Question 1

A report that breaks the analysis into operating, investing, and financing activities is called:

Accepted Answer

A) Trial Balance. 
B) Profit and Loss. 
C) Balance Sheet. 
D) Statement of Cash Flows. 
E) All of these. 
A) Trial Balance. 
B) Profit and Loss. 
C) Balance Sheet. 
D) Statement of Cash Flows. 
E) All of these. D

Question 2

QBO_Student Name receives bank statements at the end of the quarter.

Accepted Answer

A) True 
 B)False  False

Question 3

The account distribution for purchases of inventory on account is:

Accepted Answer

A) Debit Checking and Merchandise Inventory;credit Accounts Receivable/customer. 
B) Debit Merchandise Inventory and Accounts Receivable;credit Sales. 
C) Debit Accounts Receivable/Customer;credit Accounts Payable/vendor. 
D) Debit Merchandise Inventory;credit Accounts Payable/vendor. 
E) None of these. 
A) Debit Checking and Merchandise Inventory;credit Accounts Receivable/customer. 
B) Debit Merchandise Inventory and Accounts Receivable;credit Sales. 
C) Debit Accounts Receivable/Customer;credit Accounts Payable/vendor. 
D) Debit Merchandise Inventory;credit Accounts Payable/vendor. 
E) None of these. D

Question 4

QBO organizes and monitors accounts payable.

Accepted Answer

A) True 
 B)False

Question 5

Before you reconcile, the check register balance does not include the bank's service charge.

Accepted Answer

A) True 
 B)False

Question 6

Using the Bank Statement, go to the Journal to reconcile checking account activity.

Accepted Answer

A) True 
 B)False

Question 7

Bills are entered to record an expense or purchase of assets.

Accepted Answer

A) True 
 B)False

Question 8

The money a company owes to a supplier or vendor is called:

Accepted Answer

A) Accounts payable. 
B) Accounts receivable. 
C) Sales. 
D) Purchases. 
E) None of these. 
A) Accounts payable. 
B) Accounts receivable. 
C) Sales. 
D) Purchases. 
E) None of these.

Question 9

When you enter bills for a vendor, Accounts Payable and the vendor are debited.

Accepted Answer

A) True 
 B)False

Question 10

__________ are purchases on account from vendors.

Accepted Answer

A) Transfer transactions. 
B) Accounts receivable transactions. 
C) Accounts payable transactions. 
D) Chart of accounts transactions. 
E) None of these. 
A) Transfer transactions. 
B) Accounts receivable transactions. 
C) Accounts payable transactions. 
D) Chart of accounts transactions. 
E) None of these.

Question 11

The account distribution for sales of inventory on account is:

Accepted Answer

A) Debit Merchandise Inventory and Accounts Receivable;credit Cost of Goods Sold and Sales. 
B) Debit Accounts Receivable/customer and Cost of Goods Sold;credit Sales and Merchandise Inventory. 
C) Debit Accounts Payable/vendor and Cost of Goods Sold;credit Accounts Receivable/customer and Checking. 
D) None of these. 
A) Debit Merchandise Inventory and Accounts Receivable;credit Cost of Goods Sold and Sales. 
B) Debit Accounts Receivable/customer and Cost of Goods Sold;credit Sales and Merchandise Inventory. 
C) Debit Accounts Payable/vendor and Cost of Goods Sold;credit Accounts Receivable/customer and Checking. 
D) None of these.

Question 12

Use products and services to enter consistent transaction descriptions, prices and rates.

Accepted Answer

A) True 
 B)False

Question 13

__________ report economic information about the business.

Accepted Answer

A) Journal transactions. 
B) Financial statements. 
C) Transaction registers. 
D) Account distributions. 
E) All of these. 
A) Journal transactions. 
B) Financial statements. 
C) Transaction registers. 
D) Account distributions. 
E) All of these.

Question 14

In Chapter 4, checking Expense and Sales transactions and the October 30th trial balance is the starting point for your data.

