Type:
Solution Manual
Computer Accounting with Resource: QuickBooks Online A CloudBased Approach Edition:
4th Edition
Author(s):
Carol Yacht Matthew Lowenkron
CHAPTER 1 QUICKBOOKS ONLINE TEST-DRIVE INSTRUCTOR’S MANUAL OBJECTIVES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Start the sample company, Craig’s Design and Landscaping Services. Tour QuickBooks Online (QBO) and the user interface. View recent transactions and reports. Create an invoice, sales receipt, bill, and write checks. Export the Chart of Accounts to Excel. Export reports to Excel and save as PDF files. Display Management reports. Complete Check Your Progress. Review and complete the QuickBooks Resources and Activities. Complete Exercises 1-1, 1-2, 1-3, and Certification Q&A practice tests.
SYSTEM REQUIREMENTS To use QuickBooks Online (QBO), sign in with a web browser. The requirements for your computer’s operating system, Internet speed, and web and mobile browser vary depending on your system. For optimal QuickBooks Online performance, the following computer operating systems and internet speeds are recommended. Recommended operating systems and internet speeds To check your computer’s operating system, link to the Windows version page or the Mac version page.
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Windows PC: Windows 10 or 11, Intel Core i5 or comparable processor (2015 or newer) with at least 4 GB of RAM. You need Adobe Reader 11.0 or higher to print forms. Mac: OS X “Big Sur” 11.1 or newer. Internet connection: 3 Mbps or higher.
Minimum operating systems and internet speeds The specs above are recommended, but QuickBooks will run with the following minimum systems and internet speeds: • Windows PC: Windows 10, Intel Core i3 or a comparable processor (2013 or newer) with at least 2 GB of RAM. • Mac: OS X El Capitan 10.11 or newer. • Internet connection: 1.5 Mbps. Supported web browsers In general, QuickBooks supports the current and two previous versions of browsers. We do not always support older versions. [Note: Internet Explorer is no longer a supported browser.] • Google Chrome: Version 78 or newer • Mozilla Firefox: Version 76 or newer. Note: To preview and print forms on Mac OS, you will also need the Firefox PDF plugin. • Microsoft Edge: version 75 or newer • Safari: version 12 or newer (Mac only)
Mobile browsers iPhone / iPad 1-. .
• iOS 11.1 or newer. • Safari browser: Make sure Private mode is off to allow cookies • Other browsers, such as Chrome and Dolphin, may work but are not supported. Android smartphones and tablets • Nougat 7.1.1 or newer • Chrome browser • Other browsers, such as Firefox and Opera, may work but are not supported. Microsoft Surface: Microsoft Edge Other For exporting reports to Excel, use Microsoft Excel 97 or later. Adobe for saving PDF files. The free Adobe Acrobat Reader is available at https://get.adobe.com/reader/ QBO Tips ❖ Start an Internet browser. Go online to https://qbo.intuit.com/redir/testdrive. ❖ Each time your students start the sample company, Craig’s Design and Landscaping Services, security verification is required. ❖ Each time the sample company is started, a new session begins. Data is not saved. ❖ In Chapter 1, students complete Check Your Progress assignments and compare their results with the answers shown. In subsequent chapters, students provide Check Your Progress answers. ❖ Before students start Exercise 1-1, the authors suggest they sign out of QBO. Then, students log into a new session of QBO before starting Exercise 1-1. Students complete Exercise 1-1’s transactions and continue with Exercise 1-2. Students should not log out until Exercises 1-1, 1-2 are completed. QUICKBOOKS RESOURCES AND ACTIVITIES .l Connect® publishes the eBook twice a year for Fall and Spring semesters. For example, there is a Winter 2024 eBook Release for Spring semester, and a Summer 2024 eBook Release for Fall semester. eBook Releases include content and software updates, new Figures, Connect assignment updates, and SmartBook updates. Connect: One or more of the following may be assigned for auto-grading and feedback. 1. Multiple-choice and true or false questions. 2. Analysis question(s). 3. Check Your Progress. 4. Chapter work and end-of chapter exercises. 5. Problem solving. 6. Certification Q&A. 7. Test Bank. 8. Additional student resources.
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9. SmartBook > + Add Assignment > select SmartBook 2.0 (or later) > New Assignment > select Chapter(s) > Continue > select Content. If all of Chapter 1 Content is selected, it looks like this.
a. Click > Continue > enter an Assignment name (e.g., Chapter 1). b. Enter a start date and due date > enter preferred score > Assign. c. An example of the author’s SmartBook assignments are shown for Chapters 1-5. You may want to have students’ complete SB for Chapters 1 through 12. In addition to completing Connect’s Certification Q&A practice tests, SmartBook is a good way to prepare for the third-party, fee-based, Certification test from Certiport.
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Additional Student Resources (ASR) The following resources can be found on the ASR page in Connect’s eBook. If students are not using Connect, the professor provides students with a URL to access the ASR page. 1. Access QBO Sign Up. 2. Narrated PowerPoints. 3. QBO Videos. a. Get started with QuickBooks b. Use QuickBooks Shortcuts c. Search for Videos 4. Text Updates. INSTRUCTOR RESOURCES AND ADDITIONAL STUDENT RESOURCES • • • •
Intuit Educator Portal. Instructor’s Manual for Chapters 1-12. Instructor PowerPoints: Notes are included for each slide. (Select View > Notes Page.) Excel Reports and PDF Reports: Reports are exported to Excel and saved as PDF files in each chapter. Refer to the Instructor’s Manual chart, Files Saved in Chapter 1. 4-. .
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Certification Information. QBO Access, System Requirements, Technical Support, and Resources. Syllabi. Test Bank for Chapters 1-12. Using Accountant Version and Certification for Professors. Instructor preview for Connect assignments—Multiple-choice and True False quizzes, Analysis Questions, Check Your Progress, Chapter work and End-ofChapter Exercises, Problem Solving, Certification Q&A quiz. Connect assignments are auto-graded. Additional Student Resources: Access QBO Sign Up, Certification Info, Narrated PowerPoints, Intuit Support, QBO Videos, and Text Updates. The PowerPoints include links to videos.
To access the Instructor’s Resources, contact the school’s .l Learning Technology Representative at https://shop.mheducation.com/store/paris/user/findltr.html. ANSWERS ANALYSIS QUESTIONS The Analysis questions and answers are shown below, and are included within Connect’s Instructor login. Within Connect, students’ responses are auto-graded. 1. Define the chart of accounts and its categories. How do accounting textbooks define the chart of accounts? ANSWER: The Chart of Accounts is a complete list of a business’s accounts and their balances. QBO includes the Account name, Type (for financial statement classification), the Detail Type (account subcategory), and Balance. The chart of accounts includes two categories of accounts: •
Balance Sheet accounts: In QBO, these types of accounts reflect what you own and what you owe, like Bank, Credit Card, Assets, Liabilities, Accounts Receivable, Accounts Payable and Equity.
•
Income and expense accounts: These are categories for tracking how money flows in and out of your company.
In accounting textbooks, the term Chart of Accounts is defined as a list of all the accounts used in the General Ledger. Accounts are used to classify transaction information for reporting purposes. 2. What do you select to add account numbers to the Chart of Accounts? 5-.
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ANSWER: Adding account numbers is a two-step process.
a. Go to > Account and settings > Advanced > in the Chart of accounts area, click on the pencil icon to Enable account numbers and Show account numbers > Save > Done.
b. After saving, then selecting <Done> on the Advanced Settings screen, click
> Chart of Accounts > Batch edit > type the account number in the Number field > Save. 3. What numbering system is used for the Chart of Accounts? Complete the following chart. Numbers 1000s 2000s 3000s 4000s 5000s 6000s
Type Assets Liabilities Equity Income Cost of Sales Expenses
ANSWERS MULTIPLE-CHOICE AND TRUE FALSE QUESTIONS The multiple-choice and true false quizzes are within Connect. The answers are shown below and within Connect’s Instructor login. Within Connect, students’ responses are auto-graded. 1. The following Internet browsers can be used with QB Online: 6-.
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a. Microsoft Edge. b. Firefox. c. Google Chrome. d. Safari. e. All of these. 2. To start QuickBooks Online, you need to: a. Insert a software DVD into the drive. b. Go to your hard drive to install software. c. Insert a USB flash drive. d. Start your Internet browser. e. None of these. 3. When you start the test-drive, you need to: a. Complete security verification. b. Select the back button. c. Select Start to access the software. d. Install the desktop software. e. All of these. 4. The central place for getting an overview of the company is called the: a. Taskbar. b. Tabs. c. Dashboards. d. Vendors screen. e. All of these. 5. From the + New icon, you can: a. Create an invoice. b. Create a sales receipt. c. Enter a bill. d. Write a check. e. All of these. 6. Use this icon to search transactions. a. Gear. b. Magnifying-glass. c. Question mark. d. Plus sign. e. None of these. 7. To navigate the user interface, select: a. Sales. b. Expenses. c. Payroll. 7-. .l Education .
