4340 Midterm Chapter Quizzes Updated Actual Questions And Correct Answers

4340 MIDTERM CHAPTER QUIZZES UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
When setting up a new company in QBO, which of the
following is helpful information you should know about
the company?
Select one:
a. Does the company sell products, services or both?
b. Does the company manufacture anything themselves?
c. Do you have or plan to have multiple reporting entities
(e.g. multiple stores)?
d. Does the company collect sales tax?
e. All of these are good questions to consider when
setting up a new company.
Answer:
e. All of these are good questions to consider when setting up a new company.

Question:
During the setup process for a new QBO company file,
QuickBooks automatically creates which of the
following?
Select one:
a. Basic chart of accounts
b. Employees
c. Vendors
d. Tax return
Answer:
a. Basic chart of accounts

Question:
During the setup process QBO automatically selects
which method of accounting?
Select one:
a. Cash basis
b. Modified cash basis
c. Accrual
d. Historical
Answer:
c. Accrual

Question:
After your QBO company is setup, where do you go to
enable and show account numbers for accounts in your
chart of accounts?
Select one:

,a. Accounting on the navigation bar
b. The on the icon bar then select Account and Settings
and go to the Advanced tab
c. Select on the navigation bar and select List
d. The icon on the icon bar and select Chart of Accounts
Feedback
Answer:
b. The on the icon bar then select Account and Settings and go to the Advanced
tab

Question:
For each activity listed below, select the appropriate tab
in the Account and Settings area where the action is
located.
Start using purchase orders
Turn on warnings for duplicate check numbers
Turn on custom transaction numbers for sales forms
Turn on warnings for duplicate check numbers
Answer:
Expenses
Company
Sales
Advanced

Question:
The pencil icon [] is used to do which of the following
tasks in QBO?
Select one:
a. Import data.
b. Print a report.
c. Add a new user.
d. Edit company settings in Account and Settings on the
gear icon.
Answer:
d. Edit company settings in Account and Settings on the gear icon.

Question:
Which of the following functions are available in QBO?
Select one:
a. Tracking inventory
b. Invoicing customers
c. Paying bills
d. All of the above functions are available in QBO.
Answer:
d. All of the above functions are available in QBO.

Question:

, The process that is used to delete the chart of accounts is
known as ________.
Select one:
a. Estimating
b. Inactivating
c. Purging
d. Deleting
Answer:
c. Purging

Question:
Where is the Import Data command located in QBO?
Select one:
a.On the Navigation bar under My Accountant.
b. On the Advanced tab in the Account and Settings area.
c. In the Tools column on the gear icon menu (icon bar).
d. On the Dashboard of your QBO company.
Answer:
c. In the Tools column on the gear icon menu (icon bar).

Question:
Under the ______ basis of accounting, revenues and
expenses are recorded when they are earned, regardless
of when the money is actually received or paid.
Select one:
a. Accrual
b. Cash
c. Modified Cash
d. Cryptocurrency
Answer:
a. Accrual

Question:
default account used by QBO as part of the import
process
Answer:
opening equity balance

Question:
number used to identify batch for timing of software
updates
Answer:
cluster number

Question:
Which of the following cannot be imported into QBO?
a. Sales and expense settings
b. Inventory balances