Which deposit to account should be selected in the receive payments form if the cheques will be held for deposit?
Question 1 options:
Undeposited funds
Deposited funds
Bank Deposit
Bank Account
Question 2 (1 point)
What form should you use to enter vendor prepayments?
Question 2 options:
Bank Reconciliation
Pay BIlls
Write Cheques
Invoice
Question 3 (1 point)
What discount would be applied for an early payment of an invoice with a sales term of 1/10,N/30?
Question 3 options:
1%
30%
10%
0%
Question 4 (1 point)
How is an estimate made inactive?
Question 4 options:
Open the estimate and deselect the estimate active checkbox
Open the estimate and select create invoice
There is no way to make an estimate active
It is automatically active
Question 5 (1 point)
What are the steps for turning a sales estimate in a QuickBooks company file?
Question 5 options:
Open edit menu, choose preferences from the Jobs and Estimates in Company Preferences tab, click yes under do you create estimates
Go to estimate and click create
Click yes under create estimate
Sales Invoice include this option
Question 6 (1 point)
Which form should be used to enter a transaction involving a purchase discount?
Question 6 options:
Pay Bills
Estimate
Write Cheques
Invoice
Question 7 (1 point)
When a customer payment amount is entered, how is the amount applied to outstanding invoices by default?
Question 7 options:
Applied to the last bill entered
Applied to the oldest invoice first
Applied to a random bill
Applied to the overall total
Question 8 (1 point)
What type of an account is the sales discounts account?
Question 8 options:
Contra-Asset Account
Contra-Revenue Account
Sales Discount
Contra-Expense Account
Question 9 (1 point)
Which form should be used to record customer prepayments(deposits)?
Question 9 options:
Receive Payments
Estimates
Pay Bills
Invoices
Question 10 (1 point)
Which of the following represents the transaction created when an NSF cheque is recorded?
Question 10 options:
Decrease Accounts Receivable, Decrease Bank Chequing
Increase Accounts Receivable, Decrease Bank Chequing
Increase Accounts Receivable, Increase Bank Chequing
Decrease Accounts Receivable, Increase Bank Chequing
Question 11 (1 point)
What happens to the customer’s accounts in the Accounts Receivable Ledger when a customer prepayment is entered for a sales estimate?
Question 11 options:
The account will be credited
Invoice disappears
Nothing happens
The account will be debited
Question 12 (1 point)
How many days after the invoice date is the full amount of an invoice due if the terms are 1/10, N/30?
Question 12 options:
10 days
15 days
30 days
1 day
Question 13 (1 point)
Which form should be used to record customer payments on a previously entered invoice?
Question 13 options:
Receive Payments
Receive Bills
Accounts Receivable
Pay Bills
Question 14 (1 point)
Which of the following could be changed on the deposit for a recorded bank deposit?
Question 14 options:
Amount of deposit
Deposit date
Account for deposit
Nothing can be changed
Question 15 (1 point)
How is the default aging interval for customer accounts displayed?
Question 15 options:
Periods up to 60 days
Periods up to 10 days
Periods up to 30 days
Periods up to 90 days