Quickbooks chapter 4 quiz - Study guides, Class notes & Summaries

Which of the following reports is not part of the period-end accounting reports? Pending Sales The Cost of Goods Sold account would fall into which of the following account types? Income and Expenses Which of the following is one of the financial reports that companies prepare at least once a year? Balance Sheet

Accrual-basis accounting matches the income from the period and the expenses for the period in order to determine the net income or net loss for the period. True In QuickBooks, the Journal is called the book of final entry. False An account may be deleted at any time.

Invoice Used when recording a sale on account Sales Receipt Used when cash is collected at the time of a sale Product Quantities of this are tracked Service Quantities of this are not tracked Create (+) Icon Used to access invoices, sales receipts, or bank deposits Payment from a customer Cash receipts received from a sale

you can delete vendors in quickbooks online false You can have two vendors with the same name. false A vendor is a person or business you sell services or products to. false You can set up a new vendor only from the Vendors list. false You can record purchases with a credit card in QuickBooks Online. true The Manage Accounts Payable report in the All folder categorizes unpaid bills based on how overdue they are. false