Entrepreneurial Accounting
Mock Exam
Course Introduction
Entrepreneurial Accounting is a course designed to equip aspiring entrepreneurs with essential accounting knowledge and skills tailored to the unique needs of startups and small businesses. The course explores fundamental accounting principles, including recording and interpreting financial transactions, understanding balance sheets and income statements, managing cash flow, and budgeting. It emphasizes the strategic use of financial information for decision-making, fundraising, and performance assessment. By the end of the course, students will be able to apply accounting concepts to forecast financial outcomes, evaluate investment opportunities, and communicate effectively with stakeholders, ensuring the financial health and sustainability of entrepreneurial ventures.
Recommended Textbook
Computer Accounting with QuickBooks Online A Cloud Based Approach 2nd Edition by
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12 Chapters
239 Verified Questions
239 Flashcards
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Page 2
Carol Yacht
Chapter 1: Quickbooks Online Test-Drive
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) The Test Drive company is also known as:
A)Craig's Design and Landscaping Services.
B)The sample company.
C)Populated company data used in Chapter 1.
D)A way to practice using the QuickBooks Online (QBO) user interface.
E)All.
Answer: E
Q2) The balance sheet lists what you own (assets), what your debts are (liabilities), and what you've invested (equity).
A)True
B)False
Answer: True
Q3) The cloud stores data on web servers instead of your computer.
A)True
B)False
Answer: True
Q4) You can only use a mouse to move around QBO.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
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) Software as a service and cloud computing are alike.
A)True
B)False
Answer: True
Q2) 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
Q3) On the Chart of Accounts, the Run report accounts appear on the Balance Sheet.
A)True
B)False
Answer: False
Q4) Retained earnings is a View register account.
A)True
B)False
Answer: False
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4
Chapter 3: Beginning Balances and October Transaction Register
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20 Flashcards
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Sample Questions
Q1) By default, each report shows data as of the current or today's date.
A)True
B)False Answer: True
Q2) In Chapter 3, when a check is issued, the account distribution is a:
A)Debit Checking; credit an asset account.
B)Debit expense account; credit vendor.
C)Debit Accounts Receivable/Customer; credit Sales.
D)Debit expense account; credit Checking.
E)None
Answer: D
Q3) After analyzing the transaction and typing the transaction date, complete this task:
A)Display the Balance Sheet.
B)Select Run report.
C)Input transaction.
D)Refer to the account distribution.
E)All.
Answer: C
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Chapter 4: Vendors and Inventory
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Sample Questions
Q1) In QBO, an up-to-date record of inventory is maintained and tracked.This is called:
A)Perpetual inventory.
B)Periodic inventory.
C)Sales and cost of goods sold.
D)Account payable and customer accounts.
E)None
Q2) QB Cloud receives bank statements at the end of the quarter.
A)True
B)False
Q3) The money a company owes to a supplier or vendor is called:
A)Accounts payable.
B)Accounts receivable.
C)Sales.
D)Purchases.
E)None.
Q4) The Balance Sheet shows the accounting equation.
A)True
B)False
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Chapter 5: Customers and Sales
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Sample Questions
Q1) Registers are a useful way to look at transactions and amounts associated with a particular account.
A)True
B)False
Q2) Once you issue an invoice to a customer, that customer owes your business money.
A)True
B)False
Q3) To make sure your customer transactions and refunds have been recorded, display the Accounts Payable A/P register.
A)True
B)False
Q4) This term identifies what customers owe your business:
A)Suppliers.
B)Vendors.
C)Accounts payable.
D)Accounts receivable.
E)None.
Q5) The A/R Register has the same balance as Account 201 Accounts Payable. A)True
B)False
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Chapter 6: December Source Documents
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Sample Questions
Q1) Before completing the work within Chapter 6, check your data with the following report:
A)December 1 Trial Balance.
B)December 31 Trial Balance.
C)November 30 P&L.
D)November 1 Balance Sheet.
E)None.
Q2) The documents shown trigger transaction analysis for vendors, inventory, customers, cash and credit card sales.
A)True
B)False
Q3) The Transaction Register in Chapter 6 lists QB Cloud's deposits.
A)True
B)False
Q4) 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.
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Chapter 7: Analysis and Reportsend of Fourth Quarter and Year
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Sample Questions
Q1) A period that the company uses for accounting purposes and preparing financial statements.
A)First quarter.
B)Fourth quarter.
C)Fiscal year.
D)End of year.
E)None.
Q2) The accounts shown on the balance sheet are called:
A)Permanent accounts.
B)Temporary accounts.
C)Transaction entries.
D)Customized accounts.
E)All.
Q3) A list report with amounts can be exported and customized using:
A)The balance sheet.
B)A template.
C)Some apps.
D)Excel.
E)All.
Page 9
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Chapter 8: January Source Documents
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Sample Questions
Q1) When recording Sales Receipts, use these steps:
A)+ > Invoice.
B)+ > Receive Payment.
C)+ > Bill.
D)+ > Transfer
E)None.
Q2) In QuickBooks you can void a check if it was lost in the mail or never cashed.
A)True
B)False
Q3) Vendor purchases on account are recorded on this page:
A)Journal entry.
B)Invoice.
C)Bill.
D)Sales Receipt.
E)None.
Q4) 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) 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.
Q2) The vendor used for the Loan Payable account is First Trust Bank.
A)True
B)False
Q3) Which report shows you information on your income and expenses for a specific period?
A)Balance Sheet.
B)Comparative Budget report.
C)Money-out summary.
D)Profit and Loss.
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) QuickBooks Online cannot be accessed using a Mac computer.
A)True
B)False
Q2) Customers are people who purchase products and services from you.
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) The Create menu includes the Chart of Accounts.
A)True
B)False
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Chapter 11: Certification, Report Customization and Quickbooks Labs
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20 Flashcards
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Sample Questions
Q1) For the QBO certification test, students should know how to answer:
A)Basic accounting and general knowledge questions.
B)Questions about other accounting softwares.
C)Questions about Case Problems 1 and 2.
D)None.
E)All.
Q2) Learning how to export reports to Excel is an important feature of QB Online.
A)True
B)False
Q3) QBO's items or products and services are included within the customer center.
A)True
B)False
Q4) 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
Q5) 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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20 Flashcards
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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) Use the QBO blog to learn about the software.
A)True
B)False
Q3) You cannot search the QBO blog.
A)True
B)False
Q4) QBO has an app for PayPal.
A)True
B)False
Q5) The QBO Blog includes the latest information about the software.
A)True
B)False
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