Question 1

A budget tracks income and expenses and may be helpful for use in making business decisions.

Accepted Answer

A) True 
 B)False  True

Question 2

The report that shows a summary of budgeted amounts for a specific budget is the_______ .

Accepted Answer

A) Budget Overview 
B) Budget vs.Actuals 
C) Company Snapshot 
D) Both A and B 
A) Budget Overview 
B) Budget vs.Actuals 
C) Company Snapshot 
D) Both A and B A

Question 3

An audit log allows you to view events that have occurred in the company, such as users who accessed and added or edited transactions.

Accepted Answer

A) True 
 B)False  True

Question 4

Inventory starting value may be adjusted if the quantity is provided when the account is added.

Accepted Answer

A) True 
 B)False

Question 5

After closing a period, net income cannot be edited.

Accepted Answer

A) True 
 B)False

Question 6

An owner may make ______the business.

Accepted Answer

A) Additional cash investments in 
B) Additional non-cash investments in 
C) A withdrawal from 
D) All of the above 
A) Additional cash investments in 
B) Additional non-cash investments in 
C) A withdrawal from 
D) All of the above

Question 7

Closing entries for a company that sells inventory items is the same as a company that sells services.

Accepted Answer

A) True 
 B)False

Question 8

To record depreciation for the month, you complete a(n)______ .

Accepted Answer

A) Expense Report 
B) Equipment Value Loss Form 
C) Journal Entry 
D) Depreciation Adjustment Form 
A) Expense Report 
B) Equipment Value Loss Form 
C) Journal Entry 
D) Depreciation Adjustment Form

Question 9

To change an existing inventory item's quantity on hand because it was damaged, you adjust _______.

Accepted Answer

A) Inventory Quantities 
B) Inventory Start Quantity 
C) Chart of Accounts 
D) Opening Balance Equity 
A) Inventory Quantities 
B) Inventory Start Quantity 
C) Chart of Accounts 
D) Opening Balance Equity

Question 10

The types of accounts that may be reconciled are _____.

Accepted Answer

A) Assets 
B) Liabilities 
C) Equity 
D) All of the above 
A) Assets 
B) Liabilities 
C) Equity 
D) All of the above

A budget tracks income and expenses and may be helpful for use in making business decisions.

The report that shows a summary of budgeted amounts for a specific budget is the_______ .

An audit log allows you to view events that have occurred in the company, such as users who accessed and added or edited transactions.

Inventory starting value may be adjusted if the quantity is provided when the account is added.

After closing a period, net income cannot be edited.

An owner may make ______the business.

Closing entries for a company that sells inventory items is the same as a company that sells services.

To record depreciation for the month, you complete a(n)______ .

To change an existing inventory item's quantity on hand because it was damaged, you adjust _______.

The types of accounts that may be reconciled are _____.

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

Payroll

Accounting and Business Management FAQs

Filters

Exam 8: General Accounting, Inventory Adjustments, Pay Sales Taxes, Budgets, and End-Of-Period Procedures

A budget tracks income and expenses and may be helpful for use in making business decisions.

The report that shows a summary of budgeted amounts for a specific budget is the_______ .

An audit log allows you to view events that have occurred in the company, such as users who accessed and added or edited transactions.

Inventory starting value may be adjusted if the quantity is provided when the account is added.

After closing a period, net income cannot be edited.

An owner may make ______the business.

Closing entries for a company that sells inventory items is the same as a company that sells services.

To record depreciation for the month, you complete a(n)______ .

To change an existing inventory item's quantity on hand because it was damaged, you adjust _______.

The types of accounts that may be reconciled are _____.

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

Payroll

Accounting and Business Management FAQs

Filters