Applied Accounting Technology
Exam Bank
Course Introduction
Applied Accounting Technology explores the integration of modern technological tools and systems within accounting practices. The course covers the use of accounting software, cloud-based platforms, and data analytics to streamline financial processes, enhance accuracy, and support decision-making. Students will gain hands-on experience with industry-standard applications, learn about cybersecurity in accounting, and examine the impact of emerging technologies such as artificial intelligence and blockchain on the accounting profession. Emphasis is placed on practical skills development and adapting to technological advances in the dynamic field of accounting.
Recommended Textbook
Computer Accounting with QuickBooks Online A Cloud Based Approach 1st Edition by Carol Yacht
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12 Chapters
240 Verified Questions
240 Flashcards
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Page 2
Chapter 1: Quickbooks Online Test-Drive
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) Liability accounts usually start with the number 3000.
A)True
B)False
Answer: False
Q2) This report shows unpaid invoices for the current period:
A)A/P Aging Summary.
B)Balance Sheet.
C)Profit and Loss.
D)A/R Aging Summary.
E)All. Answer: D
Q3) To access customers,vendors,transactions,and reports,use the Settings Menu.
A)True
B)False
Answer: False
Q4) The QBO home page is the central place for getting an overview of the company and key activities.
A)True
B)False
Answer: True
Page 3
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Chapter 2: New Company Setup and the Chart of Accounts
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) Based on the industry you select,QBO does not create a Chart of Accounts.
A)True
B)False Answer: False
Q2) Software as a service and cloud computing are alike.
A)True
B)False Answer: True
Q3) Each time you sign into QBO,the software is the most current version which means some of the screens may change.
A)True
B)False Answer: True
Q4) The _____________________________ has all the access rights within QBO.
A)User.
B)Client.
C)Company Administrator.
D)QBO access rights are not assignable.
E)None.
Answer: C
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Chapter 3: Beginning Balances and October Transaction Register
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) When QBO updates,accounts may be added automatically to the chart of accounts. A)True
B)False Answer: True
Q2) In Chapter 3,the account distribution for a sales receipt is:
A)Debit Sales; credit Checking.
B)Debit Checking; credit Sales.
C)Debit Accounts Payable/vendor; credit Checking.
D)Debit Checking; credit Accounts Receivable.
E)None.
Answer: B
Q3) You can look at the Journal to see all the transactions that were entered.
A)True
B)False Answer: True
Q4) Sales receipts are included in the Customers list. A)True
B)False
Answer: True
Page 5
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Chapter 4: Vendors and Inventory
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20 Flashcards
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Sample Questions
Q1) The Balance Sheet shows the accounting equation.
A)True
B)False
Q2) Cash basis accounting means you count income or expenses as soon as you invoice or receive a bill and before you actually receive or pay money.
A)True
B)False
Q3) When you enter bills for a vendor,Accounts Payable and the vendor are debited.
A)True
B)False
Q4) Use products and services to enter consistent transaction descriptions,prices and rates.
A)True
B)False
Q5) In Chapter 4,checking the October 30th trial balance is the starting point for your data.
A)True B)False
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Chapter 5: Customers and Sales
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) The preference for the customer label is:
A)Costs of goods sold.
B)Customers.
C)Vendors.
D)Suppliers.
E)All.
Q2) Refunds for merchandise that is returned by a customer are called:
A)Credit memos
B)Purchases on account.
C)Sales on accounts.
D)Accounts payable transactions.
E)All.
Q3) This term identifies what customers owe your business:
A)Suppliers.
B)Vendors.
C)Accounts payable.
D)Accounts receivable.
E)None.
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Chapter 6: December Source Documents
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Sample Questions
Q1) After analyzing each source document,record the appropriate __________________:
A)Transfer.
B)Transaction.
C)Trial balance.
D)Customized report.
E)None.
Q2) The vendor Conf/Call purchases Webinars.
A)True
B)False
Q3) To see the appropriate report balances,type the date range.
A)True
B)False
Q4) The action of sending money in payment of a bill is called a/an:
A)Activity.
