Quickbooks-Chapter 1 Practice Exam
Questions & Answers
Accounting for the financial activity of any company involves - ANSWERSrepetitive
recording of day-to-day business activities.
Recording common business activities does not include - ANSWERSsetting up display
of inventory
Summaries of the financial information of a company are called - ANSWERSfinancial
statements
The most common financial statements are the - ANSWERSincome statement and the
balance sheet
With a computerized accounting software package, as business activities are recorded,
- ANSWERSall necessary reports are instantly prepared
Behind the scenes, QuickBooks uses traditional accounting procedures - ANSWERSto
record, summarize, and report financial information.
A monetary business event or activity is called - ANSWERSa transaction
Reports in Quickbooks - ANSWERScan be easily corrected and a revised report
immediately printed.
In a manual system, the document where transactions are initially recorded
chronologically is called - ANSWERSthe general journal
The general ledger is - ANSWERSthe document where transactions are summarized by
account.