Accepted Answer

A) True 
 B)False

Question 15

The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:

Accepted Answer

A) Accounts payable. 
B) Accounts receivable. 
C) Bank reconciliation. 
D) Audit Log. 
E) All of these. 
A) Accounts payable. 
B) Accounts receivable. 
C) Bank reconciliation. 
D) Audit Log. 
E) All of these.

Question 16

A product that is purchased from vendors for sale to customers is called a/an:

Accepted Answer

A) Account receivable. 
B) Trial balance. 
C) Activity transaction. 
D) Inventory item. 
E) All of these. 
A) Account receivable. 
B) Trial balance. 
C) Activity transaction. 
D) Inventory item. 
E) All of these.

Question 17

In QBO, an up-to-date record of inventory is maintained and tracked.This is called:

Accepted Answer

A) Perpetual inventory. 
B) Periodic inventory. 
C) Sales and cost of goods sold. 
D) Account payable and customer accounts. 
E) None of these. 
A) Perpetual inventory. 
B) Periodic inventory. 
C) Sales and cost of goods sold. 
D) Account payable and customer accounts. 
E) None of these.

Question 18

When QBO_Student Name purchases and receives inventory, they are:

Accepted Answer

A) Subtracted from inventory. 
B) Added to inventory. 
C) Added to customer accounts. 
D) Subtracted from customer accounts. 
E) All of these. 
A) Subtracted from inventory. 
B) Added to inventory. 
C) Added to customer accounts. 
D) Subtracted from customer accounts. 
E) All of these.

Question 19

The account reconciled in Chapter 4 is Accounts Receivable?

Accepted Answer

A) True 
 B)False

Question 20

The Balance Sheet shows the accounting equation.

Accepted Answer

A) True 
 B)False

A report that breaks the analysis into operating, investing, and financing activities is called:

QBO_Student Name receives bank statements at the end of the quarter.

The account distribution for purchases of inventory on account is:

QBO organizes and monitors accounts payable.

Before you reconcile, the check register balance does not include the bank's service charge.

Using the Bank Statement, go to the Journal to reconcile checking account activity.

Bills are entered to record an expense or purchase of assets.

The money a company owes to a supplier or vendor is called:

When you enter bills for a vendor, Accounts Payable and the vendor are debited.

__________ are purchases on account from vendors.

The account distribution for sales of inventory on account is:

Use products and services to enter consistent transaction descriptions, prices and rates.

__________ report economic information about the business.

In Chapter 4, checking Expense and Sales transactions and the October 30^th trial balance is the starting point for your data.

The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:

A product that is purchased from vendors for sale to customers is called a/an:

In QBO, an up-to-date record of inventory is maintained and tracked.This is called:

When QBO_Student Name purchases and receives inventory, they are:

The account reconciled in Chapter 4 is Accounts Receivable?

The Balance Sheet shows the accounting equation.

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters

Exam 4: Vendors and Inventory

A report that breaks the analysis into operating, investing, and financing activities is called:

QBO_Student Name receives bank statements at the end of the quarter.

The account distribution for purchases of inventory on account is:

QBO organizes and monitors accounts payable.

Before you reconcile, the check register balance does not include the bank's service charge.

Using the Bank Statement, go to the Journal to reconcile checking account activity.

Bills are entered to record an expense or purchase of assets.

The money a company owes to a supplier or vendor is called:

When you enter bills for a vendor, Accounts Payable and the vendor are debited.

__________ are purchases on account from vendors.

The account distribution for sales of inventory on account is:

Use products and services to enter consistent transaction descriptions, prices and rates.

__________ report economic information about the business.

In Chapter 4, checking Expense and Sales transactions and the October 30th trial balance is the starting point for your data.

The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:

A product that is purchased from vendors for sale to customers is called a/an:

In QBO, an up-to-date record of inventory is maintained and tracked.This is called:

When QBO_Student Name purchases and receives inventory, they are:

The account reconciled in Chapter 4 is Accounts Receivable?

The Balance Sheet shows the accounting equation.

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters

In Chapter 4, checking Expense and Sales transactions and the October 30^th trial balance is the starting point for your data.