Fundamental Computerized Accounting Final Exam Study

A Bill form always credits what? 1. Checking 2. Accounts Payable 3. Owner's Equity 4. Accounts Receivable

Accounts Payable

In the Expense center, the Money bar shows an overview of what? 1. Undeposited Funds 2. Accounts Payable 3. Fixed Assets 4. Long Term Liabilities

Accounts Payable

What account type is considered a liability? 1. Fixed Assets 2. Accounts Receivable 3. Bank 4. Accounts Payable

Accounts Payable

When you pay a bill for computer supplies with a check, Checking and _____ decrease. 1. Accounts Payable 2. Accounts Receivable 3. Pay Bills 4. Equity

Accounts Payable

What report displays overdue bills? 1. Bill Payment List 2. Expenses by Vendor Summary 3. Vendor Balance Detail 4. Accounts Payable Aging Detail

Accounts Payable Aging Detail

What accounting method records income when sales are made and records expenses when the obligation is incurred? 1. Assets 2. Cash 3. Expenses 4. Accrual

Accrual

Match each task to its corresponding action Term: 1. Add a new customer 2. Create a receipt or invoice 3. Delete a customer 4. Use a non - QuickBooks list 5. See a snapshot of Accounts Receivable Definition: 1. Use the Action menu 2. Use the Import Data tool 3. This isn't allowed; use the Make Inactive command instead 4. This can be done from within a Sales form 5. Access the Money bar in the Customers list

Add a new customer: This can be done from within a Sales form Create a recipes or invoice: Use the Action menu Delete a customer: This isn't allowed; use the Make Inactive command instead Use a non - QuickBooks list: Use the Import Data tool See a snapshot of Accounts Receivable: Access the Money bar in the Customers list

On the Account and Settings screen, use the ________ tab to include account numbers in your Chart of Accounts. 1. Company 2. Sales 3. Expenses 4. Advanced

Advanced

Opening balances are entered: 1. Via the gear menu 2. On the day the expenses were incurred 3. On the Chart of Accounts 4. As a journal entry or directly into the account register

As a journal entry or directly into the account register

In the Chart of Accounts, what are bank accounts listed as? 1. Credits 2. Debits 3. Assets 4. Liabilities

Assets

What is the basic accounting equation? 1. Accrual = Cash - Liabilities 2. Assets = Liabilities + Equity 3. Liabilities = Equity * Assets 4. Liabilities = Equity + Cash

Assets = Liabilities + Equity

What is a product or service linked to? 1. A journal entry 2. The associated uncategorized asset account 3. At least one account in the Chart of Accounts 4. Historical Transaction

At lest one account in the Chart of Accounts

When should you select settings and customizations for your company files? 1. At the time you create the company file 2. As work related to the settings come up 3. Before the end of the business's first fiscal year 4. In the second quarter

At the time you create the company file

Asset Accounts 1. Balance Sheet 2. P&L Statement

Balance Sheet

Equity Accounts 1. Balance Sheet 2. P&L Statement

Balance Sheet

Liabilities Accounts 1. Balance Sheet 2. P&L Statement

Balance Sheet

What types of accounts can be added to the bank feed? 1. Inventory accounts and bank accounts 2. Bank accounts and credit card accounts 3. Credit card accounts and equity accounts 4. Equity accounts and inventory accounts

Bank accounts and credit card accounts

Which statement about historical transactions is FALSE? 1. They typically include a combination of summary totals and individual transactions 2. They record investment and asset purchases prior to the start date of the company 3. One side of each entry must be an equity account 4. Because entering journal entries can be tricky, it's avoided with historical transactions

Because entering journal entries can be tricky, it's avoided with historical transactions

Match each description to its term. Terms: 1. Funds are taken directly from the Checking account 2. After this, write a check or enter a bill for the payment 3. This compares transactions that have and haven't yet cleared the bank 4. This shows all asset, liability, and equity accounts 5. This holds customer payment funds until you deposit them into your bank account Definition: 1. Debit card purchase 2. Credit card reconciliation 3. Undeposited Funds/Payments to Deposit 4. Reconciliation 5. Balance sheet

Funds are taken directly from the Checking account: Debit card purchase After this, write a check or enter a bill for the payment: Credit card reconciliation This compares transactions that have and haven't yet cleared the bank: Reconciliation This shows all asset, liability, and equity accounts: Balance sheet This holds customer payment funds until you deposit them into your bank account: Undeposited Funds/Payments to Deposit

Which statement about making deposits is TRUE? 1. Funds received through sales are held in Savings, and you must move them to Checking. 2. Funds received through sales are held in Undeposited Funds and you must move them to your bank account. 3. Funds received through sales are held in Accounts Payable, and you must move them to your bank account. 4. Funds received through sales are held in Accounts Receivable, and you must move them to your bank account.

