Deck 7: Analysis and Reportsend of Fourth Quarter and Year

Question 1

To see the appropriate report balances, type the date range.

Answer 1

True

Question 2

In Chapter 7, adjusting entries are dated December 31.

Answer 2

True

Question 3

To close the books, change the trial balance date to December 31 of the current year.

Answer 3

False

Question 4

On the Balance Sheet, the previous year's Net Income amount is also the company's profit.

Question 5

When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income;and the Profit and Loss accounts will have zero balances.

Question 6

A software design that emphasizes separating the functions of a program into independent, interchangeable components is called:

A)A user interface.
B)The operating system.
C)Web-delivered software.
D)Modules.
E)All of these.

Question 7

Accounts that are closed as the end of the year are called:

A)Permanent accounts.
B)Temporary accounts.
C)Balance sheet accounts.
D)Trial balance accounts.
E)All of these.

Question 8

A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.

Question 9

Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.

Question 10

Before completing work in Chapter 7, display the:

A)Export the October 1 trial balance to Excel.
B)Save the November 30 trial balance as a PDF file.
C)October 1 through December 31 trial balance.
D)All of these.
E)None of these.

Question 11

Use the Settings menu to record journal entries.

Question 12

A list report can be customized and exported using:

A)The balance sheet.
B)A template.
C)Some apps.
D)Excel.
E)All of these.

Question 13

A period that the company uses for accounting purposes and preparing financial statements.

A)First quarter.
B)Fourth quarter.
C)Fiscal year.
D)End of year.
E)None of these.

Question 14

Adjusting entries are recorded on the Invoice page.

Question 15

The purpose of an adjusting entry is a/an:

A)Accurate Profit and Loss statement and Balance Sheet.
B)Create menu (+)> Credit Card Credit.
C)Gear > Account and Settings > Advanced.
D)Gear > Manage Users.
E)None of these.

Question 16

The purpose of closing the books is to transfer:

A)Drawing to Sales.
B)Cost of Goods Sold to Accounts Payable.
C)Checking to Accounts Receivable.
D)Net income to Retained Earnings.
E)None of these.

Question 17

When does QBO_Student Name record adjusting entries?

A)Every month.
B)End of the quarter.
C)Weekly.
D)All of these.
E)None of these.

Question 18

The accounts shown on the balance sheet are called:

A)Permanent accounts.
B)Temporary accounts.
C)Transaction entries.
D)Customized accounts.
E)All of these.

Question 19

What checks are shown on Chapter 7's transaction register?

A)Expenses.
B)Sales.
C)Vendor payments.
D)Sales Tax Payments.
E)All of these.

Question 20

When you close the books, income, cost of goods sold, and expense accounts are reset to zero amounts.