1. Which statement about revenue is true? a. Every deposit brings revenue into the business. b. Revenue is earned by business activities. c. Only sales and interest are considered revenue. d. A capital contribution is a businesss first revenue. 2. Which of the following is an optional field on the Make Deposits form? a. Date b. From Account c. Memo d. Amount 3. You can use a QuickBooks class to: a. identify revenue. b. name an account. c. designate investment deposits. d. categorize transactions in the accounting records within GL accounts. 4. What statement accurately describes the location of each GL account? a. An Asset account is part of Equity in the Balance Sheet. b. An Income account is found in the Profit & Loss statement. c. The Expense type GL account Liabilities is in the Balance Sheet. d. The Bank type GL account Chequing is in the Income Statement. 5. Which report provides a summary of transactions but does not list them in detail? a. The register b. The QuickReport c. The Journal d. The Balance Sheet 6. Which statement best describes cash basis accounting? a. Money is kept in a drawer for emergencies. b. Only cash is accepted for business transactions. c. Revenue and expenses are recognized when the payments for services or goods leave or arrive at the bank. d. Revenue and expenses are recognized when services or goods change hands. 7. When you want to locate the last transaction entered, which action is fastest? a. Run a QuickReport from the Chart Accounts. b. Run the Journal report. c. Click the left arrow in the forms Find tool. d. Run the Audit Trail report. 8. Which action will not revise a transaction? a. Click the Save & New button. b. Press the ENTER key. c. Click the Revert button. d. Click the Save & Close button. 9. Which statement about the Audit Trail report is true? a. The user who last changed a transaction is shown. b. The user who last viewed a transaction is shown. c. New is one of the transaction states. d. Prior is the state of the changed transaction

10. Which one of the following expense-related transactions does not use a cash-based payment form? a. You received a bill from a vendor for supplies that were ordered and delivered last week. b. You wrote a cheque to reimburse an employee for hardware supplies purchased yesterday. c. You used a debit card to order office supplies online, and the supplies will arrive in two days. d. You used a debit card to pay government-related fees. 11. Which choice describes why you would use the Write Cheques form for a debit card purchase? a. The Write Cheques form automatically selects the correct debit account to expense. b. The Write Cheques form works for debit and credit cards. c. Using a debit card has the same effect on the chequing account as writing a cheque. d. The journal entry created by the Write Cheques form debits the chequing account. 12. Which choice describes the steps you should take to process a refund for a credit card purchase? a. Open the Enter Credit Card Charges form, specify Refund/Credit, and specify the Credit Card company in the PURCHASED FROM field because they refunded the amount. b. Open the Enter Credit Card Charges form, specify Refund/Credit, and use the Credit Card GL account for the refund because the balance will be reduced. c. Open the Enter Credit Card Charges form, specify Purchase/Charge, and use a negative number for the same GL account as the purchase. d. Open the Enter Credit Card Charges form, specify Refund/Credit, and use the same GL account for the expense as you do for the purchase. 13. After the Petty Cash Reconciliation process is complete, and a cheque written and cashed, what is the balance in the Petty Cash fund GL account? a. The Petty Cash fund GL balance decreases by the amount spent. b. The Petty Cash fund GL balance is the same as it was before any money was moved in or out of the fund. c. The Petty Cash fund GL balance increases by the difference between the receipts and remaining cash. d. The Petty Cash fund GL balance is the same as the remaining cash plus receipts.

14. Which choice best describes cash-based sales? a. Only sales at a store qualify because the customer leaves with their purchase. b. The sale and movement of money are simultaneous for accounting purposes. c. The sale and movement of money in the account occur within two days of each other. d. The sale is made using cash. 15. Which of the following statements is true about entering sales receipts in QuickBooks? a. Cash sales use only one form the Make Deposits form. b. If you use the Enter Sales Receipt form to enter sales receipts in QuickBooks, you must enter the receipts individually. c. For credit card sales at a business location, the processor always remits the total amount collected. d. For online payments, you should enter the total amount of the sale, separate from the merchant fee. 16. Which choice describes one key point about making a deposit? a. Making deposits always requires the use of the Make Deposits form. b. Every sales receipt must go in the Chequing GL account individually. c. The deposit total in QuickBooks should match the deposit amount on the bank statement. d. The Deposit To choice in the Make Deposits form must be the Chequing account. 17. What is the effect of a cash refund on the accounting records? a. The Write Cheques form credits the Chequing GL account and debits Income. b. The Write Cheques form credits Credit Card fee expense and debits Chequing. c. The Write Cheques form debits the Income GL account and credits Undeposited Funds. d. The Write Cheques form credits income and debits the Chequing account.