Question 1

Before completing work in Chapter 7, display the:

Accepted Answer

A) Export the October 1 trial balance to Excel. 
B) Save the November 30 trial balance as a PDF file. 
C) October 1 through December 31 trial balance. 
D) All of these. 
E) None of these. 
A) Export the October 1 trial balance to Excel. 
B) Save the November 30 trial balance as a PDF file. 
C) October 1 through December 31 trial balance. 
D) All of these. 
E) None of these. C

Question 2

A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.

Accepted Answer

A) True 
 B)False  True

Question 3

To close the books, change the trial balance date to December 31 of the current year.

Accepted Answer

A) True 
 B)False  False

Question 4

When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income;and the Profit and Loss accounts will have zero balances.

Accepted Answer

A) True 
 B)False

Question 5

A software design that emphasizes separating the functions of a program into independent, interchangeable components is called:

Accepted Answer

A) A user interface. 
B) The operating system. 
C) Web-delivered software. 
D) Modules. 
E) All of these. 
A) A user interface. 
B) The operating system. 
C) Web-delivered software. 
D) Modules. 
E) All of these.

Question 6

The accounts shown on the balance sheet are called:

Accepted Answer

A) Permanent accounts. 
B) Temporary accounts. 
C) Transaction entries. 
D) Customized accounts. 
E) All of these. 
A) Permanent accounts. 
B) Temporary accounts. 
C) Transaction entries. 
D) Customized accounts. 
E) All of these.

Question 7

What checks are shown on Chapter 7's transaction register?

Accepted Answer

A) Expenses. 
B) Sales. 
C) Vendor payments. 
D) Sales Tax Payments. 
E) All of these. 
A) Expenses. 
B) Sales. 
C) Vendor payments. 
D) Sales Tax Payments. 
E) All of these.

Question 8

Accounts that are closed as the end of the year are called:

Accepted Answer

A) Permanent accounts. 
B) Temporary accounts. 
C) Balance sheet accounts. 
D) Trial balance accounts. 
E) All of these. 
A) Permanent accounts. 
B) Temporary accounts. 
C) Balance sheet accounts. 
D) Trial balance accounts. 
E) All of these.

Question 9

A list report can be customized and exported using:

Accepted Answer

A) The balance sheet. 
B) A template. 
C) Some apps. 
D) Excel. 
E) All of these. 
A) The balance sheet. 
B) A template. 
C) Some apps. 
D) Excel. 
E) All of these.

Question 10

Adjusting entries are recorded on the Invoice page.

Accepted Answer

A) True 
 B)False

Question 11

When you close the books, income, cost of goods sold, and expense accounts are reset to zero amounts.

Accepted Answer

A) True 
 B)False

Question 12

Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.

Accepted Answer

A) True 
 B)False

Question 13

To see the appropriate report balances, type the date range.

Accepted Answer

A) True 
 B)False

Question 14

Use the Settings menu to record journal entries.

Accepted Answer

A) True 
 B)False

Question 15

On the Balance Sheet, the previous year's Net Income amount is also the company's profit.

Accepted Answer

A) True 
 B)False

Question 16

The purpose of closing the books is to transfer:

Accepted Answer

A) Drawing to Sales. 
B) Cost of Goods Sold to Accounts Payable. 
C) Checking to Accounts Receivable. 
D) Net income to Retained Earnings. 
E) None of these. 
A) Drawing to Sales. 
B) Cost of Goods Sold to Accounts Payable. 
C) Checking to Accounts Receivable. 
D) Net income to Retained Earnings. 
E) None of these.

Question 17

The purpose of an adjusting entry is a/an:

Accepted Answer

A) Accurate Profit and Loss statement and Balance Sheet. 
B) Create menu (+)> Credit Card Credit. 
C) Gear > Account and Settings > Advanced. 
D) Gear > Manage Users. 
E) None of these. 
A) Accurate Profit and Loss statement and Balance Sheet. 
B) Create menu (+)> Credit Card Credit. 
C) Gear > Account and Settings > Advanced. 
D) Gear > Manage Users. 
E) None of these.

Question 18

In Chapter 7, adjusting entries are dated December 31.

Accepted Answer

A) True 
 B)False

Question 19

A period that the company uses for accounting purposes and preparing financial statements.

Accepted Answer

A) First quarter. 
B) Fourth quarter. 
C) Fiscal year. 
D) End of year. 
E) None of these. 
A) First quarter. 
B) Fourth quarter. 
C) Fiscal year. 
D) End of year. 
E) None of these.

Question 20

When does QBO_Student Name record adjusting entries?

Accepted Answer

A) Every month. 
B) End of the quarter. 
C) Weekly. 
D) All of these. 
E) None of these. 
A) Every month. 
B) End of the quarter. 
C) Weekly. 
D) All of these. 
E) None of these.

Before completing work in Chapter 7, display the:

A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.

To close the books, change the trial balance date to December 31 of the current year.

When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income;and the Profit and Loss accounts will have zero balances.

A software design that emphasizes separating the functions of a program into independent, interchangeable components is called:

The accounts shown on the balance sheet are called:

What checks are shown on Chapter 7's transaction register?

Accounts that are closed as the end of the year are called:

A list report can be customized and exported using:

Adjusting entries are recorded on the Invoice page.

When you close the books, income, cost of goods sold, and expense accounts are reset to zero amounts.

Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.

To see the appropriate report balances, type the date range.

Use the Settings menu to record journal entries.

On the Balance Sheet, the previous year's Net Income amount is also the company's profit.

The purpose of closing the books is to transfer:

The purpose of an adjusting entry is a/an:

In Chapter 7, adjusting entries are dated December 31.

A period that the company uses for accounting purposes and preparing financial statements.

When does QBO_Student Name record adjusting entries?

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

January Source Documents

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

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

Filters

Exam 7: Analysis and Reportsend of Fourth Quarter and Year

Before completing work in Chapter 7, display the:

A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.

To close the books, change the trial balance date to December 31 of the current year.

When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income;and the Profit and Loss accounts will have zero balances.

A software design that emphasizes separating the functions of a program into independent, interchangeable components is called:

The accounts shown on the balance sheet are called:

What checks are shown on Chapter 7's transaction register?

Accounts that are closed as the end of the year are called:

A list report can be customized and exported using:

Adjusting entries are recorded on the Invoice page.

When you close the books, income, cost of goods sold, and expense accounts are reset to zero amounts.

Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.

To see the appropriate report balances, type the date range.

Use the Settings menu to record journal entries.

On the Balance Sheet, the previous year's Net Income amount is also the company's profit.

The purpose of closing the books is to transfer:

The purpose of an adjusting entry is a/an:

In Chapter 7, adjusting entries are dated December 31.

A period that the company uses for accounting purposes and preparing financial statements.

When does QBO_Student Name record adjusting entries?

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

January Source Documents

February Source Documents

March Source Documents and End of First Quarter

Employees and Payroll

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

Filters