Question 1

Additional investments in the business may be cash or non-cash investments.

Accepted Answer

A) True 
 B)False  True

Question 2

When an owner works in a business, payment for services is made by_______ .

Accepted Answer

A) Creating a Paycheck 
B) An Owner Withdrawal 
C) A contribution to a Special Fund 
D) Adding the time as an investment in the business 
A) Creating a Paycheck 
B) An Owner Withdrawal 
C) A contribution to a Special Fund 
D) Adding the time as an investment in the business B

Question 3

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

Accepted Answer

A) True 
 B)False  True

Question 4

QuickBooks Online uses the cash-basis of accounting by default.

Accepted Answer

A) True 
 B)False

Question 5

An entry to ______must be recorded at the end of the year.

Accepted Answer

A) Transfer Net Income into the Owner's Capital account 
B) Transfer Net Income into the Checking account 
C) Close the adjusting entries for prepaid expenses 
D) Write a check to the owner for the amount of Net Income 
A) Transfer Net Income into the Owner's Capital account 
B) Transfer Net Income into the Checking account 
C) Close the adjusting entries for prepaid expenses 
D) Write a check to the owner for the amount of Net Income

Question 6

When the Checking account and the bank account are reconciled, _______are recorded into the Checking account.

Accepted Answer

A) Service Charges 
B) Automatic Payments 
C) Interest Earned on the account 
D) All the above 
A) Service Charges 
B) Automatic Payments 
C) Interest Earned on the account 
D) All the above

Question 7

There are three tabs available on the Reconcile Checking window: Receipts, Disbursements, and All.

Accepted Answer

A) True 
 B)False

Question 8

Reconciling a bank statement can help in finding the following types of errors recorded in the Checking account: ________.

Accepted Answer

A) A transaction that was recorded twice 
B) A transaction that was recorded backwards 
C) Transposition errors 
D) All of these can be found with a reconciliation 
A) A transaction that was recorded twice 
B) A transaction that was recorded backwards 
C) Transposition errors 
D) All of these can be found with a reconciliation

Question 9

Adjusting entries are prepared for________ .

Accepted Answer

A) Prepaid Expenses 
B) Depreciation 
C) Drawing 
D) Both A and B 
A) Prepaid Expenses 
B) Depreciation 
C) Drawing 
D) Both A and B

Question 10

To close income and expense accounts, you enter a closing date in QuickBooks Online.

Accepted Answer

A) True 
 B)False

Additional investments in the business may be cash or non-cash investments.

When an owner works in a business, payment for services is made by_______ .

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

QuickBooks Online uses the cash-basis of accounting by default.

An entry to ______must be recorded at the end of the year.

When the Checking account and the bank account are reconciled, _______are recorded into the Checking account.

There are three tabs available on the Reconcile Checking window: Receipts, Disbursements, and All.

Reconciling a bank statement can help in finding the following types of errors recorded in the Checking account: ________.

Adjusting entries are prepared for________ .

To close income and expense accounts, you enter a closing date in QuickBooks Online.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases: Service Items

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

Accounting and Business Management FAQs

Filters

Exam 5: General Accounting and End-Of-Period Procedures

Additional investments in the business may be cash or non-cash investments.

When an owner works in a business, payment for services is made by_______ .

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

QuickBooks Online uses the cash-basis of accounting by default.

An entry to ______must be recorded at the end of the year.

When the Checking account and the bank account are reconciled, _______are recorded into the Checking account.

There are three tabs available on the Reconcile Checking window: Receipts, Disbursements, and All.

Reconciling a bank statement can help in finding the following types of errors recorded in the Checking account: ________.

Adjusting entries are prepared for________ .

To close income and expense accounts, you enter a closing date in QuickBooks Online.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases: Service Items

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

Accounting and Business Management FAQs

Filters