Question 1

The different types of business ownership are:

Accepted Answer

A) Sole proprietorship 
B) Partnership 
C) Corporation 
D) All the above
Short Answer Questions 
A) Sole proprietorship 
B) Partnership 
C) Corporation 
D) All the above
Short Answer Questions

Question 2

An example of a non-posting account is ________.

Accepted Answer

A) Employee Expense 
B) Inventory 
C) Purchase Orders Account 
D) Accounts Payable 
A) Employee Expense 
B) Inventory 
C) Purchase Orders Account 
D) Accounts Payable

Question 3

What is a liability?

Accepted Answer

A) Inventory 
B) An amount a company owes 
C) A resource a company owns 
D) None of the above 
A) Inventory 
B) An amount a company owes 
C) A resource a company owns 
D) None of the above

Question 4

What is an asset?

Accepted Answer

A) Mortgage payable 
B) An amount a company owes 
C) A resource a company owns 
D) None of the above 
A) Mortgage payable 
B) An amount a company owes 
C) A resource a company owns 
D) None of the above

Question 5

Non-posting accounts:

Accepted Answer

A) Track information required for the accounting system 
B) Do not appear on the Balance Sheet 
C) Do not appear on the Income Statement 
D) All the above 
A) Track information required for the accounting system 
B) Do not appear on the Balance Sheet 
C) Do not appear on the Income Statement 
D) All the above

Question 6

Which of the following is not an income account?

Accepted Answer

A) Revenue 
B) Interest Revenue 
C) Rent Expense 
D) Gain on sale 
A) Revenue 
B) Interest Revenue 
C) Rent Expense 
D) Gain on sale

Question 7

To add a new account to the Chart of Accounts:

Accepted Answer

A) From the Chart of Accounts window, select Account, New 
B) From the Company menu, select New Account 
C) From the Chart of Accounts menu, select New Account 
D) From the Lists menu, select New Account 
A) From the Chart of Accounts window, select Account, New 
B) From the Company menu, select New Account 
C) From the Chart of Accounts menu, select New Account 
D) From the Lists menu, select New Account

The different types of business ownership are:

An example of a non-posting account is ________.

What is a liability?

What is an asset?

Non-posting accounts:

Which of the following is not an income account?

To add a new account to the Chart of Accounts:

Quick Tour of Quickbooks 2011

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 2: Customizing Quickbooks and the Chart of Accounts

The different types of business ownership are:

An example of a non-posting account is ________.

What is a liability?

What is an asset?

Non-posting accounts:

Which of the following is not an income account?

To add a new account to the Chart of Accounts:

Quick Tour of Quickbooks 2011

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters