Question 1

You cannot drill down to transactions from the Recent Transactions links.

Accepted Answer

A) True 
 B)False  False

Question 2

For products sold for cash and credit cards used, link to Invoices.

Accepted Answer

A) True 
 B)False  False

Question 3

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

Accepted Answer

A) $71,000. 
B) $79,000. 
C) $81,000. 
D) $89,000. 
E) None of these. 
A) $71,000. 
B) $79,000. 
C) $81,000. 
D) $89,000. 
E) None of these. A

Question 4

Because QBO is in the cloud, you do not need to back up.

Accepted Answer

A) True 
 B)False

Question 5

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

Accepted Answer

A) True 
 B)False

Question 6

For vendor payments, refer to the Memo source document.

Accepted Answer

A) True 
 B)False

Question 7

QBO_Student Name purchases Data storage from AmpleStore Inc.

Accepted Answer

A) True 
 B)False

Question 8

If you think an invoice needs to be changed, what report should you look at?

Accepted Answer

A) Balance Sheet. 
B) Profit and Loss. 
C) Statement of Cash Flows. 
D) Audit Log. 
E) All of these. 
A) Balance Sheet. 
B) Profit and Loss. 
C) Statement of Cash Flows. 
D) Audit Log. 
E) All of these.

Question 9

The balance in Account 101 Checking should be the same as the balance on the:

Accepted Answer

A) Bank register. 
B) Journal. 
C) Transfer account. 
D) None of these. 
E) All of these. 
A) Bank register. 
B) Journal. 
C) Transfer account. 
D) None of these. 
E) All of these.

Question 10

The source documents shown in Chapter 9 include all of the following except:

Accepted Answer

A) Memos. 
B) Credit card sales. 
C) Vendor purchases. 
D) Common stock. 
E) All of these. 
A) Memos. 
B) Credit card sales. 
C) Vendor purchases. 
D) Common stock. 
E) All of these.

Question 11

Identify the report that summarizes the Chart of Accounts.

Accepted Answer

A) Trial Balance. 
B) Summary reports such as A/R Aging. 
C) Adjusting entry report. 
D) Cash Flow forecast. 
E) None of these. 
A) Trial Balance. 
B) Summary reports such as A/R Aging. 
C) Adjusting entry report. 
D) Cash Flow forecast. 
E) None of these.

Question 12

Which report shows you information on your income and expenses for a specific period?

Accepted Answer

A) Balance Sheet. 
B) Comparative Budget report. 
C) Money-out summary. 
D) Profit and Loss. 
E) None of these. 
A) Balance Sheet. 
B) Comparative Budget report. 
C) Money-out summary. 
D) Profit and Loss. 
E) None of these.

Question 13

With an Internet connection, almost any browser can be used to work with QB Online.

Accepted Answer

A) True 
 B)False

Question 14

QBO_Student Name __________ includes an area for Credit Cards.

Accepted Answer

A) Bank Statement. 
B) Trial Balance. 
C) Profit and Loss Statement. 
D) Statement of Cash Flows. 
E) None of these. 
A) Bank Statement. 
B) Trial Balance. 
C) Profit and Loss Statement. 
D) Statement of Cash Flows. 
E) None of these.

Question 15

The vendor used for the Loan Payable account is First Trust Bank.

Accepted Answer

A) True 
 B)False

Question 16

To obtain information about your company's liabilities, you should run the Profit and Loss report.

Accepted Answer

A) True 
 B)False

Question 17

When recording a credit card sale, select the following:

Accepted Answer

A) Vendors. 
B) Bill payments. 
C) Type of credit card. 
D) + > Invoice. 
E) None of these. 
A) Vendors. 
B) Bill payments. 
C) Type of credit card. 
D) + > Invoice. 
E) None of these.

Question 18

How can you check that the date and year used for entering transactions is correct?

Accepted Answer

A) Balance Sheet for February. 
B) Display recent transactions. 
C) Profit and Loss for January. 
D) All of these. 
E) None of these. 
A) Balance Sheet for February. 
B) Display recent transactions. 
C) Profit and Loss for January. 
D) All of these. 
E) None of these.

Question 19

The sequence used to record entries is analyze source document, enter the date, and input transaction.

Accepted Answer

A) True 
 B)False

Question 20

To make sure you are starting in the correct place in the data, display the:

Accepted Answer

A) October 1 through December 31 Balance Sheet. 
B) January 1 through January 31 Profit and Loss. 
C) January 1 through January 31 Trial Balance. 
D) Transaction register. 
E) None of these. 
A) October 1 through December 31 Balance Sheet. 
B) January 1 through January 31 Profit and Loss. 
C) January 1 through January 31 Trial Balance. 
D) Transaction register. 
E) None of these.

You cannot drill down to transactions from the Recent Transactions links.

For products sold for cash and credit cards used, link to Invoices.

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

Because QBO is in the cloud, you do not need to back up.

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

For vendor payments, refer to the Memo source document.

QBO_Student Name purchases Data storage from AmpleStore Inc.

If you think an invoice needs to be changed, what report should you look at?

The balance in Account 101 Checking should be the same as the balance on the:

The source documents shown in Chapter 9 include all of the following except:

Identify the report that summarizes the Chart of Accounts.

Which report shows you information on your income and expenses for a specific period?

With an Internet connection, almost any browser can be used to work with QB Online.

QBO_Student Name __________ includes an area for Credit Cards.

The vendor used for the Loan Payable account is First Trust Bank.

To obtain information about your company's liabilities, you should run the Profit and Loss report.

When recording a credit card sale, select the following:

How can you check that the date and year used for entering transactions is correct?

The sequence used to record entries is analyze source document, enter the date, and input transaction.

To make sure you are starting in the correct place in the data, display the:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters

Exam 9: February Source Documents

You cannot drill down to transactions from the Recent Transactions links.

For products sold for cash and credit cards used, link to Invoices.

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

Because QBO is in the cloud, you do not need to back up.

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

For vendor payments, refer to the Memo source document.

QBO_Student Name purchases Data storage from AmpleStore Inc.

If you think an invoice needs to be changed, what report should you look at?

The balance in Account 101 Checking should be the same as the balance on the:

The source documents shown in Chapter 9 include all of the following except:

Identify the report that summarizes the Chart of Accounts.

Which report shows you information on your income and expenses for a specific period?

With an Internet connection, almost any browser can be used to work with QB Online.

QBO_Student Name __________ includes an area for Credit Cards.

The vendor used for the Loan Payable account is First Trust Bank.

To obtain information about your company's liabilities, you should run the Profit and Loss report.

When recording a credit card sale, select the following:

How can you check that the date and year used for entering transactions is correct?

The sequence used to record entries is analyze source document, enter the date, and input transaction.

To make sure you are starting in the correct place in the data, display the:

Quickbooks Online Test-Drive

New Company Setup and the Chart of Accounts

Beginning Balances and October Transaction Register

Vendors and Inventory

Customers and Sales

December Source Documents

Analysis and Reportsend of Fourth Quarter and Year

January Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

Certification, Customize Reports, Qb Labs, Mobile App and Updates

Filters