Question 8: Which agency sets the GAAP principles? Answer: A. O Financial Accounting and Services Board o Office of the Comptroller O Financial Accounting and Standards Board O Certified Public Accountants Association Question 9: The GAAP principles and the accounting cycle provide and ensure records throughout the industry. Answer: O knowledge, protected O consistency, accurate O confidentiality, accurate D. O consistency, protected Question 10: Which of the following is NOT one of the accounting cycle steps? Answer: o General ledger O General journal c. O Inventory report O Financial statements O Financial transactions Question 11: Which is an example of a class in accounting? Answer: O Construction O Non-profit 0 Remodeling O Salon Question 12: What must you do before you can start using classes? Answer: O Check Track Classes in the Categories window opened from the Advanced tab in the Account and Settings window on the Tools menu. O Check Assign Classes in the Categories window opened from the Advanced tab in the Account and Settings window on the Tools menu. O Check Assign Classes in the Categories window opened from the Advanced tab in the Account and Settings window on the Gear menu. D. Check Track Classes in the Categories window opened from the Advanced tab in the Account and Settings window on the Gear menu. Question 13: If a delayed credit was created due to an anticipated sales return, it would be converted to alan after the return is received. Answer: O credit memo O invoice O sales receipt O refund receipt Question 14: What action would you take in QuickBooks Online if you (the company's owner) had a receipt from lunch that you paid using your Visa account? Answer: O Record a sales receipt. O Create an invoice for it and then deposit the money in the checking account. O Record an expense transaction. D. O Nothing; this scenario has nothing to do with the business and should not be entered as a transaction