Question 1

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities D

Question 2

To export reports to Excel:

Accepted Answer

A) With the Report window open,click the Excel button 
B) With the Report window open,click the Export button 
C) With the Report window open,click the Print button 
D) All of these 
A) With the Report window open,click the Excel button 
B) With the Report window open,click the Export button 
C) With the Report window open,click the Print button 
D) All of these B

Question 3

What is the difference between the cash basis and the accrual basis?

Accepted Answer

Cash basis - A sale is recorded when cash is collected from the customer.Expenses are recorded when cash is paid.
Accrual basis - Sales are recorded when the good or service is provided regardless of when the cash is collected from the customer.Expenses are recorded when the cost is incurred or expires,even if the expense has not been paid.

Question 4

To record adjusting journal entries in QuickBooks,select:

Accepted Answer

A) Company Center,Journal Entry icon 
B) Accountant menu,Make General Journal Entries 
C) Banking section of the Home page,Journal Entry icon 
D) Company section of the Home page,Journal Entry icon 
A) Company Center,Journal Entry icon 
B) Accountant menu,Make General Journal Entries 
C) Banking section of the Home page,Journal Entry icon 
D) Company section of the Home page,Journal Entry icon

Question 5

The Statement of Cash Flows lists:

Accepted Answer

A) Operating,Investing,and Financing Activity 
B) Assets,Liabilities,and Owner's Equity 
C) Income,Expenses,and Liabilities 
D) Gains,Losses,and Net Income 
A) Operating,Investing,and Financing Activity 
B) Assets,Liabilities,and Owner's Equity 
C) Income,Expenses,and Liabilities 
D) Gains,Losses,and Net Income

Question 6

The Trial Balance:

Accepted Answer

A) Lists all the company's accounts and ending balances 
B) Is printed before and after making adjustments 
C) Verifies the accounting system balances 
D) All of these 
A) Lists all the company's accounts and ending balances 
B) Is printed before and after making adjustments 
C) Verifies the accounting system balances 
D) All of these

Question 7

What is owner's equity?

Accepted Answer

A) What a company owes 
B) What is left after the liabilities are satisfied 
C) What a company owns 
D) None of these 
A) What a company owes 
B) What is left after the liabilities are satisfied 
C) What a company owns 
D) None of these

Question 8

Adjusting entries should be made ______________ preparing financial statements.

Accepted Answer

A) Before 
B) During 
C) After 
D) Never 
A) Before 
B) During 
C) After 
D) Never

Question 9

To print the General Ledger:

Accepted Answer

A) Select Chart of Accounts icon > Print Report 
B) From the Company section of the Home page > select Trial Balance icon 
C) Select Report Center > Accountant & Taxes,General Ledger 
D) Select Company Center > Print General Ledger 
A) Select Chart of Accounts icon > Print Report 
B) From the Company section of the Home page > select Trial Balance icon 
C) Select Report Center > Accountant & Taxes,General Ledger 
D) Select Company Center > Print General Ledger

Question 10

Examples of management reports for internal decision making include all of the following except:

Accepted Answer

A) 1120S Report 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary 
A) 1120S Report 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary

Question 11

An account period may be:

Accepted Answer

A) One quarter 
B) One month 
C) One year 
D) All of these 
A) One quarter 
B) One month 
C) One year 
D) All of these

Question 12

Providing information to external users' decision making is the purpose of which of the following?

Accepted Answer

A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports 
A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports

Question 13

Income tax reports in QuickBooks include all of the following except:

Accepted Answer

A) Income Tax Preparation report 
B) Income Tax Detail report 
C) Income Tax Summary report 
D) Income Tax Mapping report 
A) Income Tax Preparation report 
B) Income Tax Detail report 
C) Income Tax Summary report 
D) Income Tax Mapping report

Question 14

The Income Statement lists:

Accepted Answer

A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses 
A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses

Question 15

What information does the Balance Sheet provide?

Accepted Answer

A) A summary of cash inflows and outflows over a specific time period 
B) A company's financial position on a specific date 
C) Sales and expenses for a specific time period 
D) None of these 
A) A summary of cash inflows and outflows over a specific time period 
B) A company's financial position on a specific date 
C) Sales and expenses for a specific time period 
D) None of these

Question 16

Unearned revenue occurs when:

Accepted Answer

A) Customers pay after receiving a service 
B) Customers pay in advance of receiving a service 
C) Customers default and do not pay you what is owed 
D) All of these 
A) Customers pay after receiving a service 
B) Customers pay in advance of receiving a service 
C) Customers default and do not pay you what is owed 
D) All of these

Question 17

The Income Tax Preparation report:

Accepted Answer

A) Summarizes income and expenses that should be listed on a business income tax return 
B) Lists the assigned tax line for each account 
C) Provides detailed information about the income and expenses 
D) All of these 
A) Summarizes income and expenses that should be listed on a business income tax return 
B) Lists the assigned tax line for each account 
C) Provides detailed information about the income and expenses 
D) All of these

Question 18

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities

Question 19

Which of the following determines if the account appears classified properly on the balance sheet?

Accepted Answer

A) Tax-Mapping Line 
B) Account Number 
C) Item Number 
D) None of these 
A) Tax-Mapping Line 
B) Account Number 
C) Item Number 
D) None of these

Question 20

Sales are recorded under cash basis accounting when:

Accepted Answer

A) The goods or services are provided regardless of whether the cash is collected from the customers 
B) The bookkeeper has time to record the transactions 
C) The cash is collected from the customers 
D) The costs are incurred to earn the revenue 
A) The goods or services are provided regardless of whether the cash is collected from the customers 
B) The bookkeeper has time to record the transactions 
C) The cash is collected from the customers 
D) The costs are incurred to earn the revenue

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

To export reports to Excel:

What is the difference between the cash basis and the accrual basis?

To record adjusting journal entries in QuickBooks,select:

The Statement of Cash Flows lists:

The Trial Balance:

What is owner's equity?

Adjusting entries should be made ______________ preparing financial statements.

To print the General Ledger:

Examples of management reports for internal decision making include all of the following except:

An account period may be:

Providing information to external users' decision making is the purpose of which of the following?

Income tax reports in QuickBooks include all of the following except:

The Income Statement lists:

What information does the Balance Sheet provide?

Unearned revenue occurs when:

The Income Tax Preparation report:

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Which of the following determines if the account appears classified properly on the balance sheet?

Sales are recorded under cash basis accounting when:

Introduction to PFP

Time Value of Money

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Cash Flow Planning

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters

Exam 7: Debt

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

To export reports to Excel:

What is the difference between the cash basis and the accrual basis?

To record adjusting journal entries in QuickBooks,select:

The Statement of Cash Flows lists:

The Trial Balance:

What is owner's equity?

Adjusting entries should be made ______________ preparing financial statements.

To print the General Ledger:

Examples of management reports for internal decision making include all of the following except:

An account period may be:

Providing information to external users' decision making is the purpose of which of the following?

Income tax reports in QuickBooks include all of the following except:

The Income Statement lists:

What information does the Balance Sheet provide?

Unearned revenue occurs when:

The Income Tax Preparation report:

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Which of the following determines if the account appears classified properly on the balance sheet?

Sales are recorded under cash basis accounting when:

Introduction to PFP

Time Value of Money

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Cash Flow Planning

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters