SOLUTIONS MANUAL
** All Chapters included
** Questions
** Multiple Choice
** Cases
,Table of Contents are given below
Chapter 1. An Introduction to QuickBooks Online Using the Sample Company
Chapter 2. An Overview of QuickBooks Online
Chapter 3. Setting Up a New Company: Establishing a Chart of Accounts,
Beginning Balances, Customers, Vendors, and Products/Services
Chapter 4. Recording Operating Activities: Sales and Cash Receipts
Chapter 5. Recording Operating Activities: Purchases and Cash Payments
Chapter 6. Recording Investing and Financing Activities
Chapter 7. Recording Payroll
Chapter 8. Establishing Budgets and Preparing Bank Reconciliations
Chapter 9. Analysis and Recording of Adjusting Entries
Chapter 10. Preparing Financial Statements and Reports
,1
Chapter 1 Solutions Manual
Chapter 1 Questions
1. Click Sales and then click Customers.
2. Open the Customer window from the navigation bar and then click a customer name.
3. Open the Vendor window from the navigation bar, click a specific vendor name, and then click a
specific bill.
4. Open the Employee window from the navigation bar and then click Edit next to a specific
employee name.
5. Bank deposits, which have not yet been recorded in QBO, are not recognized and are
temporarily classified as Uncategorized Income.
6. Bank charges, which have not yet been recorded in QBO, are not recognized and are temporarily
classified as Uncategorized Expense.
7. Opening the sales transaction section of QBO will provide a listing of recent sales invoices and
payments.
8. Opening the expense transaction section of QBO will provide a listing of recent credit card
transactions, bills, expenses, purchase orders, checks, bill payments, and cash transactions.
9. List options include chart of accounts, recurring transactions, products and services, custom
form styles, payment methods, terms, classes, and attachments.
10. Click Reports, and then type Accounts payable in the reports search box.
Chapter 1 Multiple Choice
1) What is the role of the navigation bar?
a) Used to access a list of sales and expense transactions
b) Matching a banking transaction with a QBO transaction
c) Matching a banking transaction with a QBO transaction
d) A ribbon on the home screen to customize fonts and screen layout
Answer: a) Used to access a list of sales and expense transactions
2) How is Amy’s Bird Sanctuary categorized in the QBO sample?
a) An employee in the Sample Company
b) A vendor in the Sample Company
c) A customer in the Sample Company
d) A prospective customer
Answer: c) A customer in the Sample Company
3) What is the proper categorization of the Brosnahan Insurance Agency?
a) A vendor in the Sample Company
b) A customer in the Sample Company
c) An employee in the Sample Company
d) A prospective customer
Answer: a) A vendor in the Sample Company
, 2
4) What is the term “Recognizing” used by QBO?
a) Verification of identity of the user
b) Matching a banking transaction with a QBO transaction
c) Validation of a customer’s banking information
d) Identification of a data entry error
Answer: b) Matching a banking transaction with a QBO transaction
5) What is Uncategorized Income?
a) Bank charges not yet recognized
b) Identification of a data entry error
c) Identification of a problem with the vendor’s bank
d) Bank deposits not yet recognized
Answer: d) Bank deposits not yet recognized
6) What is an Uncategorized Expense?
a) Bank charges not yet recognized
b) Identification of a data entry error
c) Identification of a problem with the vendor’s bank
d) Bank deposits not yet recognized
Answer: d) Bank deposits not yet recognized
7) How is the term “Registers” used by QBO?
a) Used to access a list of sales and expense transactions
b) Exist for all asset, liability, and equity accounts
c) Specify due dates for payment to/from vendors/customers
d) The primary contact at the Sample Company’s bank
Answer: b) Exist for all asset, liability, and equity accounts
8) What is the proper categorization of John Johnson in Chapter 1?
a) An employee in the Sample Company
b) A customer in the Sample Company
c) A vendor in the Sample Company
d) The primary contact at the Sample Company’s bank
Answer: a) An employee in the Sample Company
9) How is the word “Terms” used by QBO?
