Question 1

The total amount of a purchase order shows as an amount due in the vendor's register.

Accepted Answer

False

Question 2

You must Turn on Payroll in order to access the Payroll Tax Center.

Accepted Answer

This statement is true. In QuickBooks, Payroll needs to be turned on in order to use the Payroll Tax Center.

Question 3

When editing a paycheck, you may change anything shown in a rectangular box.

Accepted Answer

When editing a paycheck, you can change anything that is displayed in the rectangular box, including the employee's name, pay rate, hours worked, deductions, and net pay.

Question 4

A sale on account means that the sale was paid for at the time of purchase.

Accepted Answer

A sale on account means that the buyer will pay for the purchase at a later time, usually on credit.

Question 5

When you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

Accepted Answer

This is correct as when you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

Question 6

QuickBooks Online uses the cash-basis of accounting by default.

Accepted Answer

QuickBooks Online uses the accrual basis of accounting by default, but it can be changed to cash basis in the report settings.

Question 7

A prepaid expense is an asset.

Accepted Answer

A prepaid expense is an advance payment made by a company for goods or services that it expects to receive in the near future. Since the company has already paid for the expense, it is considered an asset on the balance sheet until the goods or services are received and the expense is recognized as an actual expense.

Question 8

The Gear icon may be used to access Lists in QuickBooks Online.

Accepted Answer

The Gear icon can be used to access Lists in QuickBooks Online.

Question 9

You must have an email account before you can activate the QuickBooks Online Educational Trial Version.

Accepted Answer

This is true as QuickBooks Online requires an email address for registration and communication purposes.

Question 10

You must pay a monthly fee to access the Test Drive Company.

Accepted Answer

There is no information provided in the given statement about paying a monthly fee to access the Test Drive Company. Therefore, the answer is false.

Question 11

After adding an inventory item and preparing a purchase order, you will have an Inventory Start Value for the item.

Accepted Answer

The answer of After adding an inventory item and preparing...

Question 12

You may create Payroll Schedules in Payroll Settings.

Accepted Answer

Payroll Schedules can be created in Payroll Settings.

Question 13

A budget tracks income and expenses and may be helpful for use in making business decisions.

Accepted Answer

A budget helps to track sources of income and the ways in which it is spent, providing valuable information that can be used in making business decisions.

Question 14

Cash is the only payment method accepted for a Cash Sale.

Accepted Answer

Other payment methods such as credit cards, debit cards, or mobile payments can also be accepted for a cash sale, depending on the seller's payment policies. The term "cash sale" often simply means the sale is for immediate payment, not necessarily that it must be paid with physical cash.

Question 15

A company logo can be added to the company file and will appear on the Home Page and on Business Forms.

Accepted Answer

This is a true statement. A company logo can be uploaded to the company file in many accounting software applications such as QuickBooks, Xero, and MYOB. The logo will then appear on the Home Page dashboard as well as on any business forms that are created, such as invoices, purchase orders, and statements.

Question 16

Additional investments made by an owner may be cash or non-cash items.

Accepted Answer

The owner can make additional investments in the form of both cash and non-cash items such as equipment, inventory, property, and other assets.

Question 17

Each product or service must be linked to an appropriate income account.

Accepted Answer

Each product or service sold generates revenue, which should be linked to an appropriate income account for accurate record-keeping and financial reporting.

Question 18

The Vendor Balance Summary report shows unpaid balances for vendors.

Accepted Answer

The Vendor Balance Summary report shows unpaid balances for vendors.

Question 19

A Delayed Charge is added to the customer's balance.

Accepted Answer

The answer of A Delayed Charge is added to the...

Question 20

Cloud-Based Computing uses the Internet to provide program access.

Accepted Answer

Cloud-based computing involves accessing programs and applications over the Internet, typically through a web browser, without the need for local software installations.

Quiz 10: Appendix a Create a Company Using Quickbooks Desktop

The total amount of a purchase order shows as an amount due in the vendor's register.

You must Turn on Payroll in order to access the Payroll Tax Center.

When editing a paycheck, you may change anything shown in a rectangular box.

A sale on account means that the sale was paid for at the time of purchase.

When you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

QuickBooks Online uses the cash-basis of accounting by default.

A prepaid expense is an asset.

The Gear icon may be used to access Lists in QuickBooks Online.

You must have an email account before you can activate the QuickBooks Online Educational Trial Version.

You must pay a monthly fee to access the Test Drive Company.

After adding an inventory item and preparing a purchase order, you will have an Inventory Start Value for the item.

You may create Payroll Schedules in Payroll Settings.

A budget tracks income and expenses and may be helpful for use in making business decisions.

Cash is the only payment method accepted for a Cash Sale.

A company logo can be added to the company file and will appear on the Home Page and on Business Forms.

Additional investments made by an owner may be cash or non-cash items.

Each product or service must be linked to an appropriate income account.

The Vendor Balance Summary report shows unpaid balances for vendors.

A Delayed Charge is added to the customer's balance.

Cloud-Based Computing uses the Internet to provide program access.