Chapter 3 Flashcards
(20 cards)
One of your current customers now becomes a vendor by selling you products you are going to resell. When you set up their new vendor account, what cannot be the same as their customer account?
Display Name
It is possible to permanently delete an account from the Chart of Account area at any given time.
False
In the Project 3 Homework Assignment, before any changes during the assignment, to whom is/was a Note Payable for account number 2800 in the Chart of Accounts?
Richard Smith
Which statement about the Display Name field is true when adding a customer in Quickbooks Online?
It is the only required field in the process.
Which list can you import into QuickBooks Online Plus from the Import Data screen?
Products and Services
List items that are no longer needed, but have been used in tractions can be made inactive.
True
The customer list is displayed alphabetically based on…
display name.
Lists that are being imported into QBO must have header labels across each column identifying the content for that column.
True
In the Project 3 Homework Assignment, after adding the accounts in Step 14, how many total Fixed Asset accounts are in the Chart of Accounts?
Eight
Which statement about merging vendor accounts is true?
After two vendors are merged, the action cannot be undone.
In the Project 3 Homework Assignment, The Mulch was what type of Product/Service?
Inventory
To manually add a new account to the Chart of Accounts… (Select all that apply)
open the Chart of Accounts and click New, and in the Category field when entering an expense or check, select “+ Add”.
Why would a company need to merge two accounts in the vendor name list?
Two similar entries were originally created for the same company.
In the Project 3 Homework Assignment, what is the account number for the Gasoline Expense account?
6920
The number of available accounts in the Chart of Accounts varies based on what level of service you have subscribed to in QBO.
True
Which of the following is true about adding a new account to the Chart of Accounts in QBO?
Which account type you select will determine what fields appear.
In the Project 3 Homework Assignment, after merging the accounts in Step 12, how many sub-accounts are there in Cost of Goods Sold (COGS)?
Two
When entering the name “The Bike Store” into the Display Name field as a vendor, QBO will automatically move “The” to the end of the name, preceded by a comma.
False
Which of the following is not a type of list in QBO?
Currency Types
Under the Chart of Accounts, all Type of Accounts (such as Asset, Liability, Income, Expense, etc) can be created as sub accounts.
True
