ACCT 251 WEEK 5 QUIZ LATEST

ACCT 251 WEEK 5 QUIZ LATEST

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Question 1.

(TCO 1) The balance sheet lists:

assets, liabilities, and capital of a business.

revenues and expenses of a business.

the percentage of revenue at the end of the year.

the percentage of debt at the end of the year.

cash disbursements.

Question 2.

Question: (TCO 1) Business managers and owners depend on financial statements because:

Peachtree automatically calculates accurate financial statements.

financial statements are for internal use only.

they have primary responsibility for the business.

they can evaluate cash and make appropriate decisions.

they can use account balances to customize financial statements.

Question 3.

Question: (TCO 1) To go from the income statement to an original entry, use this function:

Drill down.

Options, specifiying the range.

Display.

Filter.

Columns.

Comments:

Question 4.

Question: (TCO 2) The sample company chart of accounts that you use as the model for Chapter 9’s business is:

accounting practice.

general contractor.

gift shop.

service company.

retail company.

Question 5.

Question: (TCO 2) The chart of accounts is:

the accounts shown on the income statement.

the accounts shown on the balance sheet.

a list of accounts in the general ledger.

a list of accounts in the general journal.

a list showing account beginning balances.

Question 6.

Question: (TCO 2) The account type for Account No. 3920 (Vernon Firestone) [or your name] capital is:

cash.

equity-gets closed.

equity-doesn’t close.

retained earning.

other current liabilities.

Question 7.

Question: (TCO 3) In Chapter 11, the ______________________________ is completed before recording and posting the end-of-quarter adjusting entries. adjusted trial balance cash disbursements journal unadjusted trial balance cash receipts journal post-closing trial balance :

Question 8.

Question: (TCO 3) The best time to record record-adjusting entries is:

the end of the quarter.

the end of each month.

at six month intervals.

at the end of the year only.

during the month.

Question 9.

Question: (TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature:

Maintain; defaults, general ledger.

Edit journal transactions.

Tasks; general journal transaction.

Maintain chart of accounts.

Company page; link to restore.

Question 10.

Question: (TCO 4) In Chapter 11, the first step of the computer accounting cycle is to:

set up a business and select a chart of accounts.

journalize entries.

change accounting periods.

print the general ledger trial balance.

post entries to the general ledger.

Question 11.

Question: (TCO 5) To display the account register, do this:

from the Banking page’s Recently used Banking Reports area, select View Account Register.

from the Banking page’s Write Checks icon, select View and Edit Checks.

from the Company page, select Backup. from the Company page, select Restore.

from the Banking page, view the balance sheet and income statement.

Question 12.

Question: (TCO 5) The account credited on the Receipts window is:

Account No. 1020, Checking Account.

the GL Account selected.

Account No. 1040, IRA Savings.

The Receipts window does not need to have an account credited.

Account No. 1010, Money Market.

Question 13.

Question: (TCO 5) To record checks, you need to:

select a cash account.

select an accounts payable account.

set discount defaults.

select Maintain; Chart of Accounts.

select Tasks; Receipts.

Question 14.

Question: (TCO 6) To display the Job Profitability Report, make the following menu bar selections:

Reports & Forms; Payroll Reports, Job Profitability Report, Preview.

Reports & Forms; Jobs, Job Profitability Report, Display.

Reports & Forms; Jobs, Job Lists, Preview.

Reports & Forms; Payroll, Jobs Profitability Report, Display.

Tasks; Inventory Adjustments.

Question 15.

Question: (TCO 6) The start date for the Franklin Botanical Gardens job is:

January 3, 2010.

February 3, 2010.

March 3, 2010.

March 4, 2010.

April 3, 2010. :

Question 16.

Question: (TCO 6) To record a Job ID, you need to make the following selections:

Tasks; Maintain; Employees, New Job.

Customers & Sales; Jobs, New Job.

Vendors & Purchases; Jobs, New Job.

Tasks; Job ID.

Tasks; Maintain, Vendors.