d. Reports. e. All of these. 8. A list of all the accounts used in the General Ledger is called a: a. Balance Sheet. b. Journal. c. Chart of Accounts. d. Trial Balance. e. Profit and Loss Statement. 9. QBO’s Dashboards display one or more of the following: a. Bar and pie charts. b. Line graphs. c. Data metrics and visualization. d. Current bank accounts. e. All of these. 10. In which of the following areas, is the Chart of Accounts located? a. Gear list. b. Customers. c. Vendors. d. Banking. e. Apps. True or False: The True or False questions are within Connect. 11. The QuickBooks Online (QBO) sample company is Bellflower Landscaping. False. Craig’s Design and Landscaping Services. 12. QBO can be used on Windows and Mac operating systems. True. 13. Since QBO is web-delivered, you need an Internet connection. True. 14. Each time you log into the sample company, a new session starts. True 15. A chart of accounts is a list of all the accounts used by a company showing identifying numbers assigned to each account. True. 8-. .l Education .
16. The user interface is the link between a user and the software. True. 17. When the Management report Company Overview is selected, the general ledger is shown. False. Profit and Loss and Balance Sheet are displayed. 18. When the Management report Sales Performance is selected, the A/R Aging Detail is displayed. True 19. One way to add an invoice is to click on the gear icon. False. Click on the + New icon. 20. The Journal report shows every transaction during a period of time and includes debits and credits. True Exercise 1-1 Students complete 12 transactions. They should continue with Exercises 1-2. 1-3, and 1-4 before signing out. Exercise 1-2 In Exercise 1-2, students export the Journal, Transaction Detail by Account, and Trial Balance to Excel. Journal Report: The Excel report shows the 12 transactions recorded in Exercise 1-1. Go to Instructor Resources > Excel Reports. The Journal shows the date that students entered the transactions. The default date is This Month-to-date. Transaction Detail by Account: The Excel report lists transactions subtotaled by each account on the chart of accounts. It is like the General Ledger without opening balances. Trial Balance: The Excel report shows the Trial Balance after students record the 12 transactions in Exercise 1-1. The Instructor Resources include the Excel Reports saved. Display the trial balance for the dates students used for the Exercise 1-1 transactions. Exercise 1-2 includes the following Check Your Figures amounts: 9-.
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Check Figures: Checking Accounts Receivable Accounts Payable Design Income Advertising
1,439.58 6,965.72 2,895.61 3,225.00 324.86
These account balances are based on starting the sample company with Exercise 1-1. Depending on when you signed into the test-drive, your balances may differ. All Dates was selected for the Trial Balance. Exercise 1-3: Problem Solving Exercise 1-3 Problem Solving is available within Connect. Student responses are autograded within Connect. 1. Display Craig’s Design and Landscaping Services Chart of Accounts. Display the test drive’s chart of accounts: https://qbo.intuit.com/redir/testdrive > Gear > Chart of Accounts. 2. How do the View register accounts differ from the Run report accounts? Include information about financial statements in your answer. The View register accounts show their Chart of Accounts balances. The View register accounts are also called permanent accounts and appear on the Balance Sheet. The Run report accounts do not show balances and are called temporary accounts. Temporary accounts appear on QBO’s Profit & Loss (also called the Income Statement). The Run report accounts are closed at the end of the year. 3. When through, sign out. Certification Q&A Practice Text Certification Q&A multiple-choice questions are available within Connect. For this chapter, the certification practice test is mapped to these exam objectives: QuickBooks Online Administration, Sales and Money In, Vendors and Money Out, Basic Reports and Views. Refer to QBO Certified User_Exam Objectives.pdf.
FILES SAVED IN CHAPTER 1 In Chapter 1, these files are exported to Excel and saved as PDFs. Instructors may want students to add their names to file names shown below.
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Chapter/Exercise Excel and PDF Page No. 1 Chapter 1_CofA_sample company_Student 20 Name.xlsx Chapter 1_CofA_sample company_Student 20 Name.pdf 1-2 Exercise 1-2_Journal.xlsx 48 Exercise 1-2_Journal.pdf 48 Exercise 1-2_Transaction Detail by Account.xlsx 48 Exercise 1-2_Transaction Detail by Accont.pdf 48 Exercise 1-2_Trial Balance.xlsx 49 Exercise 1-2_Trial Balance.pdf 49 Instructor Resources includes PDF Reports and Excel Reports. The file names are the same as what is shown in the textbook, and are listed in alphabetic order. Scroll down the screen to see both Chapter reports and Exercise reports.
