Question 1

To go beyond QBO's customize report feature, save the recommended report as a PDF file.

Accepted Answer

A) True 
 B)False  False

Question 2

In Chapter 3, to check that you are starting in the correct place in the data display the:

Accepted Answer

A) Balance Sheet. 
B) Trial Balance. 
C) Transaction Register. 
D) Account List. 
E) None of these. 
A) Balance Sheet. 
B) Trial Balance. 
C) Transaction Register. 
D) Account List. 
E) None of these. D

Question 3

The __________ shows deposits and checks.

Accepted Answer

A) Deposit activity. 
B) Reports center. 
C) Transaction register. 
D) Expenses. 
E) All of these. 
A) Deposit activity. 
B) Reports center. 
C) Transaction register. 
D) Expenses. 
E) All of these. C

Question 4

In Chapter 3, when a check is issued, the account distribution is a:

Accepted Answer

A) Debit Checking;credit an asset account. 
B) Debit expense account;credit vendor. 
C) Debit Accounts Receivable/Customer;credit Sales. 
D) Debit expense account;credit Checking. 
E) None of these. 
A) Debit Checking;credit an asset account. 
B) Debit expense account;credit vendor. 
C) Debit Accounts Receivable/Customer;credit Sales. 
D) Debit expense account;credit Checking. 
E) None of these.

Question 5

You can look at the Journal to see all the transactions that were entered.

Accepted Answer

A) True 
 B)False

Question 6

By default, each report shows data as of the current or today's date.

Accepted Answer

A) True 
 B)False

Question 7

To view your company financial information, display transactions.

Accepted Answer

A) True 
 B)False

Question 8

Written evidence of a business transaction such as invoices, sales receipts, bank statements:

Accepted Answer

A) Journal entry. 
B) Source documents. 
C) Trial balance. 
D) Activities. 
E) None of these. 
A) Journal entry. 
B) Source documents. 
C) Trial balance. 
D) Activities. 
E) None of these.

Question 9

The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

Accepted Answer

A) True 
 B)False

Question 10

On the Create menu, select Invoices for cash sales.

Accepted Answer

A) True 
 B)False

Question 11

Sales receipts are included in the Customers list.

Accepted Answer

A) True 
 B)False

Question 12

Use the __________ to record a journal entry.

Accepted Answer

A) Settings menu. 
B) Create menu. 
C) From the Gear icon, select vendors. 
D) Select the Plus icon to show recent transactions. 
E) All of these. 
A) Settings menu. 
B) Create menu. 
C) From the Gear icon, select vendors. 
D) Select the Plus icon to show recent transactions. 
E) All of these.

Question 13

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

Accepted Answer

A) Register. 
B) Trial balance. 
C) Journal entry. 
D) Balance sheet. 
E) None of these. 
A) Register. 
B) Trial balance. 
C) Journal entry. 
D) Balance sheet. 
E) None of these.

Question 14

When QBO updates, accounts may be added automatically to the chart of accounts.

Accepted Answer

A) True 
 B)False

Question 15

The Balance Sheet lists assets, liabilities, and equity.

Accepted Answer

A) True 
 B)False

Question 16

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

Accepted Answer

A) True 
 B)False

Question 17

After analyzing the transaction and typing the transaction date, complete this task:

Accepted Answer

A) Display the Balance Sheet. 
B) Select Run report. 
C) Input transaction. 
D) Refer to the account distribution. 
E) All of these. 
A) Display the Balance Sheet. 
B) Select Run report. 
C) Input transaction. 
D) Refer to the account distribution. 
E) All of these.

Question 18

In Chapter 3, the account distribution for a sales receipt is:

Accepted Answer

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

Question 19

__________ are examples of checks, bills, and transfers.

Accepted Answer

A) Bank reconciliations. 
B) Custom reports. 
C) Specialized screens. 
D) Profit and Loss statements. 
E) All of these. 
A) Bank reconciliations. 
B) Custom reports. 
C) Specialized screens. 
D) Profit and Loss statements. 
E) All of these.

Question 20

The month that the company, QBO_Student Name, starts is:

Accepted Answer

A) October. 
B) November. 
C) December. 
D) January. 
E) None of these. 
A) October. 
B) November. 
C) December. 
D) January. 
E) None of these.

To go beyond QBO's customize report feature, save the recommended report as a PDF file.

In Chapter 3, to check that you are starting in the correct place in the data display the:

The __________ shows deposits and checks.

In Chapter 3, when a check is issued, the account distribution is a:

You can look at the Journal to see all the transactions that were entered.

By default, each report shows data as of the current or today's date.

To view your company financial information, display transactions.

Written evidence of a business transaction such as invoices, sales receipts, bank statements:

The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

On the Create menu, select Invoices for cash sales.

Sales receipts are included in the Customers list.

Use the __________ to record a journal entry.

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

When QBO updates, accounts may be added automatically to the chart of accounts.

The Balance Sheet lists assets, liabilities, and equity.

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

After analyzing the transaction and typing the transaction date, complete this task:

In Chapter 3, the account distribution for a sales receipt is:

__________ are examples of checks, bills, and transfers.

The month that the company, QBO_Student Name, starts is:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Vendors and Inventory

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 3: Beginning Balances and October Transaction Register

To go beyond QBO's customize report feature, save the recommended report as a PDF file.

In Chapter 3, to check that you are starting in the correct place in the data display the:

The __________ shows deposits and checks.

In Chapter 3, when a check is issued, the account distribution is a:

You can look at the Journal to see all the transactions that were entered.

By default, each report shows data as of the current or today's date.

To view your company financial information, display transactions.

Written evidence of a business transaction such as invoices, sales receipts, bank statements:

The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

On the Create menu, select Invoices for cash sales.

Sales receipts are included in the Customers list.

Use the __________ to record a journal entry.

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

When QBO updates, accounts may be added automatically to the chart of accounts.

The Balance Sheet lists assets, liabilities, and equity.

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

After analyzing the transaction and typing the transaction date, complete this task:

In Chapter 3, the account distribution for a sales receipt is:

__________ are examples of checks, bills, and transfers.

The month that the company, QBO_Student Name, starts is:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Vendors and Inventory

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