Question 1

Where do you get the Excel data files for importing company information?&#10;A) Download from Pearson's Web site&#10;B) Create Excel files yourself&#10;C) Create Excel files from QuickBooks Desktop&#10;D) None of the above

Accepted Answer

Pearson's Web site provides a variety of Excel data files for importing company information, such as financial statements and inventory data. This is a reliable source and saves time from having to create files from scratch or convert from other programs like QuickBooks Desktop.

Question 2

You can add preferred invoice terms by editing Sales Settings.

Accepted Answer

You can add preferred invoice terms by editing Sales Settings in various accounting software such as QuickBooks and Xero.

Question 3

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 4

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 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 completely remove all information entered by QuickBooks during the activation of QBO, the best choice is to purge the information. This will eliminate all data and allow for a fresh start. Editing, transferring or importing data will not achieve the same result.

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

You must provide a valid email address when activating QuickBooks Online.

Accepted Answer

This is true. QuickBooks Online requires a valid email address during the activation process.

Question 8

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 such as property, plant, and equipment should be added to the chart of accounts as they represent long-term investments of the company. It is not recommended to import them as their values may vary and need to be reviewed and adjusted.

Answer: B
 Retained Earnings represent the accumulated profits or losses that have not been distributed to shareholders as dividends. They should be added to the chart of accounts as they affect the financial statements of the company. It is not recommended to import them as their balances may need to be adjusted based on the company's performance.

Answer: C and D
 Income and Long-Term Liabilities can be imported or added to the chart of accounts depending on the company's preference. Income accounts such as revenue or sales can be easily imported from the company's invoicing or sales system. Long-Term Liabilities such as loans or bonds can also be imported if their balances are known and accurate. However, if these accounts need to be reviewed or adjusted, it is better to add them to the chart of accounts.

Question 9

Opening balances are imported for Customers and Vendors.

Accepted Answer

Opening balances can be imported from a previous accounting system for both customers and vendors to start the accounting records accurately.

Question 10

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

Excel files and QuickBooks Desktop Company Files are the most commonly used formats for importing company data. Word files are not typically used for organizing company data, so option C is not a correct choice. Therefore, option D, either A or B, is the best choice.

Deck 2: Create a Company