Cloud-Based Accounting Systems
Exam Answer Key
Course Introduction
Cloud-Based Accounting Systems explores the principles, technologies, and best practices for leveraging cloud computing in modern accounting operations. The course covers the transition from traditional software to cloud solutions, evaluating leading cloud accounting platforms, data security considerations, and real-time collaboration features. Students will examine the impact on business processes, gain hands-on experience with cloud accounting tools, and learn how cloud adoption enhances efficiency, scalability, and decision-making. Ethical, legal, and compliance aspects of managing financial data in the cloud are also discussed.
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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Sample Questions
Q1) QuickBooks Online updates:
A)Automatically.
B)Never.
C)Every time you sign in and sign off.
D)At the end of the quarter.
E)All.
Answer: A
Q2) To go to the Settings menu, use this icon:
A)Question mark.
B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.
Answer: B
Q3) Subcategories for account classification are shown within the Type column on the Chart of Accounts.
A)True
B)False
Answer: False
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Page 3
Chapter 2: New Company Setup and the Chart of Accounts
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Sample Questions
Q1) View register accounts appear on the Profit & Loss report.
A)True
B)False Answer: False
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) The Dashboard always includes updated message.
A)True
B)False Answer: False
Q4) 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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Sample Questions
Q1) Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.
A)True
B)False
Answer: False
Q2) The Profit and Loss statement shows the debit and credit balances of each account during a period of time.
A)True
B)False
Answer: False
Q3) Use the __________________________ to record a journal entry.
A)Settings menu.
B)Create menu.
C)From the Gear icon, select vendors.
D)Select the Plus icon to show recent transactions.
E)All.
Answer: B
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Page 5
Chapter 4: Vendors and Inventory
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Sample Questions
Q1) Bills are entered to record an expense or purchase of assets.
A)True
B)False
Q2) Using the Bank Statement, go to the Journal to reconcile checking account activity.
A)True
B)False
Q3) QBO organizes and monitors accounts payable.
A)True
B)False
Q4) When QB Cloud purchases and receives inventory, they are:
A)Subtracted from inventory.
B)Added to inventory.
C)Added to customer accounts.
D)Subtracted from customer accounts.
E)All.
Q5) Before you reconcile, the check register balance does not include the bank's service charge.
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) A credit memo affects the customer's balance.
A)True
B)False
Q3) The preference for the customer label is:
A)Costs of goods sold.
B)Customers.
C)Vendors.
D)Suppliers.
E)All.
Q4) 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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Sample Questions
Q1) The Customer Balance Summary shows the same balance as Account 105 Accounts Receivable (A/R).
A)True
B)False
Q2) The documents shown trigger transaction analysis for vendors, inventory, customers, cash and credit card sales.
A)True
B)False
Q3) To see the appropriate report balances, type the date range.
A)True
B)False
Q4) Identify the vendor who purchases Web servers.
A)eBiz.
B)Any Time Deployment.
C)CloudZ Channel.
D)Computers 2 You.
E)None.
Q5) Sales receipts and remittances work together.
A)True
B)False
Page 8
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Chapter 7: Analysis and Reportsend of Fourth Quarter and Year
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Sample Questions
Q1) A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.
A)True
B)False
Q2) To see the appropriate report balances, type the date range.
A)True
B)False
Q3) In Chapter 7, adjusting entries are dated December 31.
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
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Chapter 8: January Source Documents
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Sample Questions
Q1) When inventory is purchased, Account 115 Merchandise Inventory is decreased.
A)True
B)False
Q2) In QuickBooks you can void a check if it was lost in the mail or never cashed.
A)True
B)False
Q3) Vendor terms are Net 60.
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) In QBO, tracking inventory is automatically done.
A)True
B)False
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Chapter 9: February Source Documents
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Sample Questions
Q1) To obtain information about your company's liabilities, you should run the Profit and Loss report.
A)True
B)False
Q2) If the Balance Sheet shows $75,000 in assets and $4,000 in liabilities, what is the company's equity?
A)$71,000.
B)$79,000.
C)$81,000.
D)$89,000.
E)None.
Q3) 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.
Q4) For vendor payments, refer to the Memo source document.
A)True
B)False
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Chapter 10: February Source Documents
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Sample Questions
Q1) When you sign in, QBO is up to date.
A)True
B)False
Q2) You cannot merge two accounts that are not the same type.
A)True
B)False
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) The source documents in Chapter 10 include.
A)Credit card sales.
B)Accounts payable transactions.
C)Accounts receivable transactions.
D)Checks.
E)All.
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Chapter 11: Certification, Report Customization and Quickbooks Labs
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Sample Questions
Q1) Customers are people who purchase products and services from your company.
A)True
B)False
Q2) The user interface is a part of learning how to navigate QBO.
A)True
B)False
Q3) The purchases module includes all of the following except:
A)Vendor center.
B)Customer center.
C)Bank reconciliation.
D)Accounts payable transactions.
E)None.
Q4) Which of the following objectives does the QBO certification test cover:
A)QBO setup.
B)Purchases.
C)Sales.
D)Reports.
E)All.
Page 13
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Chapter 12: Apps, Updates, Quickbooks Blog and Tips
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Sample Questions
Q1) To see What's New in QBO, go to the: A)Apps feature.
B)QuickBooks Online Blog.
C)Sign in, go to Account and Settings.
D)Sign out, go to the Create menu.
E)All.
Q2) What type of QBO feature can you use to collect a customer payment on the fly (for example, you're away from your desk, or you're in a mobile situation)?
A)Use QBO apps.
B)Run the A/R Aging Report.
C)Export the Vendor Balance Summary to Excel.
D)There is no way to collect customer payment on the fly.
E)None.
Q3) You can browse apps by category.
A)True
B)False
Q4) CRM apps produce financial statements.
A)True
B)False
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