ACC2010 Week 3 Assignment 2
South University Online
Short-Answer Questions:

What icon(s) can be used to display lookup lists?
Describe three ways to open a lookup list.
If you want to look at a customer’s account, what window do you open? Describe the selections.
What is the customer identification for Teesdale Real Estate?
What is the sales discount Teesdale Real Estate?
What is the default discount for customers?
Describe what happens when you use the Accounts Receivable subsidiary ledger.
When you want to print an invoice in PCA, what are the steps?
How do you post a sales order to the controlling account in the general ledger and the customer subsidiary ledger?
If you receive payment from a customer, what window do you use?

Multiple Choice Questions:

1. Cynthia’s Service Merchandise charges sales tax to all sales made in:
Georgia
Oregon.
Washington.
Arizona.
None of the above.

2. The money that your customers owe to the business is known as:
Accounts payable.
Revenue.
Accounts receivable.
Cash in bank.
None of the above.

3. The sales tax rate is:
6%.
7%.
8%.
9%.
None of the above.

4. Use the following Navigation Bar options to record entries in the Cash Receipts Journal:
Customers & Sales; Receive Money, Receive Money from Customer.
Customers & Sales; Customers, Receive Money, View and Edit Payment Received.
Vendor & Payments; Customers, Receive Money, Receive Money from Customer.
Tasks; Sales/Invoicing.
None of the above.

5. Use the following Navigation Bar options to record entries in the Sales Journal:
Maintain/Customers Prospects.
Customers & Sales; Customers, Set Up Customer Defaults.
Customers & Sales; Sales Invoices, New Sales Invoice.
Maintain; Default Information, Customers.
None of the above.

6. The owner(s) of Cynthia’s Service Merchandise are:
Eric Lerette.
Cynthia Barber.
both a. and b.
Joann Poe.
None of the above.

7. PCA’s accounts receivable system allows you to set up all of the following, EXCEPT:
Customers.
Inventory Items.
Finance charges.
Vendors.
None of the above.

8. All journal entries made to the Sales Journal are posted to the General ledger and to the:
Accounts payable ledger.
Customer ledger.
Job cost ledger.
Payroll register.
None of the above.

9. The sales tax payable is:
Account No. 52000.
Account No. 53000.
Account No. 23100.
Account No. 12000.
None of the above.

10. The Customer ID for Aileen Parker is:
AAP001.
ap001.
ap002.
AP002.
None of the above.

11. The Cash Account number is shown on which of the following windows:
Sales/Invoicing.
Purchases/Receive Inventory.
Receipts.
General Journal Entry.
None of the above.

12. The account used for hardware sales:
Account No. 40000.
Account No. 40800.
Account No. 40200.
Account No. 40400.
None of the above.

13. A sales return is also called a/an:
Credit memo.
Debit memo.
Invoice.
Receipt.
None of the above.

14. To back up all of Chapter 13’s data, the following file name is used:
Chapter 13 Begin.
Chapter 13b.
Backup.
Chapter 13.
None of the above.

15. The GL Sales Account wall is:
Account No. 44200.
Account No. 44300.
Account No. 44400.
Account No. 40200.
None of the above.
Exercise 7-1

Exercise 7-2

 

True/Make True Questions

Peachtree automatically calculates financial statements once journal entries have been journalized and posted.
In Chapter 7, you printed three financial statements.
The statement of cash flow is roughly the same thing as a balance sheet.
The balance sheet lists the revenues and expenses of the business.
The income statement is a summary of the revenue and expenses of a company for a period of time, such as an accounting period for a year.
The financial statements printed by Peachtree reflect month-to-date amounts only.
The financial statements are interrelated.
The term standard refers to financial statements that are designed by the company.
Bellwether Garden Supply showed a net loss for the current month, March 31, 2012.
The statement of changes in financial position derives its information from the income statement.