Deck 9: February Source Documents

Question 1

Because QBO is in the cloud, you do not need to back up.

Answer 1

True.

Question 2

How can you check that the date and year used for entering transactions is correct?

A)Balance Sheet for February.
B)Display recent transactions.
C)Profit and Loss for January.
D)All.
E)None.

Answer 2

B

Question 3

To obtain information about your company's liabilities, you should run the Profit and Loss report.

Answer 3

False
(The Balance Sheet reports liabilities not the Profit and Loss report.)

Question 4

To make sure you are starting in the correct place in the data, display the:

A)October 1 through December 31 Balance Sheet.
B)January 1 through January 31 Profit and Loss.
C)January 1 through January 31 Trial Balance.
D)Transaction register.
E)None.

Question 5

You cannot drill down to transactions from the Recent Transactions links.

Question 6

QB Cloud purchases Data storage from AmpleStore Inc.

Question 7

If you think an invoice needs to be changed, what report should you look at?

A)Balance Sheet.
B)Profit and Loss.
C)Statement of Cash Flows.
D)Audit Log.
E)All.

Question 8

QB Cloud __________________________ includes an area for Credit Cards.

A)Bank Statement.
B)Trial Balance.
C)Profit and Loss Statement.
D)Statement of Cash Flows.
E)None.

Question 9

The balance in Account 101 Checking should be the same as the balance on the:

A)Bank register.
B)Journal.
C)Transfer account.
D)None.
E)All.

Question 10

Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.

Question 11

Which report shows you information on your income and expenses for a specific period?

A)Balance Sheet.
B)Comparative Budget report.
C)Money-out summary.
D)Profit and Loss.
E)None.

Question 12

The source documents shown in Chapter 9 include all of the following except:

A)Memos.
B)Credit card sales.
C)Vendor purchases.
D)Commons stock.
E)All.

Question 13

For vendor payments, refer to the Memo source document.

Question 14

When recording a credit card sale, select the following:

A)Vendors.
B)Bill payments.
C)Type of credit card.
D)+ > Invoice.
E)None.

Question 15

Identify the primary financial statement that summarizes the Chart of Accounts.

A)Profit and Loss.
B)Summary reports such as A/R Aging.
C)Adjusting entry report.
D)Cash Flow forecast.
E)None.

Question 16

If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?

A)$71,000.
B)$79,000.
C)$81,000.
D)$89,000.
E)None.

Question 17

For products sold for cash and credit cards used, link to Invoices.

Question 18

The vendor used for the Loan Payable account is First Trust Bank.

Question 19

The sequence used to record entries is analyze source document, enter the date, and input transaction.

Question 20

With an Internet connection, almost any browser can be used to work with QB Online.