Question 1

Changes to the chart of accounts may be made_____ .

Accepted Answer

A) at the beginning of a fiscal period 
B) before the end of the fiscal year 
C) at any time 
D) once established the chart of accounts may not be modified 
A) at the beginning of a fiscal period 
B) before the end of the fiscal year 
C) at any time 
D) once established the chart of accounts may not be modified C

Question 2

The Journal report shows _____.

Accepted Answer

A) all transactions no matter where they were recorded 
B) only those transactions recorded in the General Journal 
C) only transactions recorded in account registers 
D) only those transactions that have been edited 
A) all transactions no matter where they were recorded 
B) only those transactions recorded in the General Journal 
C) only transactions recorded in account registers 
D) only those transactions that have been edited A

Question 3

9 When paying for insurance using the accrual-basis of accounting, you debit the expense account in the General Journal.

Accepted Answer

A) True 
 B)False  False

Question 4

If an account was used previously but now has a 0.00 balance, it may be deleted.

Accepted Answer

A) True 
 B)False

Question 5

A closing date is assigned_____ .

Accepted Answer

A) after all passwords have been assigned 
B) at the beginning of the year 
C) by entering a closing transaction 
D) at the end of the accounting period to be closed 
A) after all passwords have been assigned 
B) at the beginning of the year 
C) by entering a closing transaction 
D) at the end of the accounting period to be closed

Question 6

If the adjusting entry to transfer Net Income/Owner's Equity into the owner's capital account is made prior to the end of the year, the Balance Sheet shows _______.

Accepted Answer

A) Owner's Equity 
B) Net Income 
C) both Net Income and Owner's Equity 
D) none of the above because the income/earnings has been transferred into capital 
A) Owner's Equity 
B) Net Income 
C) both Net Income and Owner's Equity 
D) none of the above because the income/earnings has been transferred into capital

Question 7

A report may be exported to______ for working with "what if" scenarios.

Accepted Answer

The answer of A report may be exported to______ for...

Question 8

A QuickBooks Desktop register_____ .

Accepted Answer

A) is prepared for every balance sheet account 
B) contains records of all activity for an account 
C) can be used to record transactions 
D) all the above 
A) is prepared for every balance sheet account 
B) contains records of all activity for an account 
C) can be used to record transactions 
D) all the above

Question 9

An Inactive Account may be used to record a transaction for a period that was prior to the date when the account was marked as inactive.

Accepted Answer

A) True 
 B)False

Question 10

Additional investments by an owner may be____ or____ items.

Accepted Answer

The answer of Additional investments by an owner may be____...

Question 11

QuickMath displays _____.

Accepted Answer

A) a calculator 
B) adding machine tape 
C) a calculator with adding machine tape 
D) none of the above 
A) a calculator 
B) adding machine tape 
C) a calculator with adding machine tape 
D) none of the above

Question 12

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

Accepted Answer

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

Question 13

The Journal report shows all transactions in the traditional ______format.

Accepted Answer

The answer of The Journal report shows all transactions in...

Question 14

Anything entered as a bank service charge or as interest earned will be entered automatically when the bank reconciliation is complete.

Accepted Answer

A) True 
 B)False

Question 15

The Reconciliation Report may be printed as ______.

Accepted Answer

A) a Summary report 
B) a Detailed report 
C) Both 
D) All the above 
A) a Summary report 
B) a Detailed report 
C) Both 
D) All the above

Question 16

At the end of the year, QuickBooks Desktop automatically puts the net income for the year in the _______account.

Accepted Answer

A) owner's capital 
B) owner's investment 
C) owner's net income 
D) owner's equity 
A) owner's capital 
B) owner's investment 
C) owner's net income 
D) owner's equity

Question 17

You can record an automatic loan payment when reconciling the checking account.

Accepted Answer

A) True 
 B)False

Question 18

The bank statement ending balance will always match the ending balance of the checking account.

Accepted Answer

A) True 
 B)False

Question 19

The keyboard shortcut to edit an account name is______ .

Accepted Answer

The answer of The keyboard shortcut to edit an account...

Question 20

When the depreciation of an asset is recorded, it is marked as an adjusting entry.

Accepted Answer

A) True 
 B)False

Changes to the chart of accounts may be made_____ .

The Journal report shows _____.

9 When paying for insurance using the accrual-basis of accounting, you debit the expense account in the General Journal.

If an account was used previously but now has a 0.00 balance, it may be deleted.

A closing date is assigned_____ .

If the adjusting entry to transfer Net Income/Owner's Equity into the owner's capital account is made prior to the end of the year, the Balance Sheet shows _______.

A report may be exported to______ for working with "what if" scenarios.

A QuickBooks Desktop register_____ .

An Inactive Account may be used to record a transaction for a period that was prior to the date when the account was marked as inactive.

Additional investments by an owner may be or items.

QuickMath displays _____.

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

The Journal report shows all transactions in the traditional ______format.

Anything entered as a bank service charge or as interest earned will be entered automatically when the bank reconciliation is complete.

The Reconciliation Report may be printed as ______.

At the end of the year, QuickBooks Desktop automatically puts the net income for the year in the _______account.

You can record an automatic loan payment when reconciling the checking account.

The bank statement ending balance will always match the ending balance of the checking account.

The keyboard shortcut to edit an account name is______ .

When the depreciation of an asset is recorded, it is marked as an adjusting entry.

Introduction to Quickbooks 2018 and Company Files

Sales and Receivables: Service Business

Payables and Purchases: Service Business

Sales and Receivables: Merchandising Business

Payables and Purchases: Merchandising Business

General Accounting and End-Of-Period Procedures: Merchandising Business

Payroll

Creating a Company in Quickbooks

Desktop Accounting System: Features and Functionality Overview

Filters

Exam 4: General Accounting and End-Of- Period Procedures: Service Business

Changes to the chart of accounts may be made_____ .

The Journal report shows _____.

9 When paying for insurance using the accrual-basis of accounting, you debit the expense account in the General Journal.

If an account was used previously but now has a 0.00 balance, it may be deleted.

A closing date is assigned_____ .

If the adjusting entry to transfer Net Income/Owner's Equity into the owner's capital account is made prior to the end of the year, the Balance Sheet shows _______.

A report may be exported to______ for working with "what if" scenarios.

A QuickBooks Desktop register_____ .

An Inactive Account may be used to record a transaction for a period that was prior to the date when the account was marked as inactive.

Additional investments by an owner may be____ or____ items.

QuickMath displays _____.

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

The Journal report shows all transactions in the traditional ______format.

Anything entered as a bank service charge or as interest earned will be entered automatically when the bank reconciliation is complete.

The Reconciliation Report may be printed as ______.

At the end of the year, QuickBooks Desktop automatically puts the net income for the year in the _______account.

You can record an automatic loan payment when reconciling the checking account.

The bank statement ending balance will always match the ending balance of the checking account.

The keyboard shortcut to edit an account name is______ .

When the depreciation of an asset is recorded, it is marked as an adjusting entry.

Introduction to Quickbooks 2018 and Company Files

Sales and Receivables: Service Business

Payables and Purchases: Service Business

Sales and Receivables: Merchandising Business

Payables and Purchases: Merchandising Business

General Accounting and End-Of-Period Procedures: Merchandising Business

Payroll

Creating a Company in Quickbooks

Desktop Accounting System: Features and Functionality Overview

Filters

Additional investments by an owner may be or items.