QuickBooks Ch 1-5 Exam Questions with Correct Answers
3 views 0 purchase
Course
Quickbooks online
Institution
Quickbooks Online
QuickBooks Online is an accounting system that is cloud-based. - Answer-True
Lists in QuickBooks Online are used for storing information about your accounts, products, and services - Answer-True
You should always back up your data files to your computer when using QuickBooks Online. - Answer-...
QuickBooks Ch 1-5 Exam Questions
with Correct Answers
QuickBooks Online is an accounting system that is cloud-based. - Answer-True
Lists in QuickBooks Online are used for storing information about your accounts,
products, and services - Answer-True
You should always back up your data files to your computer when using QuickBooks
Online. - Answer-False
If you get a new computer, you will need to reinstall QuickBooks Online on the new
computer. - Answer-False
Liabilities - Equity = Assets; this is the basic accounting equation governing all
accounting. - Answer-False
The cash basis accounting method means the sales transaction is recorded when the
sale is made and expenses are recorded when they are incurred. - Answer-False
You analyze the net worth of your business by creating a balance sheet. - Answer-True
One use of a profit and loss report is to analyze the operating profit over a specific time
period. - Answer-True
QuickBooks Simple Start, Essentials, and Plus are all types of _____. - Answer-
Quickbook subscriptions
What accounting method records income when a sale is made and records an expense
when it is incurred? - Answer-Accrual Basis
What does "behind the scenes" mean in this QuickBooks Online textbook? - Answer-
The accounting that QuickBooks Online performs for you
Which subscription level must you use in order to track inventory? - Answer-Plus
What QuickBooks Online activity can you perform using a mobile device? - Answer-a.
Create estimates, invoices, and sales receipts
b. Access customer information
c. Receive payments, track expenses, and reconcile bank transactions
D. ALL OF THE ABOVE
You cannot change the industry type after you choose it during the setup process. -
Answer-True
, It is a good idea to select all settings from the beginning when creating a new company
file. - Answer-True
Each transaction requires at least two accounts. - Answer-True
The end of a year (for example, 12-31-20xx) is the ideal date to use as a start date. -
Answer-False
If you choose all settings at the beginning, you CANNOT later customize a preference
setting. - Answer-False
Which of the following is true regarding historical transactions? - Answer-a. You should
use a combination of summary totals and individual transactions.
b. You should enter open accounts receivable and accounts payable transactions.
c. One side of each entry must be an equity account.
D. ALL OF THE ABOVE
Who controls the user access and monitors activity? - Answer-The Master Administrator
What is a product or service linked to? - Answer-At least one account in the Chart of
Accounts
Which of the following account types is/are considered a liability? - Answer-a. Accounts
Payable
b. Credit Card
c. Long Term Liabilities
D. ALL OF THE ABOVE
When entering opening balances, how must they be entered? - Answer-As a journal
entry or entered directly into the account register
Which starting date would be the most appropriate when setting up a new company file?
- Answer-April 1
What is one of the reasons for creating the Chart of Accounts? - Answer-To categorize
the assets and liabilities
A credit card account is an example of what type of account? - Answer-Liability
You can create a statement, receipt, invoice, or other transaction using the Action menu
in the Sales center. - Answer-True
The Sales center is the only way to add customers. - Answer-False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
