Chapter 1 – Getting Started with QuickBooks Online (2026 Beginner Training
Guide & Practice Module)
test drive - ANS ✔✔free version of quickbooks online that is available to anyone as a way to try
out the software; no usernames or sign-ins are required
center - ANS ✔✔location in quickbooks online that consolidates relevant transaction and
contact information; examples include the sales, expenses, and reports centers
chart of accounts - ANS ✔✔list of accounts for each transaction in a company's accounting
system or general ledger; categorizes expenditures, revenues, assets, and liabilities so you can
quickly assess the company's financial health
behind the scenes - ANS ✔✔accounting that quickbooks online performs when a user enters a
transaction
generally accepted accounting principles - ANS ✔✔guidelines that businesses use to maintain,
prepare, and present financial records to auditors, financial institutions, and other entities;
these guidelines help ensure consistency, fairness, and honesty in accounting procedures
accrual basis - ANS ✔✔accounting method in which income is recorded when the sales
transaction is made and expenses are recorded when the obligation is incurred; used by
companies that keep inventory
cash basis - ANS ✔✔accounting method in which income is recorded when it is received and
expenses are recorded when paid; typically used for businesses that do not carry inventory
balance sheet - ANS ✔✔statement of the business's assets, liabilities, and equity; reflects the
business's financial position on a stated date
Guide & Practice Module)
test drive - ANS ✔✔free version of quickbooks online that is available to anyone as a way to try
out the software; no usernames or sign-ins are required
center - ANS ✔✔location in quickbooks online that consolidates relevant transaction and
contact information; examples include the sales, expenses, and reports centers
chart of accounts - ANS ✔✔list of accounts for each transaction in a company's accounting
system or general ledger; categorizes expenditures, revenues, assets, and liabilities so you can
quickly assess the company's financial health
behind the scenes - ANS ✔✔accounting that quickbooks online performs when a user enters a
transaction
generally accepted accounting principles - ANS ✔✔guidelines that businesses use to maintain,
prepare, and present financial records to auditors, financial institutions, and other entities;
these guidelines help ensure consistency, fairness, and honesty in accounting procedures
accrual basis - ANS ✔✔accounting method in which income is recorded when the sales
transaction is made and expenses are recorded when the obligation is incurred; used by
companies that keep inventory
cash basis - ANS ✔✔accounting method in which income is recorded when it is received and
expenses are recorded when paid; typically used for businesses that do not carry inventory
balance sheet - ANS ✔✔statement of the business's assets, liabilities, and equity; reflects the
business's financial position on a stated date
