Question 1

Cash is the only payment method accepted for a Cash Sale.

Accepted Answer

Other payment methods such as credit cards, debit cards, or mobile payments can also be accepted for a cash sale, depending on the seller's payment policies. The term "cash sale" often simply means the sale is for immediate payment, not necessarily that it must be paid with physical cash.

Question 2

When you do not receive all of the inventory items ordered, you prepare a Purchase Order for the amount on backorder.

Accepted Answer

True

Question 3

A sale on account means that the sale was paid for with a credit card.

Accepted Answer

A sale on account refers to a transaction where the payment is deferred, typically recorded as accounts receivable, not necessarily involving a credit card.

Question 4

You must have an email account before you can activate the QuickBooks Online Educational Trial Version.

Accepted Answer

This is true, as you need to provide an email address to create an account and activate the trial version of QuickBooks Online.

Question 5

The Gear icon may be used to access Lists in QuickBooks Online.

Accepted Answer

The Gear icon, also known as the Settings icon, is used to access multiple features in QuickBooks Online, including Lists. The Lists are important for managing and organizing your data within the software.

Question 6

Cloud-based computing uses the Internet to provide program access.

Accepted Answer

Cloud-based computing delivers software and services over the Internet, allowing users to access programs and data remotely.

Question 7

A new product/service item cannot be added when creating a sales receipt.

Accepted Answer

When creating a sales receipt in a point of sale system or accounting software, it is usually possible to add new product or service items to the system if they are not already in the database.

Question 8

You can make a bill payment directly from the bill.

Accepted Answer

Many bills, such as utility bills or credit card bills, include information on how to make a payment directly from the bill. This can often involve mailing in a check, but some bills may also provide instructions for making an electronic payment online or over the phone.

Question 9

The total amount of a purchase order shows as an amount due in the vendor's register.

Accepted Answer

The total amount of a purchase order shows as an amount owed by the vendor in the buyer's register, but it does not necessarily show as an amount due in the vendor's register. This is because the vendor may receive payment before the due date of the invoice.

Question 10

The Vendor Balance Summary report shows unpaid balances for vendors.

Accepted Answer

The Vendor Balance Summary report specifically displays unpaid balances for vendors.

Question 11

Reports are accessed by clicking the Gear button and are grouped into categories according to business functions.

Accepted Answer

Reports are typically accessed through a dedicated Reports menu or section within a software application, not usually through a Gear button, which is more commonly associated with settings or configurations.

Question 12

A budget tracks income and expenses and may be helpful for use in making business decisions.

Accepted Answer

A budget helps to track the income and expenses of a business, which can be used to make informed decisions on financial matters.

Question 13

A company logo can be added to the company file and will appear on the Home Page and on Business Forms.

Accepted Answer

When a company logo is added to the company file, it will appear on the Home Page and on Business Forms.

Question 14

Each product or service must be linked to an appropriate income account.

Accepted Answer

This statement is true. It is important to link each product or service to an appropriate income account in order to accurately track revenue and expenses for financial and tax purposes.

Question 15

A Delayed Charge is added to the customer's balance.

Accepted Answer

The answer of A Delayed Charge is added to the...

Question 16

You must pay a monthly fee to access the Test Drive Company.

Accepted Answer

Test Drive Company typically offers free test drives to potential customers to try out their vehicles before making a purchase decision.

Question 17

QuickBooks Online uses the cash-basis of accounting by default.

Accepted Answer

QuickBooks Online uses the accrual basis of accounting by default, but it can be changed to cash basis in the report settings.

Question 18

You must Turn on Payroll in order to access the Payroll Tax Center.

Accepted Answer

The statement is true. In order to access the Payroll Tax Center, Payroll must be turned on.

Question 19

You may create Payroll Schedules in Payroll Settings.

Accepted Answer

Payroll Schedules can be created in Payroll Settings in order to set up and manage the frequency and timing of payroll processing.

Question 20

Additional investments made by an owner may be cash or non-cash items.

Accepted Answer

Owner can invest cash, as well as non-cash items such as equipment, inventory, or property.

Quiz 10: Payment Methods, Inventory, Reports, and More