Accounting Quickbooks Ch 1-4 exam review 2024
The QuickBooks Online (+) New icon lists various transactions that can be created.
It is commonly used for all of the following transaction types except: ** Answ**
Reports
What does the My Accountant feature enable you to do? ** Answ** Provide
your accountant administrative access to your QuickBooks Online company.
The QBO SatNav, which assists with navigating QuickBooks Online, contains
which of the following main processes? ** Answ** QBO Settings, QBO
Transactions, and QBO Reports.
Sales transactions relate to: ** Answ** Customers.
Which tax return is used by an S Corporation? ** Answ** Form 1120S.
Which report summarizes what a company has earned and the expenses incurred to
earn the income? ** Answ** Profit and Loss Statement.
Which report summarizes what a company owes and owns on a particular date?
** Answ** Balance Sheet.
Which of the following QBO accounts can be connected and then download
transactions from a bank or credit card company? ** Answ** Credit Card
Accounts.
, Which tax return is used by a sole proprietorship? ** Answ** Schedule C
attached to Form 1040.
Expenses transactions relate to: ** Answ** Vendors.
QuickBooks Online is updated only once a year when a new version is issued. **
Answ** False.
The Banking screen provides the following information except: ** Answ**
Sales Transactions.
When setting up a new company in QBO, selections are made during the set up. It
is easy to change all the selections and preferences at a later time. ** Answ**
False.
For tax purposes, a Limited Liability Company (LLC) may elect to be treated as all
of the following except: ** Answ** C Corporation filing a form 1120.
Which of the following QBO Navigation Bar selections would not provide
information about customers and customer transactions? ** Answ** Expenses.
Which QBO Navigation Bar selection provides information about vendor
transactions? ** Answ** Expenses.
The QuickBooks Online (+) New icon lists various transactions that can be created.
It is commonly used for all of the following transaction types except: ** Answ**
Reports
What does the My Accountant feature enable you to do? ** Answ** Provide
your accountant administrative access to your QuickBooks Online company.
The QBO SatNav, which assists with navigating QuickBooks Online, contains
which of the following main processes? ** Answ** QBO Settings, QBO
Transactions, and QBO Reports.
Sales transactions relate to: ** Answ** Customers.
Which tax return is used by an S Corporation? ** Answ** Form 1120S.
Which report summarizes what a company has earned and the expenses incurred to
earn the income? ** Answ** Profit and Loss Statement.
Which report summarizes what a company owes and owns on a particular date?
** Answ** Balance Sheet.
Which of the following QBO accounts can be connected and then download
transactions from a bank or credit card company? ** Answ** Credit Card
Accounts.
, Which tax return is used by a sole proprietorship? ** Answ** Schedule C
attached to Form 1040.
Expenses transactions relate to: ** Answ** Vendors.
QuickBooks Online is updated only once a year when a new version is issued. **
Answ** False.
The Banking screen provides the following information except: ** Answ**
Sales Transactions.
When setting up a new company in QBO, selections are made during the set up. It
is easy to change all the selections and preferences at a later time. ** Answ**
False.
For tax purposes, a Limited Liability Company (LLC) may elect to be treated as all
of the following except: ** Answ** C Corporation filing a form 1120.
Which of the following QBO Navigation Bar selections would not provide
information about customers and customer transactions? ** Answ** Expenses.
Which QBO Navigation Bar selection provides information about vendor
transactions? ** Answ** Expenses.
