Chapter 1 Study Guide – QuickBooks Online (2026 Beginner Fundamentals &
Setup Guide)
What are four levels of operation within Quickbooks Online? - correct answer ✔✔New
Company Setup, Lists, Activities, and Reports
____ is the process of recording, summarizing, and presenting the financial information of a
company in the form of financial statements. - correct answer ✔✔Accounting
Summaries of the financial information of a company are called - correct answer ✔✔Financial
statements
The accounts and settings window contains four tabs on the left. Which of the following is not
one of them? - correct answer ✔✔Reports
Reports in Quickbooks Online - correct answer ✔✔Can be easily corrected and a revised report
immediately printed.
The title bar includes the - correct answer ✔✔Company name
Lists include - correct answer ✔✔Chart of accounts, vendor, customer, and products and
services
This report lists all general ledger accounts, their debit and credit balances, and the total debits
and credits - correct answer ✔✔Trial Balance
The most common financial statements are the - correct answer ✔✔Income statement and the
balance sheet
Setup Guide)
What are four levels of operation within Quickbooks Online? - correct answer ✔✔New
Company Setup, Lists, Activities, and Reports
____ is the process of recording, summarizing, and presenting the financial information of a
company in the form of financial statements. - correct answer ✔✔Accounting
Summaries of the financial information of a company are called - correct answer ✔✔Financial
statements
The accounts and settings window contains four tabs on the left. Which of the following is not
one of them? - correct answer ✔✔Reports
Reports in Quickbooks Online - correct answer ✔✔Can be easily corrected and a revised report
immediately printed.
The title bar includes the - correct answer ✔✔Company name
Lists include - correct answer ✔✔Chart of accounts, vendor, customer, and products and
services
This report lists all general ledger accounts, their debit and credit balances, and the total debits
and credits - correct answer ✔✔Trial Balance
The most common financial statements are the - correct answer ✔✔Income statement and the
balance sheet
