Question 1

The vendor used for the Loan Payable account is First Trust Bank.

Accepted Answer

A) True 
 B)False  True

Question 2

To make sure you are starting in the correct place in the data, display the:

Accepted Answer

A) October 1 through December 31 Balance Sheet. 
B) January 1 through January 31 Profit and Loss. 
C) January 1 through January 31 Trial Balance. 
D) Transaction register. 
E) None. 
A) October 1 through December 31 Balance Sheet. 
B) January 1 through January 31 Profit and Loss. 
C) January 1 through January 31 Trial Balance. 
D) Transaction register. 
E) None. C

Question 3

QB Cloud __________________________ includes an area for Credit Cards.

Accepted Answer

A) Bank Statement. 
B) Trial Balance. 
C) Profit and Loss Statement. 
D) Statement of Cash Flows. 
E) None. 
A) Bank Statement. 
B) Trial Balance. 
C) Profit and Loss Statement. 
D) Statement of Cash Flows. 
E) None. A

Question 4

The source documents shown in Chapter 9 include all of the following except:

Accepted Answer

A) Memos. 
B) Credit card sales. 
C) Vendor purchases. 
D) Commons stock. 
E) All. 
A) Memos. 
B) Credit card sales. 
C) Vendor purchases. 
D) Commons stock. 
E) All.

Question 5

When recording a credit card sale, select the following:

Accepted Answer

A) Vendors. 
B) Bill payments. 
C) Type of credit card. 
D) + > Invoice. 
E) None. 
A) Vendors. 
B) Bill payments. 
C) Type of credit card. 
D) + > Invoice. 
E) None.

Question 6

QB Cloud purchases Data storage from AmpleStore Inc.

Accepted Answer

A) True 
 B)False

Question 7

Which report shows you information on your income and expenses for a specific period?

Accepted Answer

A) Balance Sheet. 
B) Comparative Budget report. 
C) Money-out summary. 
D) Profit and Loss. 
E) None. 
A) Balance Sheet. 
B) Comparative Budget report. 
C) Money-out summary. 
D) Profit and Loss. 
E) None.

Question 8

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

Accepted Answer

A) $71,000. 
B) $79,000. 
C) $81,000. 
D) $89,000. 
E) None. 
A) $71,000. 
B) $79,000. 
C) $81,000. 
D) $89,000. 
E) None.

Question 9

To obtain information about your company's liabilities, you should run the Profit and Loss report.

Accepted Answer

A) True 
 B)False

Question 10

The balance in Account 101 Checking should be the same as the balance on the:

Accepted Answer

A) Bank register. 
B) Journal. 
C) Transfer account. 
D) None. 
E) All. 
A) Bank register. 
B) Journal. 
C) Transfer account. 
D) None. 
E) All.

Question 11

For vendor payments, refer to the Memo source document.

Accepted Answer

A) True 
 B)False

Question 12

Identify the primary financial statement that summarizes the Chart of Accounts.

Accepted Answer

A) Profit and Loss. 
B) Summary reports such as A/R Aging. 
C) Adjusting entry report. 
D) Cash Flow forecast. 
E) None. 
A) Profit and Loss. 
B) Summary reports such as A/R Aging. 
C) Adjusting entry report. 
D) Cash Flow forecast. 
E) None.

Question 13

Because QBO is in the cloud, you do not need to back up.

Accepted Answer

A) True 
 B)False

Question 14

How can you check that the date and year used for entering transactions is correct?

Accepted Answer

A) Balance Sheet for February. 
B) Display recent transactions. 
C) Profit and Loss for January. 
D) All. 
E) None. 
A) Balance Sheet for February. 
B) Display recent transactions. 
C) Profit and Loss for January. 
D) All. 
E) None.

Question 15

For products sold for cash and credit cards used, link to Invoices.

Accepted Answer

A) True 
 B)False

Question 16

If you think an invoice needs to be changed, what report should you look at?

Accepted Answer

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

Question 17

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

Accepted Answer

A) True 
 B)False

Question 18

With an Internet connection, almost any browser can be used to work with QB Online.

Accepted Answer

A) True 
 B)False

Question 19

You cannot drill down to transactions from the Recent Transactions links.

Accepted Answer

A) True 
 B)False

Question 20

The sequence used to record entries is analyze source document, enter the date, and input transaction.

Accepted Answer

A) True 
 B)False

The vendor used for the Loan Payable account is First Trust Bank.

To make sure you are starting in the correct place in the data, display the:

QB Cloud __________________________ includes an area for Credit Cards.

The source documents shown in Chapter 9 include all of the following except:

When recording a credit card sale, select the following:

QB Cloud purchases Data storage from AmpleStore Inc.

Which report shows you information on your income and expenses for a specific period?

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

To obtain information about your company's liabilities, you should run the Profit and Loss report.

The balance in Account 101 Checking should be the same as the balance on the:

For vendor payments, refer to the Memo source document.

Identify the primary financial statement that summarizes the Chart of Accounts.

Because QBO is in the cloud, you do not need to back up.

How can you check that the date and year used for entering transactions is correct?

For products sold for cash and credit cards used, link to Invoices.

If you think an invoice needs to be changed, what report should you look at?

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

With an Internet connection, almost any browser can be used to work with QB Online.

You cannot drill down to transactions from the Recent Transactions links.

The sequence used to record entries is analyze source document, enter the date, and input transaction.

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters

Exam 9: February Source Documents

The vendor used for the Loan Payable account is First Trust Bank.

To make sure you are starting in the correct place in the data, display the:

QB Cloud __________________________ includes an area for Credit Cards.

The source documents shown in Chapter 9 include all of the following except:

When recording a credit card sale, select the following:

QB Cloud purchases Data storage from AmpleStore Inc.

Which report shows you information on your income and expenses for a specific period?

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

To obtain information about your company's liabilities, you should run the Profit and Loss report.

The balance in Account 101 Checking should be the same as the balance on the:

For vendor payments, refer to the Memo source document.

Identify the primary financial statement that summarizes the Chart of Accounts.

Because QBO is in the cloud, you do not need to back up.

How can you check that the date and year used for entering transactions is correct?

For products sold for cash and credit cards used, link to Invoices.

If you think an invoice needs to be changed, what report should you look at?

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

With an Internet connection, almost any browser can be used to work with QB Online.

You cannot drill down to transactions from the Recent Transactions links.

The sequence used to record entries is analyze source document, enter the date, and input transaction.

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters