Ch. 2 Study Guide Quickbooks

The QuickBooks Customer list is equivalent to the _____ in a manual accounting system

Accounts receivable subsidiary ledger

A debit ______, while a credit ______

Is recorded in the left column of an account; is recorded in the right column

A specific subcategory type that is determined by QuickBooks Online and cannot be changed

detail-type

By default, if QuickBooks online is inactive for ______, you will automatically be signed out.

1 hour

When printing the journal report, what are you asked to key in that you are not asked to key in when you print the account list report?

A reporting period

To change the name of your company in Quickbooks Online, click the Gear icon on the title bar, and then click

Account and settings

The chart of accounts window has the same column headings as the

Account list report

A report in QuickBooks Online that lists all the accounts on the chart of accounts list

Account-List

A preference in a company file that identified accounts; must be activated on the advanced tab of the account and settings window

Account-numbers

To display the chart of accounts list, click on account list under ____ in the all reports submenu of the reports window

Accountant Reports

The account list report can be found under the _____ submenu of the all reports tab

Accounting reports

When account numbers are not used, Quickbooks online lists the accounts in

Alphabetical order within each category.

Used in QuickBooks Online to identify an account as assets, liabilities, equity, or income and expenses accounts

Category-type

The advanced tab in the account and settings window contains several sections. Which section would you use if you want to enable account numbers?

Chart of accounts

To edit an account name, begin by opening the

Chart of accounts list

The journal entry window contains each of the following except

Delete Account icon

When updating a product at the product/service information window, you have access to each of the following fields except

Expense account

To exit Quickbooks online, click the ____ and then click sign out

Gear icon

When recording opening balances, a note in the DESCRIPTION column

Is optional

Although it does not show all account activity, in computerized account systems, the chart of accounts has become synonymous with the

General ledger

In a manual accounting system, a company's records are set up by creating the chart of accounts and the

General ledger

When you delete an account, Quickbooks online makes the account

Inactive

Accounts that are no longer listed on the chart of accounts list

Inactive-accounts

A cost of goods sold account is identified as which category type in QuickBooks online?

Income and expense

The ____ report reflects all transactions recorded in QuickBooks Online

Journal

Account opening balances are entered in the ____ window

Journal entry

The window where you record opening balances in the accounts

Journal-Entry-window

The report in QuickBooks Online that lists all transactions, including transactions recorded in the Journal Entry window

Journal-Report

Under which account category type does accounts payable belong?

Liabilities

In QuickBooks Online, a company's records are set up by creating a ____ and establishing the chart of accounts list

New company file

Which of the following is a system default account that cannot be deleted or used for anything else, but can be renamed?

Opening balance equity

You can access the Journal Entry window from the ______ column of the create window

Other

The account window contains each of the following pieces of information about an account except

Permissions

Features in QuickBooks Online that must be enabled to be used

Preferences

The features that QuickBooks Online enables or disables based on your answers during the company setup process are referred to as

Preferences

The company tab of the account and settings window contains each of the following sections except

Products and services

The account category types found in the chart of accounts list includes each of the following except

Profits

Who creates system default accounts

QuickBooks Online

Some system default accounts cannot be deleted, cannot be used for anything else, and cannot be renamed. Which of the following is not one of them?

Retained Earnings

To enable the inventory preference, you will need to click the _____ tab at the left of the account and settings window

Sales

Clicking the Done button on the Account and Settings window

Saves yours work and closes the account and settings window

Accounts created by QuickBooks Online that are used to record transactions in the activities windows

System-defaults

When creating a new account from the chart of accounts window, click _____ to display the account window.

The New button

To display inactive accounts at the chart of accounts window, begin by clicking

The settings gear above the ACTION column

The amount of time you have been inactive after which QuickBooks Online will automatically log you out; set to one hour by default but can be extended to three hours.

Time-out-period

You can add an account at the chart of accounts window. To access this window, begin by clicking the Gear icon or the

Transactions tab

To hide an account you have deleted in the chart of accounts window, you first have to

Turn off the display of inactive accounts

In the chart of accounts window, the ACTION column displays ______ for asset and liability accounts, but not for revenue and expense accounts

View register

When you have included inactive accounts in your Chart of Accounts window, how are they displayed?

With Make active in the ACTION column