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WorksheetsGmetrix QB Concepts Quiz
Total questions: 29
Worksheet time: 15mins
What is the purpose of an Accounts Payable account?
To track how much money a company owes its vendors.
To track how much money a company receives from its customers.
To generate a report of all transactions.
To categorize assets based on liquidity.
What does an Accrual Report reflect?
All transactions.
Only cash transactions.
Only credit transactions.
Only vendor transactions.
How is an Asset categorized?
By liquidity: current, fixed, and other.
By size: small, medium, and large.
By type: tangible and intangible.
By value: high, medium, and low.
What is the function of an Audit Log in QuickBooks?
To track all changes made and which user made them.
To generate financial statements.
To reconcile bank statements.
To calculate taxes owed.
What does a Balance Sheet reflect?
Assets, liabilities, and equity.
Profit and loss.
Cash flow.
Sales and expenses.
What is the role of a Bank in financial transactions?
To take loans, track cash, and provide financial services.
To issue credit cards.
To audit financial statements.
To manage payroll.
What is Bank Reconciliation?
Comparing bank statements to transactions in QuickBooks.
Generating a balance sheet.
Calculating interest on loans.
Issuing credit memos.
What does a Bill represent?
The amount of money owed for goods or services.
A credit transaction.
A cash receipt.
A financial statement.
What does COGS stand for?
Cost of Goods Sold.
Cost of General Services.
Cost of Gross Sales.
Cost of Government Services.
What is a Credit Card used for?
To borrow funds based on agreed-upon interest charges.
To track cash transactions.
To issue invoices.
To reconcile bank statements.
What is a Credit Memo?
An option to add credit to a customer's account.
A statement of cash flow.
A type of bank loan.
A financial report.
Who is considered a Customer?
An entity that purchases products and/or services from a company.
An employee of the company.
A vendor supplying goods.
A financial auditor.
What is the purpose of a Check?
To instruct a bank to pay money to a third party.
To issue a credit memo.
To reconcile bank statements.
To generate a balance sheet.
What is a Debit Card used for?
To make electronic purchases.
To issue credit memos.
To generate financial reports.
To track cash transactions.
What does EIN stand for?
Employer Identification Number.
Employee Identification Number.
Equity Identification Number.
Expense Identification Number.
Who is an Employee?
An individual who works for and is paid by a company regularly.
A customer of the company.
A vendor supplying goods.
A financial auditor.
What does Equity represent?
The net worth of a company.
The total liabilities of a company.
The total assets of a company.
The total revenue of a company.
What is Excel used for in QuickBooks?
To export spreadsheets for further evaluation.
To issue credit memos.
To generate financial statements.
To reconcile bank statements.
What is an Expense?
Money spent or a cost incurred in an organization.
Money received from sales.
A type of bank loan.
A financial report.
What does Income represent?
Revenue earned from the sale of goods or services.
Total liabilities of a company.
Total assets of a company.
Total expenses of a company.
What is an Invoice?
An itemized bill detailing the goods or services rendered.
A credit transaction.
A cash receipt.
A financial statement.
What is a Journal Entry used for?
To move money between accounts to make the books balance.
To issue credit memos.
To generate financial statements.
To reconcile bank statements.
What does Liability refer to?
A company's debts and obligations.
A company's total assets.
A company's total revenue.
A company's net worth.
What is a Product?
A tangible item offered for sale.
A financial report.
A type of bank loan.
A credit transaction.
What is the exchange of a service or good for money called?
Service
Sale
Transaction
Vendor
What term describes work done for a person or business?
Sale
Vendor
Service
Terms
What specifies the amount of time in which a payment is due?
Terms
Transaction
Service
Vendor
What is an accounting entry that affects QuickBooks accounts in any manner?
Sale
Service
Transaction
Vendor
What is an entity that a company purchases products and/or services from?
Sale
Vendor
Terms
Transaction
