Question 1

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

Accepted Answer

A) True 
 B)False  True

Question 2

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 C

Question 3

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  False

Question 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

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

Question 8

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 9

After closing a period, net income cannot be edited.

Accepted Answer

A) True 
 B)False

Question 10

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

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

To record depreciation for the month, you complete a(n) .

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

To change an existing inventory item's quantity on hand because it was damaged, you adjust .

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

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

The types of accounts that may be reconciled are .

The report that shows actual amounts and budgeted amounts is .

After closing a period, net income cannot be edited.

An owner may make the business.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases

General Accounting and End-Of-Period Procedures

Sales and Receivables: Product and Service Items

Payables, Purchases, and Inventory

Payroll

Appendix a Create a Company Using Quickbooks Desktop

Filters

Exam 8: General Accounting, End-Of-Period Procedures, and Budgets

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

To record depreciation for the month, you complete a(n) .

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

To change an existing inventory item's quantity on hand because it was damaged, you adjust .

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

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

The types of accounts that may be reconciled are .

The report that shows actual amounts and budgeted amounts is .

After closing a period, net income cannot be edited.

An owner may make the business.

Introduction to Quickbooks Online Plus

Create a Company

Sales and Receivables: Service Items

Payables and Purchases

General Accounting and End-Of-Period Procedures

Sales and Receivables: Product and Service Items

Payables, Purchases, and Inventory

Payroll

Appendix a Create a Company Using Quickbooks Desktop

Filters