Final Exam ACC 365

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You can find the chart of Keyboard Shortcuts by using ____

Ctrl Alt ?

What is the Keyboard Shortcut to Open the Chart of Accounts?

Ctrl+Alt+A

The four data lists you may import are...

Customers, vendors, accounts, and products and services

To ask information about or to learn how to perform a task, click the ____ icon on the Top-Navigation bar

Help

You click ____ on the Left- or Alternate Left-Navigation bar to access All Reports

Reports

When you create a Fixed Asset account and track depreciation, you give the as of data and the amounts for ____ and ____

original cost and depreciation

Additional investments in the business may be cash or non-cash

True

An Expense transaction is recorded for Petty Cash purchases

True

Cloud-based computing uses the Internet to provide program access.

True

Each product or service must be linked to an appropriate income account

True

On the Create screen, click Invoice under Customer to access a blank invoice

True

QBO shows the Discount after Sales Taxes on sales forms

True

Quickbooks Online automatically transfers Net Income into Retained Earnings at the end of the year

True

Quickbooks is available in Online and Desktop versions

True

Select Reports on the Left-Navigation or Alternative Left-Navigation bars to access the reports available for Quickbooks Online

True

The Bill Payment List displays a list of all of the bills paid during a specified date range

True

The Customer Balance Summary shows the balances for all customers who owe the company money

True

The Vendor Balance Summary report shows unpaid balances for vendors

True

To close income and expense accounts, you enter a closing date in Quickbooks Online

True

When you create a company and identify the type of business, Quickbooks Online creates a Chart of Accounts based on your selected type of business

True

You many invite your professor to be your accountant

True

You may import data from Excel

True

You may use Search to find a transaction

True

You must have an email account before you can activate the Quickbooks Online Educational Trial Version

True

What are the three steps listed for importing data?

Upload, Map data, import

Use the ____ to add or edit vendor

Vendors center

The current date is always printed on ____

B. Bank Deposit Summary

When an invoice is ____ it is removed from the customer's register

B. Deleted

Account and settings are accessed by clicking the...

B. Gear Icon

The Company Name is displayd

B. In the Information and Display area

When a customer on account pays his bill you record a(n)

B. Payment Receipt

Something that is paid for and will be used within one year is a(n)

B. Prepaid expense

To indicate the Preferred Invoice Terms, edit the ____ Settings

B. Sales

When you create a check to pay for a bill that was recorded as a Bill, you ____

B. Use pay bills

Which report shows you the company Assets, Liabilities, and Equity?

Balance Sheet

You must have a password to login to the Test Drive Company

False

You must pay a monthly fee to access the Test Drive Company

False

To purchase a printer and pay for it at the same time, you create a bill

False (Invoice I think)

Quickbooks Online uses the cash-basis of accounting by default

False - Accrual

To access Import Data click the ____ icon

Gear

Which icon do you click in order to Manage Users?

Gear

Which icon do you click in order to access Account and Settings?

Gear

To give your accountant access to your account, you click the ____ icon, ____ on the Your Company Menu, and the Invite Accountant button

Gear; Manage Users

To keep the books for a business, accounting transactions need to be ____,____, and ____.

analyzed, recorded, and posted

A Fixed Asset is something that you will own for ____

C. More than a year

To edit a Company Setting, click the ____ icon

C. Pen

When a return is made for a Sales Receipt, a ____ is completed

C. Refund Receipt

To save transactions in Quickbooks Online, you use __

C. The Cloud

To assign a subaccount to an expense, edit ____

C. The account that will be a subaccount

A(n) ____ is prepared to record a reduction to an unpaid transaction between your company and a vendor

C. Vendor credit

Clicking Create (Plus) icon opens a list of tasks that may be completed for

C. Vendors

To make Cleaning Supplies a subaccount of Supplies, you edit ____

Cleaning Supplies

Quickbooks Online Labs are permanent additions to the program

False

Quickbooks Online follows the same closing process as manual accounting

False

Reports are accessed by clicking the Gear button and are groups into categories according to business functions

False

The Customer Balance Summary report lists all of the unpaid invoices for each customer

False

What does the Chart of Accounts show for the value of Furniture and Fixtures

$13,500

What is the balance of the Checking account at the end of Chapter 2?

$45,385

The ____ report proves the fundamental accounting equation: Assets = Liabilities and Equity

A. Balance Sheet

Access the Accounts & Settings ____ tab to enter the EIN number for your company

A. Company

Bank accounts and Activities are shown on the

A. Home Page

A sale on account is recorded on a(n)

A. Invoice

To give commands without using the mouse, you use a(n)

A. Keyboard Shortcut

Vendors may need to have ____ added to their individual accounts

A. Terms

An entry to ____ must be recorded at the end of the year

A. Transfer Net Income into the Owner's Capital account

When an owner works in a business, payment for the work is made by ____

B. An owner withdrawal

After you import the Chart of Accounts, edit the ____ and the ____ accounts to add Opening Balances and as of dates

B. Asset and Liability

There are hundreds of external ___ available that integrate work with Quickbooks Online

C. Apps

The report that proves that Assets = Liabilities + Equity is the ____ report

C. Balance Sheet

You may search by

D. Amount, Date, Transaction (all of the above)

Adjusting entries are prepared for ____

D. Both prepaid expenses and depreciation

Supported browsers for Quickbooks Online include

D. Chrome, Internet Explorer, and Safari (All of the above)

You may view the audit history for a transaction in ____ view

D. Collapsed, expanded, compare (all of the above)

After clicking the Create (Plus) icon, you will have columns for ___ that are used to access forms to enter transactions

D. Customers, Vendors, Employees (All of the above)

Petty cash is funded by ____

D. Either writing a check in Quickbooks and cashing it at the bank OR making a withdrawal from checking at the bank and recording a Transfer of Funds

Reports may be ____

D. Print, exported to excel, emailed (All of the above)

After clicking the Plus icon, the Vendors column is used to select

D. bill, pay bills, vendor credit (all of the above)

When the Checking account and the bank account are reconciled, ____ are recorded into the checking account

D. service charges, automatic payments, interest earned on the account, (all of the above)

The Top-Icon bar is at the top of the Home Page

False

A mouse is used to click on a keyboard shortcut

False

A sale on account means that the sale was paid for at the time of purchase

False

All checks are written using Pay Bills

False

Before you can activate your Educational Trial Version of Quickbooks Online, you must identify the industry type -- sole proprietorship, partnership, corporation, etc.

False

Cash is the only payment method accepted for a Cash Sale

False

Company settings must be imported from Excel

False

Important data never needs to be edited

False

In Quickbooks Online, the Accounts Receivable register replaced the Sales Journal

False

Payroll taxes are always active

False

Another name for the Profit and Loss report is ____

Income Statement

Quickbooks Online uses the ____and the ____to provide program access and data storage

Internet & Cloud

Once the Import file has been selected, you will get a MAP Data screen that is used to match the ____ named and ____ names

Quickbooks Online Field and Your Field

When editing Expenses Settings, which icoon do you click in order to enter Default bill payment terms

Pen

Which icon on the Top-Navigation bar do you click in order to access Print Checks?

Plus or Create

What are the two sub-categories of Taxes?

Sales Tax and Payroll Tax

To view a list of Recent Transactions, click the ____ icon

Search

What is the Income Account linked to the Service item Day Camp?

Services: Day Camp

In the customer center, there are icons to print, export to excel or change ____

Settings

You may Search by Date, Amount, or ____

Transaction Number

Which report proves that Debits equal Credits

Trial Balance

A new sales item may be entered when recording a sale on an invoice

True


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