Question 1

After you import the Chart of Accounts, you edit the _____and ________accounts to add Opening Balances and as of dates.

Accepted Answer

A) Asset and Liability 
B) Asset and Income 
C) Liability and Expense 
D) Income and Expense 
A) Asset and Liability 
B) Asset and Income 
C) Liability and Expense 
D) Income and Expense A

Question 2

When you do not receive all the inventory items ordered, the items received are recorded and the Purchase Order is automatically closed.

Accepted Answer

A) True 
 B)False  False

Question 3

An Expense transaction is recorded for Petty Cash purchases.

Accepted Answer

A) True 
 B)False  True

Question 4

Cash is the only payment method accepted for a Cash Sale.

Accepted Answer

A) True 
 B)False

Question 5

The Gear icon may be used to access Lists in QuickBooks Online.

Accepted Answer

A) True 
 B)False

Question 6

An Unpaid Bills Detail shows you the outstanding balances for all customers that owe you money.

Accepted Answer

A) True 
 B)False

Question 7

When a customer returns an item from a sale on account, a(n)____ is completed.

Accepted Answer

A) Credit Memo 
B) Return Receipt 
C) Invoice 
D) Sales Receipt 
A) Credit Memo 
B) Return Receipt 
C) Invoice 
D) Sales Receipt

Question 8

There are three distinct areas of information for each employee: Pay, Profile, and Employment.

Accepted Answer

A) True 
 B)False

Question 9

The _______report shows details for each paycheck created and includes total wages, taxes withheld, and deductions.

Accepted Answer

A) Tax Liability 
B) Payroll Summary 
C) Employee Details 
D) Payroll Billing Summary 
A) Tax Liability 
B) Payroll Summary 
C) Employee Details 
D) Payroll Billing Summary

Question 10

To correct an error in an inventory item's opening balance, you record an adjustment to the________________ .

Accepted Answer

Inventory

Question 11

The report that you prepare to determine which bills to pay is the_______ report.

Accepted Answer

A) Expenses List 
B) Vendor Balance Detail 
C) Bill Payment List 
D) Unpaid Bills 
A) Expenses List 
B) Vendor Balance Detail 
C) Bill Payment List 
D) Unpaid Bills

Question 12

Additional investments made by an owner may be cash or non-cash items.

Accepted Answer

A) True 
 B)False

Question 13

The Vendor Balance Summary report shows unpaid balances for vendors.

Accepted Answer

A) True 
 B)False

Question 14

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors.

Accepted Answer

A) True 
 B)False

Question 15

QuickBooks Online automatically transfers Net Income into Retained Earnings at the end of the year.

Accepted Answer

A) True 
 B)False

Question 16

A complex password must be entered each time you access the Test Drive Company.

Accepted Answer

A) True 
 B)False

Question 17

You may create Payroll Schedules in Payroll Settings.

Accepted Answer

A) True 
 B)False

Question 18

A prepaid expense is an expense.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following would not be a prepaid expense?

Accepted Answer

A) Equipment Rental for a day 
B) Insurance for six months 
C) Office Supplies to have on hand 
D) None of the above 
A) Equipment Rental for a day 
B) Insurance for six months 
C) Office Supplies to have on hand 
D) None of the above

Question 20

When recording an early payment discount on inventory items, you use the ________account.

Accepted Answer

A) Purchases Discount 
B) Merchandise Discount 
C) Sales Discount 
D) Discount Expense 
A) Purchases Discount 
B) Merchandise Discount 
C) Sales Discount 
D) Discount Expense

After you import the Chart of Accounts, you edit the _and ____accounts to add Opening Balances and as of dates.

When you do not receive all the inventory items ordered, the items received are recorded and the Purchase Order is automatically closed.

An Expense transaction is recorded for Petty Cash purchases.

Cash is the only payment method accepted for a Cash Sale.

The Gear icon may be used to access Lists in QuickBooks Online.

An Unpaid Bills Detail shows you the outstanding balances for all customers that owe you money.

When a customer returns an item from a sale on account, a(n)____ is completed.

There are three distinct areas of information for each employee: Pay, Profile, and Employment.

The _______report shows details for each paycheck created and includes total wages, taxes withheld, and deductions.

To correct an error in an inventory item's opening balance, you record an adjustment to the________________ .

The report that you prepare to determine which bills to pay is the_______ report.

Additional investments made by an owner may be cash or non-cash items.

The Vendor Balance Summary report shows unpaid balances for vendors.

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors.

QuickBooks Online automatically transfers Net Income into Retained Earnings at the end of the year.

A complex password must be entered each time you access the Test Drive Company.

You may create Payroll Schedules in Payroll Settings.

A prepaid expense is an expense.

Which of the following would not be a prepaid expense?

When recording an early payment discount on inventory items, you use the ________account.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases: Service Items

General Accounting and End-Of-Period Procedures

Sales and Receivables: Productsinventory and Service Items, Sales Tax, and Discounts

Payables and Purchases: Inventory, Bills, Payments, and Discounts

General Accounting, Inventory Adjustments, Pay Sales Taxes, Budgets, and End-Of-Period Procedures

Payroll

Filters

Exam 10: Accounting and Business Management FAQs

After you import the Chart of Accounts, you edit the _____and ________accounts to add Opening Balances and as of dates.

When you do not receive all the inventory items ordered, the items received are recorded and the Purchase Order is automatically closed.

An Expense transaction is recorded for Petty Cash purchases.

Cash is the only payment method accepted for a Cash Sale.

The Gear icon may be used to access Lists in QuickBooks Online.

An Unpaid Bills Detail shows you the outstanding balances for all customers that owe you money.

When a customer returns an item from a sale on account, a(n)____ is completed.

There are three distinct areas of information for each employee: Pay, Profile, and Employment.

The _______report shows details for each paycheck created and includes total wages, taxes withheld, and deductions.

To correct an error in an inventory item's opening balance, you record an adjustment to the________________ .

The report that you prepare to determine which bills to pay is the_______ report.

Additional investments made by an owner may be cash or non-cash items.

The Vendor Balance Summary report shows unpaid balances for vendors.

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors.

QuickBooks Online automatically transfers Net Income into Retained Earnings at the end of the year.

A complex password must be entered each time you access the Test Drive Company.

You may create Payroll Schedules in Payroll Settings.

A prepaid expense is an expense.

Which of the following would not be a prepaid expense?

When recording an early payment discount on inventory items, you use the ________account.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases: Service Items

General Accounting and End-Of-Period Procedures

Sales and Receivables: Productsinventory and Service Items, Sales Tax, and Discounts

Payables and Purchases: Inventory, Bills, Payments, and Discounts

General Accounting, Inventory Adjustments, Pay Sales Taxes, Budgets, and End-Of-Period Procedures

Payroll

Filters

After you import the Chart of Accounts, you edit the _and ____accounts to add Opening Balances and as of dates.