QuickBook Questions 1.The Chart of Accounts is the list of accounts such as asse
ID: 2575539 • Letter: Q
Question
QuickBook Questions
1.The Chart of Accounts is the list of accounts such as assets, liabilities, equity, revenues and expenses, which the company intends to use.
True or False
2. The General Ledger and Subsidiary Ledger are the same.
True or False
3. In QB, what is your menu choice to customize custmer payment terms.
A. Lists - Customer & Vendor Profile Lists - Terms
B. Edit - Preferences
C. Customizing the Chart of Accounts List
D. Easy Step Interview
4. The option for making accounts numbers active is
A. Account numbers
B. dimmed account type
C. Edit - preferences
D. Lists- customer & vendor profile lists - terms
5. The type of accounting method used when you recognized revenues when earned and expenses when incurred is referred to as
A. Cash basis of accounting
B. Accrual basis of accounting
C. Tax basis of accounting
D. Corporate basis of accounting
6. Which ledger account would have a subsidiary ledger account attached to it?
A. Accounts Receivable
B. Accounts Payable
C. Inventory Account
D. All accounts listed would have a subsidiary account.
7. If a customer account is listed as 2/10 Net 30 days, you are not allowing any discounts for early payment.
True or False
8. If you change your reports to cash basis from accrual basis, this change will not affect the information displayed on the report.
True or False
9. A trial balance will list all accounts and their balances for a business. This report will give you the Dr or Cr balance of these accounts; however, this report will not tell you if you entered the amounts in the correct accounts.
True or False
Explanation / Answer
QuickBook Questions
1.The Chart of Accounts is the list of accounts such as assets, liabilities, equity, revenues and expenses, which the company intends to use.
True, As it include list of all accounts which company intend to use
2. The General Ledger and Subsidiary Ledger are the same.
False, general ledger contain all account head which become part of trial balance however Subsidiary ledger is the details of an account of general ledger e.g. Accounts receivable is part of general ledger which deals only the balance of accounts receivable however in subsidiary ledger , separate customer wise account maintained.
3. In QB, what is your menu choice to customize custmer payment terms.
A. Lists - Customer & Vendor Profile Lists - Terms
B. Edit - Preferences
C. Customizing the Chart of Accounts List
D. Easy Step Interview
Choice A. “Lists - Customer & Vendor Profile Lists – Terms” is correct.
4. The option for making accounts numbers active is
A. Account numbers
B. dimmed account type
C. Edit - preferences
D. Lists- customer & vendor profile lists – terms
Choice A “Account numbers” is correct
5. The type of accounting method used when you recognized revenues when earned and expenses when incurred is referred to as
A. Cash basis of accounting
B. Accrual basis of accounting
C. Tax basis of accounting
D. Corporate basis of accounting
Choice “B. Accrual basis of accounting” is correct
6. Which ledger account would have a subsidiary ledger account attached to it?
A. Accounts Receivable
B. Accounts Payable
C. Inventory Account
D. All accounts listed would have a subsidiary account.
Choice D “All accounts listed would have a subsidiary account” is correct
7. If a customer account is listed as 2/10 Net 30 days, you are not allowing any discounts for early payment.
False, it means it customer pays within 10 days of billing then customer will get 10% discount other wise pay within 30 days.
8. If you change your reports to cash basis from accrual basis, this change will not affect the information displayed on the report.
False, because in accrual basis e.g. even you have not receive the cash you recognize as revenue however in case of cash you recognize revenue only after receiving the cash
9. A trial balance will list all accounts and their balances for a business. This report will give you the Dr or Cr balance of these accounts; however, this report will not tell you if you entered the amounts in the correct accounts.
True, e.g sales you debited to purchase account.
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