Deck 3: Beginning Balances and October Transaction Register

Question 1

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.

Answer 1

D

Question 2

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

Answer 2

True

Question 3

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

Answer 3

False
(Funds can be transferred between most Balance Sheet accounts.)

Question 4

Sales receipts are included in the Customers list.

Question 5

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.

Question 6

To view your company financial information, display transactions.

Question 7

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.

Question 8

The month that the company, QB Cloud_Student Name, starts is:

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

Question 9

On the Create menu, select Invoices for cash sales.

Question 10

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

Question 11

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.

Question 12

________________________________are examples of checks, bills, and transfers.

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

Question 13

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

Question 14

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

Question 15

The __________________________ shows deposits and checks.

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

Question 16

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

Question 17

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

Question 18

The Balance Sheet lists assets, liabilities, and equity.

Question 19

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.

Question 20

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