9/10/2017 Learner: eLab

Student Name : Turki Aljaber

Quizz Name : Chapter 1
Points : 46.8 Out of 48
Grade : 97.5%

Q Lesson/Chapter Question Instructor

Question Feedback Points
#. # Type Feedback

A manufacturing business is the ideal type of business for QuickBooks Pro.

Answer:
True
Q1 Chapter 1: True/False 4 1/1 ---
False

In QuickBooks, if you learn how to use one version, you can switch to a different version with relative ease.
Answer:
True
Q2 Chapter 1: True/False 4 1/1 ---
False

Data entry is the same in QuickBooks whether you use accrual or cash basis accounting.
Answer:
True
Q3 Chapter 1: True/False 8 1/1 ---
False

The cash basis of accounting is commonly used by small businesses that are not publicly traded.
Answer:
True
Q4 Chapter 1: True/False 8 1/1 ---
False

A backup file is smaller than a portable company file of the same company.
Answer:
True
Q5 Chapter 1: True/False 12 1/1 ---
False

Once it is displayed, you cannot hide the icon bar.

Answer:
True
Q6 Chapter 1: True/False 17 1/1 ---
False

You should always back up your company file to an alternate location that is not on the same computer where the
original file is located.
Answer:
Q7 True Chapter 1: True/False 24 1/1 ---

False

The QuickBooks release number can be found in the Product Information window.
Answer:
True
Q8 Chapter 1: True/False 25 1/1 ---
False

A USB drive should never be used to backup company file data. USB drives should only be used to transfer data
from one computer to another within the company.
Answer:
Q9 True Chapter 1: True/False 24 1/1 ---

False

QuickBooks SimpleStart, QuickBooks Pro, and QuickBooks Premier are all types of _____.
Answer:
QuickBooks versions

QuickBooks editions Multiple

Q10 Chapter 1: 5 2/2 ---
Choice
QuickBooks volumes

QuickBooks sections

What type of task assists you in storing information about customers, vendors, and employees?
Answer:
List

Activities Multiple
Q11 Chapter 1: 6 2/2 ---
Choice
Company setup

Reports

Q12 What accounting method is typically used by businesses with large inventories? Chapter 1: Multiple 8 2/2 ---
Answer: Choice
Cash basis

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9/10/2017 Learner: eLab
Accrual basis

Both a and b

None of the above

What does “behind the scenes” mean in this QuickBooks textbook?

Answer:
There is a second set of books

The accounting that QuickBooks performs for you Multiple

Q13 Chapter 1: 7 2/2 ---
Choice
The underlying lists and activities

All of the above

What is the act of decompressing a backup file called?

Answer:
Uncompressing

Restoring Multiple
Q14 Chapter 1: 12 2/2 ---
Choice
Opening

All of the above

A compressed QuickBooks file, ideal for attaching to an email message, is a _____.

Answer:
backup file

restored file Multiple

Q15 Chapter 1: 12 2/2 ---
Choice
portable company file

Both b and c

What screen element displays the QuickBooks edition in which you are working?
Answer:
Menu bar

Title bar Multiple

Q16 Chapter 1: 16 2/2 ---
Choice
Home page

All of the above

When are transactions saved in QuickBooks?

Answer:
Automatically as they are entered

When you close QuickBooks Multiple

Q17 Chapter 1: 24 2/2 ---
Choice
When you execute the File > Save command

All of the above

QuickBooks allows you three options to back up your company files. Which of the following IS NOT one of the
options?
Answer:
Save it now
Multiple
Q18 Save it now and schedule future backups Chapter 1: 25 2/2 ---
Choice
Automatically each time 26 MB of new data is entered

Only schedule future backups

Match each QuickBooks file type to its description.

Answer:
Company file : A decompressed file in which you carry out daily transactions

Backup file : A compressed copy of your data that can be stored online
Q19 Chapter 1: Matching 12 3.00/3.00 ---
Portable company file : A compressed copy of your data; great for sending via email

Transaction log file : Helps to recover any data entered after the last backup operation

Network data file : Contains important configuration data; should not be deleted

Match each QuickBooks task to its description.

Answer:
List : Allows you to store information about customers, vendors, employees, and other data
important to your business

Q20 Activities : Affects what is happening behind the scenes; easily entered on forms Chapter 1: Matching 6 3.00/3.00 ---

Company setup : Takes you through the steps necessary to create a new QuickBooks company

Reports : Gives a snapshot of aspects of a business; preset and easily customizable

Q21 Match each accounting basis to its correct description. Chapter 1: Matching 8 3.00/3.00 ---

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9/10/2017 Learner: eLab
Answer:
Accrual basis : Income is recorded when the sale is made and expenses recorded when
incurred.

Cash basis : Income is recorded when cash is received and expenses recorded when cash is
paid.

Match each QuickBooks window element with its corresponding description.

Answer:
Menu bar : Displays options for a specific button.

Icon bar : Provides quick access to snapshots, apps, and services, etc.
Q22 Chapter 1: Matching 16-17 3.00/3.00 ---
Workflow diagram : Arrows on the Home page show the path from one task to another.

QuickBooks Calendar : Allows you to create a to-do list and keep up with deadlines.

Match these GAAP principles to their descriptions.

Answer:
Business entity : The business is separate from the owners and from other businesses.

Going concern : Assumes that the business will be in operation indefinitely.

Monetary unit : Assumes that a stable currency is going to be the unit of record.

Q23 Time-period : Implies that the activities of the business can be divided into time periods. Chapter 1: Matching 8 3.00/3.00 ---

Cost : A company should record purchased assets at cost (not fair market value).

Revenue : Requires publicly traded companies to record when revenue is realized and earned,
not when cash is received.

Matching : Expenses need to be matched with revenues.

Match each term to its best description.

Answer:
Intuit Data Protect : Web service that allows you to recover data in the event you lose your
working company file.

[F2] Key : Used to determine which QuickBooks release number you are working with on a
computer.

Cash Basis : Accounting system that records income and expenses when cash is paid or
received.
Q24 Chapter 1: Matching 7-25 3.00/3.00 ---
Chart of Accounts : Listing of all accounts used by your company.

GAAP : Rules used to prepare, present, and report financial statements for a variety of entities.

Accrual Basis : System where income is recorded when a sale is made and expenses recorded
as they are incurred.

Vendor Center : Displays a list of companies you do business with and manages various
transactions.

Match each file type to its best description.

Answer:
Company files : File used for entering day-to-day transactions.

Portable file : Small file that is a convenient way to send company information by email.

Q25 Backup file : Used to store a copy of your data in case your main file becomes corrupted and Chapter 1: Matching 12 1.8/3 ---
needs to be restored.

Network data file : Contains important configuration data.

Transaction log : Helps you recover data entered after the last backup was performed.

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