Systems Face to Face Exam
To see customer transactions and account balances, display the:
A/R Register.
Before adding customers, check QBO's:
Account and Settings.
To configure QBO to work the way you want, go to:
Account and settings.
Another name for the Chart of Accounts is:
Account list.
You can transfer funds between most balance sheet accounts except:
Accounts Payable and Account Receivable accounts.
Purchases on account from vendors are known as:
Accounts payable transactions.
What customers owe your business is known as:
Accounts receivable.
The default for reports is:
Accrual basis.
A journal entry is a transaction in which:
All of the above.
From the default you can:
All of the above.
From the plus (+) sign, you can:
All of the above.
The Navigation bar includes these selections:
All of the above.
The following Internet browsers can be used with QB Online:
All of the above.
The gear icon can be used for:
All of the above.
To navigate the QBO interface, select:
All of the above.
The Customers page incudes the:
All.
The inventory valuation summary shows:
All.
The Navigation bar's Accounting selection includes the Chart of Accounts.
True
The Sales Receipt window is used for recording cash sales.
True
The account distribution for a bill is a debit to Account 115 Merchandise Inventory and a credit to Account 201 Accounts Payable/Vendor.
True
QBO exports reports to this file type:
Excel.
To record the owner's investment, what selection is made?
+ > Journal Entry.
Merchandise purchased from vendors needs to be paid within:
30 days.
This report lists what you own, your debts, and what you've invested.
Balance Sheet.
The process of bringing the balance of the bank statement and the balance of the checking account into agreement is called:
Bank reconciliation.
When reconciled, Account 101 Checking shows the same balance as:
Bank statement.
A list of all the accounts used in the General Ledger is called a:
Chart of Accounts.
The October transaction register shows QB Cloud's:
Checking account activity.
This term refers to software that is Internet delivered.
Cloudware
The following transaction affects the customer's balance.
Credit memo.
The central place for getting an overview of the company is called the:
Dashboard.
A password can be set up with 4 characters or less.
False
A sales receipt is used for customer sales on account.
False
Credit transactions from customers are accounts payable transactions.
False
Each time you log into the sample company, the same security verification is used.
False
In Chapter 4, to make sure you are starting in the correct place in the data, display the November 12 trial balance.
False
In the company snapshot area, the general ledger is shown.
False
Information about a purchase is recorded by selecting the Create icon (+), then Sales Receipts.
False
One of the ways to add an invoice, click on the minus sign.
False
Recording the sale of an inventory item increased the Inventory Asset account by the original cost of the item.
False
Starting data is displayed for 11/1/20XX.
False
The Journal is an example of a specialized screen.
False
The November bank statement shows checking account activity through 10/30/20XX.
False
The QuickBooks Online (QBO) sample company is Bellflower Landscaping.
False
The account distribution for expenses is a credit to Account 101 Checking and a debit to Account 401 Sales.
False
The account for recording a check to the U.S. Post Office is Freight In.
False
The company, QB Cloud_Student Name, was started in December of the current year.
False
The transaction register shows each customer's account activity.
False
The trial balance shows which checks, ATMs, and deposits cleared the bank.
False
To explore the power of QuickBooks, do an Internet search.
False
The Journal report shows every transaction during a period of time and includes debits and credits.
True
Products and services are associated with this type of account:
Income.
A product that is purchased from vendors for sale to customers is called:
Inventory.
In this type of report, each transaction's debit and credit is shown:
Journal.
Use this icon to search transactions:
Magnifying-glass.
QB Cloud receives a bank statement every:
Month
To create a transaction, select the:
Plus sign.
This report shows money you earned and money you spent.
Profit & Loss.
The search icon takes you to:
Recent transactions.
Checks that are issued by QB Cloud are shown on this report:
Register, Account 101 Checking
What Navigation bar selection do you use for the Balance Sheet?
Reports.
Which QBO feature is used to view the company's financial information?
Reports.
When cash sales are recorded, use:
Sales Receipt.
In which of the following areas, is the Chart of Accounts located?
Settings.
Written evidence of business transactions.
Source Document.
Checks, payments, bills, bank deposits, and transfers are entered on:
Specialized screens.
To start QuickBooks Online, you need to:
Start your Internet browser.
The Navigation bar is on the left side of the QBO window.
True
This report lists the debit and credit balance of each account.
Trial Balance.
A chart of accounts is a list of all the accounts used by a company showing identifying numbers assigned to each account.
True
Cloudware refers to software accessed entirely from a Web server.
True
Credit memos apply returns to the customer's balance.
True
Each time you start QBO's sample company, a new session (or instance) of the company starts.
True
Each time you start QBO, you must type a Password. User IDs can be saved by your browser.
True
In Chapter 3, the owner invests cash and computer equipment in the business.
True
In Chapter 3, the transaction register is used as a source document for recording transactions.
True
On invoices and other sales transactions, you choose products and services.
True
On the Dashboard, Income and Expenses are shown graphically.
True
Preferences, also called Settings, can be set as you work.
True
QBO can be used on Windows and Mac OS X operating systems.
True
QBO's accounts payable system shows vendor activity.
True
Recording the purchase of an inventory item increased Account 115 Merchandise Inventory on the Balance Sheet by the cost of the item and increased the Quantity on Hand for that Item.
True
Registers can be used to look at transactions and account balances.
True
Since QB Cloud buys on credit from various vendors, the business wants to keep track of the amount owed and the due dates of bills.
True
Since QBO is web-delivered, it is best to use DSL or a cable modem for access.
True
The account distribution for an invoice includes debits to Account 105 Account Receivable/customer and Account 501 Cost of Goods Sold; and credits to Account 401 Sales, and Account 115 Merchandise Inventory.
True
The account distribution for cash sales is a debit to Account No. 101 Checking and a credit to Account No. 401 Sales.
True
The account distribution for the transfer of funds for the loan payable is a debit to account No. 101 Checking and a credit to Account 205 Loan Payable.
True
The company set up in Chapter 2 is QB Cloud with your first and last name.
True
The focus of Chapter 5 is customers and sales:
True
The transaction register shows the company's checking account.
True
The user interface is the link between a user and the software.
True
The vendors page is where the company keeps track of the suppliers you work with.
True
To see the work you have completed, display the Audit Log.
True
When the plus sign is selected, you can create new transactions, invoices, sales receipts, bills, and more.
True
When you start QBO, you need to:
Type a security verification.
The column on the chart of accounts that classifies accounts for financial statements is:
Type.
To view all the vendors added in Chapters 3 and 4, display this report:
Vendor Contact List.
This feature shows information about suppliers who offer credit to QB Cloud:
Vendors Page.
The Audit Log displays events occurred in:
Your local time.