QBO Chapter 1 Review

When should you create an invoice in QuickBooks?

• When a customer purchases goods or services and pays you in cash at the time of

  the sale

• When a customer purchases goods or services and pays you by check or credit card at the time of the sale

• When a customer purchases goods or services, but you don't want to record the sale as final

• When a customer purchases goods or services but does not pay you at the time of the sale

When should you use a Sales Receipt in QuickBooks?

• To give a customer a receipt for payment of an invoice

• To record a customer prepayment or deposit

• To record a customer payment at the time of sale

• To enter a customer early-payment discount

Which of the following does not appear on the QuickBooks Online Navigation Bar?

• Accounting

• Employees

• Owners

• Sales

Which of the following categories does not appear on the QuickBooks Create (+) screen?

• Banking

• Customers

• Employees

• Vendors

How do you access QBO Account and Settings?

• Create (+) icon

• Gear icon

• Search icon

• Help icon

What are two ways that we can access and view the Chart of Accounts in QBO?

• From the Navigation Bar select Accounting

• From the Create (+) icon select Other > Chart of Accounts

• From the Gear icon select Chart of Accounts

• From the Home Page select Chart of Accounts

Which of the following could be considered three main processes of using QuickBooks Online?

• QBO Settings, QBO Transactions, QBO Reports

• QBO Sales, QBO Expenses, QBO Reports

• QBO Chart of Accounts, QBO Exchanges, QBO Settings

• QBO Sales Transactions, QBO Banking Transactions, QBO Reports

QBO transactions include which of the following?

• Sales

• Expenses

• Banking

• All of these choices are correct.

Financial statements include which of the following two? Check all that apply.

• Income statement

• Statement of cash flows

• Cash flow forecast

• Physical inventory worksheet

Which of the following legal entities can use QuickBooks Online?

• Sole proprietorship

• Partnership

• S corporation

• All of these choices are correct.