Professional Bookkeeping with QuickBooks Online Questions with complete solution 2024
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Bookkeeping
Institution
Bookkeeping
Professional Bookkeeping with QuickBooks Online Questions with complete solution 2024 Professional Bookkeeping with QuickBooks Online, Bookkeeping Certification Course, AAT LEVEL 2 INTRO TO BOOKKEEPING
Keeping track of the business transactions of your employer or clients - correct answer What...
Professional Bookkeeping with
QuickBooks Online, Bookkeeping
Certification Course, AAT LEVEL 2
INTRO TO BOOKKEEPING
Keeping track of the business transactions of your employer or clients -
correct answer ✔What is the primary role of a bookkeeper?
Set compensation for employees - correct answer ✔The key duties of a
bookkeeper?
You usually have a great opportunity to gain breadth of experience as a
bookkeeper. - correct answer ✔What is a key advantage of working as an
employee bookkeeper in a small company?
There is no assurance that customers will pay your bills. - correct answer
✔What is a potential risk of working as a freelance bookkeeper?
It tells a business how it is doing and whether it is profitable. - correct answer
✔As a bookkeeper, you are responsible for financial reporting. Why is
financial reporting important?
Adopting a retention policy for all records - correct answer ✔Which of the
following is not an element of determining cash flow?
It is easier to explain and understand that way. - correct answer ✔Although
bookkeeping is largely computerized today, why is it still important to be
familiar with the manual bookkeeping process?
,Not being able to see the specific steps that produce the journals, general
ledger, and financial statements - correct answer ✔In the context of online
bookkeeping software, what does the term "black box" refer to?
Improvement of the reporting of business information by making it more
reliable, relevant, and comparable - correct answer ✔What is the primary
purpose of Generally Accepted Accounting Principles (GAAP)?
Revenue - correct answer ✔Which of the following is not a permanent
account?
Assets equal liabilities plus equity - correct answer ✔How do you express
the accounting equation?
$429,000 This is what you get when you use the accounting equation (Assets
- Liabilities = Equity). - correct answer ✔What is the equity of a company if it
has liabilities of $201,000 and assets of $630,000?
I - E = NI Correct. The net income equation is expressed as income minus
expense. - correct answer ✔Which equation would you use to calculate net
income?
You record revenues only when you actually receive a cash payment from the
customer. - correct answer ✔What best describes the cash-basis method?
match incurred expenses with the revenues they generate in the same
accounting period. - correct answer ✔In accrual accounting, the matching
principle seeks to
, Debits must always equal credits. - correct answer ✔Which of the following
is true of double-entry accounting?
The left - correct answer ✔On which side of an account is a debit?
True - correct answer ✔True or false Even though you typically use a form to
enter transactions into QuickBooks Online, the program executes a debit and
credit entry automatically behind the scenes.
Income statement - correct answer ✔Which financial statement reports net
income?
Statement of cash flows - correct answer ✔Which financial statement reports
cash inflows and outflows for a given period?
To track anything of financial value in your business - correct answer ✔What
is the purpose of the Chart of Accounts?
To reconcile accounts - correct answer ✔Besides tracking financial value,
what is another important use of the Chart of Accounts?
By clicking the Gear icon, then clicking Account and Settings and Advanced -
correct answer ✔Where can you activate the account number feature?
Accounts Payable - correct answer ✔What account type would you use for
an account that tracks money you owe to any vendor who has extended you
credit and expects repayment in less than a year's time?
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