ACCOUNTING II FINAL EXAM

What does the "Chart of Accounts" in QBO help you with?

• Tracking customer information

• Categorizing financial transactions

• Managing inventory levels

• Creating payroll schedules

In QuickBooks Online, how can you record a payment made to a vendor?

• Enter a Bill

• Create an Expense

• Record a Deposit

• Create an Invoice

What is the default method for recording bills in QBO?

• Enter Bill

• Create Invoice

• Record Expense

• Write Check

What feature in QuickBooks Online allows you to automatically match bank transactions with entries in your accounting records?

• Bank Reconciliation

• Bank Feed

• Reconcile Accounts

• Bank Integration

How can you customize a report in QuickBooks Online?

• By adding and removing columns

• By selecting filters and date ranges

• By choosing which accounts to include

• All of the above

Which report provides a summary of a company’s income and expenses over a period of time?

• Profit and Loss Statement

• Balance Sheet

• Trial Balance

• Statement of Cash Flows

When setting up a new customer in QBO, which of the following is NOT required?

• Customer’s name

• Customer’s billing address

• Customer’s phone number

• Customer’s email address

What should you do if you find an error during the bank reconciliation process in QBO?

• Ignore the error and continue

• Correct the error before completing the reconciliation

• Delete the entire reconciliation and start over

• Contact your bank immediately

In QuickBooks Online, how do you pay a bill?

• Write a Check

• Create an Invoice

• Record a Deposit

• Make a Payment

Which of the following reports would you use to track how much a customer owes you?

• Profit and Loss

• Accounts Payable Aging

• Balance Sheet

• Accounts Receivable Aging