QBO Chapter 7 Certification Prep Exam
UPDATED QUESTIONS AND CORRECT
ANSWERS
Record adjusting entries in the: - CORRECT ANSWER Journal
The __________ is a period that a company or government uses for accounting purposes and
preparing financial statements. - CORRECT ANSWER Fiscal year
Adjusting enteries include: - CORRECT ANSWER - Revenue has been earned but not
yet received
- Expense has been incurred but not recorded
- Prepaid expenses that are paid for more than one month
- Customer paid a company in advance of receiving merchandise
* All of the answers are correct *
If your end-of-year adjustments do not agree with the textbook illustration, do this within the
displayed report: - CORRECT ANSWER Drill down > edit > save
To show incoming accounts only on the Profit and Loss report, do this: - CORRECT
ANSWER Display P&L > Customize > Filter > Distribution Account > All Income
Accounts
To make sure you are starting in the correct place in the data, make these selections: -
CORRECT ANSWER Reports > Trial Balance > 10/1/XX to 12/31/XX
How do you show some Profit and Loss accounts but not others - CORRECT
ANSWER Customize > filter
UPDATED QUESTIONS AND CORRECT
ANSWERS
Record adjusting entries in the: - CORRECT ANSWER Journal
The __________ is a period that a company or government uses for accounting purposes and
preparing financial statements. - CORRECT ANSWER Fiscal year
Adjusting enteries include: - CORRECT ANSWER - Revenue has been earned but not
yet received
- Expense has been incurred but not recorded
- Prepaid expenses that are paid for more than one month
- Customer paid a company in advance of receiving merchandise
* All of the answers are correct *
If your end-of-year adjustments do not agree with the textbook illustration, do this within the
displayed report: - CORRECT ANSWER Drill down > edit > save
To show incoming accounts only on the Profit and Loss report, do this: - CORRECT
ANSWER Display P&L > Customize > Filter > Distribution Account > All Income
Accounts
To make sure you are starting in the correct place in the data, make these selections: -
CORRECT ANSWER Reports > Trial Balance > 10/1/XX to 12/31/XX
How do you show some Profit and Loss accounts but not others - CORRECT
ANSWER Customize > filter
