Question 1

A Mortgage Payable account:

Accepted Answer

A) Has real estate as collateral 
B) Is identical to a Loan Payable account 
C) Is a type of Owner's Equity account 
D) None of the above 
A) Has real estate as collateral 
B) Is identical to a Loan Payable account 
C) Is a type of Owner's Equity account 
D) None of the above A

Question 2

Which account below is not an Expense account?

Accepted Answer

A) Utilities 
B) Rent 
C) Accounts Payable 
D) Advertising 
A) Utilities 
B) Rent 
C) Accounts Payable 
D) Advertising C

Question 3

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 D

Question 4

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 5

Balance Sheet accounts are also called:

Accepted Answer

A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of the above 
A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of the above

Question 6

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 the above. 
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 the above.

Question 7

Which of the following is considered a permanent account?

Accepted Answer

A) Income Statement accounts. 
B) Balance Sheet accounts. 
C) All the above. 
D) None of the above. 
A) Income Statement accounts. 
B) Balance Sheet accounts. 
C) All the above. 
D) None of the above.

Question 8

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

Accepted Answer

Passwords are important to help restrict

Question 9

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 10

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 11

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 12

Which QuickBooks version is designed for mid-sized businesses?

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 13

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

Question 14

To sort the Chart of Accounts by account name:

Accepted Answer

A) Click on the Name heading bar 
B) Click Account > Re-sort List 
C) Click File > Sort 
D) Right click Sort by Name 
A) Click on the Name heading bar 
B) Click Account > Re-sort List 
C) Click File > Sort 
D) Right click Sort by Name

Question 15

What does the QuickBooks Company Snapshot provide?

Accepted Answer

The QuickBooks Company Snapsho

Question 16

Which of the following is a temporary account?

Accepted Answer

A) Sales 
B) Inventory 
C) Accounts Payable 
D) Accounts Receivable 
A) Sales 
B) Inventory 
C) Accounts Payable 
D) Accounts Receivable

Question 17

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 18

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 19

Income Statement accounts are also called:

Accepted Answer

A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of the above 
A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of the above

Question 20

What does the Chart of Accounts list?

Accepted Answer

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

A Mortgage Payable account:

Which account below is not an Expense account?

Which of the following increases owner's equity?

What are assets?

Balance Sheet accounts are also called:

How may you customize QuickBooks to fit your specific needs?

Which of the following is considered a permanent account?

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

What is the purpose of a non-posting account?

The Income Statement:

How do you access the Statement of Cash Flows report?

Which QuickBooks version is designed for mid-sized businesses?

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

To sort the Chart of Accounts by account name:

What does the QuickBooks Company Snapshot provide?

Which of the following is a temporary account?

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

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

Income Statement accounts are also called:

What does the Chart of Accounts list?

Quick Tour of Quickbooks 2011

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 2: Customizing Quickbooks and the Chart of Accounts

A Mortgage Payable account:

Which account below is not an Expense account?

Which of the following increases owner's equity?

What are assets?

Balance Sheet accounts are also called:

How may you customize QuickBooks to fit your specific needs?

Which of the following is considered a permanent account?

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

What is the purpose of a non-posting account?

The Income Statement:

How do you access the Statement of Cash Flows report?

Which QuickBooks version is designed for mid-sized businesses?

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

To sort the Chart of Accounts by account name:

What does the QuickBooks Company Snapshot provide?

Which of the following is a temporary account?

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

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

Income Statement accounts are also called:

What does the Chart of Accounts list?

Quick Tour of Quickbooks 2011

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters