Question

QUESTION 1

1. Which of the following is not a transaction category?

		Banking
		Employees and Payroll
		Customers and Sales
		Company Preferences

4 points   

QUESTION 2

1. Which report summarizes what a company has earned and the expenses incurred to earn the income?

		Balance Sheet
		Statement of Cash Flows
		Accounts Payable Report
		Profit and Loss Statement

QUESTION 3

1. What is the primary objective of accounting?

		The primary objective of accounting is to provide information to the Internal Revenue Service (IRS) to ensure the company is organized as the appropriate legal entity.
		The primary objective of accounting is to provide information only to users outside of the company.
		The primary objective of accounting is to provide detailed information to users to prepare the tax return.
		The primary objective of accounting is to provide information for decision making.

24 points   

QUESTION 5

1. What does the Sales Tax Center enable you to do?

		View the Chart of Accounts.
		Provide your accountant administrative access to your QuickBooks Online company.
		Streamlines the collection and tracking of sales taxes.
		Streamlines reconciling the bank balance to the book balance.

4 points   

QUESTION 6

1. Which screen provides information about vendor transactions?

		Expenses
		Reports
		Taxes
		Workers

4 points   

QUESTION 7

1. How are these accounts added to the Chart of Accounts (COA)?

		Add subaccounts by selecting New from the Chart of Accounts window, then enter the Account Type, and enter a name.
		Add subaccounts by selecting New from the Chart of Accounts window, next hit the + sign in the upper right corner, then enter the Account Type, select Detail Type and enter a name.
		Add subaccounts by selecting New from the Chart of Accounts window, then enter the Account Type, select Detail Type and enter a name. Check Sub-account box to confirm the account is a subaccount.
		Add subaccounts by selecting New from the Chart of Accounts window, then enter the Category Type, select Detail Type and enter a name.

4 points   

QUESTION 8

1. Financial statements include:

		Balance Sheet, Profit and Loss Statement, and Notes to the Financial Statements
		Tax Return, Balance Sheet, Profit and Loss Statement, and the Statement of Cash Flows
		Balance Sheet, Profit and Loss Statement, and the Statement of Cash Flows
		Tax Return, Statement of Cash Flows, and Balance sheet

4 points   

QUESTION 9

1. Which report summarizes what a company owes and owns on a particular date?

		Statement of Cash Flows
		Balance Sheet
		Accounts Payable Report
		Profit and Loss Statement

4 points   

QUESTION 10

1. On the Dashboard, what does the Profit and Loss graph display?

		How sales vary over the month.
		Categories of expenses, focusing attention on how money is spent.
		Overdue and not yet due amounts from customers.
		Net income, Revenue, and Expenses for tracking profitability.

4 points   

QUESTION 11

1. Which option appears on the Create (+) screen?

		All of the choices are correct.
		Invoice
		Journal Entry
		Pay Bills

4 points   

QUESTION 12

1. Which of the following statements is true regarding QuickBooks Online?

		QuickBooks Online is updated annually to ensure the content screens are familiar to users.
		QuickBooks Online requires a user to have integrated knowledge of accounting, financial systems or technology.
		QuickBooks Online can only be accessed by using installed software on a computer desktop or laptop.
		QuickBooks Online is cloud-based and uses a web browser to access.

4 points   

QUESTION 13

1. What does the My Accountant enable you to do?

		Streamlines the collection and tracking of sales taxes.
		Streamlines reconciling the bank balance to the book balance.
		View the Chart of Accounts.
		Provide your accountant administrative access to your QuickBooks Online company.

4 points   

QUESTION 14

1. Which tab displays credit card balances?

		Chart of Accounts tab
		Banking tab
		Invoices tab
		Expenses tab

4 points   

QUESTION 15

1. Which screen provides information about customer transactions?

		Projects
		Expenses
		Sales
		Reports

4 points   

QUESTION 16

1. The Banking screen provides the following information except:

		Sales Transactions
		Bank Balance
		Bank and Credit Card Accounts
		Bank Account Transactions

4 points   

QUESTION 17

1. What is the purpose of using subaccounts?

		To track additional details about the parent account.
		Increase the complexity of the accounting system.
		Hide money from the Internal Revenue Service (IRS).
		All of the choices are correct.

4 points   

QUESTION 18

1. Accounts Receivable is:

		Amounts owed from customers.
		Amounts owed from customers plus cash sales.
		Amounts owed to venders.
		Usually not a meaningful account to a company's financial accounting reports.

4 points   

QUESTION 19

1. Usually account numbers are

		Only used if subaccounts are created.
		Used as a coding system to identify the account type.
		Used to cross reference fields on tax forms.
		Randomly generated and have no real purpose.

4 points   

QUESTION 20

1. On the Dashboard, what does the Invoices graph display?

		Overdue and not yet due amounts from customers.
		How sales vary over the month.
		Net income, Revenue, and Expenses for tracking profitability.
		Categories of expenses, focusing attention on how money is spent.

Answer 1