Funds received through sales are held in Undeposited Funds and you must move them to your bank account.

You just started using QuickBooks to manage your existing business. Your customer list is in Excel. How do you get the list into QuickBooks? 1. Manually enter each customer 2. Import the Customer list 3. Save the Excel file as a CSV file and enter that 4. Enter the products instead — it's faster

Import the Customer list

Which icon do you use to customize your account?

Pencil

Which QBO subscription level allows you to track a business's inventory? 1. Simple Start, Essentials, Plus and Advanced 2. Essentials, Plus, and Advanced 3. Plus and Advanced 4. Simple Start and Essentials

Plus and Advanced

Which accounts in the Chart of Accounts CANNOT be inactivated? 1. Accounts added by other users 2. Preset accounts 3. Asset accounts 4. All accounts

Preset Accounts

What lists are NOT able to be imported from Excel into QuickBooks? 1. Customers and vendors 2. Chart of Accounts 3. Products and services 4. Price Rules

Price Rules

What is Accounts Payable? 1. Purchases that will be paid later or on account 2. Money owed from customers who have purchased a service or product 3. Where payments are held before being deposited into the bank 4. A summary report of vendor balances

Purchases that will be paid later or on account

After comparing transactions entered into QuickBooks with the business's statements, what account is created to record differences found? 1. Chart of Accounts 2. Reconciliation Discrepancies 3. Differences 4. Banking Errors

Reconciliation Discrepancies

Lamar finds reconciling his bank statement with his QuickBooks file at the end of the month too timeconsuming. Upon learning that his bank offers a bank feed with QuickBooks, Lamar signs up for the service. How will this change his monthly reconciliation? 1. It won't. Reconciliation will likely take just as long and be just as complicated. 2. He will not have to do reconciliation at all anymore. 3. Reconciliation will be quicker because most transactions will be matched already. 4. The teller will do the reconciliation for him.

Reconciliation will be quicker because most transactions will be matched already.

What is a requirement when recording bank deposits? 1. Create a corresponding journal entry 2. Merge any transactions associated with the same customer 3. Record the exact amount that went into the bank 4. Run the Customer Balance Summary report

Record the exact amount that went into the bank

Match each Quickbooks subscription type with the business it's best suited for. Terms: 1. Simple Start 2. Essentials 3. Plus 4. Advanced Definitions: 1. Needs recurring invoices or accounts 2. Has more than 250 accounts 3. Has inventory with FIFO valuation 4. Is a cash-based service business

Simple Start: Is a cash-based service business Essentials: Needs recurring invoices or accounts Plus: Has inventory with FIFO valuation Advanced: Has more than 250 accounts

Dolly uses Quickbooks Online and is upgrading to a new computer. What do you tell her? 1. You'll have to reinstall the software and rebuild your company file 2. Since Quickbooks is cloud software, all you have to do is sign in to your account from the new computer 3. It's best to upgrade your system at the end of a fiscal period to ensure the financial reports remain accurate 4. Downloading your data will take time, so do it over a long weekend

Since Quickbooks is cloud software, all you have to do is sign in to your account from the new computer

Match each user to its description. Terms: 1. Standard All Access 2. Company Admin 3. View Company Reports 4. Track Time Only Definitions: 1. The user has full privileges and access to all areas of the company file 2. The user can display company information onscreen or in print (.xlsx, .pdf) 3. This user has full access but not admin privileges 4. This user has permission only to log hours worked at the business

Standard All Access: The user has full access to all areas of the company file Company Admin: The user has full privileges and access to all area of the company file View Company Reports: The user can display company information onscreen or in print (.xlsx, .pdf) Track Time Only: This user has permission only to log hours worked at the buisness

Camilla wants her Bill form to credit an account other than Accounts Payable. What do you tell her? 1. Good idea! Change it to credit the bank or credit card account 2. That default setting can't be changed, and it makes sense that a Bill form credits Accounts Payable 3. You can't change the default, but you can manually change the account each time you create a new bill 4. Be sure to make your customizations before recording expense transactions

That default setting can't be changed, and it makes sense that a Bill form credits Accounts Payable

