QuickBooks Chapter 1 Test with Complete
Solutions 2024/25 Update
Data entry is the same in QuickBooks whether you use accrual or cash basis
accounting ✔✔True
Always back up your company file to a location NOT on the same hard drive as
the original file
✔✔True
The cash basis accounting means the sale transaction is recorded when the sale
is made, and
expenses are recorded when they are incurred ✔✔False
QuickBooks for Mac has the same basic look as the Windows version, but the
functions are
different ✔✔False
Leann works for a nonprofit organization. At a past job she used QuickBooks
CANNOT be used
for nonprofits ✔✔False
Rahim is having trouble managing his small business's finances. His friend is
encouraging him to
, QuickBooks Chapter 1 Test with Complete
Solutions 2024/25 Update
purchase QuickBooks because, "You don't have to know anything about
accounting.
QuickBooks does all the work and prevents you from having any problems." Is
what Rahim's
friend is saying true or false? ✔✔False
The QuickBooks working file has the .QBW extension and is the company file.
✔✔True
The working QuickBooks company file, with the .QBW extension, is a
compressed file ✔✔False
In QuickBooks, portable files must be restored before use ✔✔True
The active window will always appear at the top of the Open Window List
✔✔True
The act of decompressing a QuickBooks portable file is called: ✔✔Restoring
When are transactions saved in QuickBooks? ✔✔As they are entered
(automatically)
Solutions 2024/25 Update
Data entry is the same in QuickBooks whether you use accrual or cash basis
accounting ✔✔True
Always back up your company file to a location NOT on the same hard drive as
the original file
✔✔True
The cash basis accounting means the sale transaction is recorded when the sale
is made, and
expenses are recorded when they are incurred ✔✔False
QuickBooks for Mac has the same basic look as the Windows version, but the
functions are
different ✔✔False
Leann works for a nonprofit organization. At a past job she used QuickBooks
CANNOT be used
for nonprofits ✔✔False
Rahim is having trouble managing his small business's finances. His friend is
encouraging him to
, QuickBooks Chapter 1 Test with Complete
Solutions 2024/25 Update
purchase QuickBooks because, "You don't have to know anything about
accounting.
QuickBooks does all the work and prevents you from having any problems." Is
what Rahim's
friend is saying true or false? ✔✔False
The QuickBooks working file has the .QBW extension and is the company file.
✔✔True
The working QuickBooks company file, with the .QBW extension, is a
compressed file ✔✔False
In QuickBooks, portable files must be restored before use ✔✔True
The active window will always appear at the top of the Open Window List
✔✔True
The act of decompressing a QuickBooks portable file is called: ✔✔Restoring
When are transactions saved in QuickBooks? ✔✔As they are entered
(automatically)
