Accounting Domain 1 Post Assesment

Create a journal entry and add the account, Bank fees & service charges, crediting it for $10..00. Add the account, Business Checking, and debit it for $10.00. Add Fee Overcharge as the description, and then save and close the journal entry.

1. Activate the cursor in the row 1 Account field 2. Type: Bank fees & service charges 3. Activate the cursor in the row 1 Credits field 4. Type: 10.00 5. Activate the cursor in the row 2 Accounts field 6. Type; Business Checking 7. Activate the cursor in the row 2 Debits field 8. Type: 10.00 9. Activate the cursor in the row 2 Description field 10. Type: Fee overcharge 11. Select Save and close

Add the product/service Hours to the invoice and Framing as the description. Set the rate at 20.00 and the quantity at 80. Add a class to the invoice and name it New Build.

1. Choose the Select a product/service dropdown arrow 2. Select Hours 3. Activate the cursor in the Description field 4. Type: Framing 5. Activate the cursor in the Rate field 6. Type: 20.00 7. Activate the cursor in the Qty field 8. Type: 80 9. Select the Class dropdown arrow 10. Select Add new 11. Type: New Build 12. Select Save

Which items are categorized as accounts payable? Choose three answers.

1. Cost of goods sold (COGS) 2. Current liabilities 3. Rent

Which three account types increase when they are debited and decrease when they are credited?

1. Dividends 2. Assets 3. Expenses

Which statements are true regarding accrual-based accounting? Choose three answers.

1. It gives a company a better sense of its financial health 2. It records income and expenses as they happen 3. Most businesses use it

Which statements are true regarding QuickBooks online? Choose three answers.

1. It is cloud-based software 2. Offsite employees can access it remotely 3. It eliminates the need to install software on a computer

Projects can track which three types of information?

1. Material costs 2. Income 3. Labor expenses

What are three automated workflows?

1. Payment received 2. Pay vendor reminder 3. Overdue invoice memo

Lyle's Tile is a vendor that has gone out of business and needs to be removed from the Vendor list. Arrange the steps in the correct order to make Lyle's Tile inactive.

1. Select Lyle's Tile from the Vendor list 2. Select the Edit dropdown arrow 3. Select Make inactive 4. Select Yes, make inactive

A customer named Jake wants to buy bags of concrete mix as a recurring purchase. Arrange the steps to create an unscheduled recurring invoice for this transaction in the correct order.

1. Select New 2. Select Invoice as the Transaction Type to create 3. Name the Template Jake's Concrete Mix Order 4. Select Unscheduled as the Recurring Transaction Type 5. Select Save template

Create a new project and name it Bathroom Remodel. Add a new customer named Ted Turner to the project. Make the start date 09/22/2022 and the end date 10/31/2022.

1. Select New project 2. Type: Bathroom Remodel 3. Select the Customer dropdown arrow 4. Select Add new 5. Type: Ted Turner 6. Select Save 7. Activate the cursor in the Start date field 8. Type: 09/22/2022 9. Activate the cursor in the End date field 10. Type: 10/31/2022 11. Select Save

Arrange the steps in the correct order to set the accounting method to accrual.

1. Select Settings 2. Select Account and settings 3. Select Advanced 4. Select the Accounting section 5. Select the Accrual Accounting method 6. Select Save

Close the books and set the closing date to 12/31/2022.

1. Select Settings 2. Select Account and settings 3. Select Advanced 4. Select the Accounting section 5. Turn on the Close the books toggle 6. Activate the cursor in the Closing date field 7. Type: 12/31/2022 8. Select Save 9. Select Done

Arrange the steps in the correct order to add a reports only user

1. Select Settings 2. Select Manage users 3. Select Add user 4. Select Standard user 5. Select Reports only 6. Select Next 7. Enter user contact information, such as first name, last name, and email address 8. Select Save and Send

Which users do not count toward the user limit? Choose three answers.

1. Take payments only users 2. Time tracking only users 3. Reports only users

Which statement regarding recurring transactions are true? Choose three answers.

1. They reduce the chance of error 2. They are commonly used for expenses 3. They save time

Match the QuickBooks Online plan to its description. Select Submit when finished.

A plan that includes 25 user seats and is ideal for larger companies: Advanced A single-user plan ideal for freelancers, entrepreneurs, and small businesses selling only services: Self-Employed A plan that includes five users and is ideal for businesses selling services and products: Plus A single-user plan ideal for freelancers, entrepreneurs, and small businesses selling only services: Simple Start

In Close the books, which settings allows only certain users to make changes after the period has ended?

Allow changes after viewing a warning and entering a password

How does QuickBooks define an authorized user?

Any and all individuals designated to access and/or modify software data

Match the recurring transaction type to the correct statement. Select Submit when finished.

Best used for detailed transactions with no fixed schedule: Unscheduled Best used for transactions with a fixed schedule but no fixed amounts: Reminder Creates and saves a template that can be used at any time: Unscheduled Best used for transactions with fixed schedules and amounts: Scheduled

How are merges triggered?

Changing the display name to match another list item's display name

What is a common mistake made with list entries?

Creating a double entry

How are automated workflows set up?

Creating conditions and actions

Match each item to its asset type. Select Submit when finished.

Current asset: Inventory Fixed asset: Company vehicles Current asset: Cash Fixed asset: Office buildings

A company has finished installing plumbing on a home they are building and can only move to the next phase once they are paid. Which list is used to assign payment?

Customer list

In a list item, which is a unique identifier and the default name printed on checks?

Display name

If the debits do not equal credits in a journal entry, QuickBooks asks what to do with the unequal amount.

False

What is an Employer Identification Number (EIN)?

It identifies a business to the Internal Revenue Service (IRS)

A small business owner has just finished migrating their data from QuickBooks Desktop to QuickBooks Online. How do they ensure all their data was transferred correctly?

Run a reconciliation of balance sheets and profit and loss reports

How does one recognize errors when importing a list?

They appear in red

The more apps connected to QuickBooks Online the higher the security risk.

True

Match each list to its scenario.

When a company installs plumbing in a new home they are building and needs to pay the vendor for their purchase: Vendor list When an HR department needs to locate an employee's official job title: Employee list A company just laid a slab of concrete for a customer to place their shed on, and the company needs to input the job expenses and labor on the invoice created for this job: Products and Services list A company needs to view a breakdown of its financial transactions within the current accounting period: Chart of Accounts