B)Transaction.
C)Remittance.
D)General journal entry.
E)None.
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Chapter 7: Analysis and Reportsend of Fourth Quarter and Year
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Sample Questions
Q1) In Chapter 7,adjusting entries are dated December 31.
A)True
B)False
Q2) The purpose of closing the books is to transfer:
A)Drawing to Sales.
B)Cost of Goods Sold to Accounts Payable.
C)Checking to Accounts Receivable.
D)Net income to Retained Earnings
E)None.
Q3) To close the books,change the trial balance date to December 31 of the current year.
A)True
B)False
Q4) A software design that emphasizes separating the functions of a program into independent,interchangeable components is called:
A)A user interface.
B)The operating system.
C)Web-delivered software.
D)Modules.
E)All
Page 9
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Chapter 8: January Source Documents
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Sample Questions
Q1) What is the reason for NOT using the Journal Entry or Bank Deposit pages for recording sales?
A)The sales account shows income from the Accounts Payable account.
B)Bank deposits only reflect income from Accounts Receivable.
C)Best practice is to record sales as a Transfer entry.
D)A bank deposit or journal entry will not appear on sales reports.
E)None.
Q2) What type of entries does the Journal report show?
A)Check.
B)Sales Receipt.
C)Bill.
D)Invoice.
E)All.
Q3) If the debits do not equal the credits,QBO will allow you to post the transaction.
A)True
B)False
Q4) When inventory is purchased,Account 115 Merchandise Inventory is decreased.
A)True
B)False
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Chapter 9: February Source Documents
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Sample Questions
Q1) Because QBO is in the cloud,you do not need to back up.
A)True
B)False
Q2) How can you check that the date and year used for entering transactions is correct?
A)Balance Sheet for February.
B)Display recent transactions.
C)Profit and Loss for January.
D)All.
E)None.
Q3) Identify the primary financial statement that summarizes the Chart of Accounts.
A)Profit and Loss.
B)Summary reports such as A/R Aging.
C)Adjusting entry report.
D)Cash Flow forecast.
E)None.
Q4) The sequence used to record entries is analyze source document,enter the date,and input transaction.
A)True
B)False
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Chapter 10: February Source Documents
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Sample Questions
Q1) QuickBooks Online cannot be accessed using a Mac computer.
A)True
B)False
Q2) Click on the magnifying-glass icon to search by transaction,amount,or date.
A)True
B)False
Q3) What report do you run to display overdue bills?
A)Accounts Payable Aging report.
B)Accounts Receivable Aging report.
C)Open Bills.
D)Audit Log.
E)None
Q4) You cannot merge two accounts that are not the same type.
A)True
B)False
Q5) To remove a product from the item list,make it inactive.
A)True
B)False
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Chapter 11: Certification, quick-Books Labs and Report
Customization
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Sample Questions
Q1) The user interface is a part of learning how to navigate QBO.
A)True
B)False
Q2) A document or transaction pattern that is stored so that it can be used again is called a/an:
A)Business process.
B)Audit log.
C)Accounts Payable and accounts receivable.
D)Template.
E)None
Q3) A bill can be customized in QBO.
A)True
B)False
Q4) Select the best description for QuickBooks Labs?
A)Plug-ins.
B)Recent transactions.
C)Search.
D)Account and Settings.
E)All.
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Chapter 12: Apps, updates and QB Online Blog
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Sample Questions
Q1) Software products that manage and coordinate company-wide information and functions from shared data sources.
A)CRM (Customer Relationship Management).
B)ERP (Enterprise Resource Planning)
C)Complete report customization.
D)Export report to Excel and/or save them as PDF files.
E)All.
Q2) No inventory apps are included for use with QBO.
A)True
B)False
Q3) Practices,strategies and technologies that companies use to manage and analyze customer interactions.
A)CRM (Customer Relationship Management)
B)ERP (Enterprise Resource Planning)
C)Apps.
D)QBO Blog.
E)None.
Q4) Apps are frequently added to QBO.
A)True
B)False
Page 14
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