Scroll down for exercises.
For access to the Instructor Resources, professors should contact their .l Learning Technology Representative at https://shop.mheducation.com/store/paris/user/findltr.html.
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CHAPTER 2 NEW COMPANY SET UP AND CHART OF ACCOUNTS INSTRUCTOR’S MANUAL OBJECTIVES 1. Set up the QuickBooks company, Student Name Sales and Service (use your first and last name). 2. Complete account and settings. 3. Check QuickBooks Online subscription. 4. Import the Chart of Accounts, edit default accounts, and add new accounts. 5. Save the Chart of Accounts as Excel and PDF files. 6. Use QuickBooks Online on a different computer. 7. Learn about user roles and access rights. 8. View the Audit Log. 9. Complete the QuickBooks Resources and Activities. 10. Complete Check Your Progress, Connect assignments, and Exercises 2-1, 2-2, 2-3, and Certification Q&A practice test. QBO Tips • Instructors use the Intuit Educator Portal to invite students to QuickBooks Online Plus. QBO+ includes a one-year subscription. • For information about the Educator Portal, sign into Instructor Resources > Intuit Educator Portal. • Using the non-expiring QBO Accountant version, professors can hyperlink to student work. Hyperlink from Intuit’s Educator Portal (textbook pages 86-87). Sign into the Portal using your QBO Accountant credentials. • QBOA includes free certification for professors – link to Pro Advisor training materials from the Portal’s home page. • For the Instructor login for Connect, contact your .l Learning Technology Representative at https://shop.mheducation.com/store/paris/user/findltr.html. • Students should write down their User ID and Password. Each time QBO is started, the User ID and Password is needed. A code can also be sent to a cell phone. • If your students want to access their Student Name Sales and Service account on a different computer, device, or location, refer to textbook pages 88-89, Using QuickBooks Online on a Different Computer. • To import the chart of accounts, students use the Chapter 2_Chart of Accounts.csv file. It is located within Additional Student Resources > Import. • Use these steps to see the most recent Get Started questions. 1. Before emailing a QBO invitation, clear your browser’s Cache and Cookies (open Troubleshooting pdf, page 633). Intuit recommends Chrome. 2. To see the most recent Get Started questions: Create a new email address > start the Portal > select Classes > + Add Class > Add student > send an invitation to your new email address > Sign out of Portal > restart your computer. 3. Go to new email address > accept invitation > start company. 15 - .
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The screens that are shown in the textbook may differ from what students see. QBO updates are automatic. Regularly go online to Additional Student Resources > Text Updates. On the ASR page, Yacht Text Updates includes eBook release updates. The Text Updates Archive document includes updates to the 4th print edition or an eBook format that was not accessed through .l Connect®. NOTE TO PROFESSOR: In Chapter 2, students set up a products and service business called Student Name Sales and Service. Students complete hands-on practice with this company in Chapters 2 through 12. Work is illustrated within the chapter, then continued in the end-of-chapter exercises. Case Problem 1 (Your Name Accounting, a service business), and CP 2 (Tacoma Computer Club, a nonprofit organization) include additional companies. Using the Educator Portal, professors can invite their students to up to four companies for cloud accounting practice. PROFESSORS: INTUIT’S EDUCATOR PORTAL The Educator Portal works with the professor’s QuickBooks Online Accountant (QBOA) version. QBOA is free and does not expire. Educators and staff at accredited academic institutions in the United States are eligible. Professors can sign up for QBO Accountant from the website shown below, or from the Portal’s website. To obtain a copy of QuickBooks Online Accountant, link to register for QuickBooks Online Accountant.
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Sign into the Educator Portal at https://education-portal.app.intuit.com/app/dashboard with QBOA’s email and Password, or text a code. Watch the video on the Portal’s Home page. From the Portal, professors can: ▪ Add their class. ▪ Upload student list using an Excel or CSV file. ▪ Email a QuickBooks invitation to students. ▪ Add up to four blank companies for students. ▪ Hyperlink to each student’s work. ▪ Set up demo companies for class preparation and practice. For detailed Intuit Educator Portal information, log into Instructor Resources > Intuit’s Educator Portal. Computer Accounting with QuickBooks Online: A Cloud-Based Approach, Winter 2024 Release, includes four companies for hands-on practice with QBO+. 1. Chapter 1: Test-drive. The sample company includes populated data. 2. Chapters 2-12: Student Name Sales and Service. 3. Case Problem 1: Your Name Accounting 4. Case Problem 2: Tacoma Computer Club QUICKBOOKS RESOURCES AND ACTIVITIES Connect: One or more of the following may be assigned for auto-grading and feedback. Connect eBook Releases .l Connect® publishes the eBook twice a year for Fall and Spring semesters. For example, there is a Winter 2024 eBook Release for Spring semester, and a Summer 2024 eBook Release for Fall semester.
