Accounting, QuickBooks

Two ways to update QBO Lists are:

Before entering transactions While entering transactions

We can update the Customers List at which of the following two points?

Before entering transactions While entering transactions

Which federal tax return does an LLC (Limited Liability Company) file?

Form 1040 Schedule C

Access the Recurring Transactions List from the:

Gear icon

Financial statements include which of the following two?

Income Statement Statement of Cash Flows

Which of the following two are Customers and Sales transactions?

Invoice Receive Payment

Which of the following two transactions are considered Customers and Sales transactions?

Invoice Receive Payment

Indicate the order in which the following onscreen customers and sales transaction forms typically should be prepared:

Invoice > Receive Payments > Bank Deposit

When preparing a Sales Receipt, if we select Deposit to a Checking account, then we:

No further action is required

Which of the following does not appear on the QuickBooks Online Navigation Bar?

Owners

Which of the following two transactions are considered Vendors and Expenses transactions?

Pay Bills Check

QBO transactions include which of the following?

Sales, Expenses, Banking, AKA All of these

Types of products and services on the Products and Services List include which two of the following?

Service Inventory

Which of the following two are correct when double-entry accounting journal entries are used to record what is exchanged in a transaction?

The amount received is recorded with a debit The amount given is recorded with a credit

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

To uniquely identify each account on the Chart of Accounts

One of the objectives of reconciling bank statements is:

Updating accounting records with unrecorded items

Which of the following products and services types track quantities?

Inventory Items

To enter transactions in QBO:

From the (+) New Icon, select transaction to enter

To enter a sales transaction with payment to be received later:

From the (+) New icon, select Invoice

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

From the Gear icon select Chart of Accounts

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

From the Gear icon, select Account and Settings; Advanced; Enable account numbers; Show account numbers

Select two from the following. To display the Chart of Accounts (COA)

From the Navigation bar, select accounting From the Gear Icon select Chart of Accounts

How do you access QBO Account and Settings?

Gear Icon

The Products and Services List can be accessed from the:

Gear Icon

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

QuickBooks Balance Bank Balance

Deposits other than customer payments are entered using:

Bank Deposits

The Checking Register:

Records all transactions affecting the Checking account

When a customer pays cash at the time of sale, which of the following could you use?

A sales receipt

The Chart of Accounts displays:

Account Name Type Detail Type

Which of the following reports provides information about which customers owe money to a business?

Accounts Receivable Aging

Accounts Receivable (A/R) are:

Amounts that customers owe to your business

When a customer purchases products or services but does not pay at the point of sale, which of the following could you use?

An invoice

Which of the following categories does not appear on the QuickBooks (+) New screen?

Banking

QBO Lists include:

Chart of Accounts Customer list Vendor list Employee list

When preparing a Sales Receipt, if we select Deposit to the Payments to Deposit account, then we must:

Create a Bank Deposit to move the customer payment from Payments to Deposit to the Checking account

When a sale is recorded on an Invoice, QBO records a:

Debit (Increase) to accounts receivable

To view a register:

Display the Chart of Accounts, then select View Register

To edit an account in the Chart of Accounts:

Display the Chart of Accounts, then select View Register drop-down arrow, select Edit

To inactivate an account in the Chart of Accounts:

Display the Chart of Accounts, then select View Register drop-down arrow, select Make Inactive

When reconciling a bank account, which of the following is not considered a timing difference (difference between the bank balance and the book balance)?

Errors

Differences between the balance the bank reports on the bank statement and the balance the business shows in its accounting records usually arise for which of the following two reasons:

Errors (Bank errors or company errors) Timing differences between when the bank records and when the company records an item.

To record a bill payment that is made immediately with a credit card when the product or service is received, use the following onscreen form:

Expense

Examples of money going out that can be recorded using the Expense or Check onscreen forms include all of the following except:

Payroll Expense

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

QBO Settings, QBO Transactions, QBO Reports

Which of the following QBO features can be used to save a transaction that will be re-used in the future?

Recurring Transactions

>What are assets?

Resources that a company owns with future benefit

Which of the following two items are displayed in the QBO Navigation Bar?

Sales Banking

Income accounts for a company are used to track:

Sales to customers and other revenue earned

An example of an Asset account is:

equipment

Accounts used for only one year are called:

temporary accounts