Chap 10 Quiz Flashcards
(14 cards)
The physical inventory worksheet is used when:
Multiple Choice
- Inventory items are physically placed in the warehouse
- The computer network goes down
- Taking a physical count of inventory on hand
- All of the choices are correct.
Taking a physical count of inventory on hand
Which one of the following is not a financial statement?
Multiple Choice
- Statement of Cash Flows
- Profit & Loss
- Trial Balance
- Balance Sheet
Trial Balance
The Chart of Accounts displays:
Multiple Choice
- Account Name
- Type
- Detail Type
- All of the choices are correct
All of the choices are correct
The Balance Sheet lists:
Multiple Choice
- Assets, Revenues, and Owners’ Equity
- Assets, Liabilities, and Owners’ Equity
- Revenues, Expenses, and Net Income
- Revenues, Liabilities, and Net Income
Assets, Liabilities, and Owners’ Equity
Which one of the following classifications is not found on the Statement of Cash Flows?
Multiple Choice
- Cash Flows from Selling Activities
- Cash Flows from Financing Activities
- Cash Flows from Investing Activities
- Cash Flows from Operating Activities
Cash Flows from Selling Activities
Which of the following is correct?
Multiple Choice
- Statement of Cash Flows is reported on a particular date
- Income Statement is reported on a particular date
- Balance Sheet is reported on a particular date
- Balance Sheet is reported for a specific time period
Balance Sheet is reported on a particular date
QuickBooks Online uses which basis of accounting?
Multiple Choice
- Accrual
- Cash
- Both accrual and cash
- Neither accrual nor cash
Both accrual and cash
The Profit and Loss Statement lists:
Multiple Choice
- Assets, Revenues, and Owners’ Equity
- Assets, Liabilities, and Owners’ Equity
- Revenues, Expenses, and Net Income
- Revenues, Liabilities, and Net Income
Revenues, Expenses, and Net Income
Management reports:
Multiple Choice
- Must follow a set of rules specified by Generally Accepted Accounting Principles
- Must follow the rules specified by the Internal Revenue Service
- Must follow the rules specified by vendors
- Do not have to follow a specified set of rules
Do not have to follow a specified set of rules
Management reports include:
Multiple Choice
- Customer Profitability reports
- Accounts Receivable Aging reports
- Accounts Payable Aging reports
- Inventory reports
- All of the choices are correct
All of the choices are correct
Which of the following is a Customer report:
Multiple Choice
- Accounts Receivable (A/R) Aging
- Accounts Payable (A/P) Aging
- Open Purchase Orders
- None of the choices are correct
Accounts Receivable (A/R) Aging
The Journal:
Multiple Choice
- Lists every journal entry made only through the onscreen journal
- Is also called the Audit Log
- Lists every transaction entered in QBO through a journal or onscreen form, as a debit and credit entry
- None of the choices are correct.
Lists every transaction entered in QBO through a journal or onscreen form, as a debit and credit entry
The Audit Log tracks:
Multiple Choice
- Additions to our QBO records
- Modifications to our QBO records
- Deletions to our QBO records
- All of the choices are correct
All of the choices are correct
Which of the following reports can improve internal control by tracking unauthorized changes to accounting records?
Multiple Choice
- Cash Budget
- Cash Forecast
- Audit Log
- Journal
Audit Log