a) A listing of all accounts available
b) The subscription fees for using QuickBooks Online
c) Specify due dates for payment to/from vendors/customers
d) Glossary for QuickBooks Online
Answer: c) Specify due dates for payment to/from vendors/customers
** All Chapters included
** Questions
** Multiple Choice
** Cases
,Table of Contents are given below
Chapter 1. An Introduction to QuickBooks Online Using the Sample Company
Chapter 2. An Overview of QuickBooks Online
Chapter 3. Setting Up a New Company: Establishing a Chart of Accounts,
Beginning Balances, Customers, Vendors, and Products/Services
Chapter 4. Recording Operating Activities: Sales and Cash Receipts
Chapter 5. Recording Operating Activities: Purchases and Cash Payments
Chapter 6. Recording Investing and Financing Activities
Chapter 7. Recording Payroll
Chapter 8. Establishing Budgets and Preparing Bank Reconciliations
Chapter 9. Analysis and Recording of Adjusting Entries
Chapter 10. Preparing Financial Statements and Reports
,1
Chapter 1 Solutions Manual
Chapter 1 Questions
1. Click Sales and then click Customers.
2. Open the Customer window from the navigation bar and then click a customer name.
3. Open the Vendor window from the navigation bar, click a specific vendor name, and then click a
specific bill.
4. Open the Employee window from the navigation bar and then click Edit next to a specific
employee name.
5. Bank deposits, which have not yet been recorded in QBO, are not recognized and are
temporarily classified as Uncategorized Income.
6. Bank charges, which have not yet been recorded in QBO, are not recognized and are temporarily
classified as Uncategorized Expense.
7. Opening the sales transaction section of QBO will provide a listing of recent sales invoices and
payments.
8. Opening the expense transaction section of QBO will provide a listing of recent credit card
transactions, bills, expenses, purchase orders, checks, bill payments, and cash transactions.
9. List options include chart of accounts, recurring transactions, products and services, custom
form styles, payment methods, terms, classes, and attachments.
10. Click Reports, and then type Accounts payable in the reports search box.
Chapter 1 Multiple Choice
1) What is the role of the navigation bar?
a) Used to access a list of sales and expense transactions
b) Matching a banking transaction with a QBO transaction
c) Matching a banking transaction with a QBO transaction
d) A ribbon on the home screen to customize fonts and screen layout
Answer: a) Used to access a list of sales and expense transactions
2) How is Amy’s Bird Sanctuary categorized in the QBO sample?
a) An employee in the Sample Company
b) A vendor in the Sample Company
c) A customer in the Sample Company
d) A prospective customer
Answer: c) A customer in the Sample Company
3) What is the proper categorization of the Brosnahan Insurance Agency?
a) A vendor in the Sample Company
b) A customer in the Sample Company
c) An employee in the Sample Company
d) A prospective customer
Answer: a) A vendor in the Sample Company
, 2
4) What is the term “Recognizing” used by QBO?
a) Verification of identity of the user
b) Matching a banking transaction with a QBO transaction
c) Validation of a customer’s banking information
d) Identification of a data entry error
Answer: b) Matching a banking transaction with a QBO transaction
5) What is Uncategorized Income?
a) Bank charges not yet recognized
b) Identification of a data entry error
c) Identification of a problem with the vendor’s bank
d) Bank deposits not yet recognized
Answer: d) Bank deposits not yet recognized
6) What is an Uncategorized Expense?
a) Bank charges not yet recognized
b) Identification of a data entry error
c) Identification of a problem with the vendor’s bank
d) Bank deposits not yet recognized
Answer: d) Bank deposits not yet recognized
7) How is the term “Registers” used by QBO?
a) Used to access a list of sales and expense transactions
b) Exist for all asset, liability, and equity accounts
c) Specify due dates for payment to/from vendors/customers
d) The primary contact at the Sample Company’s bank
Answer: b) Exist for all asset, liability, and equity accounts
8) What is the proper categorization of John Johnson in Chapter 1?
a) An employee in the Sample Company
b) A customer in the Sample Company
c) A vendor in the Sample Company
d) The primary contact at the Sample Company’s bank
Answer: a) An employee in the Sample Company
9) How is the word “Terms” used by QBO?
a) A listing of all accounts available
b) The subscription fees for using QuickBooks Online
c) Specify due dates for payment to/from vendors/customers
d) Glossary for QuickBooks Online
Answer: c) Specify due dates for payment to/from vendors/customers
