Question 1

Which account below is not an Expense account?

Accepted Answer

A)  Utilities
B)  Rent
C)  Accounts Payable
D)  AdvertisingE) C) and D)
F) B) and D)

Question 2

What is an asset?

Accepted Answer

A)  Mortgage payable
B)  An amount a company owes
C)  A resource a company owns
D)  None of theseE) A) and B)
F) A) and C)

Question 3

Which QuickBooks version is designed for mid-sized businesses?

Accepted Answer

A)  QuickBooks Pro
B)  QuickBooks Premier
C)  QuickBooks Accountant
D)  QuickBooks Enterprise SolutionsE) B) and C)
F) All of the above

Question 4

Which of the following is a temporary account?

Accepted Answer

A)  Sales
B)  Inventory
C)  Accounts Payable
D)  Accounts ReceivableE) A) and B)
F) All of the above

Question 5

The Favorites menu allows you to:

Accepted Answer

A)  Add websites that are useful to your business
B)  Customize up to 30 of your favorite QuickBooks menu items
C)  Add one favorite QuickBooks menu item
D)  None of theseE) B) and D)
F) None of the above

Question 6

Balance Sheet accounts are also called:

Accepted Answer

A)  equity accounts
B)  temporary accounts
C)  permanent accounts
D)  None of theseE) B) and C)
F) C) and D)

Question 7

A Mortgage Payable account:

Accepted Answer

A)  Has real estate as collateral
B)  Is identical to a Loan Payable account
C)  Is a type of Owner's Equity account
D)  None of theseE) C) and D)
F) None of the above

Question 8

What is a liability?

Accepted Answer

A)  Inventory
B)  An amount a company owes
C)  A resource a company owns
D)  None of theseE) B) and C)
F) All of the above

Question 9

To Re-sort the Chart of Accounts,first display the Chart of Accounts window,then:

Accepted Answer

A)  Click on the Company heading bar
B)  Click Account > Re-sort List
C)  Click File > Sort
D)  Right click Sort by NameE) All of the above
F) None of the above

Exam 2: Time Value of Money

A Mortgage Payable account:

Correct Answer
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Which QuickBooks version is designed for mid-sized businesses?

Correct Answer
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Balance Sheet accounts are also called:

Correct Answer
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Which of the following is a temporary account?

Correct Answer
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What is an asset?

Correct Answer
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Which account below is not an Expense account?

Correct Answer
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The Favorites menu allows you to:

Correct Answer
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To Re-sort the Chart of Accounts,first display the Chart of Accounts window,then:

Correct Answer
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What is a liability?

Correct Answer
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Exam 2: Time Value of Money

A Mortgage Payable account:

Correct AnswerverifiedShow Answer

Which QuickBooks version is designed for mid-sized businesses?

Correct AnswerverifiedShow Answer

Balance Sheet accounts are also called:

Correct AnswerverifiedShow Answer

Which of the following is a temporary account?

Correct AnswerverifiedShow Answer

What is an asset?

Correct AnswerverifiedShow Answer

Which account below is not an Expense account?

Correct AnswerverifiedShow Answer

The Favorites menu allows you to:

Correct AnswerverifiedShow Answer

To Re-sort the Chart of Accounts,first display the Chart of Accounts window,then:

Correct AnswerverifiedShow Answer

What is a liability?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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