END-OF-CHAPTER QUESTIONS

Chapter 1

TRUE/FALSE
1 F - use a backup file
2 T
3 T
4 F
5 F - use the backup and restore utilities

MULTIPLE CHOICE
1 b
2 d
3 b
4 a
5 c

Chapter 2

TRUE/FALSE
1 F - these accounts begin with 2
2 F - QBP uses the account type of "Accounts Payable"
3 F - QBP only warns or asks for a password - once this is satisfied, the transaction posts
4 T
5 T
6 T
7 F - on the bottom of the list
8 F - this digit represents whether or not the account is a current asset, current liability, non current asset or long-term liability
9 F

MULTIPLE CHOICE
1 c
2 d
3 b
4 b - note, student should be able to initially narrow choices to accounts beginning with 2
5 c

Chapter 3

TRUE/FALSE
1 T
2 F - This is a report, so use Reports>>Accountant & Taxes>>Journal
3 T
4 T - journal entries created using the Activities button
5 F - Save and New or Save and Close buttons ____
6 T
7 T
8 T
9 T
10 T

MULTIPLE CHOICE
1 c
2 c
3 d
4 c
5 a
6 c
7 c

Chapter 4

TRUE/FALSE
1 T
2 T
3 T
4 T
5 T
6 T
7 T
8 F - however, you can mark an account inactive to prevent future postings
9 T
10 T

MULTIPLE CHOICE
1 d
2 d
3 b
4 a
5 d
6 c
7 b

Chapter 5

TRUE/FALSE
1 F - QBP uses the date of the check as the void date
2 F - must use the Item tab
3 F - see the topic on creating vendor bills for expenses
4 T
5 T
6 T
7 F - only POs
8 F - however, you can change select the inactive option to prevent future postings
9 F - the Cash Disbursements Journal report
10 T - however, the author recommends voiding payments and paying the bill again

MULTIPLE CHOICE
1 d
2 d
3 a
4 d
5 b
6 a - b ages by invoice
7 c

Chapter 6

TRUE/FALSE
1 T
2 F
3 T
4 T - however, you cannot change hours after invoicing the customer for the time.
5 T
6 F - these are employer paid taxes
7 F -You cannot delete employees with paychecks in the current year. Instead, you enter a termination date and mark Inactive on the account.
8 T

MULTIPLE CHOICE
1 d
2 d
3 b
4 b
5 c

Chapter 7

TRUE/FALSE
1 T
2 T
3 F - QBP will not calculate depreciation
4 T
5 T

MULTIPLE CHOICE
1 d
2 d
3 a
4 b
5 d

Chapter 8

TRUE/FALSE
1 T
2 T
3 T
4 F - must be entered through the Adjust Quantity / Value on Hand menu
5 F - companies conduct physical to reconcile QBP quantities to actual
6 T
7 T
8 F - A/R aging report
9 F - only average costing method
10 F - just reopen the entry, change the date, and resave

MULTIPLE CHOICE
1 c
2 c
3 d
4 d
5 d
6 b
7 c

Chapter 9

TRUE/FALSE
1 T
2 F - Receive Inventory icon
3 T - While QBP will let you correct a vendor payment, it is not recommended because the transaction will not match the check.
4 F - Vendor receipts are used to record a receipt of merchandise
5 T
6 F - QBP marks the PO as closed.
7 T
8 T
9 T
10 F - While you can delete, you should void the check

MULTIPLE CHOICE
1 a
2 c
3 d - POs do not post
4 d
5 d
6 b - A/P Aging Summary ages by vendor balance

Chapter 10

TRUE/FALSE
1 F - states will provide separate guidance. Circular E is for federal tax withholdings.
2 T
3 T
4 T
5 F - these are voluntary employee withholdings
6 T
7 F - gross pay is the same amount for each pay period and equals the Annual Salary divided by number of pay dates in the year.
8 T

MULTIPLE CHOICE
1 d
2 a
3 a
4 b
5 b

Chapter 11

TRUE/FALSE
1 F - at the end of every month
2 F - the YTD Comparison report
3 T
4 F - Balance Sheet is always a point in time so you cannot enter a date range on the report
5 T

MULTIPLE CHOICE
1 b
2 d
3 d
4 b
5 a