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Multiple Choice Quiz
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1
Merchandise purchased from vendors needs to be paid within:
A)10 days.
B)20 days.
C)30 days.
D)End of the month.
E)None of the above.
2
Cloud_Ware receives a bank statement every:
A)Quarter.
B)Month
C)Week.
D)Day.
E)None of the above.
3
The process of bringing the balance of the bank statement and the balance of the checking account into agreement is called:
A)The trial balance.
B)The balance sheet.
C)Bank reconciliation.
D)Checking account register.
E)All of the above.
4
The default for reports is:
A)Cash basis.
B)Accrual basis.
C)Account reconciliation.
D)Transaction register.
E)None of the above.
5
Purchases on account from vendors are known as:
A)Vendor contact list.
B)Transaction details by account.
C)Sales receipts.
D)Accounts payable transactions.
E)None of the above.
6
When reconciled, Account 101 Checking shows the same balance as:
A)Account 201 Accounts Payable.
B)Account 115 Merchandise Inventory.
C)Cash and sales.
D)Bank statement.
E)None of the above.
7
This feature shows information about suppliers who offer credit to Cloud_Ware:
A)Products and Services.
B)Vendors Page.
C)Reports.
D)Registers.
E)All of the above.
8
Checks that are issued by Cloud_Ware are shown on this report:
A)Register, Account 101 Checking
B)Balance Sheet.
C)Profit and Loss.
D)General Journal.
E)All of the above.
9
To view all the vendors added in Chapters 3 and 4, display this report:
A)Transaction Detail by Account.
B)Trial Balance.
C)Profit and Loss.
D)Vendor Contact List.
E)None of the above.
10
A product that is purchased from vendors for sale to customers is called:
A)Supplies.
B)Transaction.
C)Inventory.
D)Balance of Account 201 Accounts Payable
E)All of the above.





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