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WorksheetsQuickBooks Review #2
Total questions: 19
Worksheet time: 26mins
QuickBooks Online Plus allows you to add only two users and two Accountants users.
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
To change your company address in the Company Settings, the first step is to click search.
True
False
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
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
You can access your QuickBooks Online subscription from any device.
True
False
What is the basic equation that governs accounting?
Assets=Liabilities + Equity
Equity-Expenses=Assets
Assets+Banking=Equity
Liabilities+Assets=Expenses
The checking account is an:
asset account associated with the profit and loss report.
expense account associated with the profit and loss report
asset account associated with the asset report.
asset account associated with the balance sheet.
Your new employee earned an annual salary of $40,000. How do you enter this into QuickBooks?
Divide 40,000 by the number of pay periods and manually enter this amount on each paycheck.
Divide 40,000 by the number of pay periods, example monthly, and enter that amount in the payroll info window.
Enter 40,000 in the payroll info window.
Divide 40,000 by the number of hours in a work year and enter that amount in the payroll info window.
Which of the following statements is TRUE regarding Undeposited Funds?
It is an item type usually associated NSF fees.
It is an account used to record unpaid invoices
It is an item type usually associated with bad debt.
It is an account used to record payments before you make a deposit.
Which of the following transactions CANNOT be memorized?
Checks
Automatic bank withdrawal
Bill payment
Credit card charge
How do you make an item on the item list inactive?
Open the item list, click to select appropriate item, then click the activities button and select inactivate item.
Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive.
Open the item list, click the select inactive items button, then select the appropriate items then click ok.
Click the items list and select make entries inactive then select the appropriate list entry then click ok.
A customer makes a purchase to be paid at a later date. Which form should be used for this transaction?
Estimate
Invoice
Purchase Order
Sales Receipt
Which best defines a vendor?
Any company to which one pays money
Any entity from which one purchases goods
Any entity to which one pays money
Any individual to which one pays money
How do you make a column on a report wider?
Right click on the column and select column width, enter the appropriate amount and click OK.
Click the Format menu, select column width and enter the appropriate amount and click OK.
Click the three dots to the right of the column and drag it to the right.
Click the modify report button, click the display tab, and enter the appropriate column width.
You sent a QuickBooks report to Excel and made some changes. How do you import the changes in Excel back to QuickBooks?
Use the import from excel wizard in QuickBooks.
You can't import changes in Excel back to QuickBooks.
Open the original report and click export; click the advance tab and select import list exported report
From the menu select reports, original report, name, import from excel.
