TEST 1. MATCHING TYPE c.

Expense
COLUMN A d. Bank
1. This deals with income earned for e. Fixed asset
something other than normal business
f. Cost of Goods Sold
operation, best example is interest earned
from bank deposit. g. Long-term Liability
2. These are obligations scheduled to be h. Accounts Receivable
paid after period longer than 12 months.
Examples are mortgages payable and long i. Other Asset
term loan. j. Other Expense
3. This account used for credit Card k. Income
purchase transactions.
l. Accounts Payable
4. This account pertains to the transaction
you owe from the supplier of goods and m. Equity
service. This includes Notes Payable.
n. Current Liability
5. This account includes owners’ capital,
o. Other Income
drawing and retained earnings.
p. Discount
6. This account pertains to assets that do not
qualify as current assets nor fixed asset. q. Inventory Part
Example is long term notes receivable.
r. Payment
7. These accounts contain cost incurred for
material and services not part of the normal s. Service
operation of the business. t. Non-Inventory Part
8. These accounts include checking, savings u. Group
and money market accounts. You can also
use this account for all types of cash fund v. Other Charge
such as petty cash fund.
w. Subtotal
9. This account is used for asset classified as
x. Inventory Assembly
property, plant and equipment. Examples are
land and office equipment.
10. This is the cost of the inventory already
sold.
11. This account pertains to the money that
the customer owes from the company. It
includes customer outstanding invoices and
promissory notes.
12. This accounts pertains to the current
assets that do not qualify as a bank or
accounts receivable. Accounts such as 13. These accounts refer to the obligations
inventory and prepayments are included that are scheduled to be settled within 12
here. months.
14. These are costs incurred for materials
and services not directly related to the
products.
COLUMN B
15. This account pertains to the main source
a. Other Current Asset of revenue of the business such as sales of
b. Credit Card products and service.
16. An item type used for things like delivery
charges, miscellaneous labor, markups,
service charge or other line items that appear
on your invoices.
17. Use this item type to build a group of
item.
18. Goods you purchase for the purpose of
reselling it. This type may not be available if
you choose a service only on the product you
sell in the easy step interview or if the
Inventory and Item in the preference is
disabled.
19. Use this to apply partial payment at the
time of the sale.
20. Services you provide to the customer or
you purchase from the vendor.
21. Product that the company sell, but do not
track as inventory. E.g. Scrap
22. Use this item to apply discount for a
particular item of group of items. The
discount can be in percentage or in fixed
amount. Do not use this item for an early
payment discount.
23. An assembly is a product the company
assembles from the parts. You can’t create
this without creating first an inventory part
item. It is tracked as an inventory item in
QuickBooks®.
24. It adds up everything that comes before
it. It provides a summation before you add
shipping charges, markups or subtract any
discounts or prepayments.

TEST 2.
A. IDENTIFICATION
25. Sometimes your company returned goods already billed by the vendor due to unseen damage
during inspection.
26. It is to be issued when there is a credit sale. It could be either sent to the customer together
with goods or after the goods are delivered.
27. It is a business document that authorizes a vendor to deliver the items (inventory items or
fixed assets) and services to your company.
28. These are people whom the company pays for goods and services acquired.
29. It is the first thing the company must do after receiving the orders from the customer.
30. These are customer return for damage goods you billed to them.
B. MULTIPLE CHOICE
31. It gives easy access to the QuickBooks® features that is commonly used by the accountants.
a. User Interface c. The Accountant center
b. QuickBooks® d. Homepage
32. It is the first thing you must do when you start to use QuickBooks®.
a. Setup Window c. Detailed Start
b. Creating Company d. All of the above
33. It is accounting software normally used by smaller business (SME).
a. Quickbooks® c. Quickbooks
b. QuickBooks d. QuickBooks®
34. The chart of ________ contains a list of your business accounts including their balances.
a. business c. business accounts
b. accounts d. All of the above
35. It is a snapshot of goods and services the company offered.
a. Service List c. Purchase List
b. Item List d. Price List
36. It is a place where you can manage and monitor transactions with the customer.
a. Customer Center c. Company Center
b. Vendor Center d. None of the Above
37. It is a place where you can manage and monitor transaction with the vendors.
a. Customer Center c. Company Center
b. Vendor Center d. None of the Above
38. The following are all under the Order to Cash process, EXCEPT?
a. Sales Order c. Received Payment
b. Sales Invoice d. Bill Payment
39. Which is NOT under the Purchase to Pay process?
a. Enter Bills (Received Inventory) c. Enter Bills (Non-Inventory
b. Purchase Order d. Cash Deposit
40. It is anything that the company acquires, sells or resells in the ordinary course of business.
a. Product c. Item
b. Supply d. Service