1. In QuickBooks Online, information about transactions can be entered in onscreen forms, such as:

A. Check

B. Invoice

C. Purchase Order

D. All of these choices are correct.

2. Which of the following two transactions are considered Vendors and Expenses transactions: (Check all that apply)

A. Invoice

B. Receive Payment

C. Pay Bills

D. Check

3. QBO Lists include:

A. Chart of Accounts

B. Customers List

C. Vendors List

D. Employees List

E. All of these choices are QBO Lists.

4. The Checking Register:

A. Tracks company purchase orders and vendors

B. Tracks company invoices and customers

C. Records all transactions affecting the Checking account

D. Lists all accounts and their account numbers

5. Deposits other than customer payments are entered using:

A. Receive Payments

B. Pay Bills

C. Bank Deposit

D. All of these choices are correct.

6. Examples of money going out that can be recorded using the Expense or Check onscreen forms include all of the following except:

A. Rent expense

B. Payroll expense

C. Insurance expense

D. Legal Services expense

7. When a sale is recorded on an invoice, QBO records a:

A. Debit (increase) to cash

B. Credit (increase) to owners contribution

C. Debit (increase) to accounts receivable

D. Credit (increase) to accounts payable

8. To enter a sales transaction with payment to be received later:

A. From the Navigation Bar, select Vendors

B. From the Navigation Bar, select Expenses

C. From the Create (+) icon, select Invoice

D. From the Gear icon, select Sales Transactions

9. When a customer pays cash at the time of sale, what do you record?

A. A sales receipt

B. An invoice

C. A purchase order

D. A thank you note

10. When a customer purchases products or services but does not pay at the point of sale, what do you record?

A. A sales receipt

B. An invoice

C. A purchase order

D. A reminder

11. Which of the following products and services types track quantities?

A. Service items

B. Inventory items

C. Non-inventory items

D. None of these choices are correct.

12. When preparing a Sales Receipt, if we select Deposit to Undeposited Funds, then we must:

A. Create a Bank Deposit to move the customer payment from Undeposited Funds to the Checking account

B. No further action is required

C. Create a second Sales Receipt depositing the amount to the Checking account

D. Create a subsequent Invoice depositing the amount to the Checking account

13. Which one of the following is not a financial statement?

A. Statement of Cash Flows

B. Profit & Loss

C. Trial Balance

D. Balance Sheet

14. The Chart of Accounts displays:

A. Account Name

B. Type

C. Detail Type

D. All of the choices are correct.

15. Which of the following is correct?

A. Statement of Cash Flows is reported on a particular date

B. Income Statement is reported on a particular date

C. Balance Sheet is reported on a particular date

D. Balance Sheet is reported for a specific time period

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