Financial Accounting with Technology
Final Test Solutions
Course Introduction
Financial Accounting with Technology explores the foundational principles of financial accounting while emphasizing the transformative role of technology in modern accounting practices. Students will learn to prepare, analyze, and interpret financial statements using both traditional methods and contemporary accounting software. The course covers topics such as the accounting cycle, asset and liability management, and the ethical considerations of financial reporting, integrating practical experience with tools such as spreadsheets, cloud-based accounting systems, and data analytics platforms to enhance decision-making and reporting accuracy in today's dynamic business environment.
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
Source URL: https://quizplus.com/study-set/3294
Page 2
Chapter 1: Quickbooks Online Test-Drive
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) To go to the Settings menu,use this icon:
A)Clock
B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.
Answer: B
Q2) Another name for the Profit and Loss report is the Income Statement.
A)True
B)False Answer: True
Q3) To create transactions,use this icon: A)Clock. B)Gear.
C)Plus.
D)Magnifying-glass.
E)All.
Answer: C
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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) 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
Q2) The QBO Chart of Accounts automatically sets up the appropriate account numbers.
A)True
B)False
Answer: False
Q3) Another name for multi-level authentication:
A)IP address
B)Confirmation code.
C)Customer defaults.
D)Chart of Accounts.
E)None
Answer: B
Q4) Retained earnings is a View register account.
A)True
B)False
Answer: False
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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) You can look at the Journal to see all the transactions that were entered. A)True
B)False Answer: True
Q2) To go beyond QBO's customize report feature,save the recommended report as a PDF file.
A)True
B)False Answer: False
Q3) When QBO updates,accounts may be added automatically to the chart of accounts. A)True
B)False Answer: True
Q4) To view your company financial information,display transactions. A)True
B)False Answer: False
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Chapter 4: Vendors and Inventory
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20 Flashcards
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Sample Questions
Q1) A product that is purchased from vendors for sale to customers is called a/an:
A)Account receivable.
B)Trial balance.
C)Activity transaction.
D)Inventory item.
E)All.
Q2) Before you reconcile,your check register balance does not include the bank's service charge.
A)True
B)False
Q3) A report that breaks the analysis into operating,investing,and financial activities is called:
A)Trial Balance.
B)Profit and Loss.
C)Balance Sheet.
D)Statement of Cash Flows.
E)All.
Q4) Bills are entered to record an expense or purchase of assets.
A)True
B)False
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Chapter 5: Customers and Sales
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20 Flashcards
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Sample Questions
Q1) 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.
Q2) A Bank Statement shows the checks and deposits that cleared the bank.
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) The Inventory Valuation Summary has the same balance as Account 101 Checking.
A)True
B)False
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Page 7
Chapter 6: December Source Documents
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20 Flashcards
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Sample Questions
Q1) Identify the vendor who purchases Web servers.
A)eBiz.
B)Any Time Deployment.
C)CloudZ Channel.
D)Compuers 2 You.
E)None.
Q2) When displaying the journal,it doesn't matter if the current year is shown for each transaction.
A)True
B)False
Q3) One of Cloud_Ware's customers is the Law Office of Williamson,Gallagher,and Katz.
A)True
B)False
Q4) On the Sales Receipts page,select the appropriate credit card name.
A)True
B)False
Q5) To see the appropriate report balances,type the date range.
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) Adjusting entries are recorded on the Invoice page.
A)True
B)False
Q2) In Chapter 7,adjusting entries are dated December 31.
A)True
B)False
Q3) 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.
Q4) When you close the books,income,cost of goods sold,and expense accounts are reset to zero amounts.
A)True
B)False
Q5) 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
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Chapter 8: January Source Documents
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20 Flashcards
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Sample Questions
Q1) Vendor terms are Net 60.
A)True
B)False
Q2) Sales on account to customers are recorded on this page:
A)Journal entry.
B)Invoice.
C)Bill.
D)Sales Receipt.
E)None.
Q3) When recording Sales Receipts,use these steps:
A)+ > Invoice.
B)+ > Receive Payment.
C)+ > Bill.
D)+ > Transfer
E)None.
Q4) If the debits do not equal the credits,QBO will allow you to post the transaction.
A)True
B)False
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Page 10
Chapter 9: February Source Documents
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20 Flashcards
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Sample Questions
Q1) With an Internet connection,almost any browser can be used to work with QB Online.
A)True
B)False
Q2) Cloud_Ware's __________________________ 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) You cannot drill down to transactions from the Recent Transactions links.
A)True
B)False
Q4) The source documents shown in Chapter 9 include all of the following except:
A)Memos.
B)Credit card sales.
C)Vendor purchases.
D)Commons stock.
E)All.
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Chapter 10: February Source Documents
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Sample Questions
Q1) At the end of Chapter 10,reports are exported to Excel.
A)True
B)False
Q2) The Create menu includes the Chart of Accounts.
A)True
B)False
Q3) You cannot merge two accounts that are not the same type.
A)True
B)False
Q4) The source documents in Chapter 10 include.
A)Credit card sales.
B)Accounts payable transactions.
C)Accounts receivable transactions.
D)Checks.
E)All.
Q5) Sign out is included as a link on the Create menu.
A)True
B)False
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Chapter 11: Certification, quick-Books Labs and Report
Customization
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Sample Questions
Q1) What are the steps to run a customized report?
A)Reports > My Report tab > select report name.
B)Reports > Transactions > Chart of Accounts > report name.
C)Gear/company name > Transfer > record journal entry.
D)None.
E)All.
Q2) 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.
Q3) To prepare for the QuickBooks Online Certified User test,administered by Certiport.com,student can take the practice test at ? HYPERLINK "http://www.mhhe.com/QBO" ?www.mhhe.com/QBO?.
A)True
B)False
Q4) The sales module includes the Accounts Receivable (A/R)workflow.
A)True B)False
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Chapter 12: Apps, updates and QB Online Blog
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20 Flashcards
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Sample Questions
Q1) What does the Apps button do?
A)Tracks vendor appointments.
B)Display the Inventory summary.
C)Use the App tab to find more apps.
D)Go to Advanced Account and Settings.
E)All.
Q2) The QBO Blog is changed regularly.
A)True
B)False
Q3) Updates include:
A)User interface elements.
B)Account features.
C)User functions.
D)All.
E)None
Q4) You cannot search the QBO blog.
A)True
B)False
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