5.

Which of the following is not a field that is

ITAPPTOOLS REVIEWER FOR MIDTERMS required to be filled-up when creating new bills?
(ACTIVITY 1-8) a) From (vendor or supplier)
b) Quantity
c) Reference
1. Which of the following is NOT a method to
d) Total
create a new bill?
a) Click Business > Purchase Overview >
6. What is the effect of creating a purchase order
+ New > Bill
on quantity for tracked inventory items?
b) After adding a new bill, click “Add
a) The quantity of tracked inventory items
another bill” on the success prompt at
will be increased and the items in the
the top of the screen.
purchase order will be recorded as “in
c) Click the “ + “ display at the top right of
transit”
your screen and the select Bill.
b) The inventory items listed will not be
d) Click Business > Bills to Pay > + New >
affected but there will be an amount
Bill
under the column “in transit” equivalent
to the quantity listed on the purchase
2. Which of the following is a way to have the bills
order.
marked as paid?
c) The purchase order will automatically be
a) Mark the checkbox on the left hand
converted into a bill and will increase the
corner of the bills awaiting payment and
inventory quantity of the item ordered.
click batch payment to proceed with
d) No effect.
paying the bill, set the payment date as
today, then click make payments.
7. Which of the following is not a way to input an
b) Add a date on the planned date column
item when creating a new purchase order?
to reflect a date that is other than today.
a) Key in the first few letters of the item
c) Go to Business > Bills to pay > then
code and the corresponding item code
select the bill that you need to pay >
will appear. Once it appears, you click to
click “convert to invoice”.
select.
d) On the bills to pay interface, click the bill
b) Click the drop down arrow and look for
that is settled and select “Mark as Paid”.
the item code and click to select.
c) Click the drop down arrow and select
3. Which of the following is TRUE with regards to
“+Add Item” to include a new inventory
bills creation and payment?
item.
a) You can only generate bills for your
d) When you create a repeating purchase
inventory items.
order, it will automatically populate a
b) Bills are automatically deleted when
purchase order on the item field.
payment has already been made.
c) A bill may be generated from a purchase
8. Which of the following is TRUE with regards to
order even if the purchase order has not
converting purchase orders to bills?
been completely fulfilled.
a) You cannot create a bill from a purchase
d) Batch payments requires that the
order.
selected bills must be payable to one
b) When you convert a purchase order to
vendor only.
bill, it cannot be edited anymore.
c) The resulting bill from the purchase
4. Which of the Following statements is FALSE
order is automatically approved and
with regards to bills?
awaiting payment.
a) A partially paid bill will transfer to paid
d) When a purchase order is converted to
invoices with regards to the paid
a bill for partial delivery, the original
amount.
purchase order will remain the same,
b) A purchase order that is fulfilled in two
even though there is a decline already in
installments will yield one bill when
the items awaiting delivery.
converted to bill.
c) A repeating bill will only produce one bill
9. Which of the following is TRUE with regards to
for the entire cycle of the bill.
purchase orders?
d) You cannot schedule a payment date for
a) You can only create a purchase order
a bill that is before its due date.
for inventory items that are included in
your listing.
 b) You can only create a purchase order a) Statement 1 is True, Statement 2 is
for an item that you sell. False
c) You can only affect the inventory b) Statement 1 is False, Statement 2 is
quantity through a purchase order when True
it is converted to a bill. c) Both statements are True
d) You can only convert a purchase order d) Both statements are False
when there is an invoice reference.
15. A word or phrase that is used to “stand-in” for a
10. Which of the following is not a required column changing quantity for a repeating sales invoice.
for Sales Invoice template? a) Placeholder
a) Invoice Number b) Nameholder
b) Discount c) Placemolder
c) Due Date d) Paceholder
d) Account code
16. Which of the following cannot be created using
11. Which of the following statements is false with the “ + “ shortcut at the top right corner of the
regards to repeating sales invoice? Xero interface?
a) You can create an automatically a) Invoice
approved repeating sales invoice for b) Credit Note
tracked items. c) Bill
b) A repeating sales invoice can be d) Contact
continued indefinitely.
c) A repeating sales invoice can 17. Statement 1: Credits can also be issued directly
automatically be approved and sent to in the invoice affected. Open the invoice and use
the customer. the dropdown box under Invoice Options.
d) A repeating sales invoice may have Statement 2: If the customer fails to accept the
varying reference details per invoice. quote online, you can achieve the same result
by clicking the Options button and then clicking
12. Statement 1: You can edit a sales invoice and Mark as Accepted for the customer.
add an untracked item at any quantity needed. a) Statement 1 is True, Statement 2 is
Statement 2: After including the edits for a sales False
invoice, the details will automatically be updated b) Statement 1 is False, Statement 2 is
and you may click exit and view the updated True
invoice afterwards. c) Both statements are True
a) Statement 1 is True, Statement 2 is d) Both statements are False
False
b) Statement 1 is False, Statement 2 is 18. Statement 1: Creating a quote through Xero
True enables you to send a product or service
c) Both statements are True quotation to your customers through email.
d) Both statements are False Statement 2: You cannot proceed to creating an
invoice from a quote when the customer
13. Statement 1: When you click “See All” for sales oversees the acceptance of the quote, even
invoices, you can view all created invoices, though they intend to accept it.
including voided and deleted invoices. a) Statement 1 is True, Statement 2 is
Statement 2: Voided Sales Invoices can be False
reactivated through opening the voided sales b) Statement 1 is False, Statement 2 is
invoice and clicking “reactivate”. True
a) Statement 1 is True, Statement 2 is c) Both statements are True
False d) Both statements are False
b) Statement 1 is False, Statement 2 is
True 19. Statement 1: You can create multiple invoices
c) Both statements are True from one quote.
d) Both statements are False Statement 2: You can create a quote from
another quote.
