are some of the advantages and disadvantages it has in comparison to a manual\paper system?Provide examples.

Question 22

List and describe the 5 components of Internal Controls.For each component, provide an example of how it is used with computerized/cloud-based Accounting Information Systems and the challenges it may have.

Question 23

Explain the importance of learning about Accounting Information Systems and the job market opportunities for accountants with in-depth knowledge of Accounting Information Systems.