QuickBooks Online 2023 Practice Exam 1 – Accounting 150 Exam Study
Guide
Which are two benefits of the close the books feature in quick books online? - correct answer
✔✔it generates a closing date detail report, users cannot change transactions in a closed period
Categorize each of the following statements as either cash or accrual accounting method
companies makes a sale and records expected revenue as accounts
receivable transaction
company makes sale but revenue is not realized until invoice is paid
provides accurate picture of profitability of a company because it includes accounts recievables
and payments
Common method of accounting - correct answer ✔✔accrual accounting method:
companies makes a sale and records expected revenue as accounts receivable transaction
provides accurate picture of profitability of a company because it includes accounts recievables
and payments
Cash Basis Accounting
company makes sale but revenue is not realized until invoice is paid
common method of accounting
, Which three tasks can be automated? - correct answer ✔✔payroll, financial reporting, overdue
payment reminders
Buyers names, contanct information, billing addresses, and payment terms are found the -
correct answer ✔✔Customer list
suppliers names name, contact information, billing addresses, and payment terms are found on
the.... - correct answer ✔✔vendor list
All of the accounts to track financial information, such as accounts payable, accounts receivable,
opening balance equity, payroll expense, payroll liability, retained earnings, etc. are on the..... -
correct answer ✔✔charts of accounts
Product or Service name, description, price, SKU, and any custom fields are found on the..... -
correct answer ✔✔Item list
Which three are reasons to make transactions recurring in Quickbooks Online? - correct answer
✔✔saves time, minimizes human error, reduces late payments
Which is the best way to automate credit card payments with recurring sales reciept? - correct
answer ✔✔create a template
Where you should you go to get intuit approved apps quickbooks online? - correct answer
✔✔quickbooks app store
Which two are benefits of extending quickbooks online functionality through apps? - correct
answer ✔✔apps can automate workflows, bookkeeping, invoicing, data entry, and more
apps allow business owners to access their quickbooks online data from mobile devices
Guide
Which are two benefits of the close the books feature in quick books online? - correct answer
✔✔it generates a closing date detail report, users cannot change transactions in a closed period
Categorize each of the following statements as either cash or accrual accounting method
companies makes a sale and records expected revenue as accounts
receivable transaction
company makes sale but revenue is not realized until invoice is paid
provides accurate picture of profitability of a company because it includes accounts recievables
and payments
Common method of accounting - correct answer ✔✔accrual accounting method:
companies makes a sale and records expected revenue as accounts receivable transaction
provides accurate picture of profitability of a company because it includes accounts recievables
and payments
Cash Basis Accounting
company makes sale but revenue is not realized until invoice is paid
common method of accounting
, Which three tasks can be automated? - correct answer ✔✔payroll, financial reporting, overdue
payment reminders
Buyers names, contanct information, billing addresses, and payment terms are found the -
correct answer ✔✔Customer list
suppliers names name, contact information, billing addresses, and payment terms are found on
the.... - correct answer ✔✔vendor list
All of the accounts to track financial information, such as accounts payable, accounts receivable,
opening balance equity, payroll expense, payroll liability, retained earnings, etc. are on the..... -
correct answer ✔✔charts of accounts
Product or Service name, description, price, SKU, and any custom fields are found on the..... -
correct answer ✔✔Item list
Which three are reasons to make transactions recurring in Quickbooks Online? - correct answer
✔✔saves time, minimizes human error, reduces late payments
Which is the best way to automate credit card payments with recurring sales reciept? - correct
answer ✔✔create a template
Where you should you go to get intuit approved apps quickbooks online? - correct answer
✔✔quickbooks app store
Which two are benefits of extending quickbooks online functionality through apps? - correct
answer ✔✔apps can automate workflows, bookkeeping, invoicing, data entry, and more
apps allow business owners to access their quickbooks online data from mobile devices
