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QuickBooks Chapters 1 & 2 Self Assessment

Total questions: 25

Worksheet time: 50mins

Name
Class
Date
1.

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

a)

True

b)

False

2.

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

a)

True

b)

False

3.

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

a)

True

b)

False

4.

QuickBooks Online Plus allows you to restrict users' access to some features.

a)

True

b)

False

5.

When you record a check written in QuickBooks Online, you must select the account in the register.

a)

True

b)

False

6.

If you record a check written to a new vendor, you must add a new vendor in the Expense center and then record the check.

a)

True

b)

False

7.

Some accounts on the Chart of Accounts cannot be deleted.

a)

True

b)

False

8.

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

a)

True

b)

False

9.

If you merge two accounts and discover that you made a mistake, you can choose Un-Merge.

a)

True

b)

False

10.

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

a)

True

b)

False

11.

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

a)

Navigation Bar

b)

Company Setting

c)

Create Icon

d)

None of these options

12.

You can review recent transactions on the Dashboard by clicking search.

a)

True

b)

False

13.

When setting up a new company file, which start date its best to choose?

a)

July, 25, 20xx

b)

December 31, 20xx

c)

April 1, 20xx

d)

January 10, 20xx

14.

QuickBooks Online creates a default Chart of Accounts based on :

a)

What state you are in

b)

The business type selected during setup

c)

How long you have been in business

d)

None of these options

15.

Within the Chart of Accounts list, you can:

a)

edit or change the account name

b)

add a new account

c)

merge accounts

d)

All of the options

16.

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

a)

True

b)

False

17.

One purpose of the Navigation Bar is to provide access to the Sales, Expenses, and Employee Centers.

a)

True

b)

False

18.

Asset accounts include:

a)

bank accounts

b)

credit card accounts

c)

accounts payable

d)

advertising expense

19.

You can choose to label your customers:

a)

Clients

b)

Members

c)

Tenants

d)

All of the options

20.

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

a)

True

b)

False

21.

You can access your QuickBooks Online subscription from any device.

a)

True

b)

False

22.

What is the basic equation that governs accounting?

a)

Assets=Liabilities + Equity

b)

Equity-Expenses=Assets

c)

Assets+Banking=Equity

d)

Liabilities+Assets=Expenses

23.

Which of these is NOT a list in QuickBooks Online?

a)

Employees

b)

Other

c)

Customers

d)

Chart of Accounts

24.

The checking account is an:

a)

asset account associated with the profit and loss report.

b)

expense account associated with the profit and loss report

c)

asset account associated with the asset report.

d)

asset account associated with the balance sheet.

25.

The recommended Internet Browser for QuickBooks Online is:

a)

Internet Explorer

b)

Edge

c)

Chrome

d)

Firefox