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QuickBooks Ch 1-5 Exam Questions with Correct Answers $12.49
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QuickBooks Ch 1-5 Exam Questions with Correct Answers
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QuickBooks Online is an accounting system that is cloud-based. - Answer-True Lists in QuickBooks Online are used for storing information about your accounts, products, and services - Answer-True You should always back up your data files to your computer when using QuickBooks Online. - Answer-...

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  • October 3, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • quickbooks ch 1 5 exam questions with correct answ
  • quickbooks online is an accounting system that is

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QuickBooks Ch 1-5 Exam Questions
with Correct Answers
QuickBooks Online is an accounting system that is cloud-based. - Answer-True

Lists in QuickBooks Online are used for storing information about your accounts,
products, and services - Answer-True

You should always back up your data files to your computer when using QuickBooks
Online. - Answer-False

If you get a new computer, you will need to reinstall QuickBooks Online on the new
computer. - Answer-False

Liabilities - Equity = Assets; this is the basic accounting equation governing all
accounting. - Answer-False

The cash basis accounting method means the sales transaction is recorded when the
sale is made and expenses are recorded when they are incurred. - Answer-False

You analyze the net worth of your business by creating a balance sheet. - Answer-True

One use of a profit and loss report is to analyze the operating profit over a specific time
period. - Answer-True

QuickBooks Simple Start, Essentials, and Plus are all types of _____. - Answer-
Quickbook subscriptions

What accounting method records income when a sale is made and records an expense
when it is incurred? - Answer-Accrual Basis

What does "behind the scenes" mean in this QuickBooks Online textbook? - Answer-
The accounting that QuickBooks Online performs for you

Which subscription level must you use in order to track inventory? - Answer-Plus

What QuickBooks Online activity can you perform using a mobile device? - Answer-a.
Create estimates, invoices, and sales receipts
b. Access customer information
c. Receive payments, track expenses, and reconcile bank transactions
D. ALL OF THE ABOVE

You cannot change the industry type after you choose it during the setup process. -
Answer-True

, It is a good idea to select all settings from the beginning when creating a new company
file. - Answer-True

Each transaction requires at least two accounts. - Answer-True

The end of a year (for example, 12-31-20xx) is the ideal date to use as a start date. -
Answer-False

If you choose all settings at the beginning, you CANNOT later customize a preference
setting. - Answer-False

Which of the following is true regarding historical transactions? - Answer-a. You should
use a combination of summary totals and individual transactions.
b. You should enter open accounts receivable and accounts payable transactions.
c. One side of each entry must be an equity account.
D. ALL OF THE ABOVE

Who controls the user access and monitors activity? - Answer-The Master Administrator

What is a product or service linked to? - Answer-At least one account in the Chart of
Accounts

Which of the following account types is/are considered a liability? - Answer-a. Accounts
Payable
b. Credit Card
c. Long Term Liabilities
D. ALL OF THE ABOVE

When entering opening balances, how must they be entered? - Answer-As a journal
entry or entered directly into the account register

Which starting date would be the most appropriate when setting up a new company file?
- Answer-April 1

What is one of the reasons for creating the Chart of Accounts? - Answer-To categorize
the assets and liabilities

A credit card account is an example of what type of account? - Answer-Liability

You can create a statement, receipt, invoice, or other transaction using the Action menu
in the Sales center. - Answer-True

The Sales center is the only way to add customers. - Answer-False

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