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\n 1) One of the advantages of a Quickbooks Online subscription of*
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1 points
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\n \n Unlimited user access
\n LIFO Inventory valuation
\n Document Management System
\n \n All data is hosted , backed up and secured by Intuit's serversn 4
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\n 2) Which of the following helps accounting professionals save time when using QuickBooks Online Accountant?*
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\n \n Free online tax software
\n Free apps for Accountants only
\n Automated time tracking for hours worked in each client file
\n \n One-click access to clients' books and payroll to take immediate action.
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\n 3) Where can you access Downloaded Transactions in QuickBooks Online? *
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\n \n Quick Create>Other
\n Tools menu>Banking
\n Quick Create>Banking
\n \n Transactions>Banking\n \n
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\n 4) Which of the following items can users do from the Setup Wizard within QuickBooks Online?*
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\n \n \n Import QuickBooks Desktop Data
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\n Review Previous reconciliation reports
\n Customize the left-side navigation manu
\n Change the color scheme of QuickBooks Online
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\n 5) Where do you find accounting related preferences?*
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\n \n \n Gear Icon/Company Setting
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\n Accountant Toolbar/Accounting Settings
\n Accountant Center/Accounting Settings
\n Alerts/Change Preferences
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\n 6) Which of the following is a step to merge two accounts together in the chart of accounts?*
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\n \n Deactivate the old account
\n Change the company preferences
\n \n Edit one account and name it exactly as the other
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\n Add new account and reclassify all transactions to the new account
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\n 7) If there is an amount under the Change column on the Reconciliation History screen, it means:*
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\n \n Client deleted bank reconciliation
\n \n Client changed an already reconciled transaction
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\n Client forced the bank reconciliation
\n Client hasn't reconciled the account
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\n 8) What is the best definition of a transfer:*
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\n \n Paying a vendor via ACH
\n \n Moving money from one company account to another
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\n Accepting payments from a customer via ACH
\n Moving money from company to owner\n \n \n
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\n 9) What is one of the main benefits to using QuickBooks Online Reports?*
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\n \n Manage Accounts Payable
\n Diagnose data entry reports
\n \n Quickly access financial information
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\n Locate Accounts Receivable discrepancies\n \n \n
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\n 10) You are helping your client re-design their Chart of Accounts for more streamlined reporting. Which of the following would you need to set up in order to establish a hierarchy view?*
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\n \n \n Subaccounts
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\n Account Listing
\n Category Types
\n Company \"Snapshot\"\n \n \n
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\n 11) Where should you look to quickly identify potential Accounts Receivable errors in QuickBooks Online?*
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\n \n Customer Center
\n Deposit Detair Report
\n \n A/R Aging Detail Report
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\n Transaction List by Customer Report\n \n \n
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\n 12) Your client recorded a check in the prior fiscal year that did not clear and was re-issued in the current fiscal year. The best way to repair this issue is: *
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\n \n Delete/void the check from the prior fiscal year and create new check in the current year
\n Change the date and the check number of the original check entered in the prior fiscal year to match the new check number and date
\n Delete the check and re-enter as a bill payment using the same check number and date originally used
\n \n Create a deposit to the same expense account as the original check but dates in the current period, then reconcile them against each other.
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\n 13) You have a client who uses a local credit union that does not sync with QuickBooks Online. The best way to get the transactions into QuickBooks online is:*
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\n \n Hand key transactions into the account register
\n Download and import a Direct Connect File with the Import Data tool
\n Download and import an ILF file with the Import Data tool
\n \n Download and import a .qbo file through the Transaction window
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\n 14) A bank connection error has occurred and you need to disconnect/reconnect a feed. Which occurrence below will happen when you disconnect/reconnect the feed: *
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\n \n You will have to setup a new account in the chart of accounts to map the feed to
\n \n Transactions will begin downloading as of the date that you reset the connection
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\n Unposted transactions remaining in the downloaded transaction window will disappear
\n 90 days of transactions will download and will match to existing downloaded transactions if they are duplicates\n \n \n
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\n 15) Some transactions were downloaded from the bank and matched to the wrong transactions existing in the account register. The best way to work with these transactions:*
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\n \n Delete the transaction from the register and re-post
\n \"Exclude\" the transactions from the downloaded transactions window
\n \n \"Undo\" the transactions from the \"In QuickBooks\" tab in the transactions window
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\n Re-download the transactions from the bank and re-post them to the proper account.\n \n \n
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\n 16) When going in to reconcile a bank account and the beginning balance does not match the statement. Where can you view account's reconciled period? *
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\n \n Chart of accounts
\n Reconciliation Report
\n \n Reconciliation History
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\n Banking Changes screen\n \n \n
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\n 17) Your client has categorized all payments to a particular vendor as Office Rent; they should have been categorized as Utilities. Which Accountant tool is useful to remedy this issue?*
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\n \n Adjusting Journal Entries
\n Undo Bank Reconcliation
\n \n Reclassify Transactions
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\n Write off invoices in a batch\n \n \n
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\n 18) Which of the following is a liability account?*
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\n \n Retained Earnings
\n Prepaid Rent
\n \n Unearned Revenue
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\n Accumulated Depreciation\n \n \n
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\n 19) If, at year end, the accounting records show the data below, what is total owner’s equity? \n Total assets $500,000 \n Total liabilities 200,000 \n Revenue 400,000 \n Expense 170,000 *
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\n \n \n $300,000
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\n $230,000
\n $70,000
\n $530,000\n \n \n
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\n 20) On December 31, 2007, your firm borrows $10,000 from the Ajax Bank, signing a 6-month note at 8% interest per year. How do you record this transaction?*
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\n \n Cash 9,600; Notes Payable 9,600
\n Cash 10,000, Interest expense 400; Notes payable 10,400
\n \n Cash 10,000; Notes payable 10,000
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\n Cash 10,00, Interest Expense 400; Notes payable 10,00, Interest payable 400\n \n \n
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\n 21) The following information was gathered while reconciling the bank statement: \n * Deposits in transit amounted to $6,700 \n * Bank charges amounted to $75 \n * A $250 check deposited in the bank was returned marked “NSF” \n * Checks outstanding amounted to $3,300Assuming these are the only adjustments in the bank reconciliation, what is the net (total)adjustment to the balance per bank?*
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\n \n $10,325
\n $6,700
\n $3,400
\n \n $325
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\n 22) The following information was established while reconciling the bank statement:\n * Deposits in transit amounted to $6,700 \n * Bank charges amounted to $75 \n * A $250 check deposited in the bank was returned marked “NSF” \n * Checks outstanding amounted to $3,300 Assuming these are the only adjustments in the bank reconciliation, what is the net (total)adjustment to the balance per books?*
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1 points
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\n \n $10,325
\n $6,700
\n $3,400
\n \n $325
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\n 23) Your accrual-basis company holds a $48,000, 10% note receivable with interest payable annually on June 30. If your company’s fiscal year ends on August 31, what adjusting journal entry do you record?*
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\n \n Interest Receivable 4,800; Interest Revenue 4,800
\n Interest Receivable 4,400; Interest Revenue 4,400
\n Interest Receivable 480; Interest Revenue 480
\n \n Interest Receivable 800; Interest Revenue 800
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\n 24) Your firm, which is on the accrual basis, has a $100,000 Monday-Friday weekly payroll, and Friday is payday. If the year ends on a Tuesday, what adjusting journal entry will you record?*
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\n \n Salaries Expense 100,000; Salaries Payable 100,000
\n \n Salaries Expense 40,000; Salaries Payable 40,000
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\n Salaries Expense 80,000; Salaries Payable 80,000
\n Salaries Expense 20,000; Salaries Payable 20,000\n \n \n
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\n 25) Your law firm, which is on the accrual basis, signs a one-year retainer for $12,000, payable monthly, and receives a $3,000 advance, crediting Deferred Revenue. If, at year end, one month has elapsed, what adjusting entry would you record?*
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\n \n \n Deferred Revenue 1,000; Revenue 1,000
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\n Deferred Revenue 2,000; Revenue 2,000
\n Revenue 1,000; Deferred Revenue 1,000
\n Cash 3,000; Revenue 3,000\n \n \n
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\n 26) Your company, which is on the accrual basis, prepays $24,000 for 1 year’s insurance premiums and debits Insurance Expense. If, 3 months later, your firm's year ends, what adjusting entry do you record?*
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\n \n Insurance Expense 18,000; Prepaid Insurance 18,000
\n \n Prepaid Insurance 18,000; Insurance Expense 18,000
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\n Insurance Expense 6,000; Prepaid Insurance 6,000
\n Prepaid Insurance 6,000; Insurance Expense 6,000\n \n \n
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\n 27) On May 11, your calendar year firm incurs and records advertising expense of $700 as follows: \n Advertising Expense 700 \n Accounts Payable 700 \n On June 6 of the same year your firm pays the $700 and records the payment as follows: \n Advertising Expense 700 Cash 700 \n To correct the error, you will debit: *
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\n \n Cash for $700
\n \n Accounts Payable for $700
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\n Advertising Expense for $700
\n Prepaid Advertising for $700\n \n \n
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\n 28) If employee Alice is paid $10 an hour and recorded the following hours for the workweek, what are her gross wages for the workweek under federal law? Hours on the job 36 Commuting between home and the job site 10 Lunch hours 5 Total hours 51*
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\n \n \n $360
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\n $410
\n $412
\n $510\n \n \n
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\n 29) What should an employer do when an employee marries and changes her name?*
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\n \n \n Obtain a new W-4 which should be implemented within 30 days only if the employee submits a new Social Security card showing the new name
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\n Obtain a new W-4 which should be implemented within 30 days regardless of whether the employee submits a new Social Security card showing the new name
\n Immediately change the employee’s name on the payroll system; neither a new W-4 nor a new Social Security card is as important as putting the proper name in the payroll system
\n Change the employee’s name on the payroll system only if the employee requests it; neither a new W-4 nor a new Social Security card is required\n \n \n
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\n 30) If you do not get a Taxpayer Identification Number (TIN) from independent contractor Joan who earns $5,000 from your company in 2005, your company must:*
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\n \n Provide Joan with a 1099-MISC reporting the $5,000
\n Provide Joan with a 1099-MISC reporting the $5,000 and withholding federal income tax as you would for an employee
\n \n 1099-MISC reporting the $5,000 and withholding federal income tax at the year 2005 backup tax rate of 28%
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\n Withhold all payments from Joan until she gives you her TIN\n \n \n
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\n 31) Which of the following accounts is increased by a debit?*
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\n \n Accumulated Depreciation
\n Federal Income Tax Withheld
\n \n Prepaid Insurance
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\n Unearned Revenue\n \n \n
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\n 32) You firm uses the allowance method for bad debt expense. When, on May 6, you receive confirmation that Customer A is bankrupt and its $400 account receivable is worthless, you will:*
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\n \n Debit Bad Debt Expense for $400
\n \n Debit Allowance For Doubtful Accounts for $400
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\n Debit Accounts Receivable for $400
\n Credit Allowance For Doubtful Accounts for $400\n \n \n
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\n 33) The bank erroneously deducted a check written by Post Company from Board Company’s account. In Board Company’s bank reconciliation, the amount of this check should be:*
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\n \n \n Added to the balance per bank
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\n Deducted from the balance per bank
\n Added to the balance per books
\n Deducted from the balance per books\n \n \n
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\n 34) When a customer’s check marked “NSF” is returned, the amount of the check is: *
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\n \n Added to the balance per bank in a bank reconciliation
\n Deducted from the balance per bank in a bank reconciliation
\n Added to the balance per books in a bank reconciliation
\n \n Deducted from the balance per books in a bank reconciliation
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\n 35) Your calendar year company, which is on the accrual basis, pays sales reps a 5% commission onsales. If, as of December 31, your sales for the year are $1 million, and you have paid $44,000 in commissions, you will: *
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\n \n Debit Commission Expense for $44,000
\n \n Debit Commission Expense for $6,000
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\n Credit Commissions Payable for $5,000
\n Credit Commissions Payable for $50,000\n \n \n
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\n 36) Your accrual-basis firm begins business this year, buying $15,000 of office supplies and debiting Supplies Expense. If, at year-end, $9,000 of supplies are on hand, what adjusting entry do you record? *
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\n \n \n Office Supplies On Hand 9,000; Office Supplies Expense 9,000
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\n Office Supplies On Hand 6,000; Office Supplies Expense 6,000
\n Office Supplies Expense 6,000; Cash 6,000
\n Office Supplies On Hand 15,000; Office Supplies Expense 15,000\n \n \n
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\n 37) On May 7, your firm incurs $200 in office expenses, which it pays right away, but fails to record. If, you discover the error a week later, what entry would you record to correct it?*
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\n \n Accounts Payable 200; Cash 200
\n Cash 200; Office Expense 200
\n \n Office Expense 200; Cash 200
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\n Office Expense 200; Accounts Payable 200\n \n \n
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\n 38) Your company has a $200 petty cash fund from which the petty cash custodian reimburses an employee $7 for gasoline. When you replenish the fund, you will:*
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\n \n \n Debit Gasoline Expense for $7
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\n Debit Petty Cash Expense for $7
\n Make no journal entry
\n Credit Petty Cash for $7\n \n \n
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\n 39) Which of the following statements about the cash disbursements journal is true?*
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\n \n \n Each entry in the cash disbursements journal will be a credit to the ledger Cash account
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\n The cash disbursements journal is used to record revenue transactions
\n The cash disbursements journal has a T-account for each asset, liability and equity account
\n A cash disbursements journal is not used if the firm is on the accrual basis\n \n \n
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\n 40) The Income Summary account contains:*
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\n \n \n Total revenues and total expenses for the year
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\n Total assets and total liabilities at year end
\n Total revenues, expenses, assets, and liabilities at year end
\n Total revenues and assets at year end\n \n \n
\n Submit\n Cancel\n
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