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ACC214 > 3RD EXAM REVIEWER > Flashcards

3RD EXAM REVIEWER Flashcards

1
Q

What is the primary purpose of the QuickBooks software interface?

a. Graphic design
b. Word processing
c. Accounting and financial management
d. Social media management

A

c. Accounting and financial management

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2
Q

Which of the following is a common feature of the QuickBooks interface?

a. Video editing
b. Inventory management
c. Music production
d. Web development

A

b. Inventory management

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3
Q

In QuickBooks, where can you typically find a list of your company’s financial transactions?

a. In the calendar view
b. In the contacts section
c. In the dashboard widgets
d. In the transactions tab

A

d. In the transactions tab

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4
Q

Which section of the QuickBooks interface is used to enter and categorize financial transactions?

a. Customer center
b. Vendor center
c. Chart of accounts
d. Inventory management

A

d. Inventory management

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5
Q

What is one of the primary advantages of using QuickBooks for accounting?

a. It’s free to use
b. It offers advanced video editing capabilities
c. It simplifies financial management and reporting
d. It can be used for game development

A

c. It simplifies financial management and reporting

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6
Q

Which of the following is a potential drawback of using QuickBooks?

a. it lacks security features
b. It doesn’t support multi-user access
c. It has a steep learning curve
d. It can’t handle payroll processing

A

c. It has a steep learning curve

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7
Q

What is one of the pros of using QuickBooks Online compared to desktop version?

a. Limited access to data from anywhere
b. More customization options
c. No mobile app available
d. Requires constant internet connectivity

A

b. More customization options

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8
Q

Which QuickBooks is known for being suitable for larges businesses with complex accounting needs?

a. QuickBooks Simple Start
b. QuickBooks Essentials
c. QuickBooks Desktop Enterprise
d. Quickbooks Self-Employed

A

c. QuickBooks Desktop Enterprise

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9
Q

Which of the following is a potential limitation of QuickBooks for Mac?

a. it has limited number of users
b. It cannot export reports in pdf format
c. It doesn’t offer payroll processing
d. It’s not compatible with Mac OS

A

d. It’s not compatible with Mac OS

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10
Q

What is one of the benefits of QuickBooks integration with other business software?

a. Increase isolation of financial data
b. Reduced efficiency in data management
c. Streamlined workflow and data synchronization
d. Incompatibility issues with other software

A

c. Streamlined workflow and data synchronization

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11
Q

Which QuickBooks feature helps business tract and manage inventory?

a. Payroll Processing
b. Chart of Accounts
c. Inventory Tracking
d. Budgeting and Forecasting

A

c. Inventory Tracking

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12
Q

Which version of QuickBooks is often recommended for self-employed individuals or freenlancers?

a. QuickBooks Desktop Pro
b. QuickBooks Self-Employed
c. QuickBooks Premier
d. QuickBooks Online Advanced

A

b. QuickBooks Self-Employed

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13
Q

Which aspect of QuickBooks makes it suitable for preparation and reporting?

a. lack of tax-related features
b. Advanced video-editing tools
c. Built-in tax calculation and reporting features
d. Inability to import financial data

A

c. Built-in tax calculation and reporting features

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14
Q

What is one of the potential disadvantages of QuickBooks Online compared to desktop version?

a. limited accessibility from different versions
b. Higher cost of ownership
c. Slower updates and support
d. No cloud storage options

A

a. limited accessibility from different versions

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15
Q

Which QuickBooks version is typically used by small to medium-sized business with advanced accounting needs?

a. QuickBooks Desktop Pro
b. QuickBooks Semlf-Employed
c. QuickBooks Online Simple Start
d. QuickBooks Desktop Premier

A

d. QuickBooks Desktop Premier

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16
Q

What is one of the advantages of using QuickBooks for payroll processing?

a. it requires manual calculations
b. It integrates seamlessly with all accounting software
c. It helps automate payroll and tax calculations
d. It doesn’t provide employee payment options

A

c. It helps automate payroll and tax calculations

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17
Q

Which QuickBooks feature is essential for tracking customer payments and invoices?

a. Vendor center
b. Payroll processing
c. Customer center
d. Chart of accounts

A

c. Customer center

18
Q

Which of the following is a potential drawback of QuickBooks Desktop?

a. it lacks essential accounting features
b. It doesn’t offer multi-user access
c. It requires constant internet connectivity
d. It may not receive frequent updates

A

d. It may not receive frequent updates

19
Q

How can QuickBooks help business with budgeting and forecasting?

a. it doesn’t offer any budgeting features
b. It provides tools for creating and tracking budgets
c. It only supports historical data analysis
d. It offers limited reporting capabilities

A

b. It provides tools for creating and tracking budgets

20
Q

Which QuickBooks version is designated for businesses that require advanced financial reporting and analysis?

