Question 1

On the Inventory Valuation Summary, the total asset value balance and Account 115 Merchandise Inventory balance are the same.

Accepted Answer

A) True 
 B)False  True

Question 2

Use the Settings menu to see all the company's lists.

Accepted Answer

A) True 
 B)False  True

Question 3

At the end of Chapter 10, reports are exported to Excel.

Accepted Answer

A) True 
 B)False  True

Question 4

QuickBooks Online cannot be accessed using a Mac computer.

Accepted Answer

A) True 
 B)False

Question 5

Sign out is included as a link on the Create menu.

Accepted Answer

A) True 
 B)False

Question 6

At the end of March, adjustments for the following accounts are made except for:

Accepted Answer

A) Rent expense. 
B) Insurance expense. 
C) Accumulated depreciation. 
D) Checking account balance. 
E) None of these. 
A) Rent expense. 
B) Insurance expense. 
C) Accumulated depreciation. 
D) Checking account balance. 
E) None of these.

Question 7

The Create menu includes the Chart of Accounts.

Accepted Answer

A) True 
 B)False

Question 8

The source documents in Chapter 10 include.

Accepted Answer

A) Credit card sales. 
B) Accounts payable transactions. 
C) Accounts receivable transactions. 
D) Checks. 
E) All of these. 
A) Credit card sales. 
B) Accounts payable transactions. 
C) Accounts receivable transactions. 
D) Checks. 
E) All of these.

Question 9

Which report shows income, costs of goods sold, expenses, and net income for the three months?

Accepted Answer

A) Profit and Loss by Month. 
B) Balance Sheet's percent of income. 
C) Transaction Detail by Account. 
D) Statement of Cash Flows. 
E) None of these. 
A) Profit and Loss by Month. 
B) Balance Sheet's percent of income. 
C) Transaction Detail by Account. 
D) Statement of Cash Flows. 
E) None of these.

Question 10

Customers are people who purchase products and services from you.

Accepted Answer

A) True 
 B)False

Question 11

What report do you run to display overdue bills?

Accepted Answer

A) Accounts Payable Aging. 
B) Accounts Receivable Aging. 
C) Open Bills. 
D) Audit Log. 
E) None of these. 
A) Accounts Payable Aging. 
B) Accounts Receivable Aging. 
C) Open Bills. 
D) Audit Log. 
E) None of these.

Question 12

In Chapter 10, use the __________ to reconcile Account 101 Checking.

Accepted Answer

A) Activity list. 
B) Account and Settings. 
C) Vendor purchases. 
D) Bank statement. 
E) None of these. 
A) Activity list. 
B) Account and Settings. 
C) Vendor purchases. 
D) Bank statement. 
E) None of these.

Question 13

Which report shows unpaid invoices for the current period?

Accepted Answer

A) Balance Sheet. 
B) A/P Summary. 
C) A/R Summary. 
D) Profit and Loss. 
E) None of these. 
A) Balance Sheet. 
B) A/P Summary. 
C) A/R Summary. 
D) Profit and Loss. 
E) None of these.

Question 14

This report lists transactions subtotaled by each account on the chart of accounts.

Accepted Answer

A) Statement of Cash Flows. 
B) Balance Sheet. 
C) Summary transaction report for a specific period. 
D) Transaction Detail by Account. 
E) None of these. 
A) Statement of Cash Flows. 
B) Balance Sheet. 
C) Summary transaction report for a specific period. 
D) Transaction Detail by Account. 
E) None of these.

Question 15

In Chapter 10 to calculate sales tax, you may need to click on its link.

Accepted Answer

A) True 
 B)False

Question 16

Click on the plus icon to add a new transaction.

Accepted Answer

A) True 
 B)False

Question 17

This report breaks down every transaction during a period of time into debits and credits and displays them chronologically.

Accepted Answer

A) Customer balance summary. 
B) Vendor balance summary. 
C) Profit and Loss. 
D) Journal. 
E) All of these. 
A) Customer balance summary. 
B) Vendor balance summary. 
C) Profit and Loss. 
D) Journal. 
E) All of these.

Question 18

This report summarizes key information such as quantity on hand, value, and average cost for each item.

Accepted Answer

A) A/R Aging Summary. 
B) A/P Aging Summary. 
C) Inventory Valuation Summary. 
D) Adjusting entry report. 
E) All of these. 
A) A/R Aging Summary. 
B) A/P Aging Summary. 
C) Inventory Valuation Summary. 
D) Adjusting entry report. 
E) All of these.

Question 19

March 31 is the end of the:

Accepted Answer

A) Fourth quarter. 
B) Third quarter. 
C) Second quarter. 
D) First quarter. 
E) None of these. 
A) Fourth quarter. 
B) Third quarter. 
C) Second quarter. 
D) First quarter. 
E) None of these.

Question 20

When you sign in, QBO is up to date.

Accepted Answer

A) True 
 B)False

On the Inventory Valuation Summary, the total asset value balance and Account 115 Merchandise Inventory balance are the same.

Use the Settings menu to see all the company's lists.

At the end of Chapter 10, reports are exported to Excel.

QuickBooks Online cannot be accessed using a Mac computer.

Sign out is included as a link on the Create menu.

At the end of March, adjustments for the following accounts are made except for:

The Create menu includes the Chart of Accounts.

The source documents in Chapter 10 include.

Which report shows income, costs of goods sold, expenses, and net income for the three months?

Customers are people who purchase products and services from you.

What report do you run to display overdue bills?

In Chapter 10, use the __________ to reconcile Account 101 Checking.

Which report shows unpaid invoices for the current period?

This report lists transactions subtotaled by each account on the chart of accounts.

In Chapter 10 to calculate sales tax, you may need to click on its link.

Click on the plus icon to add a new transaction.

This report breaks down every transaction during a period of time into debits and credits and displays them chronologically.

This report summarizes key information such as quantity on hand, value, and average cost for each item.

March 31 is the end of the:

When you sign in, QBO is up to date.

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

February Source Documents

Employees and Payroll

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

Filters

Exam 10: March Source Documents and End of First Quarter

On the Inventory Valuation Summary, the total asset value balance and Account 115 Merchandise Inventory balance are the same.

Use the Settings menu to see all the company's lists.

At the end of Chapter 10, reports are exported to Excel.

QuickBooks Online cannot be accessed using a Mac computer.

Sign out is included as a link on the Create menu.

At the end of March, adjustments for the following accounts are made except for:

The Create menu includes the Chart of Accounts.

The source documents in Chapter 10 include.

Which report shows income, costs of goods sold, expenses, and net income for the three months?

Customers are people who purchase products and services from you.

What report do you run to display overdue bills?

In Chapter 10, use the __________ to reconcile Account 101 Checking.

Which report shows unpaid invoices for the current period?

This report lists transactions subtotaled by each account on the chart of accounts.

In Chapter 10 to calculate sales tax, you may need to click on its link.

Click on the plus icon to add a new transaction.

This report breaks down every transaction during a period of time into debits and credits and displays them chronologically.

This report summarizes key information such as quantity on hand, value, and average cost for each item.

March 31 is the end of the:

When you sign in, QBO is up to date.

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

February Source Documents

Employees and Payroll

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

Filters