A complete list of a businesss accounts and their balances is called:

		Balance Sheet.
		Income and expense accounts.
		Trial Balance.
		Chart of Accounts.
		None of the choices are correct.

A list of all the changes that have been made to the company data and by whom.

		Settings menu
		Navigation bar
		Business processes
		Audit log
		All of the answer choices are correct.

A product that is purchased from vendors for sale to customers is called a/an:

		Account receivable.
		Trial balance.
		Activity transaction.
		Inventory item.
		All of the answer choices are correct.

A report that breaks the analysis into operating, investing, and financing activities is called:

		Trial Balance.
		Profit and Loss.
		Balance Sheet.
		Statement of Cash Flows.
		All of the answer choices are correct.

QUESTION 6

A transaction in which there are at least two partsa debit and a creditalso called distribution lines is a:

		Register.
		Trial balance.
		Journal entry.
		Balance sheet.
		None of the answer choices are correct.

2 points

QUESTION 7

Accounts are used to classify transaction information for:

		Additional detail.
		Trial Balance.
		Reporting purposes.
		Cost of Sales.
		All of the choices are correct.

2 points

QUESTION 8

After analyzing the transaction and typing the transaction date, complete this task:

		Display the Balance Sheet.
		Select Run report.
		Input transaction.
		Refer to the account distribution.
		All of the answer choices are correct.

2 points

QUESTION 9

Before you reconcile, the check register balance does not include the banks service charge.

True

False

2 points

QUESTION 10

Each sign-in may be authenticated by:

		Manage users.
		IP address.
		Internal control.
		Defaults.
		None of the answer choices are correct.

2 points

QUESTION 11

Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.

True

False

2 points

QUESTION 12

In Chapter 3, the account distribution for a sales receipt is:

		Debit Sales; credit Checking.
		Debit Checking; credit Sales.
		Debit Accounts Payable/vendor; credit Checking.
		Debit Checking; credit Accounts Receivable.
		None of the answer choices are correct.

2 points

QUESTION 13

In Chapter 3, to check that you are starting in the correct place in the data display the:

		Balance Sheet.
		Trial Balance.
		Transaction Register.
		Account List.
		None of the answer choices are correct.

2 points

QUESTION 14

In Chapter 3, when a check is issued, the account distribution is a:

		Debit Checking; credit an asset account.
		Debit expense account; credit vendor.
		Debit Accounts Receivable/Customer; credit Sales.
		Debit expense account; credit Checking.
		None of the answer choices are correct.

2 points

QUESTION 15

In QBO, an up-to-date record of inventory is maintained and tracked. This is called:

		Perpetual inventory.
		Periodic inventory.
		Sales and cost of goods sold.
		Account payable.
		None of the answer choices are correct.

2 points

QUESTION 16

Liability accounts usually start with the number 3000.

True

False

2 points

QUESTION 17

On the Chart of Accounts, the Run report accounts appear on the Balance Sheet.

True

False

2 points

QUESTION 18

QBO organizes and monitors accounts payable.

True

False

2 points

QUESTION 19

QuickBooks Online updates:

		Automatically.
		Never.
		Every time you sign in and sign off.
		At the end of the quarter.
		All of the choices are correct.

2 points

QUESTION 20

Refers to software that is built, installed, delivered, and accessed entirely from remote web servers.

		Cloudware
		Software
		Hardware
		Google docs
		All of the answer choices are correct

2 points

QUESTION 21

Subcategories for account classification are shown within the Type column on the Chart of Accounts.

True

False

2 points

QUESTION 22

The Dashboard is the central place for getting an overview of the company.

True

False

2 points

QUESTION 23

The Test Drive company is also known as:

		Craigs Design and Landscaping Services.
		The sample company.
		Populated company data used in Chapter 1.
		A way to practice using the QuickBooks Online (QBO) user interface.
		All of the choices are correct.

2 points

QUESTION 24

The _________ shows deposits and checks.

		Deposit activity
		Reports center
		Transaction register
		Expenses
		All of the answer choices are correct

2 points

QUESTION 25

The account distribution for purchases of inventory on account is:

		Debit Checking and Merchandise Inventory; credit Accounts Receivable/customer.
		Debit Merchandise Inventory and Accounts Receivable; credit Sales.
		Debit Accounts Receivable/Customer; credit Accounts Payable/vendor.
		Debit Merchandise Inventory; credit Accounts Payable/vendor.
		None of the answer choices are correct.