Deck 2: New Company Setup and the Chart of Accounts

Question 1

Each sign-in may be authenticated by:

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

Answer 1

B

Question 2

The _____________________________ has all the access rights within QBO.

A)User.
B)Client.
C)Company Administrator.
D)QBO access rights are not assignable.
E)None.

Answer 2

C

Question 3

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

Answer 3

False
(You need to enable account numbers.)

Question 4

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

Question 5

Multi-factor authentication requires a:

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

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

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.

Question 8

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.

Question 9

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.

Question 10

Retained earnings is a View register account.

Question 11

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

Question 12

Software as a service and cloud computing are alike.

Question 13

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

Question 14

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

A)QuickBooks Online.
B)Cloudware
C)QB Cloud_Student Name.
D)Saas.
E)None.

Question 15

View register accounts appear on the Profit & Loss report.

Question 16

Another name for the Chart of Accounts is:

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

Question 17

The Dashboard always includes updated message.

Question 18

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.

Question 19

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

Question 20

QuickBooks Online automatically sets up a chart of accounts.