Show:
True or False
Multiple Choice
Accounting
QBO
Mixed
100
A Calendar Year accounting cycle can begin on any month.
What is False
100
Choose the accounts that are Balance Sheet Accounts
What is Asset Equity Liabilities
100
The Cash Basis accounting method is:
What is Income is reported when you receive payments and expenses are reported when you pay bills.
100
What does the Transaction Journal show?
What is The debits and credits for a particular transaction.
100
If a customer is paying off an invoice, you should enter a sales receipt?
What is False
200
The Fiscal Year accounting cycle is best for companies that have December and January as their busiest times of the year.
What is True
200
What accounts are Profit and Loss accounts
What is Income Expense
200
The Accrual accounting method is:
What is Income is reported as soon as you bill a customer and expenses are reported when you receive and enter a bill.
200
How do you find the Transaction Journal for a particular transaction?
What is Locate the transaction using the recent button, audit log, or a transaction report, then click more and select Transaction Journal.
200
A COGS account is what type of account?
What is An Expense Account
300
We can assist customers with Corrupted WC files.
What is False
300
What causes an incorrect opening balance?
What is A previously reconciled transaction was Edited A previously reconciled transaction was Deleted or Voided A transaction was manually reconciled or un-reconciled
300
Balance Sheet Accounts…
What is Carry a balance forward every calendar/fiscal year.
300
The Transfer screen in the Banking menu is used to transfer funds from one bank account to another only as long as both accounts have been connected via the Online Banking feature.
What is False
300
Where do you go to create a statement for just one customer?
What is Customer Menu/check the box for the customer/print Statement from the Action drop down menu
400
When you create a Credit for a customer, you must always manually apply that credit to the next invoice for that customer.
What is False
400
Why does the bank balance and the QBO balance not match after my download? (Select all that apply)
What is Transactions sitting in the transactions to review section are not included in the total within QBO since they are non-posting transactions, Because the transactions have not cleared my bank yet, Transactions may be missing
400
What is Accounts Payable?
What is Transactions related to money you owe, including bills, bill payments, and any credits you have with vendors.
400
Why would you want to use the Enter Bill screen?
What is When you want to track bills that are to be paid later.
400
Which Preference do you need to enable to turn on inventory cost accounting?
What is Quantity On Hand
500
When you create a Refund for a customer, you must use the Write Checks screen
What is False
500
Where can you find the reconcile status in QBO?
What is In the register located in the skinny checkmark column, In the activity log/audit log
500
Which is the correct Accounting Equation
What is Assets = Liabilities + Owner’s Equity Assets – Liabilities = Owner’s Equity Assets – Owner’s Equity = Liabilities
500
Where can you find the Print Checks queue?
What is Transactions Menu
500
If you are setting up a product for inventory cost accounting, what accounts do you need for that product?
What is Inventory asset account, sales of product income account, and COGS account