In a manual accounting system, the document in which transactions are initially recorded chronologically is

a$.$ a special journal.

b$.$ the general journal.

c$.$ the Chart of Accounts.

d$.$ the general ledger.

Behind the scenes, QuickBooks Online updates

a$.$ Activity windows.

b$.$ the general journal, the trial balance, the Customer List, and the Vendor List.

c$.$ debits and credits.

d$.$ the general ledger balances, the Chart of Accounts List balances, the trial balance, and financial statements.

The general ledger is

a$.$ the document where transactions are recorded in an account.

b$.$ not used in QuickBooks Online.

c$.$ a report showing adjusting journal entries.

d$.$ the document where all the individual accounts are placed together.

In QuickBooks Online, the Chart of Accounts List can be viewed in report format by running the

a$.$ Account Summary Report.

b$.$ Account List Report.

c$.$ Account Names Summary Report.

d$.$ Journal Report.

The list of accounts a company uses as it conducts its business is referred to as the

a$.$ Vendor List.

b$.$ General Ledger.

c$.$ Chart of Accounts.

d$.$ General Journal.

QuickBooks Online uses the $q,$ to determine where to place an account in financial statements.

a$.$ account name

b$.$ account balance

c$.$ account description

d$.$ account type

$7.$ In the Account List Report, balances are listed for each of these types o

The Products and Services List is for

a$.$ service items only.

b$.$ both inventory and non$-$inventory items.

c$.$ only inventory items.

d$.$ only non$-$inventory items.

Every time inventory items are sold, purchased, or adjusted, the List is updated to reflect the new inventory quantity and value.

a$.$ Products and Services

b$.$ Vendor

c$.$ Chart of Accounts

d$.$ Customer

Updating the Products and Services List

a$.$ is completed in the general journal.

b$.$ allows you to accurately determine inventory quantity and value.

c$.$ does not impact the balance sheet and income statement.

d$.$ does not include name$/$number$,$ type, description, or cost$.$

Where are cash purchases of inventory items recorded?

a$.$ Products and Services List

b$.$ Inventory activity window

c$.$ Sales Receipt activity window

d$.$ Check activity window

Where are cash sales of inventory recorded?

a$.$ Invoice window

b$.$ Inventory window

c$.$ Sales Receipt window

d$.$ Products and Services List

Changes in inventory that are not a result of a sale or purchase are recorded in the window.

a$.$ Inventory

b$.$ Inventory Quantity Adjustment

c$.$ Receipt

d$.$ Check

The two types of inventory systems are

a$.$ cash purchases and sales system and on account purchases and sales system.

b$.$ high$-$volume, low$-$cost inventory goods system and low$-$volume, high$-$cost inventory goods system.

c$.$ inventory item and non$-$inventory item.

d$.$ periodic inventory system and perpetual inventory system.

$20.$ QuickBooks Online utilizes

a$.$ both the perpetual and periodic inventory systems.

b$.$ the periodic inventory system.

c$.$ your choice of inventory systems.

d$.$ the perpetual inventory system.

$21.$ The Products and Services List

a$.$ is not used in QuickBooks.

b$.$ contains one file for non$-$inventory part items.

c$.$ can be used to add or edit but not delete an item.

d$.$ contains a file for each type of service or inventory item sold.

$22.$ In the Product$/$Service information window, the $q,$ field lists the default ledger posting account for the cost of goods sold when the item is sold.

a$.$ Cost

b$.$ Inventory asset account

c$.$ Income account

d$.$ Expense account

$23.$ In the Bill window,

a$.$ only inventoried parts can be received.

b$.$ there are three details sections.

c$.$ the Item details section provides for additional fields that relate to inventory.

d$.$ you record sales of inventory items.

$24.$ The default account in the Invoice window is a $q,$ to $q,$

a$.$ debit; Accounts Receivable

b$.$ credit; Accounts Receivable

c$.$ credit; Accounts Payable

d$.$ debit; Accounts Payable

$25.$ Managing cash for a company does not involve

a$.$ maintaining cash in one or more bank accounts.

b$.$ utilizing credit cards for personal purchasf accounts except accounts.

a$.$ income

b$.$ equity

c$.$ asset

d$.$ liability

$8.$ To add a new account in QuickBooks Online, begin by clicking the New button in the $q,$ window.

$9.$ Once you record adjusting journal entries, you can no longer create a$($n$)$

a$.$ new product or service entry.

b$.$ balance sheet.

c$.$ income statement.

d$.$ pre$-$adjusted trial balance.

$10.$ Chapter $5$ suggests that a trial balance should be printed

a$.$ before recording adjusting journal entries.

b$.$ after every sales transaction.

c$.$ after every purchase.

d$.$ each time you close QuickBooks Online.

$11.$ Which report is not considered a financial statement?

a$.$ Profit and Loss Report

b$.$ Adjusted Trial Balance Report

c$.$ Balance Sheet Report

d$.$ Income Statement

$12.$ Merchandise that is sold to customers for a profit is called

a$.$ inventory.

b$.$ supplies on hand.

c$.$ goods sold on account.

d$.$ stock.