QUICKBOOKS FINAL EXAM 2023
Chart of Accounts - Answer- This is the name of the list of accounts the company uses
as it conducts its business
deits and credits - Answer- each account in the general ledger shows all increase and
decreases
Accounting - Answer- to edit account names and add account numbers, begin by
clicking this option on the Navigation bar
create icon > journal entry - Answer- to enter the opening balances in the Journal
Entries window
ACTION - Answer- In the Vendor window, this column is used to initiate various actions
for a selected vendor
Purchase on Account - Answer- In QuickBooks Online, the Bill window is used to record
cash purchase - Answer- The Check window is used to record
For my accountant - Answer- The Journal report option is located under this option in
the All Reports list.
ACTION - Answer- In the customers window, this column is used to initiate various
actions for a selected customer
Accounts Receivable account - Answer- All transactions entered in the Invoice window
result in a debit to the
Accounts Receivable account - Answer- A payment of an account receivable produces
a debit to the Undeposited Funds account and a credit to
Sales Receipt window - Answer- The window used for all cash sales of goods and
services
Undeposited Funds account - Answer- A deposit of receipts as a separate transaction
produces a debit to the checking account and a credit
manage collections, control cash flow, retain an accurate record of all customer related
transactions - Answer- The Accounts Receivable and customer - related reports help
the company to
