Bookkeeping and Payroll Accounting Exam Solutions
Course Introduction
This course provides students with a comprehensive understanding of fundamental bookkeeping principles and payroll accounting practices. Topics covered include the recording of financial transactions, preparation of financial statements, management of accounts receivable and payable, and the complete payroll cycle from wage calculation and statutory deduction to payroll reporting. Students will gain practical skills in maintaining accurate financial records, ensuring compliance with relevant laws and regulations, and utilizing accounting software to streamline bookkeeping and payroll processes. By the end of the course, students will be proficient in performing essential accounting tasks vital to the effective financial management of an organization.
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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Chapter 1: Quickbooks Online Test-Drive
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Sample Questions
Q1) Another name for the Profit and Loss report is the Income Statement.
A)True
B)False
Answer: True
Q2) To go to the Settings menu,use this icon:
A)Clock
B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.
Answer: B
Q3) Accounts are used to classify transaction information for:
A)Additional detail.
B)Trial Balance.
C)Reporting purposes.
D)Cost of Sales.
E)All.
Answer: C
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Chapter 2: New Company Setup and the Chart of Accounts
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20 Flashcards
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Sample Questions
Q1) The industry selected for the company in Chapter 2 is:
A)Services.
B)Merchandising
C)Information Technology
D)Restaurant and hospitality.
E)None.
Answer: C
Q2) Each sign-in may be authenticated by:
A)Manage users.
B)IP address.
C)Internal control.
D)Defaults.
E)None
Answer: B
Q3) When setting up your company,use a valid email address.
A)True
B)False
Answer: True
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Chapter 3: Beginning Balances and October Transaction Register
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20 Flashcards
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Sample Questions
Q1) The month that the company,Cloud_Ware Student Name,starts is:
A)October.
B)November.
C)December.
D)January.
E)None. Answer: A
Q2) To go beyond QBO's customize report feature,save the recommended report as a PDF file.
A)True
B)False Answer: False
Q3) You can look at the Journal to see all the transactions that were entered.
A)True
B)False Answer: True
Q4) When QBO updates,accounts may be added automatically to the chart of accounts. A)True
B)False Answer: True
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Chapter 4: Vendors and Inventory
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Sample Questions
Q1) The money a company owes to a supplier or vendor is called:
A)Accounts payable.
B)Accounts receivable.
C)Sales.
D)Purchases.
E)None.
Q2) Before you reconcile,your check register balance does not include the bank's service charge.
A)True
B)False
Q3) When you enter bills for a vendor,Accounts Payable and the vendor are debited.
A)True
B)False
Q4) Bills are entered to record an expense or purchase of assets.
A)True
B)False
Q5) QBO organizes and monitors accounts payable.
A)True
B)False
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Chapter 5: Customers and Sales
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Sample Questions
Q1) _______________________________________are credit transactions from customers.
A)Transfer transactions.
B)Accounts receivable transactions.
C)Accounts payable transactions.
D)Chart of accounts transactions.
E)None.
Q2) On the Customers page,you can:
A)View and update the customer list.
B)To a customer record,add notes.
C)Search and sort customers.
D)Create transactions or track transactions.
E)All.
Q3) A Bank Statement shows the checks and deposits that cleared the bank.
A)True
B)False
Q4) Once you issue an invoice to a customer,that customer owes your business money.
A)True
B)False
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Chapter 6: December Source Documents
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20 Flashcards
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Sample Questions
Q1) When displaying the journal,it doesn't matter if the current year is shown for each transaction.
A)True
B)False
Q2) Identify the vendor who purchases Web servers.
A)eBiz.
B)Any Time Deployment.
C)CloudZ Channel.
D)Compuers 2 You.
E)None.
Q3) For Credit Card Sales,what selections are made?
A)Create menu (+)> Sales Receipts.
B)Create menu (+)> Credit Card Credit.
C)Gear > Account and Settings > Advanced.
D)Gear > Manage Users.
E)None.
Q4) In Chapter 6,the Trial Balance is displayed from October 1 through December 30.
A)True
B)False
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Chapter 7: Analysis and Reportsend of Fourth Quarter and Year
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Sample Questions
Q1) To see the appropriate report balances,type the date range.
A)True
B)False
Q2) When you close the books,income,cost of goods sold,and expense accounts are reset to zero amounts.
A)True
B)False
Q3) In QB Online,which of the following is a list?
A)Subcontractors.
B)Other names.
C)Items.
D)Chart of accounts.
E)All.
Q4) 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.
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Chapter 8: January Source Documents
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Sample Questions
Q1) What are the sequence of steps to complete bank reconciliation:
A)Transactions > Reports > Recommended Reports > Journal Entry.
B)Gear > Audit Log > Account and Settings.
C)Transactions > Chart of Accounts > 101 Checking > Reconcile.
D)All.
E)None.
Q2) Do not delete a check if the check number has been used of if the check was printed.
A)True
B)False
Q3) Vendor terms are Net 60.
A)True
B)False
Q4) To edit an account,go to Recent Transactions and drill down.
A)True
B)False
Q5) QB Online tracks Accounts Receivable (A/R)by entering a bill,then paying the bill.
A)True
B)False
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Chapter 9: February Source Documents
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Sample Questions
Q1) If you think an invoice needs to be changed,what report should you look at?
A)Balance Sheet.
B)Profit and Loss.
C)Statement of Cash Flows.
D)Audit Log.
E)All.
Q2) Cloud_Ware purchases Data storage from AmpleStore Inc.
A)True
B)False
Q3) The sequence used to record entries is analyze source document,enter the date,and input transaction.
A)True
B)False
Q4) 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.
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Chapter 10: February Source Documents
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Sample Questions
Q1) Click on the magnifying-glass icon to search by transaction,amount,or date.
A)True
B)False
Q2) This report lists transactions subtotaled by each account on the chart of accounts.
A)Statement of Cash Flows.
B)Balance Sheet.
C)Summary transaction report for a specific period.
D)Transaction Detail by Account.
E)None.
Q3) In Chapter 10,use the ______________________ to reconcile Account 101 Checking.
A)Activity list.
B)Account and Settings.
C)Vendor purchases.
D)Bank statement.
E)None.
Q4) At the end of Chapter 10,reports are exported to Excel.
A)True
B)False
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Chapter 11: Certification, quick-Books Labs and Report
Customization
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Sample Questions
Q1) Students should complete the Online Learning Center's Multiple Choice and True False quizzes for each chapter before taking the 100-question practice certification test.
A)True
B)False
Q2) QBO's items or products and services are included within the customer center.
A)True
B)False
Q3) The purchases module includes all of the following except:
A)Vendor center list.
B)Customer center list.
C)Bank reconciliation.
D)Accounts payable transactions.
E)None.
Q4) Entering and paying bills is part of the Accounts Payable workflow.
A)True
B)False
Q5) A bill can be customized in QBO.
A)True B)False
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Chapter 12: Apps, updates and QB Online Blog
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Sample Questions
Q1) 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.
Q2) No inventory apps are included for use with QBO.
A)True
B)False
Q3) 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.
Q4) You cannot search the QBO blog.
A)True
B)False
Page 14
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