Final Exam ACC 365
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