What would be good content for Craig's Design and Landscaping to include on their customized Sales form? 1. A colorful picture of the Gardens of Versailles in full bloom 2. The company's name, contact info, website URL, and official logo 3. An image of Craig's Children helping to plant shrubs in front of an office park 4. Links to YouTube videos with landscaping design tips

The company's name, contact info, website URL, and official logo

What are bank feeds? 1. The difference between the QuickBooks balance and the bank account balance 2. The connection between QuickBooks and your bank and credit card providers 3. The automatic categorization of transactions according to set preferences 4. Real time versions of the balance sheet and profit and loss report

The connection between QuickBooks and your bank and credit card providers

Which of these would be an appropriate start date for a business? 1. December 31 of the current year 2. The first day of a period, month, quarter, or year 3. The day of your first expense 4. The day of your first sale

The first day of a period, month, quarter or year

What is the Chart of Accounts? 1. The list of accounts for each transition in the accounting system or general ledger 2. The menu of products and services that the company offers its customers 3. The full list of account numbers associated with the company's customers and vendors 4. The balance of each account of the start date of the business

The list of accounts for each transaction in the accounting system or general ledger

Why shouldn't you record an expense on a journal entry or directly on a Bank Withdraw form? 1. The link to the Chart of Accounts would break 2. The purchase/expense wont appear on any vendor reports 3. The Profit & Loss report would be inaccurate 4. The vendors account would reflect the expense

The purchase/expense wont appear on any vendor reports

What is the Action menu? 1. A menu that appears when you click the + New button at the top of the Navigation bar 2. The sales center tabs(Overview, All Sales, Invoices, Estimates, Customers, and Products & Services) 3. The right-side column on some screens with a drop-down menu of associated actions 4. A snapshot view of transactions, like the Money bar

The right-side column on some screens with a drop-down menu of associated actions

Why shouldn't you record a sale on a journal entry or directly on a bank deposit form? 1. The link to the Chart of Accounts would break 2. The sale won't appear on any sales report 3. The Profit & Loss report would be inaccurate 4. The customer's account would reflect the payment

The sale won't appear on any sales report

What does the A/P Aging Summary show that the Vendor Balance Summary does not? 1. Expenses associated with each vendor 2. Individual transactions that make up the total due 3. The total of unpaid bills grouped by days past due 4. Bills that haven't been paid

The total of unpaid bills grouped by days past due

What can you access from the Navigation bar? 1. The Your Company, Lists, Tools, and Profile menus 2. The various centers 3. Customization options, such as adding a company logo 4. A menu of transactions grouped by Customers, Vendors, and Employees

The various centers

Why are GAAP rules and standards important? 1. They are the foundation of Quickbooks 2. They keep the accounting equation balanced 3. They ensure organizations follow consistent financial reporting 4. They prevent a company from going bankrupt

They ensure organizations follow consistent financial reporting

Why is the detail type for an account important? 1. It allows you to enter the historical transactions 2. Most business's types require them 3. They help ensure you choose the correct account 4. All of these options

They help ensure you choose the correct account

Why is it important to properly set up the Products and Services List? 1. It's required for a double-entry accounting system 2. To automate accounting and ensure the creation of links to the appropriate detail and summary reports 3. So Quickbooks can auto-categorize the entries for your business 4. None of these options

To automate accounting and ensure the creation of links to the appropriate detail and summary reports

Why create a Chart of Accounts? 1. It's necessary for the company file setup 2. To categorize assets, liabilities, equity, income, and expenses 3. So customers can see the products and services you offer 4. Because Quickbooks Online is a double-entry accounting system

To categorize assets, liabilities, equity, income, and expense

Why use the gear icon? 1. To open the centers 2. To switch between cash basis and accrual accounting 3. To quickly access the Your Company, Lists, Tools, and Profile Menus 4. To access the test drive

To quickly access the Your Company, Lists, Tools, and Profile Menus

Every transaction requires at least ________ accounts. 1. Four 2. Three 3. Two 4. One

Two

By default, where are customer payments deposited? 1. Uncategorized Asset 2. Savings 3. Checking 4. Undeposited Funds

Undeposited Funds

In what account do you collect more than one payment before making a deposit? 1. Accounts Receivable 2. Undeposited Funds 3. Accrued Savings 4. Checking

Undeposited Funds

Elijah wants to make sure what he enters into QuickBooks matches what's on his bank statement. He should perform a(n): 1. bank match 2. account match 3. reconciliation 4. discrepancy search

reconciliation

Expense Accounts 1. Balance Sheet 2. P&L Statement

P&L Statement

Income Accounts 1. Balance Sheet 2. P&L Statement

P&L Statement

Which menu is used to enter customer payments? 1. Home Dashboard 2. Invoices 3. Enter Bills 4. + New

