Question 1

You may import company data from .&#10;A)Excel files&#10;B)QuickBooks Desktop Company File&#10;C)Word files&#10;D)Either A or B

Accepted Answer

Company data can be imported from Excel files for spreadsheet-based data and QuickBooks Desktop Company Files for financial data, making both A and B correct options. Word files are not typically used for importing company data due to their format, which is more suited for text documents rather than structured data.

Question 2

When importing accounts, all opening balances are entered automatically for Assets and Liabilities.

Accepted Answer

When importing accounts, opening balances for Assets and Liabilities must be entered manually or through a separate process, as they are not automatically populated.

Question 3

You can purge data and import data using either Excel or QuickBooks Desktop as many times as you wish during the first 90 days of activating your QuickBooks Online account.

Accepted Answer

False

Question 4

Opening balances are imported for Customers and Vendors.

Accepted Answer

Opening balances for Customers and Vendors can be imported into accounting software to establish the starting point for financial tracking, ensuring that all transactions moving forward are accurately recorded against the correct starting figures.

Question 5

To erase all information entered by QuickBooks during the activation of QBO, you all information.&#10;A)Edit&#10;B)Purge&#10;C)Transfer&#10;D)Import

Accepted Answer

To erase all information entered by QuickBooks during the activation of QBO, you use the "Purge" option. This action is used to delete all data from a QuickBooks Online account, essentially resetting it to a clean state.

Question 6

Which tab do you click in order to add Terms to a customer's account?&#10;A)Tax Info&#10;B)Notes&#10;C)Payment and Billing&#10;D)Address

Accepted Answer

The "Payment and Billing" tab is typically where you would add Terms to a customer's account, as it deals with payment conditions and billing information.

Question 7

It is better to add accounts rather than import them.&#10;A)Fixed Assets&#10;B)Retained Earnings&#10;C)Income&#10;D)Long-Term Liabilities

Accepted Answer

Fixed Assets accounts are typically added rather than imported because they often require detailed information and tracking that is best managed through manual entry to ensure accuracy and completeness.

Question 8

A registered Educational Trial Version of QuickBooks Online is usable for 30 days.

Accepted Answer

The registered Educational Trial Version of QuickBooks Online is typically usable for up to 12 months, not 30 days.

Question 9

All of the following can be Imported into QuickBooks Online with Excel except .&#10;A)Customers&#10;B)Company Settings&#10;C)Vendors&#10;D)Products and Services

Accepted Answer

Company Settings cannot be imported into QuickBooks Online using Excel. QuickBooks Online allows for the import of lists such as Customers, Vendors, and Products and Services via Excel, but Company Settings must be configured manually within the software.

Question 10

You can add preferred invoice terms by editing Sales Settings.

Accepted Answer

Yes, you can add preferred invoice terms by editing Sales Settings in various accounting software like QuickBooks, Xero, Freshbooks, etc.

Deck 2: Create a Company