QuickBooks Assessment 1

Categories can be added to the QuickBooks Online Products and Services List.

• True

• False

Individual products and services can be inactivated, but not deleted.

• 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

You can upload your company logo in to QuickBooks Online from the:

• Navigation Bar

• Company Setting

• Create Icon

• None of these options

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

Within the Chart of Accounts list, you can:

• edit or change the account name

• add a new account

• merge accounts

• All of the 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