Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

A Customer Balance Summary Report shows you the balances for all customers who owe you money.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

QuickBooks Online shows the Sales Discount after Sales Taxes.

Accepted Answer

A) True 
 B)False

Question 5

When editing a paycheck, you may change anything shown in a rectangular box.

Accepted Answer

A) True 
 B)False

Question 6

If the adjusting entry to transfer Net Income and Retained Earnings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows .

Accepted Answer

A) Retained Earnings 
B) Net Income 
C) Both Net Income and Retained Earnings 
D) None of the above because the Net Income and Retained Earnings have been transferred into capital 
A) Retained Earnings 
B) Net Income 
C) Both Net Income and Retained Earnings 
D) None of the above because the Net Income and Retained Earnings have been transferred into capital

Question 7

A is prepared to record an automatic loan payment to the bank.

Accepted Answer

The answer of A is prepared to record an automatic...

Question 8

An invoice may be exported to Excel.

Accepted Answer

A) True 
 B)False

Question 9

When a bill has been recorded, you may pay it using Pay Bills or by writing a check manually.

Accepted Answer

A) True 
 B)False

Question 10

The Bill Payment List shows all of the checks written to pay bills.

Accepted Answer

A) True 
 B)False

Question 11

A prepaid expense is an asset.

Accepted Answer

A) True 
 B)False

Question 12

If you create a budget with locations, prior entries are classified as .

Accepted Answer

A) Prior to Budget 
B) Not Specified 
C) Unknown 
D) Unbudgeted 
A) Prior to Budget 
B) Not Specified 
C) Unknown 
D) Unbudgeted

Question 13

When a return is made for a Sales Receipt, a is completed.

Accepted Answer

A) Refund Receipt 
B) Credit Memo 
C) Sales Receipt Return 
D) Voided Transaction 
A) Refund Receipt 
B) Credit Memo 
C) Sales Receipt Return 
D) Voided Transaction

Question 14

An Expense transaction is recorded for Petty Cash purchases.

Accepted Answer

A) True 
 B)False

Question 15

The three types of discounts available for use in a company are .

Accepted Answer

Sales Discount Purch

Question 16

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

Accepted Answer

Inventory

Question 17

You can add preferred invoice terms by editing Sales Settings.

Accepted Answer

A) True 
 B)False

Question 18

Reports are accessed by clicking the Gear button and are grouped into categories according to business functions.

Accepted Answer

A) True 
 B)False

Question 19

Cloud-based computing uses the Internet to provide program access.

Accepted Answer

A) True 
 B)False

Question 20

A sale on account means that the sale was paid for with a credit card.

Accepted Answer

A) True 
 B)False

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

A Customer Balance Summary Report shows you the balances for all customers who owe you money.

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

QuickBooks Online shows the Sales Discount after Sales Taxes.

When editing a paycheck, you may change anything shown in a rectangular box.

If the adjusting entry to transfer Net Income and Retained Earnings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows .

A is prepared to record an automatic loan payment to the bank.

An invoice may be exported to Excel.

When a bill has been recorded, you may pay it using Pay Bills or by writing a check manually.

The Bill Payment List shows all of the checks written to pay bills.

A prepaid expense is an asset.

If you create a budget with locations, prior entries are classified as .

When a return is made for a Sales Receipt, a is completed.

An Expense transaction is recorded for Petty Cash purchases.

The three types of discounts available for use in a company are .

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

You can add preferred invoice terms by editing Sales Settings.

Reports are accessed by clicking the Gear button and are grouped into categories according to business functions.

Cloud-based computing uses the Internet to provide program access.

A sale on account means that the sale was paid for with a credit card.

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

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

Payroll

Filters

Exam 10: Payment Methods, Inventory, Reports, and More

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

A Customer Balance Summary Report shows you the balances for all customers who owe you money.

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

QuickBooks Online shows the Sales Discount after Sales Taxes.

When editing a paycheck, you may change anything shown in a rectangular box.

If the adjusting entry to transfer Net Income and Retained Earnings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows .

A is prepared to record an automatic loan payment to the bank.

An invoice may be exported to Excel.

When a bill has been recorded, you may pay it using Pay Bills or by writing a check manually.

The Bill Payment List shows all of the checks written to pay bills.

A prepaid expense is an asset.

If you create a budget with locations, prior entries are classified as .

When a return is made for a Sales Receipt, a is completed.

An Expense transaction is recorded for Petty Cash purchases.

The three types of discounts available for use in a company are .

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

You can add preferred invoice terms by editing Sales Settings.

Reports are accessed by clicking the Gear button and are grouped into categories according to business functions.

Cloud-based computing uses the Internet to provide program access.

A sale on account means that the sale was paid for with a credit card.

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

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

Payroll

Filters