Quickbooks Exam 1
A company's QBO software is updated correct answersautomatically by inuit
The search tool link is located correct answerson the icon bar
The chart of accounts can be accessed correct answersthrough a link on the
gear icon menu
Payment transaction description correct answerscollections form customers
for sales on account
Bill transaction description correct answerspurchases from a vendor
on account Journal entry transaction description correct
answersadjusting entries
Check transaction description correct answerspayments by checks other
than payments to vendors on account balances or payroll
Transaction forms can be accessed by correct answersclicking new on the
icon bar
Information about items sold by a company are maintained in the list
correct answersProducts and Services
What account type would you use when setting up an inventory
account in a merchandising company in QBO? correct
answersOther Current Asset
+New Icon purpose correct answersuse this icon to open the create menu
where you can access forms such as invoices, checks, and journal entries
Search icon correct answersuse this icon to search for transactions,
customers, vendors, etc. within your Quickbooks Online Company
Gear Icon correct answersuse this icon to access company accounts and
settings, manage lists and import data
In customize reports, you can change the types of transactions included on
the report in the correct answersfilter section
Which of the following accounts would NOT appear on the income
statement? Select all that apply. correct answers- dividends
- Prepaid Expenses
, When setting up a new company in QBO, which of the following is helpful
information you should know about the company? correct answers- Does
the company sell products, services or both?
- Does the company manufacture anything themselves?
- Do you have or plan to have multiple reporting entities (multiple stores)?
- Does the company collect sales tax?
During the setup process for a new QBO company file, Quickbooks
automatically creates which of the following? correct answersbasic
chart of accounts
During the setup process QBO automatically selects which method of
accounting? correct answersAccrual
After your QBO company is setup, where do you go to enable and show
account numbers for accounts in your chart of accounts? correct answersThe
gear icon bar then select Account and Settings and go to the Advanced tab
Account and Settings Advanced tab correct answersturn on warning for
duplicate check numbers
Account and Settings Sales tab correct answersTurn on custom transaction
numbers for sales forms
Account and Settings Company tab correct answersupdate or change
company name Account and Settings Expenses tab correct answersstart
using purchase orders
The pencil icon is used to do which of the following tasks in QBO? correct
answersEdit company settings in Account and Settings on the gear icon
functions available in QBO correct answers- Tracking
- Invoicing numbers
- Paying bills
The process that is used to delete the chart of accounts is known
as correct answerspurging
Where is the Import data command located in QBO? correct answersIn the
tools column on the gear icon menu
Under the basis of accounting, revenues are recorded when
they are earned regardless of when the money is actually received or paid.
correct answersaccrual
A company's QBO software is updated correct answersautomatically by inuit
The search tool link is located correct answerson the icon bar
The chart of accounts can be accessed correct answersthrough a link on the
gear icon menu
Payment transaction description correct answerscollections form customers
for sales on account
Bill transaction description correct answerspurchases from a vendor
on account Journal entry transaction description correct
answersadjusting entries
Check transaction description correct answerspayments by checks other
than payments to vendors on account balances or payroll
Transaction forms can be accessed by correct answersclicking new on the
icon bar
Information about items sold by a company are maintained in the list
correct answersProducts and Services
What account type would you use when setting up an inventory
account in a merchandising company in QBO? correct
answersOther Current Asset
+New Icon purpose correct answersuse this icon to open the create menu
where you can access forms such as invoices, checks, and journal entries
Search icon correct answersuse this icon to search for transactions,
customers, vendors, etc. within your Quickbooks Online Company
Gear Icon correct answersuse this icon to access company accounts and
settings, manage lists and import data
In customize reports, you can change the types of transactions included on
the report in the correct answersfilter section
Which of the following accounts would NOT appear on the income
statement? Select all that apply. correct answers- dividends
- Prepaid Expenses
, When setting up a new company in QBO, which of the following is helpful
information you should know about the company? correct answers- Does
the company sell products, services or both?
- Does the company manufacture anything themselves?
- Do you have or plan to have multiple reporting entities (multiple stores)?
- Does the company collect sales tax?
During the setup process for a new QBO company file, Quickbooks
automatically creates which of the following? correct answersbasic
chart of accounts
During the setup process QBO automatically selects which method of
accounting? correct answersAccrual
After your QBO company is setup, where do you go to enable and show
account numbers for accounts in your chart of accounts? correct answersThe
gear icon bar then select Account and Settings and go to the Advanced tab
Account and Settings Advanced tab correct answersturn on warning for
duplicate check numbers
Account and Settings Sales tab correct answersTurn on custom transaction
numbers for sales forms
Account and Settings Company tab correct answersupdate or change
company name Account and Settings Expenses tab correct answersstart
using purchase orders
The pencil icon is used to do which of the following tasks in QBO? correct
answersEdit company settings in Account and Settings on the gear icon
functions available in QBO correct answers- Tracking
- Invoicing numbers
- Paying bills
The process that is used to delete the chart of accounts is known
as correct answerspurging
Where is the Import data command located in QBO? correct answersIn the
tools column on the gear icon menu
Under the basis of accounting, revenues are recorded when
they are earned regardless of when the money is actually received or paid.
correct answersaccrual
