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Multiple Choice Quiz
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1
Which type of organization uses the Form 1065 and Schedule K-1?
A)Sole Proprietorship
B)Partnership
C)C Corporation
D)S Corporation
2
When creating a QuickBooks file for an existing company, any opening balance entered in customer accounts receivable is automatically offset by an entry in the:
A)Uncategorized Expense account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
3
When creating a QuickBooks file for an existing company, any opening balance entered in vendor accounts payable is automatically offset by an entry in the:
A)Uncategorized Expense account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
4
When setting up an existing company in QuickBooks, an opening adjustment transfers balance in the Opening Balance Equity account to the:
A)Uncategorized Expense account
B)Uncategorized Income account
C)Capital Stock account
D)None of these
5
In QuickBooks, which two accounts are needed when recording the purchase of equipment that will last for more than one accounting period?
A)Accumulated Depreciation Equipment; Equipment Expense
B)Equipment Expense; Equipment Cost
C)Supplies on Hand; Equipment Expense
D)Equipment Cost; Accumulated Depreciation Equipment
6
Sales Tax Payable is recorded in which type account?
A)Income
B)Expense
C)Liability
D)Owner's Equity
7
Wholesale customers:
A)Pay sales tax
B)Pay no sales tax
C)Pay a manufacturing tax
D)Pay sales tax on labor only
8
When recording the sale of a product, which account is increased?
A)Cost of Goods Sold
B)Inventory
C)Notes Payable
D)Accounts Payable
9
Sales tax rate information is entered in the _______________ window.
A)Employee List
B)Customer List
C)Vendor List
D)Item List
10
When recording the receipt of an item, and the quantity received differs from the quantity ordered:
A)Change the quantity using the Enter Bills window
B)Change the quantity on the Create Items Receipts window
C)Wait until all of the items are received to record them
D)Change the quantity on the Purchase Order





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