Question 1

What does the Chart of Accounts list?

Accepted Answer

A) Assets, liabilities and owner's equity accounts 
B) Income and expense accounts 
C) Owner's contributions 
D) All of these 
A) Assets, liabilities and owner's equity accounts 
B) Income and expense accounts 
C) Owner's contributions 
D) All of these D

Question 2

To add a new account to the Chart of Accounts:

Accepted Answer

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

Question 3

What are assets?

Accepted Answer

A) Resources that a company owns with future benefit 
B) Net worth of a company 
C) Amounts paid to owners 
D) Amounts owed to others and are future obligations 
A) Resources that a company owns with future benefit 
B) Net worth of a company 
C) Amounts paid to owners 
D) Amounts owed to others and are future obligations A

Question 4

The different types of business ownership are:

Accepted Answer

A) Sole proprietorship 
B) Partnership 
C) Corporation 
D) All of these 
A) Sole proprietorship 
B) Partnership 
C) Corporation 
D) All of these

Question 5

The Income Statement:

Accepted Answer

A) lists the accounts and account numbers 
B) lists a company's assets 
C) summarizes what a company owns and what it owes 
D) reports the results of a company's operations, listing income and expenses for a period of time 
A) lists the accounts and account numbers 
B) lists a company's assets 
C) summarizes what a company owns and what it owes 
D) reports the results of a company's operations, listing income and expenses for a period of time

Question 6

Which QuickBooks version is designed for small businesses that have industry specific needs?

Accepted Answer

A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions 
A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions

Question 7

Which of the following is a temporary account?

Accepted Answer

A) Sales 
B) Inventory 
C) Accounts Payable 
D) Accounts Receivable 
A) Sales 
B) Inventory 
C) Accounts Payable 
D) Accounts Receivable

Question 8

How do you access the Statement of Cash Flows report?

Accepted Answer

A) Report Center icon > Banking 
B) Report Center icon > Company & Financial 
C) Report Center icon > Accountant & Taxes 
D) Company menu > Company Information 
A) Report Center icon > Banking 
B) Report Center icon > Company & Financial 
C) Report Center icon > Accountant & Taxes 
D) Company menu > Company Information

Question 9

A Mortgage Payable account:

Accepted Answer

A) Has real estate as collateral 
B) Is identical to a Loan Payable account 
C) Is a type of Owner's Equity account 
D) None of these 
A) Has real estate as collateral 
B) Is identical to a Loan Payable account 
C) Is a type of Owner's Equity account 
D) None of these

Question 10

What is a liability?

Accepted Answer

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

Question 11

Income Statement accounts are also called:

Accepted Answer

A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of these 
A) equity accounts 
B) temporary accounts 
C) permanent accounts 
D) None of these

Question 12

Which QuickBooks version is designed for small businesses without industry specific needs?

Accepted Answer

A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions 
A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions

Question 13

How do you access the screen to add a user and password?

Accepted Answer

A) Company menu > Set Up Users and Passwords > Set Up Users 
B) Employees > Employee Center 
C) Edit menu > Preferences > Employees 
D) Company menu > Company Information 
A) Company menu > Set Up Users and Passwords > Set Up Users 
B) Employees > Employee Center 
C) Edit menu > Preferences > Employees 
D) Company menu > Company Information

Question 14

What does the QuickBooks Company Snapshot provide?

Accepted Answer

The QuickBooks Company Snapsho

Question 15

Briefly explain the purpose and benefits of using a password for QuickBooks access.

Accepted Answer

Passwords are important to help restrict

Question 16

What is the purpose of a non-posting account?

Accepted Answer

A) To calculate income. 
B) To track information necessary to the accounting information system. 
C) To calculate expenses. 
D) To identify owner's equity. 
A) To calculate income. 
B) To track information necessary to the accounting information system. 
C) To calculate expenses. 
D) To identify owner's equity.

Question 17

To Re-sort the Chart of Accounts, first display the Chart of Accounts window, then:

Accepted Answer

A) Click on the Company heading bar 
B) Click Account > Re-sort List 
C) Click File > Sort 
D) Right click Sort by Name 
A) Click on the Company heading bar 
B) Click Account > Re-sort List 
C) Click File > Sort 
D) Right click Sort by Name

Question 18

Balance Sheet accounts are also called:

Accepted Answer

A) permanent accounts 
B) temporary accounts 
C) equity accounts 
D) None of these 
A) permanent accounts 
B) temporary accounts 
C) equity accounts 
D) None of these

Question 19

Which of the following is considered a permanent account?

Accepted Answer

A) Income Statement accounts 
B) Balance Sheet accounts 
C) All of these 
D) None of these 
A) Income Statement accounts 
B) Balance Sheet accounts 
C) All of these 
D) None of these

Question 20

What is an asset?

Accepted Answer

A) Mortgage payable 
B) Notes Receivable 
C) An amount a company owes 
D) None of these 
A) Mortgage payable 
B) Notes Receivable 
C) An amount a company owes 
D) None of these

What does the Chart of Accounts list?

To add a new account to the Chart of Accounts:

What are assets?

The different types of business ownership are:

The Income Statement:

Which QuickBooks version is designed for small businesses that have industry specific needs?

Which of the following is a temporary account?

How do you access the Statement of Cash Flows report?

A Mortgage Payable account:

What is a liability?

Income Statement accounts are also called:

Which QuickBooks version is designed for small businesses without industry specific needs?

How do you access the screen to add a user and password?

What does the QuickBooks Company Snapshot provide?

Briefly explain the purpose and benefits of using a password for QuickBooks access.

What is the purpose of a non-posting account?

To Re-sort the Chart of Accounts, first display the Chart of Accounts window, then:

Balance Sheet accounts are also called:

Which of the following is considered a permanent account?

What is an asset?

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

What does the Chart of Accounts list?

To add a new account to the Chart of Accounts:

What are assets?

The different types of business ownership are:

The Income Statement:

Which QuickBooks version is designed for small businesses that have industry specific needs?

Which of the following is a temporary account?

How do you access the Statement of Cash Flows report?

A Mortgage Payable account:

What is a liability?

Income Statement accounts are also called:

Which QuickBooks version is designed for small businesses without industry specific needs?

How do you access the screen to add a user and password?

What does the QuickBooks Company Snapshot provide?

Briefly explain the purpose and benefits of using a password for QuickBooks access.

What is the purpose of a non-posting account?

To Re-sort the Chart of Accounts, first display the Chart of Accounts window, then:

Balance Sheet accounts are also called:

Which of the following is considered a permanent account?

What is an asset?

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