+ New

Match each Quickbooks user interface element with its description? Terms: 1. + New Menu 2. Top-right navigation tools 3. Gear icon 4. Navigation bar Definitions: 1. Displays a list of categorized transactions 2. Where you access the Your Company, Lists, Tools, and Profile menus 3. Give access to the various centers 4. Include Help, Search, and Notifications

+ New menu: Displays a list of categorized transactions Top-right navigation tools: Include Help, Search, and Notifications Gear icon: Where you access the Your Company, Lists, Tools, and Profile menus Navigation bar: Give access to the various centers

What is the test drive? 1. The feature on the Advanced tab that allows you to try out customizations before applying them 2. A free version of the software that allows you try out features without the risk of negatively impacting your true company file 3. The base subscription level, offering limited features 4. Where you access the mobile version

A free version of the software that allows you try out features without the risk of negatively impacting your true company file

What is migration utility? 1. A tool that creates a backup of a company data to share with your accountant 2. A tool that assists with importing all data from a Quickbooks Desktop company file to Quickbooks online 3. A tool that automatically closes out the company books for year end 4. A tool that converts cash-basis accounting records to accrual-basis

A tool that assists with importing all data from a Quickbooks Desktop company file to Quickbooks online

What is an historical transaction? 1. A transaction that occurred before the start date of the company 2. A transaction that appears in the company file by default in Quickbooks Online 3. A journal entry 4. A report showing company transactions as of the start date

A transaction that occurred before the start date of the company

Which report helps you manage cash flow by showing you each customer with an open balance and how long the account has been outstanding? 1. A/R Aging Summary 2. Balance Sheet 3. Dashboards 4. Chart of Accounts

A/R Aging Summary

Barry wants to show appreciation to his best customer by discounting all their purchases by 10%. What's the most effective way for him to do this? 1. Update to the Price Point version of Quickbooks Online 2. Create a price rule and apply the rule to the customer 3. Raise the prices for all other customers while leaving this customer's prices as they are 4. Manually enter the discount on all invoices to that customer

Create a price rule and apply the rule to the customer

What can you do from the Action menu in the Vendors List? 1. Run a report of all vendors 2. Create transactions for the selected vendor 3. Create a new vendor 4. View open balances for each vendor

Create transactions for the selected vendor

Match each situation with the appropriate action or result. Term: 1. Customer paid cash at the time of sale 2. Customer appears twice in the Customers List 3. Customer is associated with multiple jobs 4. Customer will pay at the end of the job 5. Customer paid for completed job Definition: 1. Merge the customers 2. Set up sub-customers 3. Applied to Undeposited Funds 4. Create a sales receipt 5. Create an invoice

Customer paid cash at the time of sale: Create a sales receipt Customer appears twice in the Customers list: Merge the customers Customer is associated with multiple jobs: Set up sub-customers Customer will pay at the end of the job: Create an invoice Customer paid for completed job: Applied to Undeposited Funds

What accounting method records income when it's received and records and expense when it's paid? 1. Assets 2. Cash 3. Expenses 4. Accrual

Cash

Akim is entering a bill from a new vendor whose name does not appear in the Choose a Vendor menu. What should he do? 1. Close the Bill window, navigate to the Vendors tab and create the vendor, and then go back to the Bill window and fill in the form. 2. Choose Add New from the menu and create the new vendor right from the bill. 3. Leave the Vendor field blank and complete the rest of the bill; add the name later. 4. Use the Import Data tool to pull in the vendor's name. 5. Merge the bill with the customer's invoice.

Choose Add New from the menu and create the new vendor right from the bill.

Which item best describes the Quickbooks online environment? 1. Social Network 2. Cloud Based 3. Test Drive 4. Behind the Scenes

Cloud Based

How do you analyze the net worth of a business? 1. Run and profit and loss report 2. Balance the accounting equation 3. Determine its equity 4. Create a balance sheet

Create a balance sheet

Blaire contracted with a local print shop to print her weekly sales flyers and other advertising materials. Every month, the print shop will deduct the cost of the month's printing from her company's checking account. How can Blaire ensure the transactions are categorized properly? 1. Create a bank rule. 2. Set up a bank feed with the print shop. 3. Keep an expense log for printing costs. 4. Don't let the print shop make automatic deductions; they should send a monthly bill.

Create a bank rule.

