Chapter 7

Question 1

Which item on reports cannot be adjusted to customize the data or format?

Answer 1

All of these can be adjusted.

Question 2

Accounts Payable and Accounts Receivable reports can be displayed as summaries or detailing each item that make up each balance.

Answer 2

True

Question 3

What would be a purpose for a Sales By Products/Services report?

Answer 3

To compare products to see which sell better.

Question 4

QBO allows reports to be directly exported to Google Sheets.

Answer 4

False

Question 5

In the Project 7 Homework Assignment, using the Balance Sheet you printed/saved, was the percentage difference in the Opening Balance Equity from April 30 compared to March 30 a positive or negative number?

Answer 5

Negative

Question 6

Sub-accounts and sub-customers can be collapsed on reports to show their combined balance(s).

Answer 6

True

Question 7

Before setting a report to be automatically emailed, what must you do to it?

Answer 7

Save it as a Custom Report.

Question 8

You need to determine which vendors charge the most for the goods and services they provide your company. Which report should you run?

Answer 8

Expense by Vendor

Question 9

You are customizing a Profit and Loss Report and you need to compare two date ranges. Where do you click to add a second date range?

Answer 9

Compare Another Period

Question 10

What would be a purpose for an Income By Customer report?

Answer 10

To compare customers to determine who buys more from you.

Question 11

What information does an Accounts Payable Aging report present?

Answer 11

The total amount of your unpaid bills, grouped by days past due.

Question 12

Before a report can be set to be automatically emailed every week from QBO, the report must…

Answer 12

be saved as a custom report.

Question 13

Select all reports that can be exported to Excel.

Answer 13

Products/Services List
Sales by Customer
Income by Customer
Sales by Products/Services

Question 14

Choose all that are true for the Cash Flow Statement Report.

Answer 14

It has three sections: Operations, Investments, and Financing, and It summarizes the cash flowing in and out of a business.

Question 15

In the Project 7 Homework Assignment, using the Profit and Loss report you printed/saved, what is the Total Job Materials income for March?

Answer 15

$422.00

Question 16

What report would let you how much money, in total, each customer owes your company and how far past due the balances are?

Answer 16

Accounts Receivable Aging Summary report

Question 17

In the Project 7 Homework Assignment, using the Aging Report you printed/saved, how many customers owe money to the company?

Answer 17

11

Question 18

In the Project 7 Homework Assignment, using the Aging Report you printed/saved, what is the total amount of money that is owed to the company but not yet due?

Answer 18

$5,406.19

Question 19

For which type of transaction can you send custom email messages from QuickBooks Online?

Answer 19

Invoice

Question 20

By adjusting the filters, a report can be set up to show activity for just one customer.

Answer 20

True

Question 21

An Accounts Payable Aging report shows how long before you have to pay the bill.

Answer 21

False

Question 22

In the Project 7 Homework Assignment, using the Profit and Loss report you printed/saved, which account(s) had a $0.00 balance? (Select all that apply)

Answer 22

Disposal Fees
Computer Repairs
Building Repairs