Question 1

In a computerized accounting program, you must record Brought Forward Balances to close the books.

Accepted Answer

Brought Forward Balances are recorded to open the books for a new accounting period, not to close them.

Question 2

QuickBooks Online Plus uses the method of inventory valuation.&#10;A)FIFO&#10;B)Average Cost&#10;C)Declining Balance&#10;D)Accelerated Use

Accepted Answer

QuickBooks Online Plus offers users the option to use the FIFO (first-in, first-out) method of inventory valuation, which assumes that the first items purchased are also the first items sold. This method is commonly used in accounting because it is considered a more accurate reflection of the actual flow of inventory in most businesses.

Question 3

You must Turn on Payroll in order to access the Payroll Tax Center.

Accepted Answer

This is true. Payroll must be turned on in order to access the Payroll Tax Center.

Question 4

In order to customize information shown in the Vendors List, you click the icon.&#10;A)Show&#10;B)Settings&#10;C)New Vendor&#10;D)Edit

Accepted Answer

The "Settings" icon typically allows users to customize what information is displayed in a list or view. Therefore, selecting this option in the Vendors List should allow you to customize which fields are shown.

Question 5

You may apply for the Educational Version of QuickBooks Online Plus using your .&#10;A)Student Email&#10;B)A Gmail account established for the program&#10;C)Either of the above&#10;D)None of the above

Accepted Answer

You can apply for the Educational Version of QuickBooks Online Plus using either your student email or a Gmail account established for the program.

Question 6

To access a blank invoice, you click the icon.&#10;A)Gear&#10;B)Create (Plus)&#10;C)Customers&#10;D)Forms

Accepted Answer

The "Create (Plus)" icon is typically used to create new transactions, including a blank invoice.

Question 7

The Top-Navigation Bar and the Left-Navigation or Alternate Left-Navigation Bars are shown on the .&#10;A)Dashboard&#10;B)Money Bar&#10;C)Activities Page&#10;D)Home Page

Accepted Answer

The Home Page is the main page of a website or application, and it typically contains the Top-Navigation Bar and the Left-Navigation or Alternate Left-Navigation Bars.

Question 8

You click the Recent Transactions icon to search for a specific invoice.

Accepted Answer

To search for a specific invoice, you typically use the search or find function within the accounting or invoicing software, not the Recent Transactions icon, which generally displays a list of the most recent transactions.

Question 9

When using QuickBooks Online your data is saved in the Cloud.

Accepted Answer

QuickBooks Online is a cloud-based software, meaning that all the data is stored on secure servers in the cloud.

Question 10

The Gear icon may be used to access Lists in QuickBooks Online.

Accepted Answer

The Gear icon is located in the upper right corner of the QuickBooks Online screen and provides access to various features, including Lists.

Deck 1: An Introduction to Quickbooks Online and Applying for the Educational Trial Version of Quickbooks Online