Introduction to Quickbooks Online 8 In the Vendor Center, which icon or button produces a drop-down list from which you

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Introduction to Quickbooks Online
8 In the Vendor Center, which icon or button produces a
drop-down list from which you can opt to include inactive vendors
in your vendor list? A The magnifying glass icon in the upper
toolbar. B The + New button on the left navigation bar. C New
Vendor. D The wheel (gear) icon above the Action column.
9 Which of the following steps should you take if you want to
merge two vendor list entries into one? A Revise the name of one
entry to exactly match the name of the other entry. B Delete the
unneeded vendor entry. C Make one of the vendors inactive. D Export
both entries to Excel.
10 What opening balance should you enter when transferring an
existing bank account to QuickBooks Online? A The bank balance that
appears on your tax return. B The beginning balance that appears on
your last reconciled bank statement. C The ending balance that
displays on your last reconciled bank statement. D The current
balance that appears online for your bank account.
11 What can connecting a bank account online help you to do? A
Pay your bills directly from within the program. B Decrease, but
not eliminate, your data-entry time. C Automatically reconcile your
bank account. D Eliminate the need for data entry.
12 When a bank reconciliation is complete, what should the
difference that shows in the summary area equal? A The downloaded
bank balance from the most recent update. B The beginning balance
on the bank statement. C Zero. D The ending balance on the bank
statement.
13 When creating a check transaction, which box should you
select to add the check to a list of checks waiting to be printed?
A Billable. B Print Later. C Check No. D Item Details.
14 Where can you enter a default markup percentage to be added
to a billable expense? A Bank and Credit Cards window. B Account
and Settings—Expenses. C Dashboard page. D Bank account register
window.
15 Which recurring transaction type should you use when you want
QuickBooks to automatically enter a transaction on a set schedule?
A Scheduled. B Reminder. C Budgeted. D Unscheduled.
16 After saving a Bill transaction, which account balance
increases? A Accounts Payable. B Accounts Receivable. C Job
Materials expense. D Checking bank account.
17 In the Pay Bills window, which of the following indicates
that a bill is overdue? A The bill reference number is bolded. B
The credit applied column is zeroed out. C A red exclamation point
displays next to the overdue bill. D The print later option is
unavailable for the overdue bill.
18 Which account balance decreases when you enter a vendor
credit? A Checking bank account. B Accounts Payable. C Undeposited
Funds. D Accounts Receivable.
19 Which window should you use to connect a Credit Card account
online? A Check. B Chart of Accounts. C Expense. D Bank and Credit
Cards.
20 When recording a credit card charge to purchase an airline
ticket for a business trip, what type of account should you include
in the Category Details area of the entry? A Expense. B Liability.
C Asset. D Income.
21 What account type should you use to record a five-year loan
used to purchase a vehicle for your business? A Equity. B Income. C
Expense. D Long-Term Liabilities.
22 When creating a product item in the Products & Services
list, which account does QuickBooks include to record the cost of
the product at the time of sale? A Cost of Goods Sold. B Sales. C
Accounts Payable. D Accounts Receivable.
23 In the Sales Receipt window, you should select which account
in the Deposit To field if you'd like to group this payment with
others on the same deposit transaction? A Product Sales Income. B
Checking. C Accounts Receivable. D Undeposited Funds.
25 When recording a customer payment in the Receive Payments
window, which account should you select in the Deposit To field in
order to later group multiple payments for deposit to the bank? A
Cost of Goods Sold. B Accounts Receivable. C Checking account. D
Undeposited Funds.
26 What status does QuickBooks automatically assign to a newly
created estimate? A Pending. B Rejected. C Accepted. D Closed.
27 Which account increases when you enter an invoice? A Accounts
Receivable. B Undeposited Funds. C Checking bank account. D
Accounts Payable.
28 Which two actions must you take to mark an expense as
billable to a customer? A Include a payment date, and enter a
reference number. B Enter an account in the Account column and a
payment method in the Payment Method field. C Enter a payee, and
select an account in the Account column. D Place a check mark in
the Billable column, and select a customer in the Customer
column.
29 What should you create to view or print a summary of a
customer's transactions for a specific period of time? A Invoice. B
Statement. C Journal Entry. D Delayed Credit.
30 What should you create to record a customer refund? A Delayed
Charge. B Refund Receipt. C Sales Receipt. D Credit Memo.
31 Unlike permanent accounts, temporary accounts…? A Include
cash as cash is spent frequently in a business. B Include Assets
and Liabilities. C Form the components of the Basic Accounting
Equation. D Reset to zero at the end of the accounting period.
32 Pursuant to the accrual basis of accounting, the Revenue
Recognition Principle dictates that…? A Revenue be recorded before
a service is completed as long as cash is received. B Revenue be
recorded only when the customer makes payment. C Revenue be
recorded at the time a customer places an order regardless of when
cash is received. D Revenue be recorded upon completion of a
service or delivery of a product regardless of when cash is
received.
33 The Income Statement displays Revenues and Expenses for a
specified period of time while the Balance Sheet is prepared…? A
Always using the cash-basis method of accounting. B As of a point
in time, such as a month-end or year-end. C Using the same balances
from the Income Statement. D By subtracting Expenses from
Revenues.
34 In the Reports window, where can you find and open a saved
customized report? A Business Overview section. B Custom Reports
tab. C For My Accountant section. D Sales and Customers
section.
35 Which window should you use to pay sales tax to an agency? A
Expense window. B Check window. C Sales Tax Center. D Bill
window.
36 If you'd like to change the title on a report, what should
you do first? A Click the Export button. B Click the Customize
button. C Adjust the Company Settings. D Use the QuickZoom
feature.