QuickBooks Certification Practice Exam (Basic Accounting) Questions and Answers

QuickBooks Certification Practice Exam (Basic Accounting) Questions and Answers What is one way that QuickBooks uses the Account Type? a. To track revenue and expense by office or business segment b. For financial ratios in the Analysis module c. To change the color of different sections on the financial statements d. To identify where the account appears on the financial statements - ANS ️️ D What does the term "Double-entry accounting" mean? a. That the Income and Expense accounts are always part of every transaction b. There are always at least two accounts involved in every financial transaction. c. That the Cost of Goods Sold account and the Liabilities account are always part of a transaction. d. The Equity and Asset accounts are always involved in a transaction. - ANS ️️ B What is the purpose of the Chart of Accounts? a. It allows accountants to view accounting records remotely. b. It is how you categorize financial transactions. c. To see a graphical chart of income and expenses. d. To categorize items. - ANS ️️ B You suspect that someone has changed a transaction. What report should you run? a. Audit Trail Report b. User Entry Report c. Modified Transactions Report d. Changed Transactions Report - ANS ️️ A