QBO Managing Lists & Chart of Accounts

Question 1

What is the purpose of the Chart of Accounts in QuickBooks?

Accepted Answer

It categorizes financial transactions

Answer

It lists all vendors

Answer

It shows customer balances

Answer

It tracks payroll items

Question 2

Which account type should be used to track money owed by customers?

Accepted Answer

Accounts Receivable

Answer

Accounts Payable

Answer

Expense

Answer

Bank

Question 3

Where can you add, edit, or delete items in the Products and Services list?

Accepted Answer

Sales menu

Answer

Accounting tab

Answer

Banking center

Answer

Projects tab

Question 4

Which of the following is a list type in QuickBooks Online?

Accepted Answer

Chart of Accounts

Answer

Invoices

Answer

Reports

Answer

Bank Rules

Question 5

What does marking an account as inactive in the Chart of Accounts do?

Accepted Answer

Hides it from use but keeps history

Answer

Deletes the account and its transactions

Answer

Transfers its balance to another account

Answer

Removes it from reporting

Question 6

Which of the following is used to track what a business owns?

Accepted Answer

Asset

Answer

Equity

Answer

Liability

Answer

Expense

Question 7

How can you customize a list of vendors for specific uses?

Accepted Answer

Adding tags or custom fields

Answer

By sorting alphabetically only

Answer

Using filters in the reports tab

Answer

By exporting and modifying in Excel

Question 8

Which type of product requires tracking both quantity and cost?

Accepted Answer

Inventory

Answer

Service

Answer

Non-inventory

Answer

Bundle

Question 9

What is the benefit of organizing the Chart of Accounts by account type?

Accepted Answer

Clearer financial reports

Answer

Faster bank reconciliation

Answer

Improved security settings

Answer

Allows more user access