Question 1

On the Create menu, select Invoices for cash sales.

Accepted Answer

A) True 
 B)False

Question 2

To go beyond QBO's customize report feature, save the recommended report as a PDF file.

Accepted Answer

A) True 
 B)False  False

Question 3

To view your company financial information, display transactions.

Accepted Answer

A) True 
 B)False

Question 4

The month that the company, QBO_Student Name, starts is:

Accepted Answer

A)  October.
B)  November.
C)  December.
D)  January.
E)  None of these.F) B) and C)
G) A) and E)

Question 5

Sales receipts are included in the Customers list.

Accepted Answer

A) True 
 B)False

Question 6

The Balance Sheet lists assets, liabilities, and equity.

Accepted Answer

A) True 
 B)False

Question 7

By default, each report shows data as of the current or today's date.

Accepted Answer

A) True 
 B)False

Question 8

The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

Accepted Answer

A) True 
 B)False

Question 9

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

Accepted Answer

A)  Register.
B)  Trial balance.
C)  Journal entry.
D)  Balance sheet.
E)  None of these.F) A) and B)
G) B) and D)

Question 10

When QBO updates, accounts may be added automatically to the chart of accounts.

Accepted Answer

A) True 
 B)False

Question 11

Written evidence of a business transaction such as invoices, sales receipts, bank statements:

Accepted Answer

A)  Journal entry.
B)  Source documents.
C)  Trial balance.
D)  Activities.
E)  None of these.F) B) and D)
G) C) and D)

Question 12

In Chapter 3, when a check is issued, the account distribution is a:

Accepted Answer

A)  Debit Checking;credit an asset account.
B)  Debit expense account;credit vendor.
C)  Debit Accounts Receivable/Customer;credit Sales.
D)  Debit expense account;credit Checking.
E)  None of these.F) All of the above
G) B) and D)

Question 13

You can look at the Journal to see all the transactions that were entered.

Accepted Answer

A) True 
 B)False

Question 14

In Chapter 3, the account distribution for a sales receipt is:

Accepted Answer

A)  Debit Sales;credit Checking.
B)  Debit Checking;credit Sales.
C)  Debit Accounts Payable/vendor;credit Checking.
D)  Debit Checking;credit Accounts Receivable.
E)  None of these.F) D) and E)
G) A) and E)

Question 15

In Chapter 3, to check that you are starting in the correct place in the data display the:

Accepted Answer

A)  Balance Sheet.
B)  Trial Balance.
C)  Transaction Register.
D)  Account List.
E)  None of these.F) C) and E)
G) B) and E) D

Question 16

Use the __________ to record a journal entry.

Accepted Answer

A)  Settings menu.
B)  Create menu.
C)  From the Gear icon, select vendors.
D)  Select the Plus icon to show recent transactions.
E)  All of these.F) A) and E)
G) A) and B)

Question 17

__________ are examples of checks, bills, and transfers.

Accepted Answer

A)  Bank reconciliations.
B)  Custom reports.
C)  Specialized screens.
D)  Profit and Loss statements.
E)  All of these.F) A) and E)
G) A) and D)

Question 18

After analyzing the transaction and typing the transaction date, complete this task:

Accepted Answer

A)  Display the Balance Sheet.
B)  Select Run report.
C)  Input transaction.
D)  Refer to the account distribution.
E)  All of these.F) A) and B)
G) A) and C)

Question 19

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

Accepted Answer

A) True 
 B)False

Question 20

The __________ shows deposits and checks.

Accepted Answer

A)  Deposit activity.
B)  Reports center.
C)  Transaction register.
D)  Expenses.
E)  All of these.F) A) and B)
G) A) and E) C

Exam 3: Beginning Balances and October Transaction Register

On the Create menu, select Invoices for cash sales.

Correct AnswerverifiedShow Answer

To go beyond QBO's customize report feature, save the recommended report as a PDF file.

Correct AnswerverifiedFalse

To view your company financial information, display transactions.

Correct AnswerverifiedShow Answer

The month that the company, QBO_Student Name, starts is:

Correct AnswerverifiedShow Answer

Sales receipts are included in the Customers list.

Correct AnswerverifiedShow Answer

The Balance Sheet lists assets, liabilities, and equity.

Correct AnswerverifiedShow Answer

By default, each report shows data as of the current or today's date.

Correct AnswerverifiedShow Answer

The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

Correct AnswerverifiedShow Answer

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

Correct AnswerverifiedShow Answer

When QBO updates, accounts may be added automatically to the chart of accounts.

Correct AnswerverifiedShow Answer

Written evidence of a business transaction such as invoices, sales receipts, bank statements:

Correct AnswerverifiedShow Answer

In Chapter 3, when a check is issued, the account distribution is a:

Correct AnswerverifiedShow Answer

You can look at the Journal to see all the transactions that were entered.

Correct AnswerverifiedShow Answer

In Chapter 3, the account distribution for a sales receipt is:

Correct AnswerverifiedShow Answer

In Chapter 3, to check that you are starting in the correct place in the data display the:

Correct AnswerverifiedD

Use the __________ to record a journal entry.

Correct AnswerverifiedShow Answer

__________ are examples of checks, bills, and transfers.

Correct AnswerverifiedShow Answer

After analyzing the transaction and typing the transaction date, complete this task:

Correct AnswerverifiedShow Answer

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

Correct AnswerverifiedShow Answer

The __________ shows deposits and checks.

Correct AnswerverifiedC

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D

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C