14. Statement 1: A sales invoice, once imported, is a) Statement 1 is True, Statement 2 is
reflected in the financial statements. False
Statement 2: Once imported, a sales invoice will b) Statement 1 is False, Statement 2 is
be reflected as “Awaiting Approval” True
 c) Both statements are True c) Currencies
d) Both statements are False d) Connected Apps
e) Subscription and billing
20. Statement 1: You can generate a sales invoice
for an item that is out of stock. 24. Where you can change plan and update credit
Statement 2: You can create a quote for an item card details.
that is out of stock. a) Organization details
a) Statement 1 is True, Statement 2 is b) Users
False c) Currencies
b) Statement 1 is False, Statement 2 is d) Connected Apps
True e) Subscription and billing
c) Both statements are True
d) Both statements are False 25. Where you can add, remove or modify users of
this organization
21. In the organization settings tab there are two a) Organization details
portions the “ General” and “Features”, which of b) Users
the following is located under the “General” c) Currencies
portion: d) Connected Apps
I. Organization details e) Subscription and billing
II. Users
III. Currencies 26. Where you can add and manage third party
IV. Connected Apps connections to Xero
V. Subscription and billing a) Organization details
VI. Invoice settings b) Users
VII. Payment services c) Currencies
VIII. Email settings d) Connected Apps
IX. Pay runs e) Subscription and billing
X. Xero to Xeo
XI. Custom contact links 27. Where you can create branding themes for
documents, add payment services and auto
a) I, V, VII, X reminders for invoices
b) I, II, III, IV a) Invoice settings
c) V, VI, VIII, X b) Payment services
d) All of the Above c) Email settings
d) Pay runs
22. Which of the following items is located under the e) Xero to Xeo
“Features” portion? f) Custom contact links
I. Organization details
II. Users 28. Where you can manage your pay run settings
III. Currencies a) Invoice settings
IV. Connected Apps b) Payment services
V. Subscription and billing c) Email settings
VI. Invoice settings d) Pay runs
VII. Payment services e) Xero to Xeo
VIII. Email settings f) Custom contact links
IX. Pay runs
X. Xero to Xeo 29. Where you can add and manage online payment
XI. Custom contact links options for your sales invoices
a) Invoice settings
a) II, IV, VII, X, XI b) Payment services
b) I, II, III, IV, V, VI c) Email settings
c) VI, VII, VIII, IX, X, XI d) Pay runs
d) All of the Above e) Xero to Xero
f) Custom contact links
23. Where you can edit/input the company address,
logo and basic financial information 30. Where you can set a reply-to email address and
a) Organization details email template content
b) Users a) Invoice settings
 b) Payment services IV. Assurance dashboard
c) Email settings V. Export accounting data
d) Pay runs VI. History and notes
e) Xero to Xeo
f) Custom contact links a) I, II, III, IV
b) I, II, III, IV, V
31. The following are the items located under c) None of the Above
Business tab d) All of the Above
I. Invoices
II. Quotes 35. Where you can directly work with general ledger
III. Sales Overview a) Financial settings
IV. Bills to Pay b) Manual journals
V. Purchase Order c) Export accounting data
VI. Purchase Overview d) Chart of accounts
VII. Expense Claims
VIII. Products and Services 36. Where you can monitor the accuracy of financial
IX. Payrun data within your organization
a) Manual journals
a) I, II, III, IV, V b) Chart of accounts
b) I, II, III, IV, V, VI c) Assurance dashboard
c) I, II, III, IV, V, VI, VII, VIII, IX d) Tracking categories
d) None of the Above
37. Where you can view a summary of the actions
32. The following are the items located under made by all users to your transactions
Accounting tab a) Assurance dashboard
I. Quotes b) History and notes
II. Sales Overview c) Conversion Balances
III. Bills to Pay d) Tracking Categories
IV. Purchase Order
V. Purchase Overview 38. Default items featured in the dashboard
VI. Expense Claims
VII. Products and Services I. Bank Balances
VIII. Payrun II. Total Cashflow
III. Salaries Expense
a) I, II, III, IV, V IV. Invoices owed to you
b) I, II, III, IV, V, VI V. Bills to pay
c) I, II, III, IV, V, VI, VII, VIII, IX VI. Depreciation
d) None of the Above
a) I, II, III
33. The following are items located under Contacts b) I, II, IV, VI
tab c) I. II, IV, V
I. All Contacts d) All of the above
II. Customers
III. Partners 39. Where you can manage tracking items for more
IV. Suppliers powerful reporting
a) Tax rates
a) I, II, III b) Fixed assets settings
b) I, II, IV c) Tracking categories
c) I, II, III, IV d) Conversion balances
d) None of the Above
40. Where you can update balances from previous
34. Advanced accounting have to portions the accounting systems
“Advanced Features” and “Advanced Settings”. a) Tax rates
Which of the following belongs under the b) Fixed assets settings
“Advanced Settings” portion? c) Tracking categories
I. Find and recode d) Conversion balances
II. Manual journals
III. Fixed assets