1. Assignable In-Chapter and End of Chapter Material: • Check Your Progress. • Exercises X-1 and X-2. • Exercise X-3: Problem Solving. 2. Analysis Questions. 3. Quizzes. 4. Test Bank.
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5. Certification Q&A. 6. Connect’s SmartBook > + Add Assignment > select SmartBook 2.0 (or later) > Sign into Connect > + Add Assignment > Question Bank > Select Chapter
New Assignment > select Chapter(s) > Continue > select Content. If all of Chapter 2 Content is selected, it looks like this.
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a. Click Continue > enter an Assignment name (e.g., Chapter 2). b. Enter start date and due date (not the same as previous chapter) > enter preferred score > Assign. c. An example of the author’s SmartBook assignments are shown for Chapters 1-5. You may want to have students’ complete SB for Chapters 1 through 12. In addition to completing Connect’s Certification Q&A practice tests, SmartBook is a good way to prepare for the third-party, fee-based, Certification test from Certiport.
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7. Additional Student Resources. The following resources can be found on the ASR page in Connect’s ebook. If students are not using Connect, the professor provides students with a URL to access the ASR page. a. Access QBO Sign Up. b. Narrated PowerPoints include links to QBO videos. c. QBO Videos. 1) Get started and adjust settings 2) Configuring company settings 3) Understanding the Chart of Accounts 4) How to add accounts to your Chart of Accounts 5) Use the Audit Log in QuickBooks Online 6) Adding and managing users 7) QBO tutorials, training videos, and webinars. 8) Get started videos d. Text Updates 1) Yacht Text Updates: eBook content and software updates, new Figures, Connect assignment updates, and SmartBook updates.
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2) Text Updates Archive file through January 1, 2024: Changes to the printed 4th edition and earlier eBooks not accessed through .l Connect®. 3) Chart of Accounts Video. 4) Exercise 2-2 Chart of Accounts. INSTRUCTOR RESOURCES AND ADDITIONAL STUDENT RESOURCES • • • • • • • • •
•
Instructor’s Manual for Chapters 1-12. Instructor PowerPoints: Notes are included for each slide. (Select View > Notes Page.) Excel Reports and PDF Reports: Excel and PDF files are saved in each chapter. Refer to the Files Saved in Chapter 2 chart on IM page 22. Certification Information Intuit Educator Portal: step-by-step instructions for using the Portal System Requirements, Technical Support, and Resources Syllabi Test Bank for Chapters 1-12 Instructor preview for Connect assignments—Multiple-choice and True False quizzes, Analysis Questions, Check Your Progress, Chapter work and End-ofChapter Exercises, Problem Solving, Certification Q&A quiz. Connect assignments are auto-graded. Additional Student Resources: Access QBO Sign Up, Certification Info, Import, Intuit Support, FAQs, Narrated PowerPoint, QBO Videos, System Requirements, Text Updates, and Troubleshooting. The PowerPoints include links to videos. Text Updates. Text Updates includes links to Yacht Text Updates (eBook updates), Text Update Archive File (print 4th edition), Chart of Accounts video, and the Exercise 2-2 Chart of Accounts.pdf file. Students should verify their Chart of Accounts (Account List) with Exercise 2-2 Chart of Accounts.pdf file.
To access the Instructor’s Resources, contact the school’s .l Learning Technology Representative at https://shop.mheducation.com/store/paris/user/findltr.html. QUICKBOOKS ONLINE UPDATES QuickBooks Online software is dynamic, meaning updates are a regular feature. This is like other online updates; for example, banking apps, smartphone apps, and operating system updates. Many of the changes are more cosmetic than functional, but there are differences. Updates may change textbook screen illustrations. Intuit tests QBO changes on specific companies or users. New features may not be rolled out at the same time.