a. QuickBooks Simple Start
b. QuickBooks Desktop Pro
c. QuickBooks Desktop Premier
d. QuickBooks Online Simple Start

A

c. QuickBooks Desktop Premier

21
Q

Statement I. E-business is the buying and selling of goods and services using the internet
Statement II. Ecommerce is the online activities related to internal and external business operations

a. True, True
b. False, False
c. True, False
d. False, True

A

b. False, False

22
Q

Statement I. E-business refers specifically to the transaction of goods and services
Statement II. Ecommerce refers to all aspects of operating an online business

a. True, True
b. False, False
c. True, False
d. False, True

A

b. False, False

23
Q

E-Business created a __, transforming entire industries and changing enterprise-wide business processes that fundamentally rewrote traditional business rules

a. frame of perspective
b. Fundamental paradigm
c. Paradigm shift
d. Shift of traditional perspective

A

c. Paradigm shift

24
Q

E-Business advantages includes the following, except:

a. Operating new markets
b. Improving operations
c. Increased costs
d. Expanding global reach

A

c. Increased costs

25
Q

A business model exemplified Grab Food

a. B2B
b. B2C
c. C2B
d. C2C

A

b. B2C

26
Q

A business model exemplified by Craigslist

a. B2B
b. B2C
c. C2B
d. C2C

A

d. C2C

27
Q

Statement I. One of the challenges of E-business is adhering to taxation rules, this is clearly manifested in the internet marketplace because it is not free from sales tax.
Statement II. Trust in the E-business exchange requires minimum attention

a. True, True
b. False, False
c. True, False
d. False, True

A

b. False, False

28
Q

All of the following are examples of newly created markets due to E-business, except:

a. Blockchain and cryptocurrency
b. Social media influencer marketing
c. Subscription boxes
d. Local store franchising

A

d. Local store franchising

29
Q

Statement I. Diverse payment options are created because of the new markets due to E-business
Statement II. Limited hours of operation are also characteristics of new markets due to E-business

a. True, True
b. False, False
c. True, False
d. False, True

A

c. True, False

30
Q

Who introduced Email?

a. Vinton Cerf
b. Bob Kahn
c. Tim-Berners Lee
d. Ray Tomlinson

A

d. Ray Tomlinson

31
Q

What was the original purpose or ARPANET, the precursor of the internet?

a. To facilitate e-commerce
b. To provide a global messaging system
c. To create a robust and decentralized communication network for military purposes
d. To serve as an online encyclopedia

A

c. To create a robust and decentralized communication network for military purposes

32
Q

Who is often credited with conceptualization of the World Wide Web?

a. Vinton Cerf
b. Bob Kahn
c. Tim-Berners Lee
d. Ray Tomlinson

A

c. Tim-Berners Lee

33
Q

Statement I. The nuclear bomb, as part of US’ Manhattan Project came first before the development of the Internet
Statement II. The University College of London and MIT Lincoln Lab’s connection created the birth of the internet

a. True, True
b. False, False
c. True, False
d. False, True

A

c. True, False

34
Q

Which technology, introduced in the 1980s, transformed the way people communicate and disrupted the traditional postal and telegraph services?

a. Radio
b. Television
c. Internet
d. Telephone

A

c. Internet

35
Q

Which technological advancement, beginning in the early 21st century, has disrupted the taxi and transportation industry by enabling ride-sharing services?

a. Electric cars
b. Self-driving cars
c. Gps navigation
d. Mobile apps and platforms

A

d. Mobile apps and platforms

36
Q

It is the underlying protocol used by the World Wide Web to define how messages are formatted and transmitted and what actions Web servers and browsers take in response to various commands.

a. Internet protocol
b. Transfer control protocol
c. Hypertext transmission protocol
d. Domain name system

A

c. Hypertext transmission protocol

37
Q

It is the address system of the internet and has the core function of delivering packets of information from a source device to a target device

a. Internet protocol
b. Transfer control protocol
c. Hypertext transmission protocol
d. Domain name system

A

a. Internet protocol

38
Q

It is a standard that defines how to establish and maintain a network conversation through which application programs can exchange data

a. Internet protocol
b. Transfer control protocol
c. Hypertext transmission protocol
d. Domain name system

A

b. Transfer control protocol

39
Q

All of the following are examples of niche markets, except:

a. Ethnic or cultural food products
b. Fitness equipment for home qyms
c. Customized orthopedic shoes
d. Convenience store

A

d. Convenience store

40
Q

Statement I. Cryptocurrencies like Bitcoin and blockchain technology have disrupted traditional financial systems and led to the creation of new decentralized financial ecosystems.
Statement II. Regular updates and improvements to operating systems like Windows, macOS, and Linux are sustaining innovations.

a. True, True
b. False, False
c. True, False
d. False, True

A

a. True, True

ACC214 (6 decks)

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