Exam (elaborations)
QBO (ACG) Quizzes (1)
- Course
- PCF - Chapter 7
- Institution
- PCF - Chapter 7
QBO (ACG) Quizzes (1)
[Show more]
Seller
Follow
Content preview
QBO (ACG) QuizzesQBO Help and Support: - ANS-Is accessed through the ? icon.
What type of legal entity do many entrepreneurs use and why? - ANS-LLC due to its tax
advantages and the limited liability aspect to owners.
The QBO Create (+) icon lists various transactions that can be created. It is commonly used for
all of the following types of transactions except: - ANS-IRS Income Tax
Why is understanding what type of legal entity a business uses important when initially setting
up an accounting system? - ANS-A company's type of legal entity impacts the equity accounts
and the tax form a business files. The tax form a business files greatly impacts the type of
financial information an accounting system must track.
Accounts Receivable is: - ANS-Amounts owed from customers.
Which transaction type does not appear on the Create (+) screen? - ANS-Budgeting
The balance sheet summarizes what a company owns and what it owes. What account types
are on the balance statement? - ANS-Assets, Liabilities, and Owners' Equity (or Stockholders'
Equity).
Net income is calculated by: - ANS-Net Income = Revenues - Expenses
The main financial statements of a business include: - ANS-Balance Sheet, Profit & Loss
Statement, and the Statement of Cash Flows
QBO is able to display account numbers in the Chart of Accounts by: - ANS-Once in the Chart
of Accounts use the Gear icon, select Account and Settings > Advanced > Check Enable
account numbers > Check Show account numbers > Save
To enter account numbers into QBO: - ANS-Select Accounting in the Navigation Bar and use
the Edit Pencil.
All of the following are true regarding Owners' Equity except: - ANS-Owners' Equity accounts
represent the net worth of a business, and are only increased by an investment in the business.
Profit and Loss Statement includes the following account types: - ANS-Revenues and
Expenses.
, Which of the following is correct regarding what a Customer Transaction includes? -
ANS-Entering invoices, Receiving customer payments, Entering estimates, Entering credit
memos for reductions to customer accounts, Entering sales receipts, and Entering refund
receipts
Which one of the following statements best describes a transaction? - ANS-Transactions are
exchanges between a business and other parties.
Revenues are: - ANS-Increased with credits and decreased with debits.
Which of the following is true regarding debits and credits? - ANS-Whether a debit or credit
increases or decreases an account depends on the type of account.
Assets are: - ANS-Increased with debits and decreased with credits.
Employee Lists in QBO online are used to: - ANS-Collect information about employees for
payroll purposes including name, Social Security number, and address.
All of the following are true regarding Customers List in QBO except: - ANS-It collects
information about customers, such as future sales revenue potential.
What determines whether a company can pay its bills on time? - ANS-Adequate cash flow
Why are bank reconciliations a good internal control? - ANS-Bank reconciliations compare
actual assets existing at the bank with accounting records.
Which statement best describes a bank reconciliation? - ANS-It is the process of comparing, or
reconciling, the bank statement with a company's accounting records for the cash account.
Select the answer that best describes how to View the Check Register? - ANS-Select
Accounting from the Navigation Bar, and from the Chart of Accounts window select View
Register.
Timing differences on a bank reconciliation include all of the following except: - ANS-Bank
Errors
What impact will a Deposit in Transit and an Outstanding Check have on a company's
accounting records after a reconciliation is completed? (will cash have to increase or decrease
based on the reconciling item) - ANS-
What are the four main ways QBO records money out? - ANS-Expense, Check, Bill > Pay Bills,
and Purchase Order >Bill> Pay Bills.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.34. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79978 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now