Quickbooks oneline

T/F 1. You must have an email account before you can activate the QuickBooks Online Educational Trial Version. 2. QuickBooks Online Labs are permanent additions to the program. 3. Before you can activate your Educational Trial Version of QuickBooks Online, you must identify the industry typesole proprietorship, partnership, corporation, etc. 4. You may import data from Excel. 5. Reports are accessed by clicking the Gear button and are grouped into categories according to business functions. 6. Each product or service must be linked to an appropriate income account.

7. Imported data never needs to be edited. 8. When you create a company and identify the type of business, QuickBooks Online creates a Chart of Accounts based on your selected type of business. 9. Company Settings must be imported from Excel. 10. You may invite your professor to be your accountant.

Multiple Choices

1. Reports may be . A. Printed B. ExportedtoExcel C. Emailed D. Alloftheabove

2. To edit a Company Setting, click the icon. A. Plus B. Menu C. Pen D. Diamond

3. To assign a subaccount to an expense, edit . A. The Vendors List B. AccountsPayable C. TheAccountthatwillbeasubaccount D. TheProfitandLossreport

4. Access the Account and Settings tab to enter the EIN number for your company. A. Company B. Advanced C. Billing&Subscriptions D. Payments

5. After you import the Chart of Accounts, edit the and the accounts to add Opening Balances and as of dates.

A. Asset and Income B. AssetandLiability C. LiabilityandExpense D. IncomeandExpense

6. Vendors may need to have added to their individual accounts. A. Terms B. PreferredPaymentMethod C. PreferredDeliveryMethod D. Alloftheabove

7. Something that is paid for and will be used within one year is a(n) A. Expense B. PrepaidExpense C. Bill D. Alloftheabove

8. A Fixed Asset is something that you will own for . A. Less than a year B. Thelifeofthebusiness C. Morethanayear D. Alloftheabove

9. The report proves the fundamental accounting equation: Assets = Liabilities + Equity. A. Balance Sheet B. TrialBalance C. Journal D. ChartofAccounts

10. To indicate the Preferred Invoice Terms, edit the Settings. A. Company B. Sales C. Expenses D. Advanced

Fill-in

1. The four data lists you may import are__ ,__ ,__ , and__ .

2. Once the Import file has been selected, you will get a MAP Data screen that is used to match the__ names and__ names.

3. To access Import Data click the __ icon.

4. When you create a Fixed Asset account and track depreciation, you give the as of date and the amounts for__ and__ .

5. To give your accountant(instructor) access to your account, you click the __ icon, __on the Your Company menu, and the invite Accountant button.