1. Revenues are? A. Increased with debits and decreased with credits. B. Increased and decreased with credits. C. Increased and decreased with debits. D. Increased with credits and decreased with debits.

2. In QBO, what is the difference between a Bill form and an Expense form? A. A Bill form records the services the company has received and has an obligation to pay the vendor later. An Expense form selects the bills a company wants to pay. B. A Bill form records when the vendor gives the company a refund or reduction in its bill. An Expense tracks the products ordered from the vendor. C. A Bill form records expenses paid for at the time the product or service is received via paying cash, check or credit card. An Expense form records services the company has received and has an obligation to pay the vendor later. D. A Bill form records a service the company has received and has an obligation to pay the vendor later. An Expense form records expenses paid for at the time the product or service is received via paying cash, check or credit card.

3. How does an account payable arise with a vendor? A. When our business makes a cash purchase, it promises to pay the same again for future purchases B. When our customers purchase amounts from us, they promise to pay us in the future. C. When we return purchases to our vendor, they promise to pay us for the amounts returned. D. When our business purchases on credit, it promises to pay that amount in the future.

4. What is the difference between a correcting entry and an adjusting entry? A. Correcting entries are updates required to bring accounts to the correct balances as of a certain date. Adjusting entries fix mistakes in the accounting system. B. Correcting entries require one journal entry to fix and adjusting entries require two entries to fix. C. Correcting entries fix mistakes in the accounting system. Adjusting entries are not mistakes but updates required to bring accounts to the correct balances as of a certain date. D. Correcting entries and adjusting entries are the same type of entry just labeled differently.

5. Suppose you own a company that repairs bicycles. What item type should you use for "bicycle repair"? A. Non-inventory Part B. Inventory Part C. Other Charge D. Service

6. When should you create an invoice in QuickBooks? A. When a customer purchases goods or services but does not pay you at the time of the sale. B. When a customer purchases goods or services and pays you by check or credit card at the time of the sale. C. When a customer purchases goods or services, but you don't want to record the sale as final. D. When we return purchases to our vendor, they promise to pay us for the amounts returned.

7. What does the term "Double-entry accounting" mean? A. That the Income and Expense accounts are always part of every transaction. B. There are always at least two accounts involved in every financial transaction. C. That the Cost of Goods Sold account and the Liabilities account are always part of a transaction. D. The Equity and Asset accounts are always involved in a transaction.

8. Due to an oversight, one of your colleagues has referred to a supplier, ANA, as two separate suppliers in Quickbooks Online Supplier Center; one spelled correctly (ANA), and one incorrectly (ANNA). How should you clean up the supplier list? A. Delete the ANNA account. B. Merge the ANA and ANNA accounts. C. Make ANA the parent supplier. D. Make the ANNA account inactive.

9. A customer, Maricel, has requested a document showing all their unpaid invoices from the last 365 days. How should you generate this in Quickbooks? A. Sales > All Sales > Filter > select Date Last 365 days > Apply B. Sales > All Sales > New Transaction > Time Activity C. Sales > Customers > select Customer Maricel > New Transaction > select Statement D. Reports > Standard > Statement of Cash Flows

10. Which of the following statements is NOT true about entering and paying bills in QuickBooks? A. If you record the bill in QuickBooks, use the write checks window or check register to pay that same bill. B. If you record the bill in QuickBooks, do not use the write checks window or check register to pay that same bill. C. You should write a check for a bill using the write checks window or check register first then enter the bill for your records in QuickBooks. D. If you use on-line banking in QuickBooks you can't pay bills that you entered in QuickBooks.

11. Assuming we are making an invoice for insurance in Quickbooks, what information do we put in the product/service? A. Agent B. None C. Replacement D. Sales

12. When creating a petty cash entry in Quickbooks, what transaction do we use? A. Bill B. Credit Note C. Expense D. Invoice

13. For liquidation, what account do we use for parking charges in Quickbooks? A. 65000 - Representation B. 75000 - Travel expenses C. 71000 - Office Supplies and Expenses D. 83000 - Other general and administrative expenses

14. What daily rate in payroll do we use for employees that work only on weekdays? B. 216/12 B. 261/12 C. 331/12 D. 313/12

15. What is the threshold for non-taxable monthly salary? A. 20,383 B. 20,833 C. 33,333 D. 20,333