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The authors suggest selecting from within QBO to help resolve differences, regularly check Text Updates, and product updates at https://www.firmofthefuture.com/. ANSWER TO ANALYSIS QUESTION The Analysis Question and answer is shown below, and are included within Connect’s Instructor login. In Connect, students’ responses are auto-graded. What is cloudware? ANSWER: Cloudware refers to software that is built, installed, delivered and accessed entirely from a remote Web server, also called the “cloud.” Cloudware is a software delivery method that provides software over the Internet. MULTIPLE-CHOICE QUESTIONS The multiple-choice and true false quizzes are within Connect. The answers are shown below and within Connect’s Instructor login. In Connect, students’ responses are autograded. 1. This term refers to software that is internet delivered. A. Desktop. B. Dashboards. C. Account and settings. D. Cloudware. E. All of these. 2. Another name for the Chart of Accounts is: A. Account and settings. B. Account list. C. Balance sheet. D. Profit and loss. E. None of these. 3. From the Home screen, you can: A. See the dashboards. B. View Profit and loss. C. See Expenses. D. See Bank accounts. 16 - .
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E. All of these. 4. The Navigation bar includes these selections: A. Dashboards. B. Sales. C. Reports. D. Transactions. E. All of these. 5. To create a transaction, select the: A. Search icon. B. Question mark. C. + New icon. D. Minus sign. E. All of these. 6. To configure QBO to work the way you want, go to: A. Export files to Excel. B. Print as Adobe PDF file. C. Set up a chart of accounts. D. Account and settings. E. None of these. 7. The column on the chart of accounts that classifies accounts for financial statements is: A. Account number. B. Type. C. Account name. D. Description E. All of these. 8. QBO exports reports to this file type: A. Excel. B. Transaction list. C. Accounts. D. Customers. E. All of these. 9. Search includes: A. Help menu. 17 - . .l Education .
B. Creating transactions. C. Activities. D. Dashboards. E. Recent transactions. 10. The gear icon includes: a. Account and Settings. b. Chart of Accounts. c. Import data. d. Profile. e. All of these.
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True or False: The True or False questions are within Connect. 11. The name of the company set up in Chapter 2 is your first and last name Sales and Service. True 12. Cloudware refers to software accessed entirely from a Web server. True 13. A password can be set up with 4 characters or less. False. A password can be set up with 8 characters or more. 14. Each time you start QBO, you must type a Password. User IDs can be saved by your browser. True 15. To see the work you have completed, display the Audit Log. True. 16. The Navigation bar is on the left side of the QBO window. True 17. To resolve differences between textbook screen images due to QBO updates, use the Help selection. True. 18. To explore the power of QuickBooks, read the PDF file. False (To explore the power of QuickBooks, watch the videos included in Chapter 2.) 19. When the + New icon is selected, you can create transactions, invoices, sales receipts, bills, and more. True 20. Preferences, also called settings, can be completed as you work. True 19 - .
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ANSWERS TO CHECK YOUR PROGRESS Within Chapter 2, students complete Check Your Progress. Also, included within Connect. 1. The Account No. for Checking is 101. 2. The Account Type for Checking is Bank. 3. The Account No. for Accounts Payable is 201. 4. The Account Type for Accounts Payable is Accounts Payable (A/P). 5. The Account Number for Common Stock is 301. 6. The Account Type for Common Stock is Equity. EXERCISE 2-1 Students add new accounts, and edit Chart of Accounts default accounts.
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EXERCISE 2-2 Students save the Chart of Accounts as an Adobe PDF file and export it to Excel. The suggested files names are Exercise 2-2_Chart of Accounts.pdf and Exercise 22_Chart of Accounts.xlsx. EXERCISE 2-3, PROBLEM SOLVING Exercise 2-3 Problem Solving is available within Connect. In Connect, student responses are auto-graded. On the Chart of Accounts, why are the account and detail type selections important? To explain the account and detail types, use 3 accounts – one asset, one liability and one expense account. Identify Account Type, Detail Type, Name, Number and financial statement. The Account Type and Detail Type columns are important because they classify accounts for the financial statements. Student choices for accounts may vary. Asset example:
Account Type Bank
Detail Type Checking
Name Checking
Financial Number Statement 101 Balance Sheet
Liability account:
Account Type Accounts Payable
Detail Type Accounts Payable (A/P)
Name Accounts Payable (A/P)
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Financial Number Statement 201 Balance Sheet
Expense account:
Account Type Expenses
Financial Name Number Statement Depreciation 607 Profit and Loss Expense
Detail Type Office/General Administrative
CERTIFICATION Q&A PRACTICE TEST Certification Q&A multiple-choice questions are available within Connect. Students can complete the practice test within Connect, and it is auto-graded. For Chapters 1 through 12, the Certification practice test includes 10 multiple-choice questions for each chapter. Certification Q&A is mapped to the QuickBooks Certification Exam Objectives. To see how the chapters are aligned with the exam objectives, go online to Instructor Resources > Certification Exam Objectives > open the QBO Certification Exam Objectives file. Certification Q&A, is aligned with these exam objectives: Setup and Maintenance, List Management, and Reports. FILES SAVED IN CHAPTER 2 The Chart below shows the PDF and Excel files saved in Chapter 2 and Exercise 2-2. Chapter/Exercise PDF & Excel 2 Chapter 2_Chart of Accounts.pdf Chapter 2_Chart of Accounts.xlsx 2-2 Exercise 2-2_Chart of Accounts.pdf Exercise 2-2_Chart of Accounts.xlsx
Page No. 85-86 86 95 95
Instructor Resources includes PDF Reports and Excel Reports. The file names are the same as what is shown in the textbook, and are listed in alphabetic order. Scroll down the screen to see both Chapter reports and Exercise reports.
