2 points

QUESTION 26

The account distribution for sales of inventory on account is:

		Debit Merchandise Inventory and Accounts Receivable; credit Cost of Goods Sold and Sales.
		Debit Accounts Receivable/customer and Cost of Goods Sold; credit Sales and Merchandise Inventory.
		Debit Accounts Payable/vendor and Cost of Goods Sold; credit Accounts Receivable/customer and Checking.
		None of the answer choices are correct.

2 points

QUESTION 27

The balance sheet lists what you own (assets), what your debts are (liabilities), and what youve invested (equity).

True

False

2 points

QUESTION 28

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

		Chart of Accounts.
		General Ledger.
		Navigation bar.
		User interface.
		All of the choices are correct.

2 points

QUESTION 29

The money a company owes to a supplier or vendor is called:

		Accounts payable.
		Accounts receivable.
		Sales.
		Purchases.
		None of the answer choices are correct.

2 points

QUESTION 30

The process of bringing the balance of the bank statement and balance of the checking account into agreement is called:

		Accounts payable.
		Accounts receivable.
		Bank reconciliation.
		Audit Log.
		All of the answer choices are correct.

2 points

QUESTION 31

The selection used to verify the checking account balance is:

		Run report.
		Dashboard > Get things done.
		View register.
		Chart of accounts transactions.
		None of the answer choices are correct.

2 points

QUESTION 32

This report lists transactions subtotaled by each account on the chart of accounts.

		A/P Aging Summary.
		Balance Sheet.
		Profit and Loss.
		Transaction Detail by Account.
		All of the choices are correct.

2 points

QUESTION 33

This term refers to a business owners ability to regularly check fraud prevention procedures.

		Business processes
		Generally accepted accounting principles
		Keyboard shortcuts
		Internal control
		All of the answer choices are correct

2 points

QUESTION 34

To access QBO Plus, do this:

		Accept emailed invitation.
		Create account.
		Answer questions relevant to your company account.
		Complete account and settings preferences.
		All of the answer choices are correct.

2 points

QUESTION 35

To display graphical data, select Reports > Audit Log.

True

False

2 points

QUESTION 36

To go beyond QBOs customize report feature, save the recommended report as a PDF file.

True

False

2 points

QUESTION 37

To see recent transactions, use this icon:

		Question mark.
		Gear.
		Plus.
		Magnifying-glass.
		None of the choices are correct.

2 points

QUESTION 38

To view your company's financial information, display transactions.

True

False

2 points

QUESTION 39

Use the _________ to record a journal entry.

		Settings menu
		+ New
		From the Gear icon, select vendors
		Select the Plus icon to show recent transactions
		All of the answer choices are correct

2 points

QUESTION 40

Using a subscription model, this is a way of delivering applications over the Internet.

		Software as a Service
		Windows computers
		Macintosh computers
		IP addresses
		All of the answer choices are correct

2 points

QUESTION 41

Using the Bank Statement, go to the Journal to reconcile checking account activity.

True

False

2 points

QUESTION 42

What is the written evidence of a business transaction such as invoices, sales receipts, and bank statements?

		Journal entry
		Source documents
		Trial balance
		Activities
		None of the answer choices are correct

2 points

QUESTION 43

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

True

False

2 points

QUESTION 44

When Student Name Sales and Service purchases and receives inventory, they are:

		Subtracted from inventory.
		Added to inventory.
		Added to customer accounts.
		Subtracted from customer accounts.
		All of the answer choices are correct.

2 points

QUESTION 45

When changes are made, this type of message may appear on QBO page(s):

		FYI
		Updates
		QBO blog and archive
		Create menu
		All of the answer choices are correct

2 points

QUESTION 46

When setting up your company, use a valid email address.

True

False

2 points

QUESTION 47

When you enter bills for a vendor, Accounts Payable and the vendor are debited.

True

False

2 points

QUESTION 48

When you open a company, the _________ appears by default.

		Journal transactions.
		Dashboard.
		Transaction registers.
		Account distributions.
		All of the answer choices are correct.

2 points

QUESTION 49

When you sign out of the test drive, your data is:

		Saved.
		Not saved.
		Exports to Excel.
		Saved as PDF file.
		All of the choices are correct.

2 points

QUESTION 50

_________ are examples of checks, bills, and transfers.

		Bank reconciliations
		Custom reports
		Specialized screens
		Profit and Loss statements
		All of the answer choices are correct