Deck 7: Analysis and Reportsend of Fourth Quarter and Year

Question 1

The accounts shown on the balance sheet are called:

A)Permanent accounts.
B)Temporary accounts.
C)Transaction entries.
D)Customized accounts.
E)All.

Answer 1

A

Question 2

The purpose of an adjusting entry is a/an:

A)Accurate Profit and Loss statement and Balance Sheet.
B)Create menu (+)> Credit Card Credit.
C)Gear > Account and Settings > Advanced.
D)Gear > Manage Users.
E)None.

Answer 2

A

Question 3

Adjusting entries are recorded on the Invoice page.

Answer 3

False

Question 4

A software design that emphasizes separating the functions of a program into independent,interchangeable components is called:

A)A user interface.
B)The operating system.
C)Web-delivered software.
D)Modules.
E)All

Question 5

When the Balance Sheet's date is changed to January 1 of the next year,the Retained Earnings account will show the previous year's Net Income; and the Profit and Loss accounts will have zero balances.

Question 6

Products and services can be used to represent different services or goods.

Question 7

To close the books,change the trial balance date to December 31 of the current year.

Question 8

Use the Settings menu (clock icon)to record journal entries.

Question 9

How do you access Company Settings?

A)Plus sign for Settings menu.
B)Magnifying-glass for search.
C)Clock icon for Create menu.
D)Gear icon/company name.
E)All.

Question 10

When you close the books,income,cost of goods sold,and expense accounts are reset to zero amounts.

Question 11

In QB Online,which of the following is a list?

A)Subcontractors.
B)Other names.
C)Items.
D)Chart of accounts.
E)All.

Question 12

A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.

Question 13

Before completing work in Chapter 7,display the:

A)Export the October 1 trial balance to Excel.
B)Save the November 30 trial balance as a PDF file.
C)October 1 through December 31 trial balance.
D)All.
E)None.

Question 14

To see the appropriate report balances,type the date range.

Question 15

Accounts that are closed as the end of the year are called:

A)Permanent accounts.
B)Temporary accounts.
C)Balance sheet accounts.
D)Trial balance accounts.
E)All.

Question 16

When does Cloud_Ware record adjusting entries?

A)Every month.
B)End of the quarter.
C)Weekly.
D)All.
E)None.

Question 17

The purpose of closing the books is to transfer:

A)Drawing to Sales.
B)Cost of Goods Sold to Accounts Payable.
C)Checking to Accounts Receivable.
D)Net income to Retained Earnings
E)None.

Question 18

A period that the company uses for accounting purposes and preparing financial statements.

A)First quarter.
B)Fourth quarter.
C)Fiscal year.
D)End of year.
E)None.

Question 19

In Chapter 7,adjusting entries are dated December 31.

Question 20

Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.