Question 15: For what purpose(s) is financial data used? Answer: O Banks and other lending institutions use it when considering loans. O Tax agencies use it to acquire information on income or losses of the business. O Business owners analyze the health of their business. O All of these options Question 16: Which of the following is NOT one of the GAAP principles? Answer: O Revenue recognition O Reputation Consistency O Prudence Objectivity Question 17: Which set of guidelines requires all accountants to adhere to them for consistency, fairness, and honesty in accounting procedures? Answer: A. | O GAAP Accounting Cycle Governing Board O Certified Public Accountants Board of Ethics O Financial Accounting and Standards Board Question 18: Match these QuickBooks Online accounting terms with their best descriptions. Sales by Store Summary Use this for measuring income and expenses over time for individual defined segments. DROP HERE Profit and Loss by Class This tracks sales for a store. Sales receipt Create one of these for a taxable cash sale. DROP HERE Track location This displays a way to measure growth at each location. Question 19: Match these QuickBooks Online accounting terms with their best descriptions. Delayed charges This is a non-posting entry to use as a placeholder for services rendered until you post the actual transaction. Delayed credit This is a non-posting entry to use for a potential sales return. DROP HERE Credit memo This replaces a delayed charge entry. Invoice A delayed credit is converted to this once a return is received. DROP HERE