Deck 3: Beginning Balances and October Transaction Register

Question 1

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

Answer 1

C

Question 2

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 2

D

Question 3

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

Answer 3

False

Question 4

Use the __________________________ to record a journal entry.

A)Settings menu.
B)Create menu.
C)From the home page,select vendors.
D)Select the clock icon to show recent transactions.
E)All.

Question 5

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

Question 6

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

Question 7

Sales receipts are included in the Customers list.

Question 8

________________________________are examples of checks,bills,and transfers.

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

Question 9

To view your company financial information,display transactions.

Question 10

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

Question 11

The Balance Sheet lists assets,liabilities,and equity.

Question 12

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 13

The month that the company,Cloud_Ware Student Name,starts is:

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

Question 14

The __________________________ shows recently completed work.

A)Settings menu.
B)Reports center.
C)Activities list.
D)Expenses.
E)All.

Question 15

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

Question 16

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

Question 17

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 18

Written evidence of a business transaction such as invoices,sales receipts,bank statements:

A)Journal entry.
B)Source documents.
C)Trial balance.
D)Activities on the Home page.
E)None.

Question 19

On the Create menu,select Invoices for cash sales.

Question 20

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