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QuickBooks Online Test Bank: Practice Questions and Answers, Exams of Accounting

Global University Accounting

Test bank for Computer Accounting with QuickBooks Online, 4th edition, covering chapters 1-3. Includes multiple-choice and true/false questions on the user interface, chart of accounts, and transaction recording. Assesses understanding of QuickBooks Online features, software navigation, company setup, and financial transaction management. Reviews key concepts and practical applications within QuickBooks Online. Topics include the test drive company, navigation bar, creating transactions, settings access, recent transactions, automatic updates, chart of accounts, balance sheets, profit/loss reports, cloudware, multi-factor authentication, business processes, and journal entries. Answer keys are provided for self-assessment.

Typology: Exams

2024/2025

Available from 06/02/2025

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Test Bank For

Computer Accounting with QuickBooks Online A Cloud Based Approach 4th Edition By Carol

Yacht and Matthew Lowenkron

Chapter 1-12 Answers are at the End of Each Chapter

Chapter 1

Student name:__________

1) The Test Drive company is also known as:

A) Craig’s Design and Landscaping Services.

B) The sample company.

C) Populated company data used in Chapter 1.

D) A way to practice using the QuickBooks Online (QBO) user interface.

E) All of the choices are correct.

2) The link between the user and the software is called the:

A) Chart of Accounts.

B) General Ledger.

C) Navigation bar.

D) User interface.

E) All of the choices are correct.

3) To create transactions, use this icon:

A) Apps.

B) Gear.

C) + New.

D) Magnifying-glass.

E) All of the choices are correct.

4) To go to Account and settings, use this icon:

A) Question mark.

B) Gear.

C) Plus.

D) Magnifying-glass.

E) All of the choices are correct.

Partial preview of the text

Download QuickBooks Online Test Bank: Practice Questions and Answers and more Exams Accounting in PDF only on Docsity!

Test Bank For

Computer Accounting with QuickBooks Online A Cloud Based Approach 4th Edition By Carol Yacht and Matthew Lowenkron

Chapter 1- 12 Answers are at the End of Each Chapter

Chapter 1

Student name:__________

The Test Drive company is also known as: A) Craig’s Design and Landscaping Services. B) The sample company. C) Populated company data used in Chapter 1. D) A way to practice using the QuickBooks Online (QBO) user interface. E) All of the choices are correct.
The link between the user and the software is called the: A) Chart of Accounts. B) General Ledger. C) Navigation bar. D) User interface. E) All of the choices are correct.
To create transactions, use this icon: A) Apps. B) Gear. C) + New. D) Magnifying-glass. E) All of the choices are correct.
To go to Account and settings, use this icon: A) Question mark. B) Gear. C) Plus. D) Magnifying-glass. E) All of the choices are correct.

To see recent transactions, use this icon: A) Question mark. B) Gear. C) Plus. D) Magnifying-glass. E) None of the choices are correct.
QuickBooks Online updates: A) Automatically. B) Never. C) Every time you sign in and sign off. D) At the end of the quarter. E) All of the choices are correct.
When you sign out of the test drive, your data is: A) Saved. B) Not saved. C) Exports to Excel. D) Saved as PDF file. E) All of the choices are correct.
A complete list of a business’s accounts and their balances is called: A) Balance Sheet. B) Income and expense accounts. C) Trial Balance. D) Chart of Accounts. E) None of the choices are correct.
Accounts are used to classify transaction information for: A) Additional detail. B) Trial Balance. C) Reporting purposes. D) Cost of Sales. E) All of the choices are correct.

To access customers, vendors, chart of accounts, and reports, use Notifications. ⊚ true ⊚ false
Craig’s Design and Landscaping Services includes populated data such as accounts, balances, customers, etc. ⊚ true ⊚ false
To sign into the test-drive, use a web browser. ⊚ true ⊚ false
Each time you start the test-drive, a new session begins. ⊚ true ⊚ false

Answer Key

Test name: chapter 1

1) E

2) D

3) C

4) B

5) D

6) A

7) B

8) D

9) C

10) D

11) FALSE

The Chart of Accounts is a list of all the accounts used in the General Ledger.

