1.

While using QuickBooks, spend most of your time using a form

A) Register

B) Chart of Accounts

C) Report

D) Graph

2. Which account register do you open to view checks that have cleared:

A) Checking account

B) Accounts receivable

C) Cash on hand

D) Uncategorized income

3. Which of these vendor-related transactions cannot be launched with one click

from the “Quick Create” menu:

A) Create new vendor

B) Write Check

C) Cash Expense

D) Vendor Refund

4.Each client can choose the default reporting basis to be accrual or cash. Where in QuickBooks Online is the default
reporting basis chosen:

A) Reports > All Reports > Business Overview

B) Tools > Company Settings > Tax From

C) Reports > Profit & Loss > Customize > Select report basis

D) Company Settings > Account and Settings > Advanced > Accounting

5. Which option you will be choosing to enter Credit card Charges:

A) Deposit Credit Card Charges

B) Enter Credit Card Charges

C) Sum Credit Card Charges
D) Include Credit Card Charges
7. What is the accounting effect of Sales order and Purchase order on QuickBooks?

A. It has no accounting effect

8. Accrued Expenses goes to which head on Financial Statements?

A. It is current liabilities

9. What create Sales Receipts function do in QuickBooks?

A. It helps to create Cash Sales

10. Where we go and do Double entries in QuickBooks?

A. Make General Journal Entries

11. Which IAS represents Revenue?

A. IAS 18

12. What is working capital?

A. Working capital is typically defined as current assets less current liabilities.

13. What’s the difference between deferred revenue and accounts receivable?

A. Deferred revenue represents cash received from customers for services or goods not yet provided. Accounts
receivable represents cash owing from customers for goods/services already provided.

14. Name the different branches of accounting?

A. The three different branches of accounting are:

1. Cost Accounting
2. Financial Accounting
3. Management Accounting

15. common errors in accounting?

A. The standard errors in accounting are: errors of commission, errors of principle, errors of omission and compensating
error.