Deck 2: New Company Setup and the Chart of Accounts

Question 1

View register accounts appear on the Profit & Loss report.

Answer 1

False

Question 2

The Dashboard always includes updated message.

Answer 2

False

Question 3

This term refers to a business owner's ability to regularly check fraud prevention procedures.

A)Business processes.
B)Generally accepted accounting principles.
C)Keyboard shortcuts.
D)Internal control.
E)All of these.

Answer 3

D

Question 4

Each sign-in may be authenticated by:

A)Manage users.
B)IP address.
C)Internal control.
D)Defaults.
E)None of these.

Question 5

Retained earnings is a View register account.

Question 6

When batch edit is selected, the Chart of Accounts includes a number field so that numerous account numbers can be added.

Question 7

The QBO Chart of Accounts automatically sets up the appropriate account numbers.

Question 8

When changes are made, this type of message may appear on QBO page(s):

A)FYI.
B)Updates.
C)QBO blog and archive.
D)Create menu.
E)All of these.

Question 9

QuickBooks Online automatically sets up a chart of accounts.

Question 10

Each time you sign into QBO, the software is the most current version which means some of the screens may change.

Question 11

A list of all the changes that have been made to the company data and by whom.

A)Settings menu.
B)Navigation bar.
C)Business processes.
D)Audit log.
E)All of these.

Question 12

Multi-factor authentication requires a:

A)Vendor purchase.
B)Confirmation code.
C)Customer receipt.
D)Chart of Accounts.
E)None of these.

Question 13

Software as a service and cloud computing are alike.

Question 14

When setting up your company, use a valid email address.

Question 15

Using a subscription model, this is a way of delivering applications over the Internet.

A)Software as a Service.
B)Windows computers.
C)Macintosh computers.
D)IP addresses.
E)All of these.

Question 16

The name of the company set up in Chapter 2 is:

A)QuickBooks Online.
B)Cloudware.
C)QBO_Student Name.
D)Saas.
E)None of these.

Question 17

__________ gives the professor access to your account.

A)The dashboard.
B)Client selection.
C)Invite Accountant.
D)QBO access is not assignable.
E)None of these.

Question 18

On the Chart of Accounts, the Run report accounts appear on the Balance Sheet.

Question 19

Another name for the Chart of Accounts is:

A)Balance Sheet.
B)Trial Balance.
C)Account List.
D)Profit and Loss.
E)All of these.

Question 20

Refers to software that is built, installed, delivered, and accessed entirely from remote web servers.

A)Cloudware.
B)Software.
C)Hardware.
D)Google docs.
E)All of these.