Question 1

To view the customers added in Chapter 5, go to:

Accepted Answer

A)  The trial balance.
B)  Reports > Customer Contact List.
C)  Accounting > Chart of Accounts.
D)  Reports > Recommended Reports > Search for Journal.
E)  None of these.

Question 2

To start Chapter 5, what data should you check?

Accepted Answer

A)  Check the October 31 balance sheet.
B)  Display the Bank Reconciliation report.
C)  Verify the November 12 Trial Balance.
D)  Display the A/P summary.
E)  None of these.

Question 3

This term identifies what customers owe your business:

Accepted Answer

A)  Suppliers.
B)  Vendors.
C)  Accounts payable.
D)  Accounts receivable.
E)  None of these. D

Question 4

Refunds for merchandise that is returned by a customer are called:

Accepted Answer

A)  Credit memos.
B)  Purchases on account.
C)  Sales on accounts.
D)  Accounts payable transactions.
E)  All of these. A

Question 5

A credit memo affects the customer's balance.

Accepted Answer

A) True 
 B)False

Question 6

Registers are a useful way to look at transactions and amounts associated with a particular account.

Accepted Answer

A) True 
 B)False

Question 7

If all customer payments have been received, the A/R Aging Summary has a zero balance.

Accepted Answer

A) True 
 B)False

Question 8

Distribution lines on a journal entry are also shown on the Statement of Cash Flows.

Accepted Answer

A) True 
 B)False

Question 9

To edit a customer record, use:

Accepted Answer

A)  Reconcile.
B)  The bank register.
C)  Accounts receivable reports.
D)  Drill down.
E)  All of these.

Question 10

_________ are credit transactions from customers.

Accepted Answer

A)  Transfer transactions.
B)  Accounts receivable transactions.
C)  Accounts payable transactions.
D)  Chart of accounts transactions.
E)  None of these.

Question 11

To make sure your customer transactions and refunds have been recorded, display the Accounts Payable A/P register.

Accepted Answer

A) True 
 B)False

Question 12

The preference for the customer label is:

Accepted Answer

A)  Costs of goods sold.
B)  Customers.
C)  Vendors.
D)  Suppliers.
E)  All of these.

Question 13

Use this page to record customer transactions on account:

Accepted Answer

A)  Invoice.
B)  Bill.
C)  Journal Entry.
D)  Transfer
E)  None of these.

Question 14

A Bank Statement shows the checks and deposits that cleared the bank.

Accepted Answer

A) True 
 B)False  True

Question 15

On the Customers page, you can:

Accepted Answer

A)  View and update the customer list.
B)  To a customer record, add notes.
C)  Search and sort customers.
D)  Create transactions or track transactions.
E)  All of these.

Question 16

The A/R Register has the same balance as Account 201 Accounts Payable.

Accepted Answer

A) True 
 B)False

Question 17

On invoices and other sales transactions, you select products or services which are associated with income accounts.

Accepted Answer

A) True 
 B)False

Question 18

Once you issue an invoice to a customer, that customer owes your business money.

Accepted Answer

A) True 
 B)False

Question 19

The Inventory Valuation Summary has the same balance as Account 101 Checking.

Accepted Answer

A) True 
 B)False

Question 20

Another term for Account and Settings selections is:

Accepted Answer

A)  Trial Balance.
B)  Sales.
C)  Preferences.
D)  Subscriber.
E)  All of these.

Exam 5: Customers and Sales

To view the customers added in Chapter 5, go to:

Correct AnswerverifiedShow Answer

To start Chapter 5, what data should you check?

Correct AnswerverifiedShow Answer

This term identifies what customers owe your business:

Correct AnswerverifiedD

Refunds for merchandise that is returned by a customer are called:

Correct AnswerverifiedA

A credit memo affects the customer's balance.

Correct AnswerverifiedShow Answer

Registers are a useful way to look at transactions and amounts associated with a particular account.

Correct AnswerverifiedShow Answer

If all customer payments have been received, the A/R Aging Summary has a zero balance.

Correct AnswerverifiedShow Answer

Distribution lines on a journal entry are also shown on the Statement of Cash Flows.

Correct AnswerverifiedShow Answer

To edit a customer record, use:

Correct AnswerverifiedShow Answer

_________ are credit transactions from customers.

Correct AnswerverifiedShow Answer

To make sure your customer transactions and refunds have been recorded, display the Accounts Payable A/P register.

Correct AnswerverifiedShow Answer

The preference for the customer label is:

Correct AnswerverifiedShow Answer

Use this page to record customer transactions on account:

Correct AnswerverifiedShow Answer

A Bank Statement shows the checks and deposits that cleared the bank.

Correct AnswerverifiedTrue

On the Customers page, you can:

Correct AnswerverifiedShow Answer

The A/R Register has the same balance as Account 201 Accounts Payable.

Correct AnswerverifiedShow Answer

On invoices and other sales transactions, you select products or services which are associated with income accounts.

Correct AnswerverifiedShow Answer

Once you issue an invoice to a customer, that customer owes your business money.

Correct AnswerverifiedShow Answer

The Inventory Valuation Summary has the same balance as Account 101 Checking.

Correct AnswerverifiedShow Answer

Another term for Account and Settings selections is:

Correct AnswerverifiedShow Answer

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