QuickBooks Review #2

QuickBooks Online Plus allows you to add only two users and two Accountants users.

• True

• False

Some accounts on the Chart of Accounts cannot be deleted.

• True

• False

The Chart of Accounts list accounts for each transaction in your accounting system.

• True

• False

To change your company address in the Company Settings, the first step is to click search.

• True

• False

QuickBooks Online creates a default Chart of Accounts based on :

• What state you are in

• The business type selected during setup

• How long you have been in business

• None of these options

Accrual-based accounting means you record income when you receive the payment

• True

• False

Asset accounts include:

• bank accounts

• credit card accounts

• accounts payable

• advertising expense

In accrual-based accounting, you record expenses when you pay them

• True

• False

You can access your QuickBooks Online subscription from any device.

• True

• False

What is the basic equation that governs accounting?

• Assets=Liabilities + Equity

• Equity-Expenses=Assets

• Assets+Banking=Equity

• Liabilities+Assets=Expenses