Computerized Accounting Chapter 1 Exam

The Test Drive company is also known as: Craig's Design and Landscaping Services the sample company Populated company data used in Chapter 1 a way to practice using QBO user interface All of the listed answers

all

QuickBooks Online updates:

automatically

A complete list of a business's accounts and their balances is called:

chart of accounts

A Chart of Accounts is a list of the business snapshot accounts.

false

Liability accounts usually start with the number 3000.

false

Subcategories for account classification are shown within the Type column on the Chart of Accounts.

false

To access customers, vendors, chart of accounts, and reports, use the Settings Menu.

false

To go to the Settings menu, use this icon:

gear

To see recent transactions, use this icon:

magnifying glass

When you sign out of the test drive, your data is:

not saved

To create transactions, use this icon:

plus

Accounts are used to classify transaction information for:

reporting purposes

This report lists transactions subtotaled by each account on the chart of accounts.

transaction detail by account

Another name for the Profit and Loss report is the Income Statement.

true

Craig's Design and Landscaping Services includes populated data such as accounts, balances, customers, etc.

true

Each time you start the test-drive, a new session begins.

true

The Dashboard is the central place for getting an overview of he company.

true

The balance sheet lists what you own (assets), what your debts are (liabilities), and what you've invested (equity).

true

To sign into the test-drive, use a web browser.

true

The link between the user and the software is called the:

user interface