FALSE Liability accounts start with the number 2000.
FALSE The Detail Type field assigns the account into a subcategory.
TRUE
TRUE
TRUE
FALSE Use the Navigation Bar to access sales, expenses, accounting, and reports.
TRUE
TRUE
TRUE

To access QBO Plus, do this: A) Accept emailed invitation. B) Create account. C) Answer questions relevant to your company account. D) Complete account and settings preferences. E) All of the answer choices are correct.
Multi-factor authentication requires a: A) Vendor purchase. B) Confirmation code. C) Customer receipt. D) Chart of Accounts. E) None of the answer choices are correct.
This term refers to a business owner’s ability to regularly check fraud prevention procedures. A) Business processes B) Generally accepted accounting principles C) Keyboard shortcuts D) Internal control E) All of the answer choices are correct
Each sign-in may be authenticated by: A) Manage users. B) IP address. C) Internal control. D) Defaults. E) None of the answer choices are correct.
Using a subscription model, this is a way of delivering applications over the Internet. A) Software as a Service B) Windows computers C) Macintosh computers D) IP addresses E) All of the answer choices are correct

When changes are made, this type of message may appear on QBO page(s): A) FYI B) Updates C) QBO blog and archive D) Create menu E) All of the answer choices are correct
Software as a service and cloud computing are alike. ⊚ true ⊚ false
When setting up your company, use a valid email address. ⊚ true ⊚ false
Each time you sign into QBO, the software is the most current version which means some of the screens may change. ⊚ true ⊚ false
The Dashboard always includes updated messages. ⊚ true ⊚ false
QuickBooks Online automatically sets up default accounts. ⊚ true ⊚ false
View register accounts appear on the Profit & Loss report. ⊚ true ⊚ false

Answer Key

Test name: chapter 2

1) A

2) C

3) C

4) D

5) E

6) B

7) D

8) B

9) A

10) B

11) TRUE

12) TRUE

13) TRUE

14) FALSE

When changes occur, an updated screen prompt may appear.

TRUE
FALSE View register accounts are bank, current and fixed assets, liabilities and equity, also known as Balance Sheet accounts.
FALSE You need to enable account numbers.
FALSE Run Report accounts are on the Profit and Loss report—income, cost of goods sold, and expenses.
FALSE Retained earnings is a Run report account.
TRUE

Student name:__________

The month that the company, Student Name Sales and Service, starts is: A) October. B) November. C) December. D) January. E) None of the answer choices are correct.
In Chapter 3, to check that you are starting in the correct place in the data display the: A) Balance Sheet. B) Trial Balance. C) Transaction Register. D) Account List. E) None of the answer choices are correct.
The _________ shows deposits and checks. A) Deposit activity B) Reports center C) Transaction register D) Expenses E) All of the answer choices are correct
After analyzing the transaction and typing the transaction date, complete this task: A) Display the Balance Sheet. B) Select Run report. C) Input transaction. D) Refer to the account distribution. E) All of the answer choices are correct.

In Chapter 3, when a check is issued, the account distribution is a: 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 the answer choices are correct.
In Chapter 3, the account distribution for a sales receipt is: 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 the answer choices are correct.
When QBO updates, accounts may be added automatically to the chart of accounts. ⊚ true ⊚ false
Select Invoices for cash sales. ⊚ true ⊚ false
Sales receipts are included in the Customers list. ⊚ true ⊚ false
Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts. ⊚ true ⊚ false
To view your company's financial information, display transactions. ⊚ true ⊚ false

