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WorksheetsQuickBooks Assessment 1
Total questions: 27
Worksheet time: 9mins
Categories can be added to the QuickBooks Online Products and Services List.
True
False
Individual products and services can be inactivated, but not deleted.
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
You can upload your company logo in to QuickBooks Online from the:
Navigation Bar
Company Setting
Create Icon
None of these options
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
Within the Chart of Accounts list, you can:
edit or change the account name
add a new account
merge accounts
All of the 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.
When entering a journal entry, what happens if the debits don't equal the credits?
QuickBooks sends the difference to an adjustment account.
QuickBooks will not allow you to record the transaction.
QuickBooks asks you what to do with the "unequal" amount.
Nothing. QuickBooks records the transaction as is.
When you create a statement and select "All open transactions as of statement date," what does QuickBooks show on the statement?
Open transactions as of the statement date
All transactions during the specified date range
Invoice item details for invoices
Customer payments that haven't been deposited
When would you enter a journal entry?
To correct errors
For year-end adjustments
To enter depreciation
All of the above
Which of the following is a way to access a report in QuickBooks?
From the Reports menu
From the Report Center
By clicking Reports at the bottom of lists
All of the above
What does the term "Double-entry accounting" mean?
That the Income and Expense accounts are always part of every transaction.
There are always at least two accounts involved in every financial transaction.
That the Cost of Goods Sold account and the Liabilities account are always part of a transaction.
The Equity and Asset accounts are always involved in a transaction.
What is the purpose of the Chart of Accounts?
It allows accountants to view accounting records remotely.
It is how you categorize financial transactions.
To see a graphical chart of income and expenses.
To categorize items.
What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports?
Balance Sheet, Profit and Loss
Balance Sheet, Statement of Operations
Profit and Loss, Statement of Operations
Statement of Operations, Statement of Financial Position
You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in QuickBooks?
While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).
Choose File > Automate Transactions and use the wizard to set up the automated checks or other transactions.
From Preferences, choose General and click Set Up Automated Transactions.
While the transaction is on the screen, click the Recur button.
How can you stop yourself and others from deleting, editing, or adding transactions in a closed period?
Start a new company file each period (fiscal year)
Change the fiscal year in the Company Information window
Set a closing date
Edit the user's profile and enter a date in the "Restrict entry after this date" field.
If a customer wants to know the products or services of your business particularly the price/rate of each products or services, what is the best way to address this concern?
Send the cutomer a reminder
Send the customer a copy of the estimate
Send the customer an invoice
Send the customer a statement
When creating an estimate, QuickBooks has the function to set an expiration date for the customer to respond.
Treu
False
When categorizing a downloaded transactions, what particular tab/s you have to go?
Chart of accounts
Accounting
Banking
When recording invoices from the vendor/s, in what particular tabs you have to go?
Expenses
Sales
Banking
Taxes
When are we going to use 'bill' when recording transaction?
We will use the 'bill' button if the transaction was paid at the time of purchase
We will use 'bill' button if the transaction will be paid later or in the future
None of the choices
