Business Accounting Applications
Exam Bank
Course Introduction
Business Accounting Applications explores the practical use of accounting concepts in todays business environment. This course covers the preparation and analysis of financial statements, utilization of accounting software, management of accounts receivable and payable, payroll systems, budgeting techniques, and interpretation of key financial data for decision-making. Students gain hands-on experience through case studies and simulated business transactions, building competence in applying accounting principles to solve real-world business challenges. The course is designed to prepare students for roles in accounting departments or to support entrepreneurial ventures with robust financial management skills.
Recommended Textbook
Computer Accounting with QuickBooks Online A Cloud Based Approach 2nd Edition by Carol Yacht
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12 Chapters
239 Verified Questions
239 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) 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
Q2) A complete list of a business's accounts and their balances is called:
A)Balance Sheet
B)Income and expense accounts
C)Trial Balance
D)Chart of Accounts
E)None
Answer: D
Q3) Liability accounts usually start with the number 3000.
A)True
B)False
Answer: False
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3
Chapter 2: New Company Setup and the Chart of Accounts
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20 Flashcards
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Sample Questions
Q1) When batch edit is selected, the Chart of Accounts includes a number field so that numerous account numbers can be added.
A)True
B)False
Answer: True
Q2) When changes are made, this type of message may appear on QBO page(s):
A)FYI.
B)Updates.
C)QBO blog and archive
D)Create menu.
E)All
Answer: B
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
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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) To view your company financial information, display transactions.
A)True
B)False Answer: False
Q2) ________________________________are examples of checks, bills, and transfers.
A)Bank reconciliations.
B)Custom reports.
C)Specialized screens.
D)Profit and Loss statements.
E)All. Answer: C
Q3) Sales receipts are included in the Customers list.
A)True
B)False Answer: True
Q4) On the Create menu, select Invoices for cash sales.
A)True
B)False Answer: False
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Chapter 4: Vendors and Inventory
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Sample Questions
Q1) In Chapter 4, checking Expense and Sales transactions and the October 30<sup>th</sup> trial balance is the starting point for your data.
A)True
B)False
Q2) ____________________________________report economic information about the business.
A)Journal transactions.
B)Financial statements.
C)Transaction registers.
D)Account distributions.
E)All.
Q3) The account distribution for purchases of inventory on account is:
A)Debit Checking and Merchandise Inventory; credit Accounts Receivable/customer.
B)Debit Merchandise Inventory and Accounts Receivable; credit Sales.
C)Debit Accounts Receivable/Customer; credit Accounts Payable/vendor.
D)Debit Merchandise Inventory; credit Accounts Payable/vendor.
E)None.
Q4) When you enter bills for a vendor, Accounts Payable and the vendor are debited. A)True
B)False
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Chapter 5: Customers and Sales
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Sample Questions
Q1) On invoices and other sales transactions, you select products or services which are associated with income accounts.
A)True
B)False
Q2) Once you issue an invoice to a customer, that customer owes your business money.
A)True
B)False
Q3) Registers are a useful way to look at transactions and amounts associated with a particular account.
A)True
B)False
Q4) Distribution lines on a journal entry are also shown on the Statement of Cash Flows. A)True
B)False
Q5) To make sure your customer transactions and refunds have been recorded, display the Accounts Payable A/P register.
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) In QBO, how are Credit Card Sales identified?
A)QBO defaults to Credit Card Sales.
B)As a vendor.
C)As a customer.
D)None.
E)All.
Q2) 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.
Q3) Who sends verification of credit card receipts?
A)Customers.
B)Vendors.
C)Clients.
D)Bank.
E)None.
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Chapter 7: Analysis and Reportsend of Fourth Quarter and Year
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Sample Questions
Q1) Accounts that are closed as the end of the year are called:
A)Permanent accounts.
B)Temporary accounts.
C)Balance sheet accounts.
D)Trial balance accounts.
E)All.
Q2) 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
Q3) When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income; and the Profit and Loss accounts will have zero balances.
A)True
B)False
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Chapter 8: January Source Documents
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Sample Questions
Q1) To edit an account, go to Recent Transactions and drill down.
A)True
B)False
Q2) Vendor terms are Net 60.
A)True
B)False
Q3) In QBO, tracking inventory is automatically done.
A)True
B)False
Q4) 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.
Q5) If the debits do not equal the credits, QBO will allow you to post the transaction.
A)True
B)False
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Chapter 9: February Source Documents
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Sample Questions
Q1) The vendor used for the Loan Payable account is First Trust Bank.
A)True
B)False
Q2) QB Cloud __________________________ includes an area for Credit Cards.
A)Bank Statement.
B)Trial Balance.
C)Profit and Loss Statement.
D)Statement of Cash Flows.
E)None.
Q3) When recording a credit card sale, select the following: A)Vendors.
B)Bill payments.
C)Type of credit card.
D)+ > Invoice.
E)None.
Q4) To obtain information about your company's liabilities, you should run the Profit and Loss report.
A)True
B)False
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Chapter 10: February Source Documents
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19 Flashcards
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Sample Questions
Q1) When you sign in, QBO is up to date.
A)True
B)False
Q2) Customers are people who purchase products and services from you.
A)True
B)False
Q3) At the end of Chapter 10, reports are exported to Excel.
A)True
B)False
Q4) Which report shows unpaid invoices for the current period?
A)Balance Sheet.
B)A/P Summary.
C)A/R Summary.
D)Profit and Loss.
E)None.
Q5) Sign out is included as a link on the Create menu.
A)True
B)False
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Chapter 11: Certification, Report Customization and Quickbooks Labs
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Sample Questions
Q1) What are the steps to run a customized report?
A)Reports > My Custom Reports > select report name.
B)Reports > Transactions > Chart of Accounts > report name.
C)Gear > Transfer > record journal entry.
D)None.
E)All.
Q2) The Reports page includes which of following?
A)Recommended.
B)Frequently run.
C)My custom reports.
D)Management reports.
E)All.
Q3) A bill can be customized in QBO.
A)True
B)False
Q4) Customers are people who purchase products and services from your company.
A)True
B)False
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Chapter 12: Apps, Updates, Quickbooks Blog and Tips
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Sample Questions
Q1) Updates include:
A)User interface elements.
B)Account features.
C)User functions.
D)All.
E)None
Q2) 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.
Q3) How do you find Apps?
A)Gear > Account and Settings > Billing and Subscription.
B)+ > Invoice.
C)Search > Recent transactions.
D)Navigation bar > Apps.
E)All.
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