ACC 150 Smartbook - Chapter 6 Vendors and Expenses (Kay 3e)

Term
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True or false: Sales transactions can be entered into QBO using the Gear icon.
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Terms in this set (25)
True or false: Sales transactions can be entered into QBO using the Gear icon.
False

Reason:
The (+) New icon and the Navigation Bar can be used to navigate entering sales transactions into QBO.
True or false: Vendor transactions can be entered into QBO using the Gear icon.
False

Reason:
The (+) New icon and the Navigation Bar can be used to navigate entering sales transactions into QBO.
Which of the following is a vendor transaction?

Sales Receipt
Invoice
Receive Payment
Expense
Expense

Reason:
Pay Bills is a vendor transaction.
Indicate the order in which the following steps should be performed to add a new vendor to the Vendors List:

Select New vendor

From the Navigation Bar select Expenses

Select Vendors
1 From the Navigation Bar select Expenses

2 Select Vendors

3 Select New vendor
Select all that apply
Which of the following would be considered vendors in QBO?

Financial institutions such as banks

Tax agencies such as the IRS

Suppliers of inventory

Stockholders who make an investment in the company
Financial institutions such as banks

Tax agencies such as the IRS

Suppliers of inventory
Select all that apply
Ways to navigate entering sales transactions into QBO are:

Navigation Bar
(+) New icon
Gear icon
? Help icon
Navigation Bar
(+) New icon
Select all that apply
Ways to record vendors and expenses transactions using QBO include:

Bills > Pay Bills
Invoice > Receive Payment
Sales Receipt
Expense
Bills > Pay Bills
Expense
Select all that apply
Ways to navigate entering vendor transactions into QBO are:

Navigation Bar
Gear icon
? Help icon
(+) New icon
Navigation Bar
(+) New icon
Indicate the order that the following steps should be performed to use the Expense form in QBO.

From the drop-down list select Vendor

Select (+) New icon

Select Expense
1 Select (+) New icon

2 Select Expense

3 From the drop-down list select Vendor
Which of the following is a vendor transaction?

Bill
Transfer
Sales Receipt
Invoice
Bill
A Check form can be used to record a vendor transaction in QBO if: the payment is made by Cash at the same time the purchase is made the payment is made by Check at the same time the purchase is made the payment is made after the purchase is made the payment is made by Credit Card at the same time the purchase is madethe payment is made by Check at the same time the purchase is madeVendor information: should be entered once in the Vendors List should not be entered in QBO in order to maintain security should be re-entered each time it is required on a QBO form, such as a purchase ordershould be entered once in the Vendors ListIndicate the order in which the following steps would be performed to record vendor transactions. Select Pay Bills Select Bill Select (+) New icon1 Select (+) New icon 2 Select Bill 3 Select Pay BillsSelect all that apply QBO considers which of the following to be vendors? Utility companies Suppliers from whom you buy office supplies Service companies that provide services such as legal services Customers who buy goods or services from your companyUtility companies Suppliers from whom you buy office supplies Service companies that provide services such as legal servicesTo record a bill received that will be paid later: Select (+) New icon From the drop-down menu select Vendor Select Bill1 Select (+) New icon 2 Select Bill 3 From the drop-down menu select VendorSelect all that apply Ways to record vendors and expenses transactions using QBO include: Invoice > Receive Payment > Make Deposit Purchase Order > Bill > Pay Bills Check Sales Receipt > Make DepositPurchase Order > Bill > Pay Bills CheckUse the Pay Bills form to: enter bills that are received enter bills and pay bills at the same time select bills already entered that the company is ready to payselect bills already entered that the company is ready to payAn Expense form can be used to record a vendor transaction if: the sale is made after the payment is made the payment is made at the same time the purchase is made the sale is made at the same time the payment is made the payment is made after the purchase is madethe payment is made at the same time the purchase is madeWhen a purchase is made and recorded as a bill, QBO will increase accounts payable with a [].creditIndicate the order of the following steps to use a Check form in QBO. Select Check Select (+) New icon From the drop-down menu select Vendor1 Select (+) New icon 2 Select Check 3 From the drop-down list select VendorWhich of the following forms would be used to record vendor transactions when a bill is received but paid at a later time. Bill > Write Check Bill > Pay Bills Expense CheckBill > Pay BillsTo record a bill received that will be paid later: Select (+) New icon > Receive Payment Select (+) New icon > Bill Select Gear icon > Pay Bills Select Gear icon > BillSelect (+) New icon > BillIndicate the order in which the following steps should be completed to use the Pay Bills form in QBO. Select (+) New icon Select Pay Bills Select Payment account1 Select the (+) New icon 2 Select Pay Bills 3 Select Payment accountAccounts payable consists of: amounts that a business expects to be paid by customers n the future amounts that a business is obligated to pay vendors in the future amounts that a business has already paidamounts that a business is obligated to pay vendors in the futureIndicate the order in which the following steps would be performed to record vendor transactions. Select (+) New icon Select Bill Select Pay Bills1 Select (+) New icon 2 Select Bill 3 Select Pay Bills