QuickBooks Online: Loans

QuickBooks Online: Loans

Professional Development

10 Qs

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QuickBooks Online: Loans

QuickBooks Online: Loans

Assessment

Quiz

Other

Professional Development

Practice Problem

Hard

Created by

Chris Mazuma

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A liability account in which a borrower records a written promise to repay a lender

Credit Payable
Loan Receivable

Liability

Note Payable

Answer explanation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account type in QuickBooks Online is used to track loans?

Bank

Expense

Liability

Income

Answer explanation

Loans are considered liabilities because they represent an obligation to repay a borrowed amount.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When recording a loan payment in QuickBooks Online, which account is typically debited?

Accounts Receivable

Accounts Payable

Loan Interest Expense

Loan Payable

Answer explanation

  • When recording a loan payment, you typically debit the Accounts Payable account because it represents the amount owed to the lender.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which QuickBooks Online feature allows you to set up a loan and track its details?

Chart of Accounts

Bank Reconciliation

Loan Manager

Memorized Transactions

Answer explanation

  • QuickBooks Online has a feature called Loan Manager that allows you to set up and track the details of a loan, such as the loan amount, interest rate, and payment schedule.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. How do you record the initial loan amount in QuickBooks Online?

  1. Create an expense transaction

  1. Create a journal entry

  1. Create a liability account

  1. Create an income transaction

Answer explanation

  • To record the initial loan amount, you create a liability account in QuickBooks Online. This account represents the loan amount that needs to be repaid.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. What is the purpose of the "Interest Expense" account in QuickBooks Online?

  1. To track interest income

  1. To track interest paid on loans

  1. To track interest earned on investments

  1. To track interest paid to vendors

Answer explanation

  • The "Interest Expense" account in QuickBooks Online is used to track the interest paid on loans. It helps you keep track of the costs associated with borrowing money.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Which report in QuickBooks Online provides a summary of loan balances and payments?

  1. Profit and Loss Statement

  1. Balance Sheet

  1. Statement of Cash Flows

  1. Sales by Customer Detail Report

Answer explanation

  • The Balance Sheet in QuickBooks Online provides a summary of loan balances and payments. It shows the outstanding loan amounts and any payments made towards the loans.

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