QuickBooks Chapter 1 Test Latest
Update with Verified Solutions
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
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)
What accounting method records income when a sale is made and records an expense when it is
incurred? ✔✔Accrual Basis
Update with Verified Solutions
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
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)
What accounting method records income when a sale is made and records an expense when it is
incurred? ✔✔Accrual Basis