Match these sales form sections/items to the settings you can change in them. Terms: 1. Customize 2. Online Delivery 3. Statements 4. Sales Form Content 5. Products and Services 6. Messages Definition: 1. Choose how much detail to show on a statement and whether to include an aging table at the bottom 2. Choose to track inventory/services and whether to show and track specific information (e.g., SKUs) 3. Set payment terms and choose to activate shipping so it can be tracked 4. Customize emails to customers to include with a Sales form 5. Choose how much detail to include in invoices and sales recipients emailed to customers and if you want to attach a PDF record of the sale 6. Design you Sales form (content, fonts, logos, etc.)

Customize: Design you Sales form (content, fonts, logos, etc.) Online Delivery: Choose how much detail to include in invoices and sales recipients emailed to customers and if you want to attach a PDF record of the sale Statements: Choose how much detail to show on a statement and whether to include an aging table at the bottom Sales Form Content: Set payment terms and choose to activate shipping so it can be tracked Products and Services: Choose to track inventory/services and whether to show and track specific information (e.g., SKUs) Messages: Customize emails to customers to include with a Sales form

Match each term to its description. Term: 1. Expenses center 2. Money bar 3. Vendors List 4. New vendor Definition: 1. Provides you with a high-level overview of Accounts Payable 2. Can be created when filling in an Expense form 3. Displays vendor names, contact information, and opening balances 4. Displays vendor information and transactions

Expenses center: Display vendor information and transactions Money bar: Provides you with a high-level overview of Accounts Payable Vendors List: Displays vendor names, contact information, and opening balances New Vendor: Can be created when filling in an Expense form

Which statement about using Quickbooks Online on a mobile device is FALSE? 1. Functionality includes the ability to create, view, and email estimates, invoices, and sales receipts 2. You can use the devices camera, phone, and GPS 3. Quickbooks Online is compatible with Android and iOS devices 4. For privacy, customer information is not accessible

For privacy, customer information is not accessible

You can add new customers and sub-customers from the Sales center and: 1. Vendors center 2. From within a Sales form 3. Shortcut menu 4. Products and Services List

From within a Sales form

Which statement about deleted and voided transactions is true? 1. Both are recorded and become part of the overall records. 2. Both are removed from the overall records. 3. Deleted transactions are removed; voided transactions are retained with zero values. 4. Voided transactions are removed; deleted transactions are retained with zero values.

Deleted transactions are removed; voided transactions are retained with zero values.

When creating a new vendor, indicating the ______ is the only requirement, but it's a good idea to fill in as much information as possible. 1. Terms 2. Billing Rate 3. Display Name 4. Business ID Number

Display Name

Which term describes the Quickbooks accounting system? 1. Cash 2. Double-entry 3. Summary 4. Single-entry

Double-entry

A customer wants an order she is placing with you to be sent to an address that is not the same as the billing address you have on file for her. What do you do? 1. Create a shipping rule for this particular order 2. Indicate the change in the Sales center 3. Enter the billing and shipping addresses on the Customer Information form 4. Create a sub-customer with the alternate shipping location

Enter the billing and shipping addresses on the Customer Information form

What type of form is used for payments made with a debit card, credit card, automatic withdrawal, or wire transfer? 1. Expense 2. Invoice 3. Bill 4. Check

Expense

What type of transaction do you create when using an EFT, online payment, or wire transfer to move funds out of your account? 1. Feed 2. Expense 3. Deposit 4. Transfer

Expense

Match each form to the account it credits. Term: 1. Expense 2. Check 3. Bill Definition: 1. Credit card or bank account 2. Accounts Payable 3. Bank Account

Expense: Credit card or bank account Check: Bank Account Bill: Accounts Payable

Where is the information about your vendors and their transactions stored? 1. Expenses Center 2. Money Bar 3. Leads List 4. Charts of Accounts

Expenses Center

What account types are associated with the profit and loss report? 1. Expenses and Income 2. Assets and Liabilities 3. Liabilities and Expenses 4. Income and Assets

Expenses and Income

Match each item to its description. Term: 1. Include inactive 2. Expenses Center 3. Vendors List 4. Display Name Definition: 1. Customizable and editable for your changing needs 2. Make the Vendors List show vendors without recent action 3. The only required element when setting up a new vendor 4. Where you can import vendors, among other things

Include inactive : Make the Vendors List show vendors without recent action Expenses center: Where you can import vendors, among other things Vendors List: Customizable and editable for your changing needs Display name as : The only required element when setting up a new vendor

