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AIS Ch 2 Pre-Test

Terms in this set (17)

Setting up your QuickBooks Online company file properly is the most important thing you can do to help yourself manage your business efficiently and with confidence:
True
Using the Company Setup Process to create a new QuickBooks Online company, QuickBooks asks you questions about the type of business you own. It uses your answers to get you started quickly, by setting up the appropriate accounts and lists:
True
After you have completed the QuickBooks Online Quick setup you should go to _______ after to finish the setup process:
Company Settings (grey gear)
You should turn the sales tax setting on only if you never charge sales tax:
False
You can edit a tax rate or tax name once you've added it. Also you must have customers be taxable to be able to show sales tax data:
True
To Create an estimate go to the _____ link:
Customers
To set up the chart of accounts, you need to:
All:
- Determine the start date of your business
- Enter account balances
- Decide how you want to categorize your income and expenses
The chart of accounts is the framework used to categorize the information and transactions used to create reports. By using a chart of accounts and creating reports, you'll always know the current state of your business:
True
An accurate balance sheet gives you a true picture of your company's finances:
True
QuickBooks Online is based on the following key concepts except:
Accounts
Products and services include anything you want to put on an invoice such as:
All:
- Parts
- Services
- Labor
- Discounts
In order to bill customers with QuickBooks, you need to add your customers. Customers need to be created:
True
To add a new customer go to the ______ tab:
Sales/Customers
If you often perform multiple jobs for the same customer, you can use sub-customers in QuickBooks to track the activity for each job separately:
True
A complete list of your business' accounts and their balances appear in the register. You use a register to track how much money your company has, how much money it owes, how much money is coming in, and how much is going out:
True
To add a new product/service you go to the company button and click:
Products and Services
If your QuickBooks Online start date is before today's date, you also need to enter past transactions so that you have complete financial records from the start date forward:
False
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