Accounting applications midterm (ch. 1-5)

in QBO, the Chart of Accounts displays which of the following two columns?

a. QuickBooks balance ✓ b. bank balance ✓ c. all account transactions d. none of the above

Match the following legal entities with the federal tax return entity files 1. Form 1040 Schedule C 2. Form 1120 3. Form 1065 4. Form 1120S

1. Sole proprietorship Form 1040 Schedule C 2. C corporations Form 1120 3. Partnership Form 1065 4. S corporations Form 1120S

How do you access QBO account and settings?

a. (+) new icon b. gear icon ✓ c. search icon d. help icon

which federal tax return does an LLC (limited liability company)

a. Form 1040 Schedule C b. Form 1065 c. Form 1120S d. it depends upon how the LLC chooses to be treated for tax purposes ✓

Which of the following could be considered three main processes of the QBO SatNav for using Quickbooks Online?

a. QBO settings, QBO transactions, QBO reports ✓ b. QBO sales, QBO expenses, QBO reports c. QBO chart of accounts, QBO exchanges, QBO settings d. QBO sales transactions, QBO banking transactions, QBO reports

the Chart of Accounts displays:

a. account name b. type c. detail type d. all of the above ✓

which of the following does not appear on the Quickbooks Online Navigation Bar?

a. accounting b. expenses c. owners ✓ d. sales

which of the following categories does not appear on the quickbooks (+) New screen?

a. banking ✓ b. customers c. employees d. vendors

QBO settings to set up a new company include which of the following two?

a. chart of accounts ✓ b. reconciliation settings c. company settings ✓ d. tax settings

registers in QBO:

a. display more detailed information about accounts b. display all transactions for the account c. display a running balance for the account d. all of the above ✓

to inactivate an account in the Chart of Accounts:

a. display the Chart of Accounts, then select Delete b. display the Chart of Accounts, then select View Register drop-down arrow, select Make Inactive ✓ c. from the (+) New icon, select Chart of Accounts, select Delete d. none of the above

to edit an account in the Chart of Accounts:

a. display the Chart of Accounts, then select Edit b. display the Chart of Accounts, then select Run Report drop-down arrow, select Edit ✓ c. from the (+) New icon, select Chart of Accounts, select Edit d. none of the above

to view a register:

a. display the Chart of Accounts, then select View Register ✓ b. from the Navigation Bar, select Register c. from the Gear icon, select Register d. from the (+) New icon, select Register

what are two ways that we can access and view the Chart of Accounts in QBO?

a. from the Navigation Bar select Accounting ✓ b. from the (+) New icon select Other > Chart of Accounts c. from the Gear icon select Chart of Accounts ✓ d. from the Home Page select Chart of Accounts

select two from the following to display the Chart of Accounts (COA):

a. from the Navigation Bar, select Accounting ✓ b. from the Navigation Bar, select Customers > Chart of Accounts c. from the (+) New icon, select Chart of Accounts d. from the Gear icon, select Chart of Accounts ✓

to display account numbers on the Chart of Accounts in QBO:

a. from the Navigation Bar, select Transactions > Chart of Accounts > Enable account numbers > Show account numbers b. From the (+) New icon, select Other > Chart of Accounts > Account Numbers c. from the Gear icon, select Chart of Accounts > Account Numbers d. from the Gear icon, select Account and Settings > Advanced > Enable account numbers > Show account numbers ✓

Financial statements include which of the following two?

a. income statement ✓ b. statement of cash flows ✓ c. cash flow forecast d. physical inventory worksheet

an example of an Asset account is

a. mortgage payable b. sales tax payable c. equipment ✓ d. none of the above

what are assets?

a. net worth of a company b. amounts paid to owners c. resources that a company owns with future benefit ✓ d. amounts owed to others and are future obligations

QBO transactions include which of the following?

a. sales b. expenses c. banking d. all of the above ✓

income accounts for a company are used to track:

a. sales to customers and other revenue earned ✓ b. costs that have expired or been consumed c. cost of items sold to customers d. purchases from vendors

which of the following legal entities can use QuickBooks Online?

a. sole proprietorship b. partnership c. S corporation d. all of the above ✓

accounts used for only one year are called:

a. temporary accounts ✓ b. short-term assets or liabilities c. supply accounts d. estimate accounts

why would a company want to use account numbers on its Chart of Accounts?

a. to be able to check the current account balance quickly b. to uniquely identify each account on the Chart of Accounts ✓ c. to confuse users of the Chart of Accounts d. none of the above