Chapter 2 Flashcards
(20 cards)
Which statement is false concerning default user types in QBO?
The Master Admin is a permanent user account and its controls cannot be transferred or assigned to a new user.
Which of these statements about using QBO apps is false?
Your QBO account does not charge for Apps downloaded through the program.
How many businesses can be tracked with one QBO subscription?
One
For which reason would you NOT install QuickBooks Online apps?
To add additional QBO company files without increasing your monthly expense.
What is a bank rule?
An automatic method for QBO to know how to code activity that is downloaded into your file.
QBO is available for use with which type of company?
Limited Liability Company (LLC), C or S Corporation, and Sole proprietorship/Partnership
In the Company tab of Account and Settings, which of the following fields CANNOT be edited after the file has been created?
Company Name, EIN, and Company Address
In which ways can you share a report from QBO?
Email, Save as PDF, and Print and hand manually.
In the Project 2 Homework Assignment, what income account is used for the Billable expense account setting?
Billable Expense Income
In the Project 2 Homework Assignment, is the Tags option turned On or Off?
On
Which activities can you NOT do from the Dashboard in QBO?
See the current Balance Sheet.
Apps that can be installed and used WITHIN QBO can be found…
By selecting the Apps from the left-hand navigation bar within QBO
Which feature in QBO helps to automatically categorize transactions downloaded from your bank?
Bank Rules
In the Project 2 Homework Assignment, what is the amount of the Job Expenses in Step 6?
$958
What list is NOT included in the All Lists window from the settings Gear?
Customers
What are TWO reasons to connect your financial institution accounts to QBO?
To have QBO automatically download and code your bank and credit card transactions and to help prevent data entry errors.
Which types of accounts can be connected directly with QBO?
Brokerage, Credit Card, and Savings
When reviewing downloaded bank and credit card transactions, which option allows you to categorize parts of a transaction differently?
Split
An overview of your company that includes information such as the status of your income and expenses and your bank accounts can all be found on the…
dashboard.
In the Project 2 Homework Assignment, select the TWO options available in the Transactions menu from the left column.
Reconcile, and Chart of Accounts
