Question 1

The report that proves that Assets = Liabilities + Equity is the report.

Accepted Answer

A) Profit and Loss 
B) Statement of Cash Flows 
C) Balance Sheet 
D) Trial Balance 
A) Profit and Loss 
B) Statement of Cash Flows 
C) Balance Sheet 
D) Trial Balance C

Question 2

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

Accepted Answer

A) True 
 B)False  False

Question 3

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 D

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

QuickBooks Online follows the same closing process as manual accounting.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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 8

When an owner works in a business, payment for the work 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

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

The report that proves that Assets = Liabilities + Equity is the report.

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

Adjusting entries are prepared for .

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

QuickBooks Online follows the same closing process as manual accounting.

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

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

When an owner works in a business, payment for the work is made by .

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

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

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

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

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

Payroll

Payment Methods, Inventory, Reports, and More

Filters

Exam 5: End-Of-Period Procedures Including Adjusting Entries, Owner Withdrawals and Investments, and Closing Entries

The report that proves that Assets = Liabilities + Equity is the report.

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

Adjusting entries are prepared for .

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

QuickBooks Online follows the same closing process as manual accounting.

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

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

When an owner works in a business, payment for the work is made by .

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

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

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

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

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

Payroll

Payment Methods, Inventory, Reports, and More

Filters