1. The Balance Sheet will report a company's financial position:
a. For a period of time
b. As of a point in time
c. Either A or B
d. Both A and B
2. In the Customers & Sales center, you can create a new quote by:
a. Clicking the Sales Invoice icon and selecting New Quote
b. Clicking the Sales icon and selecting New Quote
c. Clicking the Customer Quotes icon and selecting New Quote
d. Clicking the Quote & Proposals and selecting New Quote
3. The Statement of Retained Earnings begins with the beginning balance followed by:
a. Plus net Income (loss) less dividends
b. Plus net Income (loss) plus investments
c. Plus investments less dividends
d. Plus investments plus net Income (loss) less dividends
4. Gross profit equals net sales minus:
a. Interest income
b. Finance charges
c. Other income
d. Cost of sales
5. The Income Statement's net income or (net loss) is also shown on the:
a. Income statement's revenue section
b. Balance sheet's capital section
c. Departmental gross profit totals
d. Cash balance at the end of the period
6. Financing activities involve:
a. Lending money
b. Owner investments
c. Depreciation
d. Acquiring long-lived assets
7. The Customers icon on the Customers & Sales center allows you to:
a. Create customers
b. View and edit customers
c. Write letters to customers
d. All the above
8. On the Navigation Bar, make the following selections to record a sales return:
a. Customers & Sales Navigation Center; click on the Credits and Returns icon and select Make Payment to Customer, select the customer, type the invoice number
b. Customers & Sales Navigation Center; click on the Credits and Returns icon and select New Credit Memo.
c. Customers & Sales Navigation Center; click on the Sales Invoices icon and select New Sales Invoice
d. Customers & Sales Navigation Center; click on the Credits and Returns icon and select View and Edit Credit Memos
9. The order of activities on the statement of cash flows is:
a. Operating, investing, and financing
b. Operating, financing, and investing
c. Financing, operating, and investing
d. Financing, investing, and operating
10. The following would be included in the heading of all financial statements:
a. Title of the statement
b. Name of the business
c. Period of time covered by the statement
d. All of the above