Scroll down for exercises. 22 - . .l Education .
For access to the Instructor Resources, professors should contact their .l Learning Technology Representative at https://shop.mheducation.com/store/paris/user/findltr.html.
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CHAPTER 3 BEGINNING BALANCES AND OCTOBER TRANSACTION REGISTER INSTRUCTOR’S MANUAL OBJECTIVES 1. Start QBO+ and sign into Student Name Sales and Service (your first and last name). 2. Enter the owner’s investment in the business. 3. Use a transaction register to write checks. 4. Record cash sales, set up sales tax, and complete a transfer of funds. 5. Display the Bank Register, Journal, Trial Balance, Balance Sheet, Income Statement, and Audit Log. 6. Export reports to Excel and PDF. 7. Complete Check Your Progress. 8. Complete the QuickBooks Online Resources and Activities. 9. Complete Exercises 3-1, 3-2, 3-3, and Certification Q&A practice test. QBO Tips • • • •
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Each time QBO is started, the User ID and Password is needed. Or, a code can be sent to a cell phone. Students have a one-year subscription to QBO Plus. Using the non-expiring QBO Accountant version, professors can hyperlink to student work. Link to your students’ accounts from Intuit’s Educator Portal (textbook pages 86-87). When QBO updates, accounts may be added to the Chart of Accounts (also called the Account List) and some may not have account numbers. The acronym DAVE (Data metrics, Analysis, Visualization, Evaluation) is used to identify QBO’s data images. When transactions are recorded, the Dashboards show changes graphically on bar and pie graphs, and line charts for Profit and Loss, Expenses, Invoices, and Sales. For Bank Accounts, a link is available to go to registers. (Refer to textbook pages 124-126). When the acronym DAVE is used, tasks involve analyzing data that QBO graphically illustrates.
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QUICKBOOKS RESOURCES AND ACTIVITIES Connect: One or more of the following may be assigned for auto-grading and feedback.
Connect eBook Releases .l Connect® publishes the eBook twice a year for Fall and Spring semesters . For example, there is a Winter 2024 eBook Release for Spring semester, and a Summer 2024 eBook Release for Fall semester.
1. Multiple-choice and true or false questions. 2. Analysis question(s). 3. Check Your Progress. 4. Chapter work and end-of chapter exercises. 5. Problem solving. 6. Certification Q&A. 7. Test Bank. 8. Additional student resources. 9. SmartBook > + Add Assignment > select SmartBook 2.0 (or later) > New Assignment > select Chapter(s) > Continue > select Content. If all of Chapter 3 Content is selected, it looks like this.
a. Click Continue > enter an Assignment name (e.g., Chapter 3). b. Enter start date and due date (not the same as previous chapter) > enter preferred score > Assign. c. An example of the author’s SmartBook assignments are shown for Chapters 1-5. You may want to have students’ complete SB for Chapters 1 through 12. In 26 - .
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addition to completing Connect’s Certification Q&A practice tests, SmartBook is a good way to prepare for the third-party, fee-based, Certification test from Certiport.
Additional Student Resources (ASR) The following resources can be found on the ASR page in Connect’s eBook. If students are not using Connect, the professor provides students with a URL to access the ASR page. 1. Access QBO Sign Up. 2. Narrated PowerPoints. 3. QBO Videos. a. How to use Journal Entries b. How to record & print checks c. How to add vendors d. Accounting Terms You Need to Know e. Setting up sales tax f. More Get Started videos 4. Text Updates. INSTRUCTOR RESOURCES AND ADDITIONAL STUDENT RESOURCES • •
Instructor’s Manual for Chapters 1-12. Instructor PowerPoints 27 - .
