Question 1

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

Question 2

The __________________________ shows deposits and checks.

Accepted Answer

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

Question 3

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

Question 4

Sales receipts are included in the Customers list.

Accepted Answer

A) True 
 B)False

Question 5

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

Question 6

The Balance Sheet lists assets, liabilities, and equity.

Accepted Answer

A) True 
 B)False

Question 7

On the Create menu, select Invoices for cash sales.

Accepted Answer

A) True 
 B)False

Question 8

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

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Question 11

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 
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

Question 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

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. 
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.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

The month that the company, QB Cloud_Student Name, starts is:

Accepted Answer

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

Question 20

To view your company financial information, display transactions.

Accepted Answer

A) True 
 B)False

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

The __________________________ shows deposits and checks.

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

Sales receipts are included in the Customers list.

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

The Balance Sheet lists assets, liabilities, and equity.

On the Create menu, select Invoices for cash sales.

Use the __________________________ to record a journal entry.

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

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

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

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

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

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

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

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

________________________________are examples of checks, bills, and transfers.

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

The month that the company, QB Cloud_Student Name, starts is:

To view your company financial information, display transactions.

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

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters

Exam 3: Beginning Balances and October Transaction Register

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

The __________________________ shows deposits and checks.

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

Sales receipts are included in the Customers list.

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

The Balance Sheet lists assets, liabilities, and equity.

On the Create menu, select Invoices for cash sales.

Use the __________________________ to record a journal entry.

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

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

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

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

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

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

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

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

________________________________are examples of checks, bills, and transfers.

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

The month that the company, QB Cloud_Student Name, starts is:

To view your company financial information, display transactions.

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

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters