Question 1

Payment Methods are created for .

Accepted Answer

A) Debit Cards 
B) MasterCard 
C) Visa 
D) All of the above 
A) Debit Cards 
B) MasterCard 
C) Visa 
D) All of the above

Question 2

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors.

Accepted Answer

A) True 
 B)False

Question 3

You may prepare a budget for locations.

Accepted Answer

A) True 
 B)False

Question 4

Opening Balances for Inventory Items that were added without preparing a purchase order or bill are entered into .

Accepted Answer

A) Opening Balance Equity 
B) Inventory Assets 
C) Your Name, Investment 
D) Both A and B 
A) Opening Balance Equity 
B) Inventory Assets 
C) Your Name, Investment 
D) Both A and B

Question 5

Petty Cash is funded by .

Accepted Answer

A) Writing a check in QuickBooks and cashing it at the bank 
B) Making a withdrawal from checking at the bank and recording a Transfer of Funds 
C) The owner putting money in the Petty Cash drawer 
D) Either A or B 
A) Writing a check in QuickBooks and cashing it at the bank 
B) Making a withdrawal from checking at the bank and recording a Transfer of Funds 
C) The owner putting money in the Petty Cash drawer 
D) Either A or B

Question 6

Click Customers or Sales and Customers on the to access the Customers Center.

Accepted Answer

The answer of Click Customers or Sales and Customers on...

Question 7

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

Question 8

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

Accepted Answer

A) Trial Balance 
B) Income Statement 
C) Profit & Loss Report 
D) Balance Sheet 
A) Trial Balance 
B) Income Statement 
C) Profit & Loss Report 
D) Balance Sheet

Question 9

A Fixed Asset is something that you will own for .

Accepted Answer

A) Less than a year 
B) The life of the business 
C) More than a year 
D) All of the above 
A) Less than a year 
B) The life of the business 
C) More than a year 
D) All of the above

Question 10

Additional investments made by an owner may be cash or non-cash items.

Accepted Answer

A) True 
 B)False

Question 11

When you write a check to pay for a Bill that was recorded as a Bill, you .

Accepted Answer

A) Write a Check in QuickBooks Online 
B) Handwrite a check 
C) Use Pay Bills 
D) Any of the above 
A) Write a Check in QuickBooks Online 
B) Handwrite a check 
C) Use Pay Bills 
D) Any of the above

Question 12

If you donate a desk to Your Name's Beach Barkers, it is recorded in Your Name, Investment account and in .

Accepted Answer

A) Furniture: Original Cost 
B) Checking 
C) Store Supplies 
D) Owner's Donations 
A) Furniture: Original Cost 
B) Checking 
C) Store Supplies 
D) Owner's Donations

Question 13

The Chart of Accounts is accessed via the .

Accepted Answer

A) Transactions or Accounting tab on the Left-Navigation Bar 
B) Gear icon 
C) Plus (Create) icon 
D) Either A or B 
A) Transactions or Accounting tab on the Left-Navigation Bar 
B) Gear icon 
C) Plus (Create) icon 
D) Either A or B

Question 14

When you have a budget, you cannot purchase office supplies if it is over the budgeted amount.

Accepted Answer

A) True 
 B)False

Question 15

A Delayed Charge is converted into a(n) .

Accepted Answer

The answer of A Delayed Charge is converted into a(n)...

Question 16

If a bill payment amount does not match any of the bill amounts, QuickBooks Online applies it to .

Accepted Answer

A) The newest bill 
B) The oldest bill 
C) Splits the amount among all bills owed to the vendor 
D) Vendor Credits 
A) The newest bill 
B) The oldest bill 
C) Splits the amount among all bills owed to the vendor 
D) Vendor Credits

Question 17

An owner's withdrawal is recorded as a payroll expense.

Accepted Answer

A) True 
 B)False

Question 18

Each product or service must be linked to an appropriate income account.

Accepted Answer

A) True 
 B)False

Question 19

To add a Company Logo, you import it into the Company Name section of .

Accepted Answer

A) Products and Services 
B) Account and Settings 
C) Custom Forms 
D) All of the above 
A) Products and Services 
B) Account and Settings 
C) Custom Forms 
D) All of the above

Question 20

There are hundreds of external available that integrate and work with QuickBooks Online.

Accepted Answer

A) Commands 
B) Tasks 
C) Apps 
D) All of the above 
A) Commands 
B) Tasks 
C) Apps 
D) All of the above

Payment Methods are created for .

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors.

You may prepare a budget for locations.

Opening Balances for Inventory Items that were added without preparing a purchase order or bill are entered into .

Petty Cash is funded by .

Click Customers or Sales and Customers on the to access the Customers Center.

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

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

A Fixed Asset is something that you will own for .

Additional investments made by an owner may be cash or non-cash items.

When you write a check to pay for a Bill that was recorded as a Bill, you .

If you donate a desk to Your Name's Beach Barkers, it is recorded in Your Name, Investment account and in .

The Chart of Accounts is accessed via the .

When you have a budget, you cannot purchase office supplies if it is over the budgeted amount.

A Delayed Charge is converted into a(n) .

If a bill payment amount does not match any of the bill amounts, QuickBooks Online applies it to .

An owner's withdrawal is recorded as a payroll expense.

Each product or service must be linked to an appropriate income account.

To add a Company Logo, you import it into the Company Name section of .

There are hundreds of external available that integrate and work with QuickBooks Online.

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

Payment Methods are created for .

QuickBooks Online automatically calculates and inserts the 2% discount when paying for purchases from vendors.

You may prepare a budget for locations.

Opening Balances for Inventory Items that were added without preparing a purchase order or bill are entered into .

Petty Cash is funded by .

Click Customers or Sales and Customers on the to access the Customers Center.

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

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

A Fixed Asset is something that you will own for .

Additional investments made by an owner may be cash or non-cash items.

When you write a check to pay for a Bill that was recorded as a Bill, you .

If you donate a desk to Your Name's Beach Barkers, it is recorded in Your Name, Investment account and in .

The Chart of Accounts is accessed via the .

When you have a budget, you cannot purchase office supplies if it is over the budgeted amount.

A Delayed Charge is converted into a(n) .

If a bill payment amount does not match any of the bill amounts, QuickBooks Online applies it to .

An owner's withdrawal is recorded as a payroll expense.

Each product or service must be linked to an appropriate income account.

To add a Company Logo, you import it into the Company Name section of .

There are hundreds of external available that integrate and work with QuickBooks Online.

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