Question 1

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 D

Question 2

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 D

Question 3

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

Accepted Answer

A) True 
 B)False  True

Question 4

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 5

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 6

The report that shows actual amounts and budgeted amounts is .

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

Question 7

After closing a period, net income cannot be edited.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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 10

After adding an inventory item and preparing a purchase order, you will have an Inventory Start Value for the item.

Accepted Answer

A) True 
 B)False

An owner may make the business.

The types of accounts that may be reconciled are .

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

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 report that shows actual amounts and budgeted amounts is .

After closing a period, net income cannot be edited.

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

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

After adding an inventory item and preparing a purchase order, you will have an Inventory Start Value for the item.

An Introduction to Quickbooks Online and Applying for the Educational Trial Version of Quickbooks Online

Create a Company in Quickbooks Online and Activate the Educational Trial Version of Quickbooks Online

Focus on Receivables When Providing Services

Focus on Payables When Providing Services

End-Of-Period Procedures Including Adjusting Entries, Owner Withdrawals and Investments, and Closing Entries

Focus on Receivables When Selling Inventory Items, Use Locations and Classes, Accept Credit Cards for Customer Payments, Collect Sales Tax, Give Customer Sales Discounts, and Record Nsf Checks

Focus on Payables When Purchasing and Paying for Inventory Items, Prepare Purchase Orders, Use a Company Credit Card, Record Purchase and Merchandise Discounts, Make Sales Tax Payments

Payroll

Payment Methods, Inventory, Reports, and More

Filters

Exam 8: End-Of-Period Procedures, Make Inventory Adjustments, Prepare Budgets, and Record Closing Entries

An owner may make the business.

The types of accounts that may be reconciled are .

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

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 report that shows actual amounts and budgeted amounts is .

After closing a period, net income cannot be edited.

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

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

After adding an inventory item and preparing a purchase order, you will have an Inventory Start Value for the item.

An Introduction to Quickbooks Online and Applying for the Educational Trial Version of Quickbooks Online

Create a Company in Quickbooks Online and Activate the Educational Trial Version of Quickbooks Online

Focus on Receivables When Providing Services

Focus on Payables When Providing Services

End-Of-Period Procedures Including Adjusting Entries, Owner Withdrawals and Investments, and Closing Entries

Focus on Receivables When Selling Inventory Items, Use Locations and Classes, Accept Credit Cards for Customer Payments, Collect Sales Tax, Give Customer Sales Discounts, and Record Nsf Checks

Focus on Payables When Purchasing and Paying for Inventory Items, Prepare Purchase Orders, Use a Company Credit Card, Record Purchase and Merchandise Discounts, Make Sales Tax Payments

Payroll

Payment Methods, Inventory, Reports, and More

Filters