Question 1

The Profit & Loss Statement lists:

Accepted Answer

A) Assets and Expenses 
B) Assets and Liabilities 
C) Net Income and Owner's Equity 
D) Income and Expenses 
A) Assets and Expenses 
B) Assets and Liabilities 
C) Net Income and Owner's Equity 
D) Income and Expenses D

Question 2

The Statement of Cash Flows lists:

Accepted Answer

A) Operating, Investing, and Financing Activity 
B) Assets, Liabilities, and Owner's Equity 
C) Income, Expenses, Liabilities 
D) Gains, Losses, and Net Income 
A) Operating, Investing, and Financing Activity 
B) Assets, Liabilities, and Owner's Equity 
C) Income, Expenses, Liabilities 
D) Gains, Losses, and Net Income A

Question 3

The Trial Balance:

Accepted Answer

A) Lists all the company's accounts and ending balances 
B) Is printed before and after making adjustments 
C) Verifies the accounting system balances 
D) All the above 
A) Lists all the company's accounts and ending balances 
B) Is printed before and after making adjustments 
C) Verifies the accounting system balances 
D) All the above D

Question 4

The General Ledger:

Accepted Answer

A) Is always provided to external users for decision making 
B) Provides the quickest way to communicate financial information 
C) Is a collection of all of the company's accounts and account activity 
D) None of the above 
A) Is always provided to external users for decision making 
B) Provides the quickest way to communicate financial information 
C) Is a collection of all of the company's accounts and account activity 
D) None of the above

Question 5

What is an asset?

Accepted Answer

A) What is left after the liabilities are satisfied 
B) What a company owns 
C) What a company owes 
D) None of the above 
A) What is left after the liabilities are satisfied 
B) What a company owns 
C) What a company owes 
D) None of the above

Question 6

The Income Tax Preparation report:

Accepted Answer

A) Summarizes income and expenses that should be listed on a business income tax return 
B) Lists the assigned tax line for each account 
C) Provides detailed information about the income and expenses 
D) All the above
Short Answer Questions 
A) Summarizes income and expenses that should be listed on a business income tax return 
B) Lists the assigned tax line for each account 
C) Provides detailed information about the income and expenses 
D) All the above
Short Answer Questions

Question 7

Which one of the following classifications is found on the Statement of Cash Flows?

Accepted Answer

A) Cash Flows from Financing Activities 
B) Cash Flows from Purchasing Activities 
C) Cash Flows from Owner's Activities 
D) Cash Flows from Selling Activities 
A) Cash Flows from Financing Activities 
B) Cash Flows from Purchasing Activities 
C) Cash Flows from Owner's Activities 
D) Cash Flows from Selling Activities

Question 8

The Income Statement lists:

Accepted Answer

A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses 
A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses

Question 9

What is the difference between the cash basis and the accrual basis?

Accepted Answer

Cash basis - A sale is recorded when cas

Question 10

Providing information to external users decision making is the purpose of which of the following?

Accepted Answer

A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports 
A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports

Question 11

To record adjusting journal entries in QuickBooks, select:

Accepted Answer

A) Company Center, Journal Entry icon 
B) Company menu, Make General Journal Entries 
C) Banking section of the Home page, Journal Entry icon 
D) Company section of the Home page, Journal Entry icon 
A) Company Center, Journal Entry icon 
B) Company menu, Make General Journal Entries 
C) Banking section of the Home page, Journal Entry icon 
D) Company section of the Home page, Journal Entry icon

Question 12

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities

Question 13

To print the General Ledger:

Accepted Answer

A) Select Chart of Accounts icon > Print Report 
B) From the Company section of the Home page > select Trial Balance icon 
C) Select Report Center > Accountant & Taxes, General Ledger 
D) Select Company Center > Print General Ledger 
A) Select Chart of Accounts icon > Print Report 
B) From the Company section of the Home page > select Trial Balance icon 
C) Select Report Center > Accountant & Taxes, General Ledger 
D) Select Company Center > Print General Ledger

Question 14

An account period may be:

Accepted Answer

A) One quarter 
B) One month 
C) One year 
D) All the above 
A) One quarter 
B) One month 
C) One year 
D) All the above

Question 15

Examples of management reports for internal decision making include all of the following except:

Accepted Answer

A) 1120S Report 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary 
A) 1120S Report 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary

Question 16

The order of the steps in the accounting cycle includes:

Accepted Answer

A) Adjusted trial balance, financial reports, adjusting entries, trial balance 
B) Adjusted trial balance, adjusting entries, financial reports, trial balance 
C) Trial balance, adjusting entries, adjusted trial balance, financial reports 
D) Trial balance, financial reports, adjusting entries, adjusted trial balance 
A) Adjusted trial balance, financial reports, adjusting entries, trial balance 
B) Adjusted trial balance, adjusting entries, financial reports, trial balance 
C) Trial balance, adjusting entries, adjusted trial balance, financial reports 
D) Trial balance, financial reports, adjusting entries, adjusted trial balance

Question 17

What is owner's equity?

Accepted Answer

A) What a company owes 
B) What is left after the liabilities are satisfied 
C) What a company owns 
D) None of the above 
A) What a company owes 
B) What is left after the liabilities are satisfied 
C) What a company owns 
D) None of the above

Question 18

The Balance Sheet lists:

Accepted Answer

A) Assets, Liabilities, and Owner's Equity 
B) Gains, Losses, and Net Income 
C) Operating, Investing, and Financing Activity 
D) Income, Expenses, Liabilities 
A) Assets, Liabilities, and Owner's Equity 
B) Gains, Losses, and Net Income 
C) Operating, Investing, and Financing Activity 
D) Income, Expenses, Liabilities

Question 19

Sales are recorded under cash basis accounting when:

Accepted Answer

A) The goods or services are provided regardless of whether the cash is collected from the customers 
B) The bookkeeper has time to record the transactions 
C) The cash is collected from the customers 
D) The costs are incurred to earn the revenue 
A) The goods or services are provided regardless of whether the cash is collected from the customers 
B) The bookkeeper has time to record the transactions 
C) The cash is collected from the customers 
D) The costs are incurred to earn the revenue

Question 20

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

Accepted Answer

On a tax return, depreciation is calcula

The Profit & Loss Statement lists:

The Statement of Cash Flows lists:

The Trial Balance:

The General Ledger:

What is an asset?

The Income Tax Preparation report:

Which one of the following classifications is found on the Statement of Cash Flows?

The Income Statement lists:

What is the difference between the cash basis and the accrual basis?

Providing information to external users decision making is the purpose of which of the following?

To record adjusting journal entries in QuickBooks, select:

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

To print the General Ledger:

An account period may be:

Examples of management reports for internal decision making include all of the following except:

The order of the steps in the accounting cycle includes:

What is owner's equity?

The Balance Sheet lists:

Sales are recorded under cash basis accounting when:

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 7: Reports and Graphs

The Profit & Loss Statement lists:

The Statement of Cash Flows lists:

The Trial Balance:

The General Ledger:

What is an asset?

The Income Tax Preparation report:

Which one of the following classifications is found on the Statement of Cash Flows?

The Income Statement lists:

What is the difference between the cash basis and the accrual basis?

Providing information to external users decision making is the purpose of which of the following?

To record adjusting journal entries in QuickBooks, select:

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

To print the General Ledger:

An account period may be:

Examples of management reports for internal decision making include all of the following except:

The order of the steps in the accounting cycle includes:

What is owner's equity?

The Balance Sheet lists:

Sales are recorded under cash basis accounting when:

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters