QuickBooks Chapter 4 Questions and
Answers Already Passed
Which of the following reports is not part of the period-end accounting reports? ✔✔Pending
Sales
The Cost of Goods Sold account would fall into which of the f
...
QuickBooks Chapter 4 Questions and
Answers Already Passed
Which of the following reports is not part of the period-end accounting reports? ✔✔Pending
Sales
The Cost of Goods Sold account would fall into which of the following account types?
✔✔Income and Expenses
Which of the following is one of the financial reports that companies prepare at least once a
year? ✔✔Balance Sheet
By what name is the income statement known in QuickBooks? ✔✔Profit & Loss report
In customizing the Journal report to show only the adjusting journal entries, you would be using
the __________ feature. ✔✔Filter
One way to open the Make General Journal Entries window is to begin by clicking __________
on the main menu bar. ✔✔Company
In a manual accounting system, transactions are initially recorded chronologically in the
✔✔General Journal
Adjustments made to accounts at certain periods of time (for example, at the end of the month)
are referred to as ✔✔Adjusting Journal Entries
Which of the following statements regarding credit amounts in a manual accounting system is
not true? ✔✔They are always recorded as negative numbers
When determining how to identify accounts for purposes of reports and postings, QuickBooks
relies on this piece of account information. ✔✔Account Type
In QuickBooks, registers are not available for __________ accounts ✔✔Income and Expense
This report is used to verify that the total debits equal the total credits in the general ledger.
✔✔Trial Balance
Adjusting journal entries are usually dated the ✔✔last day of the month
When transactions are recorded in Activity windows (e.g., Enter Bills, Pay Bills, Write Checks),
QuickBooks also records these activities in __________ format using debits and credits.
✔✔General Journal
The General Ledger report in QuickBooks displays ✔✔all activity in each account and lists the
balance after each activity.
Of the various pieces of information collected when setting up an account in QuickBooks, which
of the following is not optional? ✔✔account type
Which report displays the Unadjusted Balance, Adjustments, and Adjusted Balance for all
accounts? ✔✔Adjusted Trial Balance (Worksheet)
Adjustments to account balances are recorded in the __________ window. ✔✔Make General
Journal Entries
In the Make General Journal Entries window, which is optional to record? ✔✔an explanation of
the transaction
In QuickBooks, you can subtotal two or more accounts by designating them as __________; the
account to which the subtotals roll up is referred to as the __________ account. ✔✔subaccounts;
parent
When entering adjusting journal entries in the Make General Journal Entries window, what
happens if the total dollar value of debits does not equal the total dollar value of credits? ✔✔A
warning window will appear, and if corrections are not made, you will not be able to save the
journal entry
Which of the following would be considered a liability type account? ✔✔Accounts Payable
To add a new account in QuickBooks, begin by clicking __________ on the main menu bar and
then click Chart of Accounts. ✔✔Lists
In a manual accounting system, all individual accounts are placed together and summarized in
the ✔✔General Ledger
This QuickBooks report is structured to show assets, liabilities, and equity balances for a
business as of a certain date. ✔✔Balance Sheet Standard
Which of the following would not be considered an asset type account? ✔✔Accounts Payable
Generally accepted accounting principles are made up of all the following except ✔✔local labor
union laws
What types of transactions might be recorded in a special journal? ✔✔frequent, similar
transactions (e.g., sales, purchases
To access the General Ledger report, click Reports on the main menu bar and then click
✔✔Accountant & Taxes
In QuickBooks, the Make General Journal Entries window is used primarily for ✔✔making
adjusting journal entries
The list of accounts a company uses as it conducts its business is referred to as the ✔✔Chart of
Accounts
What report is typically run just after the adjusting journal entries have been recorded? ✔✔Trial
Balance renamed Adjusted Trial Balance
To view the Trial Balance report in QuickBooks, click Reports on the main menu bar and then
click ✔✔Accountant & Taxes
What is the default account used for the Make General Journal Entries window? ✔✔There is no
default account for this window
When you double-click an asset account in the Chart of Accounts List window, the account's
register is displayed. What happens if you double-click an expense account instead? ✔✔An
Account QuickReport is displayed
In QuickBooks, the Chart of Accounts List contains all of the following except ✔✔balance for
income and expense accounts
Which of the following statements about adjusting journal entries is not true? ✔✔They are
recorded in special journals
In a manual accounting system, debits are recorded ✔✔in the left column of an account
What does GAAP stand for? ✔✔Generally Accepted Accounting Principles
In a manual accounting system, transactions recorded in the general journal must have ✔✔a
dollar value recorded as a debit and a dollar value recorded as a credit
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