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Excel Reports and PDF Reports. Excel and PDF files are saved in each chapter. Refer to the Files Saved in Chapter 3 chart on page 35. Certification Exam Information. Instructor PowerPoints. Intuit Educator Portal. QBO Access, System Requirements, Intuit Support, and Resources. Syllabi. Test Bank for Chapters 1-12. Instructor preview for Connect assignments—Multiple-choice and True False quizzes, Analysis Questions, Check Your Progress, Chapter work and End-ofChapter Exercises, Problem Solving, Certification Q&A quiz. Connect assignments are auto-graded. Additional Student Resources: Access QBO Sign Up, Certification Info, Narrated PowerPoints, Intuit Support, QBO Videos, and Text Updates. Text Updates includes links to Yacht Text Updates (eBook updates), Text Update Archive File (print 4th edition), Chart of Accounts video, and the Exercise 2-2 Chart of Accounts.pdf file. The PowerPoints include links to videos.
To access the Instructor’s Resources, contact the school’s .l Learning Technology Representative at https://shop.mheducation.com/store/paris/user/findltr.html. ANSWER TO ANALYSIS QUESTION The Chapter 3 Analysis Question is included within Connect. Student responses are auto-graded. How do you edit a transaction? List two options. ANSWER: 1. With the Audit Log shown, drill down to the transaction that needs editing. The original entry is shown. Make the needed corrections, then save. When you view the Audit Log again, the edited transaction is shown. 2. Go to Recent Transactions by selecting the magnifying-glass icon. To edit, link to the transaction. Make the needed changes, then save. MULTIPLE-CHOICE QUESTIONS The multiple-choice and true false quizzes are within Connect. The answers are shown below and within Connect’s Instructor login. In Connect, students’ responses are autograded. 1. Written evidence of business transactions. 28 - .
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A. Desktop. B. Dashboards. C. Source document D. Cloudware. E. None of these. 2. To record the owner’s investment, what selection is made? A. Income. B. Expenses. C. Gear > Account and Settings. D. + > Journal Entry. E. All of these. 3. A journal entry is a transaction in which: A. There are at least two parts - a debit and credit. B. Debit and credit distribution lines. C. Each line has an account from the chart of accounts. D. The total of the debits and credits equal. E. All of these. 4. Checks, payments, bills, bank deposits, and transfers are entered on: A. The general journal. B. Specialized screens. C. Activities. D. Dashboards. E. None of these. 5. The October transaction register shows the: A. Transactions completed for October. B. General journal. C. Dashboards. D. Checking account activity. E. All of these. 6. You can transfer funds between most balance sheet accounts except: A. Accounts Payable and Accounts Receivable accounts. B. Account 101 Checking and Account 205 Loan Payable. C. Cash and sales. D. Customer and vendor accounts. E. None of these. 7. Which QBO feature is used to view the company’s financial information? 29 - . .l Education .
A. Account listing. B. Reports. C. Chart of accounts. D. Registers. E. All of these.
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8. This report lists what you own, your debts, and what you’ve invested. A. Audit log. B. Balance Sheet. C. Profit & Loss. D. General journal. E. All of these. 9. This report shows the debit and credit balance of each account. A. Audit log. B. Balance Sheet. C. Profit & Loss. D. Trial Balance. E. None of these. 10. This report shows money you earned and money you spent. A. B. C. D. E.
Trial Balance. Journal. Profit & Loss. Balance Sheet. All of these.
True or False: The True or False quizzes are within Connect. 11. In Chapter 3, the owner invests cash and computer equipment in the business. True 12. The company, Student Name Sales and Service, was started in December of the current year. False. The first month of operations is October of the current year.
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13. In Chapter 3, the transaction register is used as a source document for recording transactions. True. 14. The transaction register shows each customer’s account activity. False. The transaction register shows Student Name Sales and Service’s checking account activity. 15. The account for recording a check to the U.S. Post office is Freight In. False. The account for recording U.S. Post Office checks is Account 627 Shipping and delivery. 16. The Sales Receipt window is used for recording cash sales. True 17. The account distribution for expenses is a credit to Account 101 Checking and a debit to Account 401 Sales. False. The expenses account distribution is a debit to the appropriate expense account and a credit to Account 101 Checking. 18. The account distribution for cash sales is a debit to Account 101 Checking and a credit to Account No. 401 Sales. True 19. The account distribution for the transfer of funds for the loan payable is a debit to Account No. 101 Checking and a credit to Account 205 Loan Payable. True
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