QBO Recording Transactions

Question 1

Which transaction type is used to record income from customers in QuickBooks?

Accepted Answer

Invoice

Answer

Journal Entry

Answer

Purchase Order

Answer

Check

Question 2

What form should be used to record a vendor bill in QuickBooks?

Accepted Answer

Bill

Answer

Expense

Answer

Check

Answer

Sales Receipt

Question 3

Which QuickBooks form is best for recording immediate payment for a sale?

Accepted Answer

Sales Receipt

Answer

Invoice

Answer

Estimate

Answer

Bill

Question 4

What transaction type is used to pay a bill in QuickBooks Online?

Accepted Answer

Pay Bills

Answer

Create Invoice

Answer

Receive Payment

Answer

Make Deposit

Question 5

What happens when you enter a bank deposit in QuickBooks?

Accepted Answer

Adds funds to a bank account

Answer

Reduces equity

Answer

Creates a vendor payment

Answer

Records income and expense

Question 6

What form should be used to track money paid out immediately for an expense?

Accepted Answer

Expense

Answer

Invoice

Answer

Bill

Answer

Check

Question 7

What transaction is used to match customer payments to an outstanding invoice?

Accepted Answer

Receive Payment

Answer

Make Deposit

Answer

Sales Receipt

Answer

Journal Entry

Question 8

What is the role of the Bank Feed feature in QuickBooks?

Accepted Answer

Download and match transactions

Answer

Issue refund receipts

Answer

Track mileage

Answer

Create journal entries

Question 9

Which action is appropriate for recording a customer refund?

Accepted Answer

Refund Receipt

Answer

Sales Receipt

Answer

Estimate

Answer

Receive Payment