You can look at the Journal to see all the transactions that were entered. ⊚ true ⊚ false
By default, each report shows data as of the current or today’s date. ⊚ true ⊚ false
To go beyond QBO’s customize report feature, save the recommended report as a PDF file. ⊚ true ⊚ false
The Profit and Loss statement shows the debit and credit balances of each account during a period of time. ⊚ true ⊚ false
The Balance Sheet lists assets, liabilities, and equity. ⊚ true ⊚ false

Student name:__________

The money a company owes to a supplier or vendor is called: A) Accounts payable. B) Accounts receivable. C) Sales. D) Purchases. E) None of the answer choices are correct.
The selection used to verify the checking account balance is: A) Run report. B) Dashboard > Get things done. C) View register. D) Chart of accounts transactions. E) None of the answer choices are correct.
The process of bringing the balance of the bank statement and balance of the checking account into agreement is called: A) Accounts payable. B) Accounts receivable. C) Bank reconciliation. D) Audit Log. E) All of the answer choices are correct.
When you open a company, the _________ appears by default. A) Journal transactions. B) Dashboard. C) Transaction registers. D) Account distributions. E) All of the answer choices are correct.

In QBO, an up-to-date record of inventory is maintained and tracked. This is called: A) Perpetual inventory. B) Periodic inventory. C) Sales and cost of goods sold. D) Account payable. E) None of the answer choices are correct.
A product that is purchased from vendors for sale to customers is called a/an: A) Account receivable. B) Trial balance. C) Activity transaction. D) Inventory item. E) All of the answer choices are correct.
When Student Name Sales and Service purchases and receives inventory, they are: A) Subtracted from inventory. B) Added to inventory. C) Added to customer accounts. D) Subtracted from customer accounts. E) All of the answer choices are correct.
A report that breaks the analysis into operating, investing, and financing activities is called: A) Trial Balance. B) Profit and Loss. C) Balance Sheet. D) Statement of Cash Flows. E) All of the answer choices are correct.
The account distribution for purchases of inventory on account is: A) Debit Checking and Merchandise Inventory; credit Accounts Receivable/customer. B) Debit Merchandise Inventory and Accounts Receivable; credit Sales. C) Debit Accounts Receivable/Customer; credit Accounts Payable/vendor. D) Debit Merchandise Inventory; credit Accounts Payable/vendor. E) None of the answer choices are correct.

Before you reconcile, the check register balance does not include the bank’s service charge. ⊚ true ⊚ false
QBO organizes and monitors accounts payable. ⊚ true ⊚ false
When you enter bills for a vendor, Accounts Payable and the vendor are debited. ⊚ true ⊚ false
To display graphical data, select Reports > Audit Log. ⊚ true ⊚ false

Answer Key

Test name: chapter 4

1) A

2) C

3) C

4) B

5) A

6) D

7) B

8) D

9) D

10) B

11) TRUE

12) TRUE

13) TRUE

14) TRUE

15) FALSE

Bank statements are received every month.

FALSE Go to the Chart of Accounts, select 101 checking. Reconcile the Checking account from the Bank Register window.
TRUE
TRUE
FALSE When you enter bills for a vendor, Accounts Payable and the vendor are credited.
FALSE To display graphical data, select Dashboard > Business overview.

QuickBooks Online Test Bank: Practice Questions and Answers, Exams of Accounting

Related documents

Partial preview of the text

Download QuickBooks Online Test Bank: Practice Questions and Answers and more Exams Accounting in PDF only on Docsity!

Test Bank For

Student name:__________

1) E

2) D

3) C

4) B

5) D

6) A

7) B

8) D

9) C

10) D

11) FALSE

1) A

2) C

3) C

4) D

5) E

6) B

7) D

8) B

9) A

10) B

11) TRUE

12) TRUE

13) TRUE

14) FALSE

Student name:__________

Student name:__________

1) A

2) C

3) C

4) B

5) A

6) D

7) B

8) D

9) D

10) B

11) TRUE

12) TRUE

13) TRUE

14) TRUE

15) FALSE