Question 1

Vendor terms are Net 60.

Accepted Answer

A) True 
 B)False  False

Question 2

What is difference between a Sales Receipt and an Invoice?

Accepted Answer

A) Sales Receipts include cash sales and credit card sales; Invoices are used to record customer sales that are paid for later. 
B) Sales Receipts are used for customer sales on account; Invoices are used for cash sales and credit card sales. 
C) Sales Receipts and Invoices use the same QB Online selection -- Bills. 
D) Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills 
E) None. 
A) Sales Receipts include cash sales and credit card sales; Invoices are used to record customer sales that are paid for later. 
B) Sales Receipts are used for customer sales on account; Invoices are used for cash sales and credit card sales. 
C) Sales Receipts and Invoices use the same QB Online selection -- Bills. 
D) Sales Receipts and Invoices use the same selection as vendor payments on account - Pay Bills 
E) None. A

Question 3

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

Accepted Answer

A) The sales account shows income from the Accounts Payable account. 
B) Bank deposits only reflect income from Accounts Receivable. 
C) Best practice is to record sales as a Transfer entry. 
D) A bank deposit or journal entry will not appear on sales reports. 
E) None. 
A) The sales account shows income from the Accounts Payable account. 
B) Bank deposits only reflect income from Accounts Receivable. 
C) Best practice is to record sales as a Transfer entry. 
D) A bank deposit or journal entry will not appear on sales reports. 
E) None. D

Question 4

The Accounts Payable Aging report shows that status of what you owe to vendors.

Accepted Answer

A) True 
 B)False

Question 5

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

Accepted Answer

A) True 
 B)False

Question 6

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Accepted Answer

A) True 
 B)False

Question 7

Sales on account to customers are recorded on this page:

Accepted Answer

A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None. 
A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None.

Question 8

Vendor purchases on account are recorded on this page:

Accepted Answer

A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None. 
A) Journal entry. 
B) Invoice. 
C) Bill. 
D) Sales Receipt. 
E) None.

Question 9

In QuickBooks you can void a check if it was lost in the mail or never cashed.

Accepted Answer

A) True 
 B)False

Question 10

In QBO, tracking inventory is automatically done.

Accepted Answer

A) True 
 B)False

Question 11

Use this source document for issuing checks:

Accepted Answer

A) Invoice. 
B) Sales Receipts. 
C) Credit card receipts. 
D) Transaction register. 
E) None. 
A) Invoice. 
B) Sales Receipts. 
C) Credit card receipts. 
D) Transaction register. 
E) None.

Question 12

To record vendor payments, use these steps:

Accepted Answer

A) + for the Settings Menu > Credit Memo. 
B) Vendors page > Make payment. 
C) Gear > Manage Users. 
D) Magnifying-glass icon > go to Recent Transactions. 
E) None. 
A) + for the Settings Menu > Credit Memo. 
B) Vendors page > Make payment. 
C) Gear > Manage Users. 
D) Magnifying-glass icon > go to Recent Transactions. 
E) None.

Question 13

What type of entries does the Journal report show?

Accepted Answer

A) Check. 
B) Sales Receipt. 
C) Bill. 
D) Invoice. 
E) All. 
A) Check. 
B) Sales Receipt. 
C) Bill. 
D) Invoice. 
E) All.

Question 14

If the debits do not equal the credits, QBO will allow you to post the transaction.

Accepted Answer

A) True 
 B)False

Question 15

What are the sequence of steps to complete bank reconciliation:

Accepted Answer

A) Accounting > Reports > Recommended Reports > Journal Entry. 
B) Gear > Audit Log > Account and Settings. 
C) Accounting > Chart of Accounts > 101 Checking > Reconcile. 
D) All. 
E) None. 
A) Accounting > Reports > Recommended Reports > Journal Entry. 
B) Gear > Audit Log > Account and Settings. 
C) Accounting > Chart of Accounts > 101 Checking > Reconcile. 
D) All. 
E) None.

Question 16

When recording Sales Receipts, use these steps:

Accepted Answer

A) + > Invoice. 
B) + > Receive Payment. 
C) + > Bill. 
D) + > Transfer 
E) None. 
A) + > Invoice. 
B) + > Receive Payment. 
C) + > Bill. 
D) + > Transfer 
E) None.

Question 17

QB Online tracks Accounts Receivable (A/R) by entering a bill, then paying the bill.

Accepted Answer

A) True 
 B)False

Question 18

To edit an account, go to Recent Transactions and drill down.

Accepted Answer

A) True 
 B)False

Question 19

When recording customer payments, use these steps:

Accepted Answer

A) Customers > Vendors > Make payment. 
B) + Sales Receipts. 
C) Gear > Manage Users. 
D) Customers page > Receive payment. 
E) None. 
A) Customers > Vendors > Make payment. 
B) + Sales Receipts. 
C) Gear > Manage Users. 
D) Customers page > Receive payment. 
E) None.

Question 20

Do not delete a check if the check number has been used or if the check was printed.

Accepted Answer

A) True 
 B)False

Vendor terms are Net 60.

What is difference between a Sales Receipt and an Invoice?

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

The Accounts Payable Aging report shows that status of what you owe to vendors.

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Sales on account to customers are recorded on this page:

Vendor purchases on account are recorded on this page:

In QuickBooks you can void a check if it was lost in the mail or never cashed.

In QBO, tracking inventory is automatically done.

Use this source document for issuing checks:

To record vendor payments, use these steps:

What type of entries does the Journal report show?

If the debits do not equal the credits, QBO will allow you to post the transaction.

What are the sequence of steps to complete bank reconciliation:

When recording Sales Receipts, use these steps:

QB Online tracks Accounts Receivable (A/R) by entering a bill, then paying the bill.

To edit an account, go to Recent Transactions and drill down.

When recording customer payments, use these steps:

Do not delete a check if the check number has been used or if the check was printed.

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

February Source Documents

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters

Exam 8: January Source Documents

Vendor terms are Net 60.

What is difference between a Sales Receipt and an Invoice?

What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?

The Accounts Payable Aging report shows that status of what you owe to vendors.

All transactions occurred during January of the year after fourth-quarter transactions recorded in previous chapters.

When inventory is purchased, Account 115 Merchandise Inventory is decreased.

Sales on account to customers are recorded on this page:

Vendor purchases on account are recorded on this page:

In QuickBooks you can void a check if it was lost in the mail or never cashed.

In QBO, tracking inventory is automatically done.

Use this source document for issuing checks:

To record vendor payments, use these steps:

What type of entries does the Journal report show?

If the debits do not equal the credits, QBO will allow you to post the transaction.

What are the sequence of steps to complete bank reconciliation:

When recording Sales Receipts, use these steps:

QB Online tracks Accounts Receivable (A/R) by entering a bill, then paying the bill.

To edit an account, go to Recent Transactions and drill down.

When recording customer payments, use these steps:

Do not delete a check if the check number has been used or if the check was printed.

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

February Source Documents

February Source Documents

Certification, Report Customization and Quickbooks Labs

Apps, Updates, Quickbooks Blog and Tips

Filters