Deck 10: March Source Documents and End of First Quarter

Question 1

At the end of March, adjustments for the following accounts are made except for:

A)Rent expense.
B)Insurance expense.
C)Accumulated depreciation.
D)Checking account balance.
E)None of these.

Answer 1

D

Question 2

Use the Settings menu to see all the company's lists.

Answer 2

True

Question 3

What report do you run to display overdue bills?

A)Accounts Payable Aging.
B)Accounts Receivable Aging.
C)Open Bills.
D)Audit Log.
E)None of these.

Answer 3

A

Question 4

Customers are people who purchase products and services from you.

Question 5

This report breaks down every transaction during a period of time into debits and credits and displays them chronologically.

A)Customer balance summary.
B)Vendor balance summary.
C)Profit and Loss.
D)Journal.
E)All of these.

Question 6

When you sign in, QBO is up to date.

Question 7

Which report shows unpaid invoices for the current period?

A)Balance Sheet.
B)A/P Summary.
C)A/R Summary.
D)Profit and Loss.
E)None of these.

Question 8

The Create menu includes the Chart of Accounts.

Question 9

Which report shows income, costs of goods sold, expenses, and net income for the three months?

A)Profit and Loss by Month.
B)Balance Sheet's percent of income.
C)Transaction Detail by Account.
D)Statement of Cash Flows.
E)None of these.

Question 10

This report summarizes key information such as quantity on hand, value, and average cost for each item.

A)A/R Aging Summary.
B)A/P Aging Summary.
C)Inventory Valuation Summary.
D)Adjusting entry report.
E)All of these.

Question 11

March 31 is the end of the:

A)Fourth quarter.
B)Third quarter.
C)Second quarter.
D)First quarter.
E)None of these.

Question 12

On the Inventory Valuation Summary, the total asset value balance and Account 115 Merchandise Inventory balance are the same.

Question 13

This report lists transactions subtotaled by each account on the chart of accounts.

A)Statement of Cash Flows.
B)Balance Sheet.
C)Summary transaction report for a specific period.
D)Transaction Detail by Account.
E)None of these.

Question 14

The source documents in Chapter 10 include.

A)Credit card sales.
B)Accounts payable transactions.
C)Accounts receivable transactions.
D)Checks.
E)All of these.

Question 15

Click on the plus icon to add a new transaction.

Question 16

QuickBooks Online cannot be accessed using a Mac computer.

Question 17

In Chapter 10 to calculate sales tax, you may need to click on its link.

Question 18

At the end of Chapter 10, reports are exported to Excel.

Question 19

In Chapter 10, use the __________ to reconcile Account 101 Checking.

A)Activity list.
B)Account and Settings.
C)Vendor purchases.
D)Bank statement.
E)None of these.

Question 20

Sign out is included as a link on the Create menu.