Deck 9: February Source Documents

Question 1

The vendor used for the Loan Payable account is First Trust Bank.

Answer 1

True

Question 2

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

A)$71,000.
B)$79,000.
C)$81,000.
D)$89,000.
E)None of these.

Answer 2

A

Question 3

The source documents shown in Chapter 9 include all of the following except:

A)Memos.
B)Credit card sales.
C)Vendor purchases.
D)Common stock.
E)All of these.

Answer 3

D

Question 4

With an Internet connection, almost any browser can be used to work with QB Online.

Question 5

The sequence used to record entries is analyze source document, enter the date, and input transaction.

Question 6

QBO_Student Name purchases Data storage from AmpleStore Inc.

Question 7

To make sure you are starting in the correct place in the data, display the:

A)October 1 through December 31 Balance Sheet.
B)January 1 through January 31 Profit and Loss.
C)January 1 through January 31 Trial Balance.
D)Transaction register.
E)None of these.

Question 8

Because QBO is in the cloud, you do not need to back up.

Question 9

If you think an invoice needs to be changed, what report should you look at?

A)Balance Sheet.
B)Profit and Loss.
C)Statement of Cash Flows.
D)Audit Log.
E)All of these.

Question 10

Identify the report that summarizes the Chart of Accounts.

A)Trial Balance.
B)Summary reports such as A/R Aging.
C)Adjusting entry report.
D)Cash Flow forecast.
E)None of these.

Question 11

When recording a credit card sale, select the following:

A)Vendors.
B)Bill payments.
C)Type of credit card.
D)+ > Invoice.
E)None of these.

Question 12

To obtain information about your company's liabilities, you should run the Profit and Loss report.

Question 13

QBO_Student Name __________ includes an area for Credit Cards.

A)Bank Statement.
B)Trial Balance.
C)Profit and Loss Statement.
D)Statement of Cash Flows.
E)None of these.

Question 14

For products sold for cash and credit cards used, link to Invoices.

Question 15

How can you check that the date and year used for entering transactions is correct?

A)Balance Sheet for February.
B)Display recent transactions.
C)Profit and Loss for January.
D)All of these.
E)None of these.

Question 16

The balance in Account 101 Checking should be the same as the balance on the:

A)Bank register.
B)Journal.
C)Transfer account.
D)None of these.
E)All of these.

Question 17

Which report shows you information on your income and expenses for a specific period?

A)Balance Sheet.
B)Comparative Budget report.
C)Money-out summary.
D)Profit and Loss.
E)None of these.

Question 18

For vendor payments, refer to the Memo source document.

Question 19

You cannot drill down to transactions from the Recent Transactions links.

Question 20

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.