Quickbooks Ch 1-5 Exam Questions and Answers 100% Accurate

Lists in QuickBooks Online are used for storing information about your accounts, products, and services - ANSWER-True You should always back up your data files to your computer when using QuickBooks Online. - ANSWER-False If you get a new computer, you will need to reinstall QuickBooks Online on the new computer. - ANSWER-False Liabilities - Equity = Assets; this is the basic accounting equation governing all accounting. - ANSWER-False The cash basis accounting method means the sales transaction is recorded when the sale is made and expenses are recorded when they are incurred. - ANSWER-False You analyze the net worth of your business by creating a balance sheet. - ANSWER-True One use of a profit and loss report is to analyze the operating profit over a specific time period. - ANSWER-True QuickBooks Simple Start, Essentials, and Plus are all types of _____. - ANSWER-Quickbook subscriptions What accounting method records income when a sale is made and records an expense when it is incurred? - ANSWER-Accrual Basis What does "behind the scenes" mean in this QuickBooks Online textbook? - ANSWER-The accounting that QuickBooks Online performs for you