Question 1

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

Question 2

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. 
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. A

Question 3

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

Question 4

Use the Settings menu (clock icon)to record journal entries.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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. 
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.

Question 7

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 8

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 9

Adjusting entries are recorded on the Invoice page.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

In Chapter 7,adjusting entries are dated December 31.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

When does Cloud_Ware record adjusting entries?

Accepted Answer

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

Question 14

In QB Online,which of the following is a list?

Accepted Answer

A) Subcontractors. 
B) Other names. 
C) Items. 
D) Chart of accounts. 
E) All. 
A) Subcontractors. 
B) Other names. 
C) Items. 
D) Chart of accounts. 
E) All.

Question 15

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

Question 16

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. 
E) None. 
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. 
E) None.

Question 17

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

Question 18

How do you access Company Settings?

Accepted Answer

A) Plus sign for Settings menu. 
B) Magnifying-glass for search. 
C) Clock icon for Create menu. 
D) Gear icon/company name. 
E) All. 
A) Plus sign for Settings menu. 
B) Magnifying-glass for search. 
C) Clock icon for Create menu. 
D) Gear icon/company name. 
E) All.

Question 19

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

Question 20

Products and services can be used to represent different services or goods.

Accepted Answer

A) True 
 B)False

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

The purpose of an adjusting entry is a/an:

The accounts shown on the balance sheet are called:

Use the Settings menu (clock icon)to record journal entries.

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

The purpose of closing the books is to transfer:

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

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.

Adjusting entries are recorded on the Invoice page.

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

In Chapter 7,adjusting entries are dated December 31.

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

When does Cloud_Ware record adjusting entries?

In QB Online,which of the following is a list?

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

Before completing work in Chapter 7,display the:

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

How do you access Company Settings?

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

Products and services can be used to represent different services or goods.

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

February Source Documents

Certification, quick-Books Labs and Report Customization

Apps, updates and QB Online Blog

Filters

Exam 7: Analysis and Reportsend of Fourth Quarter and Year

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

The purpose of an adjusting entry is a/an:

The accounts shown on the balance sheet are called:

Use the Settings menu (clock icon)to record journal entries.

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

The purpose of closing the books is to transfer:

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

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.

Adjusting entries are recorded on the Invoice page.

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

In Chapter 7,adjusting entries are dated December 31.

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

When does Cloud_Ware record adjusting entries?

In QB Online,which of the following is a list?

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

Before completing work in Chapter 7,display the:

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

How do you access Company Settings?

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

Products and services can be used to represent different services or goods.

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

February Source Documents

Certification, quick-Books Labs and Report Customization

Apps, updates and QB Online Blog

Filters