CH 02 Concept Review Quiz - Answers

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Riverside City College *

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65

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Accounting

Date

Jan 9, 2024

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pdf

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4

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9/10/23, 11:32 PM Student: eLab https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSQ0FNZThkVDYrS2daMWFTNGZlV0Z1ZVJFRGV… 1/4 Answer: At the time you create the company file As work related to the settings comes up Before the end of the business's first fiscal year In the second quarter Answer Provided At the time you create the company file Answer: The list of accounts for each transaction in the accounting system or general ledger The menu of products and services that the company offers its customers The full list of account numbers associated with the company's customers and vendors The balance of each account as of the start date of the business Answer Provided The list of accounts for each transaction in the accounting system or general ledger Answer: December 31 of the current year The first day of a period, month, quarter, or year The day of your first expense The day of your first sale Answer Provided The first day of a period, month, quarter, or year Answer: A transaction that occurred before the start date of the company A transaction that appears in the company file by default in QuickBooks Online A journal entry A report showing company transactions as of the start date Answer Provided A transaction that occurred before the start date of the company Answer: Expense accounts are not included in the Chart of Accounts. You can only merge accounts that are of the same type. The income account would override the expense account. QuickBooks only supports the unmerging of accounts, not the merging of them. Answer Provided You can only merge accounts that are of the same type. Answer: A journal entry The associated uncategorized asset account At least one account in the Chart of Accounts Student Name : Toni Castillo Quizz Name : Chapter 02 Test Points : 50 Out of 50 Grade : 100% Q #. Question Lesson/Chapter # Question Type Feedback Points Instructor Feedback Q 1 When should you select settings and customizations for your company file? Chapter 2: Multiple Choice Customizing Your Company File; (QBCU exam) 1.2 2.38/2.38 --- Q 2 What is the Chart of Accounts? Chapter 2: Multiple Choice The Chart of Accounts; (QBCU exam) 1.3.5 2.38/2.38 --- Q 3 Which of these would be an appropriate start date for a business? Chapter 2: Multiple Choice Start Date; (QBCU exam) 1.2 2.38/2.38 --- Q 4 What is an historical transaction? Chapter 2: Multiple Choice Opening Balances and Historical Transactions; (QBCU exam) 1.2 2.38/2.38 --- Q 5 Why can't you merge an income account with an expense account in the Chart of Accounts? Chapter 2: Multiple Choice Editing the Default Chart of Accounts; (QBCU exam) 1.3.4 2.38/2.38 --- Q 6 What is a product or service linked to? Chapter 2: Multiple Choice Products and Services; (QBCU exam) 2.2.2 2.38/2.38 ---
9/10/23, 11:32 PM Student: eLab https://lti.labyrinthelab.com/user_view_quiz_result.php?q=UFNPYW5GVGZwT2V1UDZjOUJRZ2NSQ0FNZThkVDYrS2daMWFTNGZlV0Z1ZVJFRGV… 2/4 The historical transaction Answer Provided At least one account in the Chart of Accounts Answer: Individual users Master Supervisor Comptroller Master Administrator Answer Provided Master Administrator Answer: Fixed Assets Accounts Receivable Bank Accounts Payable Answer Provided Accounts Payable Answer: via the Gear menu on the day the expenses were incurred on the Chart of Accounts as a journal entry or directly into the account register Answer Provided as a journal entry or directly into the account register Answer: Accounts added by other users Preset accounts Asset accounts All accounts Answer Provided Preset accounts Answer: Asset Liability Equity Revenue Answer Provided Liability Answer: 1 2 3 4 Answer Provided 2 Answer: It's required for a double-entry accounting system To automate accounting and ensure the creation of links to the appropriate detail and summary reports So QuickBooks can auto-categorize the entries for your business None of these options Answer Provided To automate accounting and ensure the creation of links to the appropriate detail and summary reports Q 7 Who controls user access and monitors user activity? Chapter 2: Multiple Choice Adding and Managing Users; (QBCU exam) 1.1.4 2.38/2.38 --- Q 8 What account type is considered a liability? Chapter 2: Multiple Choice Assigning Account Types; (QBCU exam) 1.3.5 2.38/2.38 --- Q 9 Opening balances are entered: Chapter 2: Multiple Choice Opening Balances and Historical Transactions; (QBCU exam) 1.1 2.38/2.38 --- Q 10 Which accounts in the Chart of Accounts CANNOT be inactivated? Chapter 2: Multiple Choice Editing the Default Chart of Accounts; (QBCU exam) 1.2.1 2.38/2.38 --- Q 11 What type of account is a credit card account? Chapter 2: Multiple Choice Assigning Account Types; (QBCU exam) 1.2 and 1.3.5 2.38/2.38 --- Q 12 Justine wants to export her balance sheet to Excel. Where does she start? Chapter 2: Multiple Choice DYS 2-4, step #10; (QBCU exam) 5.2.2 2.38/2.38 --- Q 13 Why is it important to properly set up the Products and Services List? Chapter 2: Multiple Choice Products and Services; (QBCU exam) 2.2.3 2.38/2.38 ---
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