Financial Accounting
Exam Questions
Course Introduction
Financial Accounting is an introductory course focusing on the fundamental principles and practices of accounting used to measure, record, and communicate financial information. The course covers the accounting cycle, preparation and analysis of financial statements, and the role of accounting information in decision-making for both internal and external users. Students will explore topics such as assets, liabilities, equity, revenues, expenses, and the application of generally accepted accounting principles (GAAP). Through real-world examples and practical exercises, students gain the analytical skills needed to interpret financial data and understand its impact on business operations.
Recommended Textbook
Computer Accounting with QuickBooks Online A Cloud Based Approach 1st Edition by Carol Yacht
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240 Verified Questions
240 Flashcards
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Chapter 1: Quickbooks Online Test-Drive
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Sample Questions
Q1) 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
Q2) The link between the user and the software is called the:
A)Chart of Accounts.
B)General Ledger.
C)Navigation bar.
D)User interface.
E)All.
Answer: D
Q3) To create transactions,use this icon:
A)Clock.
B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.
Answer: C
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Page 3
Chapter 2: New Company Setup and the Chart of Accounts
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Sample Questions
Q1) A list of all the changes that have been made to the company data and by whom.
A)Settings menu.
B)Navigation bar.
C)Business processes.
D)Audit log.
E)All.
Answer: D
Q2) On the Chart of Accounts,the View register link is for income,cost of goods sold and expense accounts.
A)True
B)False
Answer: False
Q3) 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
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Page 4
Chapter 3: Beginning Balances and October Transaction Register
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Sample Questions
Q1) On the Create menu,select Invoices for cash sales.
A)True
B)False Answer: False
Q2) When QBO updates,accounts may be added automatically to the chart of accounts.
A)True
B)False Answer: True
Q3) To view your company financial information,display transactions.
A)True
B)False Answer: False
Q4) 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
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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) 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
Q3) ____________________________________report economic information about the business.
A)Journal transactions.
B)Financial statements.
C)Transaction registers.
D)Account distributions.
E)All.
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) If all customer payments have been received,the A/R Aging Summary has a zero balance.
A)True
B)False
Q2) Registers are a useful way to look at transactions and amounts associated with a particular account.
A)True B)False
Q3) A credit memo affects the customer's balance.
A)True B)False
Q4) Another term for a customer is:
A)Consumer.
B)Buyer.
C)Shopper.
D)Subscriber.
E)All.
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) Receiving payment from a customer is recorded in the following way:
A)Customers page > select customer > Receive Payment.
B)Create menu (+)> Receive Payment.
C)Receive payment from the Customers page or the Create menu.
D)Gear icon > Account and Settings > Advanced.
E)None.
Q2) The documents shown trigger transaction analysis for vendors,inventory,customers,cash and credit card sales.
A)True
B)False
Q3) 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.
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) 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) Products and services can be used to represent different services or goods.
A)True
B)False
Q3) The purpose of an adjusting entry is a/an:
A)Accurate Profit and Loss statement and Balance Sheet.
B)Create menu (+)> Credit Card Credit.
C)Gear > Account and Settings > Advanced.
D)Gear > Manage Users.
E)None.
Q4) When you close the books,income,cost of goods sold,and expense accounts are reset to zero amounts.
A)True
B)False
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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) Vendor terms are Net 60.
A)True
B)False
Q3) 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.
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) You cannot drill down to transactions from the Recent Transactions links.
A)True
B)False
Q2) The vendor used for the Loan Payable account is First Trust Bank.
A)True
B)False
Q3) 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.
Q4) To make sure you are starting in the correct place in the data,display the:
A)October 1 through December 31 Balance Sheet.
B)January 1 through January 31 Profit and Loss.
C)January 1 through January 31 Trial Balance.
D)Transaction register.
E)None.
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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) QuickBooks Online cannot be accessed using a Mac computer.
A)True
B)False
Q3) Customers are people who purchase products and services from you.
A)True
B)False
Q4) You cannot merge two accounts that are not the same type.
A)True
B)False
Q5) 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
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Chapter 11: Certification, quick-Books Labs and Report
Customization
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Sample Questions
Q1) Entering and paying bills is part of the Accounts Payable workflow.
A)True
B)False
Q2) Customers are people who purchase products and services from you.
A)True
B)False
Q3) Basic accounting knowledge includes all of the following except:
A)Signing in and out of QBO.
B)Meaning of financial statements.
C)Difference between cash and accrual reports.
D)How to enter a Journal Entry.
E)None.
Q4) When preparing for the QBO certification test,students should know how to:
A)Complete company settings or preferences.
B)Navigate the user interface,set up beginning balances,complete Accounts Payable and Accounts Receivable workflows.
C)Complete report customization.
D)Export report to Excel and/or save them as PDF files.
E)All.
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Chapter 12: Apps, updates and QB Online Blog
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Sample Questions
Q1) QBO has an app for PayPal.
A)True
B)False
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)Download and use free 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) Updates include:
A)User interface elements.
B)Account features.
C)User functions.
D)All.
E)None
Q4) The QBO Blog only includes posts from Intuit.
A)True
B)False
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