COMPUTERIZED ACCOUNTING FINAL EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

COMPUTERIZED ACCOUNTING FINAL EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Which term best describes the QuickBooks Online environment? - Answers Cloud-based What is the basic accounting equation? - Answers Accrual = Cash - Liabilities Why are GAAP rules and standards important? - Answers They ensure organizations follow consistent financial reporting. Why use the gear icon? - Answers To quickly access the Your Company, Lists, Tools, and Profile menus What accounting method records income when it's received and records an expense when it's paid? - Answers Cash How do you analyze the net worth of a business? - Answers Create a balance sheet. What feature stores information about your business's accounts, products, and services? - Answers Lists What accounting method records income when sales are made and records expenses when the obligation is incurred? - Answers Accrual Match each QuickBooks user interface element with its description. - Answers + New menu A. Displays a list of categorized transactions B. Include Help, Search, and Notifications C. Where you access the Your Company, Lists, Tools, and Profile menus Navigation bar D. Gives access to the various centers On the Account and Settings screen, use the _____ tab to include account numbers in your Chart of Accounts. - Answers Advance When should you select settings and customizations for your company file? - Answers At the time you create the company file Which accounts in the Chart of Accounts CANNOT be deleted? - Answers Preset accounts or those linked to other features What is the chart of accounts? - Answers The list of accounts for each transaction in the accounting system or general ledger Every transaction requires at least _______ accounts. - Answers 2 Why can't you merge an income account with an expense account in the Chart of Accounts? - Answers You can only merge accounts that are of the same type. What is a product or service linked to? - Answers At least one account in the chart of accounts Who controls user access and monitors user activity? - Answers Master Administrator Match each account type to its detail type. - Answers uestionCorrect MatchSelected Match Bank 1. Checking Income 2. Service/Fee income Long Term Liabilities 3. Notes Payable Other Current Assets 4. prepaid expenses expenses 5. Utilities Fixed assets 6. Machinery & Equipment Why create the Chart of Accounts? - Answers To categorize assets, liabilities, expenditures, and revenue What type of account is a credit card account? - Answers Liability From where do you access the Sales/Invoicing center? - Answers Navigation bar You can add new customers and sub-customers from the Sales center and: - Answers from within a sales form To remove a transaction and still retain a record of it, use the _____ command - Answers void Every Friday, Rhonda runs the same five reports in QuickBooks Online. What can she do in the Reports center to make her work a little easier? - Answers Mark the reports as favorites so they appear at the top of the Reports center. Barry wants to show appreciation to his best customer by discounting all their purchases by 10%. What's the most effective way for him to do this? - Answers Create a price rule and apply the rule to the customer. Why shouldn't you record a sale on a journal entry or directly on a bank deposit form? - Answers The sale won't appear on any sales reposts You just starting using QuickBooks to manage your existing business. Your customer list is in Excel. How do you get the list into QuickBooks? - Answers Import the customer list Match each form type to its description. - Answers Match each form type to its description. QuestionCorrect MatchSelected Match Invoice A. Use when a customer does not pay at the time of service Sales receipt C. Use when a customer pays at the time of service statement B. Use to gather customer charges for a specific period What is a requirement when recording bank deposits? - Answers Record the exact amount that went into the bank. In what account do you collect more than one payment before making a deposit? - Answers Undeposited Funds In the Expenses center, the money bar shows an overview of what? - Answers Accounts Payable When you pay a bill for computer supplies with a check, Checking and _____ decrease. - Answers Accounts Payable Identify the FALSE statement regarding vendor data. - Answers Use the Import Data tool to map your vendors with their associated customers. Match the situation to the form that should be listed. - Answers QuestionCorrect MatchSelected Match You pay with a credit card at the time of purchase. A. Expense A. Expense You pay with a check at the time of purchase B. Check B. Check You pay for the purchase later.