Deck 1: Quickbooks Online Test-Drive

Question 1

The link between the user and the software is called the:

A)Chart of Accounts.
B)General Ledger.
C)Navigation bar.
D)User interface.
E)All.

Answer 1

D

Question 2

The QBO home page is the central place for getting an overview of the company and key activities.

Answer 2

True

Question 3

To access customers,vendors,transactions,and reports,use the Settings Menu.

Answer 3

False

Question 4

Business processes are a collection of related,structured activities that produce a specific service or product.

Question 5

To create transactions,use this icon:

A)Clock.
B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.

Question 6

Subcategories for account classification are shown within the Type column on the Chart of Accounts.

Question 7

When you sign out of the test drive,your data is:

A)Saved.
B)Not saved.
C)Exports to Excel.
D)Saved as PDF file.
E)All.

Question 8

You can only use a mouse to move around QBO.

Question 9

QuickBooks Online updates:

A)Automatically.
B)Never.
C)Every time you sign in and sign off.
D)At the end of the quarter.
E)All.

Question 10

The cloud stores data on web servers instead of your computer.

Question 11

A Chart of Accounts is a list of the company snapshot accounts.

Question 12

This report shows unpaid invoices for the current period:

A)A/P Aging Summary.
B)Balance Sheet.
C)Profit and Loss.
D)A/R Aging Summary.
E)All.

Question 13

The Test Drive company is also known as:

A)Craig's Design and Landscaping Services.
B)The sample company.
C)Populated company data used in Chapter 1.
D)A way to practice using the QuickBooks Online (QBO)user interface.
E)All.

Question 14

To see recent transactions,use this icon:

A)Clock.
B)Gear.
C)Plus.
D)Magnifying-glass.
E)None.

Question 15

Accounts are used to classify transaction information for:

A)Additional detail.
B)Trial Balance.
C)Reporting purposes.
D)Cost of Sales.
E)All.

Question 16

A complete list of a business's accounts and their balances is called:

A)Balance Sheet
B)Income and expense accounts
C)Trial Balance
D)Chart of Accounts
E)None

Question 17

The balance sheet lists what you own (assets),what your debts are (liabilities),and what you've invested (equity).

Question 18

Another name for the Profit and Loss report is the Income Statement.

Question 19

To go to the Settings menu,use this icon:

A)Clock
B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.

Question 20

Liability accounts usually start with the number 3000.