Pre-Assessment Flashcards
Which screen provides information about vendor transactions?
Multiple Choice
- Workers
- Reports
- Taxes
- Expenses
Expenses
Which of the following are valid criteria types to use with the Search feature?
Multiple Choice
- Display names
- Amounts
- Dates
- All of the choices are correct
All of the choices are correct
What is the maximum number of accounts in the Chart of Accounts for QuickBooks Online Plus?
Multiple Choice
- 175
- 200
- 250
- Unlimited
250
Which account number range usually identifies equity accounts?
Multiple Choice
- 20000 - 29999
- 30000 - 39999
- 40000 - 49999
- 50000 - 59999
30000 - 39999
All of the following are true regarding Owners’ Equity except:
Multiple Choice
- Owners’ Equity accounts represent the net worth of a business, and are only increased by an investment in the business.
- Owners’ Equity accounts are decreased by net losses and dividends.
- Owners’ Equity accounts are increased by owners’ investments in the business and net profits retained in the business rather than paid out in dividends.
- Owners’ Equity is calculated as Assets = Liabilities + Owners’ Equity.
Owners’ Equity accounts represent the net worth of a business, and are only increased by an investment in the business.
Which icon allows you to search for a transaction?
Multiple Choice
- Magnifying glass icon
- Gear icon
- Bell icon
- Plus sign inside a circle icon
Magnifying glass icon
_____ sell products or provide services to our company.
Multiple Choice
- Customers
- Vendors
- Employees
- All of the choices are correct.
Vendors
Expense accounts are:
Multiple Choice
- Increased and decreased with credits.
- Increased with debits and decreased with credits.
- Increased with credits and decreased with debits.
- Increased and decreased with debits.
Increased with debits and decreased with credits.
Banking transactions involve _____ going into and out of a company’s bank account.
Multiple Choice
- Inventory
- Money
- Assets
- Liabilities
Money
What is the process to add a new transaction from the Check Register window?
Multiple Choice
- Select the drop-down arrow by Balance, then select the transaction type.
- Select the drop-down arrow by Add Check, then select the payee account.
- Select the drop-down arrow by Add Check, then select the transaction type.
- Select the drop-down arrow by Payment, then select the transaction type.
Select the drop-down arrow by Add Check, then select the transaction type.
The _____ is used to record a sales transaction when the product or services is provided to the customer and the customer promises to pay later.
Multiple Choice
- Sales Receipt
- Receive Payment form
- Invoice form
- Credit Memo form
Invoice form
In QuickBooks Online, when can the Customer List be updated?
Multiple Choice
- Only after entering transactions.
- Before entering transactions and after entering transactions.
- Before entering transactions and while entering transactions.
- None of the choices are correct.
Before entering transactions and while entering transactions.
In QuickBooks Online, if the Deposit to: Checking account is selected on the Invoice, then funds are recorded directly in the
Multiple Choice
- Sales Receipts account.
- Company owner’s checking account.
- Checking account.
- Undeposited Funds account.
Checking account
Which of the following is a vendor transaction?
Multiple Choice
- Create Invoice
- Receive Payment
- Inventory Quantity Adjustment
- Pay Bills
Pay Bills
Which forms can be used to record a payment made at the time of purchase by check?
Multiple Choice
- Expense form and Check form
- Check form and Bill form
- Expense form, Check form, and Bill form
- Expense form and Bill form
Expense form and Check form
Which report provides information about amounts owed to vendors?
Multiple Choice
- Accounts Payable Aging Report.
- Accounts Receivable Aging Report.
- Accounts Payable Reconciliation Report.
- Cash to Payables Reconciliation.
Accounts Payable Aging Report.
Which Customer transactions are related to inventory sales?
Multiple Choice
- Receiving payment and receiving products.
- Recording product sale and paying bills.
- Recording product sale and receiving payment.
- Receiving payment and placing product order.
Recording product sale and receiving payment.
What are the four types of products and services QuickBooks Online uses?
Multiple Choice
- Inventory, Non-scheduled, Service, and Bundle.
- Inventory, Non-inventory, Service, and Bundle.
- Inventory, Non-inventory, Vendor, and Bundle.
- Inventory, Non-inventory, Service, and Customers.
Inventory, Non-inventory, Service, and Bundle.
If the funds in the Undeposited Funds account are not deposited to the appropriate bank account after a payment is recorded, then
Multiple Choice
- The funds are automatically moved to the saving account 90 days after the payment is recorded.
- The funds are automatically returned to the customer 60 days after the payment is recorded.
- The funds are automatically moved to the checking account 30 days after the payment is recorded.
- The Checking account balance will be incorrect.
The Checking account balance will be incorrect.
Payroll processing consists of which four main types of tasks?
Multiple Choice
- Enter Time, Pay Vendors, Pay Payroll Liabilities, Process Payroll Forms
- Enter Time, Pay Employees, Pay Payroll Assets, Create Trial Balance
- Enter Time, Pay Employees, Pay Payroll Liabilities, Process Payroll Forms
- Enter Time, Pay Customers, Pay Payroll Liabilities, Process Payroll Forms
Enter Time, Pay Employees, Pay Payroll Liabilities, Process Payroll Forms
Which method of time tracking will allow billable time to be transferred to a specific customer’s invoice?
Multiple Choice
- Monthly Timesheet and Weekly Timesheet
- Weekly Timesheet and Daily Timesheet
- Weekly Timesheet and Single Time Activity
- Monthly Timesheet and Single Time Activity
Weekly Timesheet and Single Time Activity
What is the accounting cycle?
Multiple Choice
- The accounting cycle is a series of accounting activities a business performs each accounting period.
- The accounting cycle consists of a period of steps beginning with preparing the financial statements.
- The accounting cycle is closing out revenue and expense accounts to begin a new accounting year.
- The accounting cycle is preparing adjustments to ensure revenue and expenses are correctly recorded.
The accounting cycle is a series of accounting activities a business performs each accounting period.
Which basis of accounting attempts to record revenue in the accounting period when it is earned regardless of when the cash is received?
Multiple Choice
- Accrual
- Profit
- Cash
- Depreciation
Accrual
Which is the correct adjusting entry for accrued rent revenue?
Multiple Choice
- Debit Credit
Rent Receivable $ 7,500
Rent Earned $ 7,500 - Debit Credit
Rent Expense $ 7,500
Rent Earned $ 7,500 - Debit Credit
Rent Payable $ 7,500
Rent Expense $ 7,500 - Debit Credit
Rent Revenue $ 7,500
Rent Payable $ 7,500
Debit Credit
Rent Receivable $ 7,500
Rent Earned $ 7,500
