Multiple Choice
What is FALSE regarding adjusting entries and QBO?
A) Adjusting entries are dated the last day of the accounting period which can be one month,one quarter or one year.
B) Adjustments are made through the Chart of Accounts during the year and then using the Onscreen Journal at the end of the year.
C) Adjusting Entries are entered in the Onscreen QBO Journal using debits and credits.
D) Some companies use QBO to maintain its accounting system throughout the year and use an accountant to prepare and enter adjusting entries at year end.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: In QBO,users can save adjusting entries as
Q2: Accrued revenues:<br>A)are revenues not yet earned but
Q3: One way QBO enters adjusting entries is
Q4: Correcting errors on saved documents requires all
Q6: What is the difference between a correcting
Q7: What is true regarding Unearned items?<br>A)Unearned items
Q8: What is the accounting cycle?<br>A)It is a
Q9: Accrued expenses are:<br>A)expenses that have been paid
Q10: What is FALSE regarding prepaid items?<br>A)Prepaid adjustments
Q11: An example of an adjusting entry