1. When a sale is recorded on an Invoice, Quickbook records a:

1. Debit (increase) to cash
2. Credit (increase) to owners contribution
3. Debit (Increase) to accounts receivable
4. Credit (increase) to accounts payable.

2. To enter a sales transaction with payment to be received later:

1. From the navigation Bar, Select vendors
2. From the navigation bar, select expenses
3. From the Create (+) icon, select invoice
4. From the Gear Icon, Select sales transactions

3. When a customer pays cash at the time of sale, what do you record?

1. A sales receipt
2. An invoice
3. A purchase order
4. A thank you note

4. When a customer purchases products or services but does not pay at the point of sale, what do you record?

1. A sales receipt
2. An invoice
3. A purchase order
4. A reminder

5. We can update the customers list at which of the following two points?

1. Before entering transactions
2. While entering transactions
3. After entering transactions

6. Which of the following two are Customers and Sales transactions?

1. Invoice
2. Receive payment
3. Pay bills
4. Check

7. Types of products and services on the products and services list include which of the following?

1. Service
2. Batch
3. Inventory
4. All of the above

8. Which of the following products and service types track quantities?

1. Service items
2. Inventory items
3. Non-inventory items
4. None of the above

9. When preparing a sales receipt if we select deposit to undeposited funds, then we must:

1. Create a bank deposit to move the customer payment from undeposited funds to the checking account.
2. No further action is required
3. Create a second sales receipt depositing the amount to the checking account
4. Create a subsequent invoice depositing the amount to the checking account.

10. When preparing a sales receipt, if we select deposit to a checking account then we:

1. Create a bank deposit to move the customer payment from the checking account to the undeposited Funds account.
2. No further action is required
3. Create a second sales receipt depositing the amount to the checking account.
4. Create a subsequent invoice depositing the amount to the checking account.

11. Indicate the order in which the following onscreen customers and sales transaction forms typically should be prepared:

1. Invoice+ bank deposit+ receive payment
2. Invoice+ Sales receipt+ Bank deposit
3. Invoice+ receive payment+ bank deposit
4. None of the above

12. Which of the following reports provides information about which customers owe money to a business?

1. Profit & loss
2. Balance sheet
3. Statement of cash flows
4. Accounts receivable aging

13. Accounts receivable are:

1. Amounts totaling the net worth of a company.
2. Amounts paid to owners
3. Amounts that customers owe your business
4. Amounts owed to others and are future obligations.

Answer rating: 100% (QA)

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