Deck 3: Beginning Balances and October Transaction Register

Question 1

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

Answer 1

False

Question 2

In Chapter 3, when a check is issued, the account distribution is a:

A)Debit Checking;credit an asset account.
B)Debit expense account;credit vendor.
C)Debit Accounts Receivable/Customer;credit Sales.
D)Debit expense account;credit Checking.
E)None of these.

Answer 2

D

Question 3

To go beyond QBO's customize report feature, save the recommended report as a PDF file.

Answer 3

False

Question 4

To view your company financial information, display transactions.

Question 5

A transaction in which there are at least two parts - a debit and a credit - also called distribution lines is called:

A)Register.
B)Trial balance.
C)Journal entry.
D)Balance sheet.
E)None of these.

Question 6

The Balance Sheet lists assets, liabilities, and equity.

Question 7

The Profit and Loss statement shows the debit and credit balances of each account during a period of time.

Question 8

The month that the company, QBO_Student Name, starts is:

A)October.
B)November.
C)December.
D)January.
E)None of these.

Question 9

In Chapter 3, the account distribution for a sales receipt is:

A)Debit Sales;credit Checking.
B)Debit Checking;credit Sales.
C)Debit Accounts Payable/vendor;credit Checking.
D)Debit Checking;credit Accounts Receivable.
E)None of these.

Question 10

Use the __________ to record a journal entry.

A)Settings menu.
B)Create menu.
C)From the Gear icon, select vendors.
D)Select the Plus icon to show recent transactions.
E)All of these.

Question 11

__________ are examples of checks, bills, and transfers.

A)Bank reconciliations.
B)Custom reports.
C)Specialized screens.
D)Profit and Loss statements.
E)All of these.

Question 12

Sales receipts are included in the Customers list.

Question 13

Written evidence of a business transaction such as invoices, sales receipts, bank statements:

A)Journal entry.
B)Source documents.
C)Trial balance.
D)Activities.
E)None of these.

Question 14

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

Question 15

By default, each report shows data as of the current or today's date.

Question 16

You can look at the Journal to see all the transactions that were entered.

Question 17

In Chapter 3, to check that you are starting in the correct place in the data display the:

A)Balance Sheet.
B)Trial Balance.
C)Transaction Register.
D)Account List.
E)None of these.

Question 18

On the Create menu, select Invoices for cash sales.

Question 19

The __________ shows deposits and checks.

A)Deposit activity.
B)Reports center.
C)Transaction register.
D)Expenses.
E)All of these.

Question 20

After analyzing the transaction and typing the transaction date, complete this task:

A)Display the Balance Sheet.
B)Select Run report.
C)Input transaction.
D)Refer to the account distribution.
E)All of these.