Accounting Benchmark Review

Which Tasks can be automated in QuickBooks Online? (Select all that apply)

• Reminders and alerts

• Recurring transactions

• Editing bank accounts

• Changing the company logo

QuickBooks Online can connect to most major _____ and credit unions in the United States

• Schools

• Banks

• Hospitals

• Restaurants

What company information cannot be edited in Intuit QuickBooks Online? (Select all that apply)

• The legal name of the company

• The date of Incorporation

• Company email

The Close the Books feature in Intuit QuickBooks Online helps ensure the accuracy of financial statements by preventing changes to transactions from prior periods. This can help prevent errors and make it easier to reconcile accounts.

• TRUE

• FALSE

To customize a sales form in QBO, select the __________ icon.

• Plus

• Gear

• Minus

• Star

Payment terms specify the amount of time customers have to pay invoices and will be displayed on the customer's _______ as a reminder.

• Invoice

• Receipt

• Check

Samantha is a small business owner who recently started using QuickBooks Online to manage her finances. She has been struggling to keep track of her products and services and is unsure if she should turn on the Product and Service feature. Samantha needs to understand the benefits of using the Products and Services feature and how to set it up properly in QuickBooks Online.

• Only items that a business makes or sells

• Tangible items that can be bought and sold and intangible tasks that are provided to meet customers' needs

• Only activities and tasks performed by the business

What is the purpose of the Chart of Accounts in QuickBooks?

• To track employee hours

• To track marketing campaigns

• To track financial transactions

What factors should be considered when deciding whether to classify a vendor as a 1099 contractor?

• The control the employer has over the vendor's work

• The vendor's investment in equipment and office space

• The vendor's payment terms and level of expertise

By default, QBO enters terms 10 days out, but it can be changed by any terms you have agreed to with the ________.

• Employee

• Bank

• Vendor

• Customer