QuickBooks Exam with complete
solutions
Which term best describes the QuickBooks Online environment? - Answer- Cloud-
based
Where do you back up your QuickBooks Online data files? - Answer- you don't
Dolly uses QuickBooks Online and is upgrading to a new computer. What do you tell
her? - Answer- Since QuickBooks Online is cloud software, all you have to do is sign in
What is a center? - Answer- Where transaction and contact information are
consolidated
On the Account and Settings screen, use the _____ tab to include account numbers in
your Chart of Accounts. - Answer- advanced
What stores information about your accounts, products, and services? - Answer- Lists
Why are GAAP rules and standards important? - Answer- They ensure organizations
follow consistent financial reporting.
What accounting method records income when it's received and records an expense
when it's paid? - Answer- Cash
How do you analyze the net worth of a business? - Answer- Create a balance sheet
What account types are associated with the profit and loss report? - Answer- Expenses
and Income
What feature stores information about your business's accounts, products, and
services? - Answer- Lists
What accounting method records income when sales are made and records expenses
when the obligation is incurred? - Answer- accrual
What can you access from the Navigation bar? - Answer- the various centers
When should you select settings and customizations for your company file? - Answer-
At the time you create the company file
