Question 1

To add a new account to the Chart of Accounts:

Accepted Answer

A) Display the Chart of Accounts,select Account,New 
B) From the Company menu,select New Account 
C) From the Home page,select New Account 
D) From the Lists menu,select New Account 
A) Display the Chart of Accounts,select Account,New 
B) From the Company menu,select New Account 
C) From the Home page,select New Account 
D) From the Lists menu,select New Account A

Question 2

What feature helps you to track tasks and due dates?

Accepted Answer

A) Control 
B) Calendar 
C) Charting 
D) All of these 
A) Control 
B) Calendar 
C) Charting 
D) All of these B

Question 3

Income Statement accounts are also called:

Accepted Answer

A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of these 
A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of these B

Question 4

Which of the following increases owner's equity?

Accepted Answer

A) Dividends 
B) Business losses 
C) Business expenses 
D) Business profits 
A) Dividends 
B) Business losses 
C) Business expenses 
D) Business profits

Question 5

The Income Statement:

Accepted Answer

A) lists the accounts and account numbers 
B) lists a company's assets 
C) summarizes what a company owns and what it owes 
D) reports the results of a company's operations,listing income and expenses for a period of time 
A) lists the accounts and account numbers 
B) lists a company's assets 
C) summarizes what a company owns and what it owes 
D) reports the results of a company's operations,listing income and expenses for a period of time

Question 6

Which of the following is not an income account?

Accepted Answer

A) Revenue 
B) Interest Revenue 
C) Rent Expense 
D) Gain on sale 
A) Revenue 
B) Interest Revenue 
C) Rent Expense 
D) Gain on sale

Question 7

An example of a non-posting account is ________.

Accepted Answer

A) Employee Expense 
B) Inventory 
C) Purchase Orders Account 
D) Accounts Payable 
A) Employee Expense 
B) Inventory 
C) Purchase Orders Account 
D) Accounts Payable

Question 8

Which QuickBooks version is designed for small businesses that have industry specific needs?

Accepted Answer

A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions 
A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions

Question 9

How do you access the Statement of Cash Flows report?

Accepted Answer

A) Report Center icon > Banking 
B) Report Center icon > Company & Financial 
C) Report Center icon > Accountant & Taxes 
D) Company menu > Company Information 
A) Report Center icon > Banking 
B) Report Center icon > Company & Financial 
C) Report Center icon > Accountant & Taxes 
D) Company menu > Company Information

Question 10

What does the Chart of Accounts list?

Accepted Answer

A) Assets,liabilities and owner's equity accounts 
B) Income and expense accounts 
C) Owner's contributions 
D) All of these 
A) Assets,liabilities and owner's equity accounts 
B) Income and expense accounts 
C) Owner's contributions 
D) All of these

Question 11

How may you customize QuickBooks to fit your specific needs?

Accepted Answer

A) Make changes to the Chart of Accounts. 
B) Purchase one of the various QuickBooks editions. 
C) Enable security access to QuickBooks files. 
D) All of these 
A) Make changes to the Chart of Accounts. 
B) Purchase one of the various QuickBooks editions. 
C) Enable security access to QuickBooks files. 
D) All of these

Question 12

Non-posting accounts:

Accepted Answer

A) Track information required for the accounting system 
B) Do not appear on the Balance Sheet 
C) Do not appear on the Income Statement 
D) All of these 
A) Track information required for the accounting system 
B) Do not appear on the Balance Sheet 
C) Do not appear on the Income Statement 
D) All of these

Question 13

Briefly explain the purpose and benefits of using a password for QuickBooks access?

Accepted Answer

Passwords are important to help restrict

Question 14

What are assets?

Accepted Answer

A) Resources that a company owns with future benefit 
B) Net worth of a company 
C) Amounts paid to owners 
D) Amounts owed to others and are future obligations 
A) Resources that a company owns with future benefit 
B) Net worth of a company 
C) Amounts paid to owners 
D) Amounts owed to others and are future obligations

Question 15

Which of the following is considered a permanent account?

Accepted Answer

A) Income Statement accounts 
B) Balance Sheet accounts 
C) Both income statement accounts and balance sheet accounts 
D) None of these 
A) Income Statement accounts 
B) Balance Sheet accounts 
C) Both income statement accounts and balance sheet accounts 
D) None of these

Question 16

How do you access the screen to add a user and password?

Accepted Answer

A) Company menu > Set Up Users and Passwords > Set Up Users 
B) Employees > Employee Center 
C) Edit menu > Preferences > Employees 
D) Company menu > Company Information 
A) Company menu > Set Up Users and Passwords > Set Up Users 
B) Employees > Employee Center 
C) Edit menu > Preferences > Employees 
D) Company menu > Company Information

Question 17

What is the purpose of a non-posting account?

Accepted Answer

A) To calculate income. 
B) To track information necessary to the accounting information system. 
C) To calculate expenses. 
D) To identify owner's equity. 
A) To calculate income. 
B) To track information necessary to the accounting information system. 
C) To calculate expenses. 
D) To identify owner's equity.

Question 18

What does the QuickBooks Company Snapshot provide?

Accepted Answer

The QuickBooks Company Snapsho

Question 19

The different types of business ownership are:

Accepted Answer

A) Sole proprietorship 
B) Partnership 
C) Corporation 
D) All of these 
A) Sole proprietorship 
B) Partnership 
C) Corporation 
D) All of these

Question 20

Which QuickBooks version is designed for small businesses without industry specific needs?

Accepted Answer

A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions 
A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions

To add a new account to the Chart of Accounts:

What feature helps you to track tasks and due dates?

Income Statement accounts are also called:

Which of the following increases owner's equity?

The Income Statement:

Which of the following is not an income account?

An example of a non-posting account is ________.

Which QuickBooks version is designed for small businesses that have industry specific needs?

How do you access the Statement of Cash Flows report?

What does the Chart of Accounts list?

How may you customize QuickBooks to fit your specific needs?

Non-posting accounts:

Briefly explain the purpose and benefits of using a password for QuickBooks access?

What are assets?

Which of the following is considered a permanent account?

How do you access the screen to add a user and password?

What is the purpose of a non-posting account?

What does the QuickBooks Company Snapshot provide?

The different types of business ownership are:

Which QuickBooks version is designed for small businesses without industry specific needs?

Introduction to PFP

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Cash Flow Planning

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters

Exam 2: Time Value of Money

To add a new account to the Chart of Accounts:

What feature helps you to track tasks and due dates?

Income Statement accounts are also called:

Which of the following increases owner's equity?

The Income Statement:

Which of the following is not an income account?

An example of a non-posting account is ________.

Which QuickBooks version is designed for small businesses that have industry specific needs?

How do you access the Statement of Cash Flows report?

What does the Chart of Accounts list?

How may you customize QuickBooks to fit your specific needs?

Non-posting accounts:

Briefly explain the purpose and benefits of using a password for QuickBooks access?

What are assets?

Which of the following is considered a permanent account?

How do you access the screen to add a user and password?

What is the purpose of a non-posting account?

What does the QuickBooks Company Snapshot provide?

The different types of business ownership are:

Which QuickBooks version is designed for small businesses without industry specific needs?

Introduction to PFP

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Cash Flow Planning

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters