Deck 2: New Company Setup and the Chart of Accounts

Question 1

This reminder message appears next to links that have changed.

A)FYI.
B)Updated settings.
C)QBO blog and archive
D)Create menu.
E)All

Answer 1

B

Question 2

An integrated system of people,processes,and procedures that minimize or eliminate business risks.

A)Business processes.
B)Generally accepted accounting principles.
C)Keyboard shortcuts.
D)Internal control.
E)All.

Answer 2

D

Question 3

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

Answer 3

True

Question 4

Another name for the Chart of Accounts is:

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

Question 5

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 6

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

Question 7

Software as a service and cloud computing are alike.

Question 8

On the Chart of Accounts,the View register link is for income,cost of goods sold and expense accounts.

Question 9

To edit the Chart of Accounts,select the pencil icon.

Question 10

The industry selected for the company in Chapter 2 is:

A)Services.
B)Merchandising
C)Information Technology
D)Restaurant and hospitality.
E)None.

Question 11

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 12

Based on the industry you select,QBO does not create a Chart of Accounts.

Question 13

Retained earnings is a View register account.

Question 14

The Home page always includes updated message.

Question 15

Using a subscription model,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 16

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

Question 17

On the Chart of Accounts,temporary accounts or accounts that appear on the Profit and Loss report including income,cost of goods sold,and expenses,show a Run report link.

Question 18

Another name for multi-level authentication:

A)IP address
B)Confirmation code.
C)Customer defaults.
D)Chart of Accounts.
E)None

Question 19

The _____________________________ has all the access rights within QBO.

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

Question 20

Each sign-in may be authenticated by:

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