Computer Accounting Study Set 2

Business

Quiz 9 :

February Source Documents

Quiz 9 :

February Source Documents

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The vendor used for the Loan Payable account is First Trust Bank.
Free
True False
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Answer:

True

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If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?
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Multiple Choice
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Answer:

A

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The source documents shown in Chapter 9 include all of the following except:
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Multiple Choice
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Answer:

D

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With an Internet connection, almost any browser can be used to work with QB Online.
True False
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The sequence used to record entries is analyze source document, enter the date, and input transaction.
True False
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QBO_Student Name purchases Data storage from AmpleStore Inc.
True False
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To make sure you are starting in the correct place in the data, display the:
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Because QBO is in the cloud, you do not need to back up.
True False
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If you think an invoice needs to be changed, what report should you look at?
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Identify the report that summarizes the Chart of Accounts.
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When recording a credit card sale, select the following:
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To obtain information about your company's liabilities, you should run the Profit and Loss report.
True False
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QBO_Student Name __________ includes an area for Credit Cards.
Multiple Choice
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For products sold for cash and credit cards used, link to Invoices.
True False
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How can you check that the date and year used for entering transactions is correct?
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The balance in Account 101 Checking should be the same as the balance on the:
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Which report shows you information on your income and expenses for a specific period?
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For vendor payments, refer to the Memo source document.
True False
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You cannot drill down to transactions from the Recent Transactions links.
True False
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Search for a QBO transaction by selecting the Plus sign to go to the Create Menu.
True False
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