QBO (ACG) Quizzes
Accounts Receivable is: - ANS-Amounts owed from customers.
Accrued expenses are: - ANS-
All of the following are payroll liabilities except: - ANS-FICO Employer's annual credit
assessment
All of the following are true regarding Customers List in QBO except: - ANS-It collects
information about customers, such as future sales revenue potential.
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.
All of the following are true regarding QBO Customers List except: - ANS-It contains past sales
transactions and allows us to estimate future intended sales.
All of the following onscreen forms and sequences are ways to record vendor and expense
transactions in QBO except: - ANS-
An effective method of internal control is periodically comparing/reconciling actual assets with
accounting records. How is this most easily accomplished? - ANS-
An example of an adjusting entry for a prepaid item using the QBO journal is: - ANS-
An example of an adjusting entry for an accrued expense item using the QBO journal is: -
ANS-Debit: Interest Expense 1,000
Credit: Interest Payable 1,000
Assets are: - ANS-Increased with debits and decreased with credits.
Businesses might want to have multiple checking accounts to provide various functions. What
type checking account would a business NOT want to have? - ANS-Owner's personal expenses
Customers pay their outstanding balances in the following ways except: - ANS-Barter
Employee Lists in QBO online are used to: - ANS-Collect information about employees for
payroll purposes including name, Social Security number, and address.
, How can an estimate of the uncollectible accounts expense be estimated in advance of the
write-off using the Allowance method? - ANS-As a percentage of credit sales or as a percentage
of accounts receivable.
How does an account payable arise with a vendor? - ANS-When our business purchases on
credit, it promises to pay that amount in the future.
How does QBO define a vendor? - ANS-Any individual or organization that provides products or
services to a company.
How is Federal Tax Form 944 different from Federal Tax Form 941? - ANS-
If Undeposited Funds was selected during Receive Payment, then which of the following is
true? - ANS-A company must create a bank deposit to transfer the funds from the Undeposited
Funds account to the appropriate bank account.
In QBO Payroll Processing, what are the four main types of tasks? - ANS-Enter Time, Pay
Employees, Pay Payroll Liabilities and Process Payroll Forms
In QBO, the Check form is used if: - ANS-Our payment is made by check at the same time we
make a purchase.
In QBO, what is a Bundle? - ANS-
In QBO, what is NOT true regarding inventory? - ANS-QBO must track the quantity of
Non-inventory items such as supplies as well as inventory items.
In QBO, which of the following is TRUE? - ANS-
Money Out can be recorded using the Expense or Check Onscreen Form. Which situation
should not use the Expense or Check Onscreen Form to record Money Out? - ANS-Paychecks
to employees for wages and salaries
Net income is calculated by: - ANS-Net Income = Revenues - Expenses
Place the following QBO Customer transactions in the proper order:
1) Receive payment to record collection of the customer's payment.
2) Invoice to record the resale of product to customer and the customer's promise to pay later.
3) Bank deposit to record the customer's payment in the bank account. - ANS-2, 1, and 3.
Profit and Loss Statement includes the following account types: - ANS-Revenues and
Expenses.
QBO considers all of the following to be vendors except: - ANS-
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