Match each form type to its description Form: 1. Invoice 2. Sales Receipt 3. Statement Definition: 1. Used to gather customer charges for a specific period 2. Use when a customer pays at the same time of service 3. Use when a customer does not pay at the same time of service

Invoice: Use when a customer does not pay at the time of service Sales Receipt: Use when a customer pays at the time of service Statement: Use to gather customer charges for a specific period

What type of account is a credit card account? 1. Asset 2. Liability 3. Equity 4. Revenue

Liability

What stores information about your accounts, products, and services? 1. Lists 2. It depends on the subscription level 3. The gear menu 4. The center

Lists

Fajer's reconciliation shows a difference between her QuickBooks account and bank statement. What's the first thing she should do to try to resolve it? 1. Look for a transaction in the same amount as the difference and ensure whether it should be cleared. 2. Determine whether there is a bank error. 3. Cancel the reconciliation and start over or change the difference to a previously cleared amount. 4. Run a Reconciliation Discrepancy report.

Look for a transaction in the same amount as the difference and ensure whether it should be cleared.

Elliot is cleaning out his Vendors List. What should he do with vendors he hasn't worked with in some time and doesn't expect to work with again? 1. Delete them 2. Change them to customers 3. Merge them into one "Unused" vendor record 4. Make the inactive

Make them inactive

Every Friday, Rhonda runs the same five reports in QuickBooks Online. What can she do in the Reports center to make her work a little easier? 1. Drag the reports to a new My Reports section and send her supervisor the link 2. Mark the reports as favorites so they appear at the top of the Reports center 3. Click the Refresh button to automatically update the reports each week 4. Set the report frequency to Weekly

Mark the reports as favorites so they appear at the top of the reports center

Who controls user access and monitors user activity? 1. Individual users 2. Master Supervisor 3. Comptroller 4. Master Administrator

Master Administrator

From where do you access the Sales center? 1. Navigation bar 2. Customers List 3. Gear Menu 4. Chart of Accounts

Navigation bar

What item on the Profit and Loss report should be the same as on the balance sheet? 1. Net Income 2. Gross Income 3. Expenses 4. Losses

Net Income

Located at the top of the Navigation bar, what does the + New button do? 1. Gives access to the Transactions, Sales, Expenses, and other centers 2. Set up recurring transactions 3. Opens a menu of transactions grouped by Customers, Vendors, and Employees 4. Creates a new sample company file in the test drive

Opens a menu of transactions grouped by Customers, Vendors, and Employees

Identify the FALSE statement regarding vendor data. 1. Use the Import Data tool to map your vendors with their associated customers 2. You can import an existing vendor list from an Excel or CSV worksheet 3. No two vendors may have the exact same name 4. Add a new vendor from within the Expenses center or a purchase/expense form

Use the Import Data tool to map your vendors with their associated customers

Where can you set default payment terms for an individual vendor? 1. Vendor Information window or directly on the bill 2. Products and Services List 3. On the invoice template 4. Accounts and Settings

Vendor Information window or directly on the bill

To remove a transaction and still retain a record of it, use the _____ command. 1. Edit 2. Correct 3. Delete 4. Void

Void

What is a center? 1. Where transaction and contact information are consolidated 2. The Craig's Design and Landscaping Service Company File 3. A dashboard 4. Part of GAAP

Where transaction and contact information are consolidated

Why can't you merge an income account with an expense account in the Chart of Accounts? 1. Expense accounts are not included in the Chart of Accounts 2. You can only merge accounts that are of the same type 3. The income account would override the expense account 4. Quickbooks only supports the unmerging of accounts, not the merging of them

You can only merge accounts that are the same type

Where do you backup your Quickbooks Online data files? 1. Your Hard Drive 2. An External Cloud Drive or Server 3. Accounts and Settings 4. You don't

You don't

Match each situation to the form that should be used. Term: 1. You pay with a credit card at the time of purchase 2. You pay with check at the time of purchase 3. You will pay for the purchase later Definition: 1. Check 2. Bill 3. Expense

You pay with a credit card at the time of purchase: Expense You pay with a check at the time of purchase: Check You will pay for the purchase later: Bill

When you pay a bill using a debit card, the bank account _____ while the expense account _____. 1. decreases; increases 2. increases; remains the same 3. remains the same; decreases 4. increases; decreases

decreases; increases

A vendor transaction is recorded as an expense when: 1. you buy now and pay later 2. vendor records are being merged 3. payment is made at the time of purchase 4. included on management reports.

payment is made at the time of purchase