Managerial Accounting Test Preparation
Course Introduction
Managerial Accounting focuses on the use of accounting information by managers within organizations to aid in decision-making, planning, and control. This course covers key concepts such as cost behavior and allocation, budgeting, performance evaluation, and financial statement analysis from a managerial perspective. Emphasis is placed on developing skills for interpreting accounting data, supporting strategic goals, and making informed business decisions that drive organizational efficiency and effectiveness. Students gain practical understanding through real-world examples and case studies, preparing them to apply managerial accounting techniques in a variety of business settings.
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
Source URL: https://quizplus.com/quiz/65369
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) 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
Q3) When you sign out of the test drive,your data is:
A)Saved.
B)Not saved.
C)Exports to Excel.
D)Saved as PDF file.
E)All.
Answer: B
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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) Another name for multi-level authentication:
A)IP address
B)Confirmation code.
C)Customer defaults.
D)Chart of Accounts.
E)None
Answer: B
Q2) When setting up your company,use a valid email address.
A)True
B)False
Answer: True
Q3) An integrated system of people,processes,and procedures that minimize or eliminate business risks.
A)Business processes.
B)Generally accepted accounting principles.
C)Keyboard shortcuts.
D)Internal control.
E)All.
Answer: D
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Page 4
Chapter 3: Beginning Balances and October Transaction Register
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65367
Sample Questions
Q1) Funds can be transferred between Profit and Loss accounts but not Balance Sheet accounts.
A)True
B)False Answer: False
Q2) Sales receipts are included in the Customers list.
A)True
B)False Answer: True
Q3) Use the __________________________ to record a journal entry.
A)Settings menu.
B)Create menu.
C)From the home page,select vendors.
D)Select the clock icon to show recent transactions.
E)All.
Answer: B
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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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) _______________________________________are purchases on account from vendors.
A)Transfer transactions.
B)Accounts receivable transactions.
C)Accounts payable transactions.
D)Chart of accounts transactions.
E)None.
Q2) 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.
Q3) Cash basis accounting means you count income or expenses as soon as you invoice or receive a bill and before you actually receive or pay money.
A)True
B)False
Q4) Cloud_Ware receives bank statements at the end of the quarter.
A)True
B)False
6
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Chapter 5: Customers and Sales
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) The preference for the customer label is:
A)Costs of goods sold.
B)Customers.
C)Vendors.
D)Suppliers.
E)All.
Q2) The Inventory Valuation Summary has the same balance as Account 101 Checking.
A)True
B)False
Q3) Refunds for merchandise that is returned by a customer are called:
A)Credit memos
B)Purchases on account.
C)Sales on accounts.
D)Accounts payable transactions.
E)All.
Q4) If all customer payments have been received,the A/R Aging Summary has a zero balance.
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) Who sends verification of credit card receipts?
A)Customers.
B)Vendors.
C)Clients.
D)The bank.
E)None.
Q2) 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.
Q3) To see the appropriate report balances,type the date range.
A)True
B)False
Q4) The vendor Conf/Call purchases Webinars.
A)True
B)False
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Chapter 7: Analysis and Reportsend of Fourth Quarter and Year
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20 Flashcards
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Sample Questions
Q1) 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.
Q2) 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.
Q3) 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
Q4) To close the books,change the trial balance date to December 31 of the current year.
A)True
B)False
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Chapter 8: January Source Documents
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20 Verified Questions
20 Flashcards
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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) Use this source document for issuing checks:
A)Invoice.
B)Sales Receipts.
C)Credit card receipts.
D)Transaction register.
E)None.
Q3) When recording customer payments,use these steps:
A)+ > Invoice.
B)+ Receive Payment.
C)Gear > Manage Users.
D)+ > Sales Receipt.
E)None.
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10
Chapter 9: February Source Documents
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20 Verified Questions
20 Flashcards
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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) With an Internet connection,almost any browser can be used to work with QB Online.
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) Because QBO is in the cloud,you do not need to back up.
A)True
B)False
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11
Chapter 10: February Source Documents
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20 Verified Questions
20 Flashcards
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Sample Questions
Q1) 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
Q2) Click on the magnifying-glass icon to search by transaction,amount,or date.
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) To remove a product from the item list,make it inactive.
A)True
B)False
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Chapter 11: Certification, quick-Books Labs and Report
Customization
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20 Verified Questions
20 Flashcards
Source URL: https://quizplus.com/quiz/65359
Sample Questions
Q1) Entering and paying bills is part of the Accounts Payable workflow.
A)True
B)False
Q2) 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.
Q3) Select the best description for QuickBooks Labs?
A)Plug-ins.
B)Recent transactions.
C)Search.
D)Account and Settings.
E)All.
Q4) Customers are people who purchase products and services from you.
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) Apps are frequently added to QBO.
A)True
B)False
Q2) CRM apps produce financial statements.
A)True
B)False
Q3) QBO has an app for PayPal.
A)True
B)False
Q4) No inventory apps are included for use with QBO.
A)True
B)False
Q5) When you sign into QBO,you are using the:
A)Version backed up to the hard drive.
B)Up-to-date version.
C)Report version.
D)None.
E)All.
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