Computerized Accounting Study Guide Questions
Course Introduction
Computerized Accounting introduces students to the principles and practices of managing financial data using accounting software. The course covers fundamental accounting concepts such as recording transactions, maintaining ledgers, preparing financial statements, and handling payroll, all within a digital environment. Students will gain hands-on experience with popular accounting applications, learning how to streamline and automate accounting processes, ensure data accuracy, and generate essential business reports. Emphasis is placed on understanding the benefits and limitations of computerized systems, as well as maintaining security and integrity of financial information in a digital context.
Recommended Textbook
Computer Accounting with QuickBooks Online 1st Edition by Donna Kay
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10 Chapters
200 Verified Questions
200 Flashcards
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Page 2
Chapter 1: Quickbooks Online Navigation and Settings
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Sample Questions
Q1) Which of the following is correct regarding a company's legal entity type and the tax form it must file with the IRS?
A)Sole Proprietor - Form 1065
B)Partnership - Form 1120
C)C Corporation - Form 1120S
D)Sole Proprietor - Form 1040 Schedule C
Answer: D
Q2) Which transaction type does not appear on the Create (+)screen?
A)Customers
B)Budgeting
C)Vendors
D)Employees
Answer: B
Q3) QBO Help and Support:
A)Is essentially the same as the QBO Search icon.
B)Provides an Advanced Search option useful in reviewing specific transactions.
C)Is accessed through the ? icon.
D)Allows a user to view Recent Transactions in more detail.
Answer: C
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Page 3
Chapter 2: QBO Chart of Accounts
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Sample Questions
Q1) What are QBO Sub-accounts and how are these accounts added to the Chart of Accounts (COA)?
A)Subcategories of an account that aid in decision making.Add Sub-accounts by selecting New from the COA window,then enter the Category Type,select Detail Type and enter a name.
B)Subcategories of an account used to determine the appropriate tax form.Add Sub-accounts by selecting New from the COA window,then enter the Category Type,select Detail Type and enter a name.
C)Subcategories of an account that aid in decision making.Add Sub-accounts by selecting New from the COA window,next hit the + sign in the upper right corner,then enter the Category Type,select Detail Type and enter a name.
D)Subcategories of an account that aid in decision making.Add Sub-accounts by selecting New from the COA window,then enter the Category Type,select Detail Type and enter a name.Check Sub-account box to confirm the account is a Sub-account. Answer: D
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Chapter 3: QBO Transactions
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Sample Questions
Q1) Which one of the following statements best describes a transaction?
A)Transactions are exchanges between a business and other parties.
B)Transactions are only completed at the end of the month and relate to adjusting accounts.
C)Transactions are only completed annually and close out temporary accounts.
D)Transactions are based on cash being received and paid.
Answer: A
Q2) Which is not true regarding entering transactions into QBO?
A)There are two methods for entering transactions: Onscreen Journal and Onscreen Forms.
B)Onscreen Journal is more accurate and preferred since QBO will show the user the Journal Entry immediately after entry.
C)Onscreen Journal is often used to make adjusting entries at year end.
D)When entering information into Onscreen Form,QBO automatically converts the information into a journal entry.
Answer: B
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Chapter 4: Banking
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Sample Questions
Q1) In the QBO Check Register the column indicates which of the following:
A)It indicates whether the bank transaction is C (cleared),R (reconciled)or blank (uncleared,unreconciled).
B)It lists the amount of money coming into the Checking account.
C)It displays the running balance of the Checking account,and it updates the balance with each new transaction in the account.
D)It lists the amount of money coming out of the Checking account.
Q2) What impact will a Deposit in Transit and an Outstanding Check have on a company's accounting records after a reconciliation is completed? (will cash have to increase or decrease based on the reconciling item)
A)Deposit in Transit will need to increase the Cash account and Outstanding Checks will decrease the Cash account.
B)Deposit in Transit will need to decrease the Cash account and Outstanding Checks will increase the Cash account.
C)Both will increase the Cash account.
D)No change needs to be made to the Cash account for Outstanding Checks and Deposits in Transit.
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Chapter 5: Customers and Sales
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Sample Questions
Q1) In QBO,the user will use a Delayed Credit and Delayed Charge when:
A)Delayed Credit - record a sale to a customer on account to be paid in the future. Delayed Charge - record a pending expense to be paid at a future date.
B)Delayed Credit - record a credit or reduction in the amount charged to a customer at a future date. Delayed Charge - record a refund to a customer at a future date.
C)Delayed Credit - record a pending credit to a customer occurring at a specified future date. Delayed Charge - record a pending charge to a customer occurring at a specified future date.
D)Delayed Credit - record a product or service provided to the customer at a specified future date. Delayed Charge - record a pending charge to a customer occurring at a specified future date.
Q2) All of the following are true regarding the Products and Services List except:
A)It collects information about the products and services sold to customers.
B)New products must be entered twice to confirm the initial information is correct.
C)It is a time-saving feature.
D)QBO uses four types of products and services: Inventory,Non-inventory,Service,and Bundle.
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Page 7
Chapter 6: Vendors and Expenses
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Sample Questions
Q1) In what situation would you NOT use the Pay Bills form?
A)When a bill is due and must be paid.
B)If the Expense form or Check form was used to enter the vendor transaction.
C)When a company is ready to pay its accounts payable.
D)When the bill has been entered using the Bill form.
Q2) When is the Bill onscreen form used to record a vendor transaction in QBO?
A)It is used to record services for which a company has been billed for and agreed to pay later.
B)It is used to record expenses a company pays for at the time it receives the product or service.
C)It is used when a vendor gives a refund or reduction in a bill for what is owed to the vendor.
D)It is used to record a credit or a reduction in the charges owed to the vendor.
Q3) What is a mechanism used by a company to track amounts it owes vendors?
A)Accounts Payable Aging Report.
B)Accounts Receivable Aging Report.
C)Accounts Payable Reconciliation Report.
D)Cash to Payables Reconciliation.
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Chapter 7: Inventory
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Sample Questions
Q1) What is the process in QBO used to record a bill received that will be paid later?
A)Select the Create Icon (+),then select Bill and Vendor from the Vendor List drop-down menu (many items will auto-fill when vendor is selected).After a vendor is selected,open purchase orders appear and select Add to add the purchase order to the bill.
B)Select the Gear Icon,then select Bill and Vendor from the Vendor List drop-down menu (many items will auto-fill when vendor is selected).After a vendor is selected,open purchase orders appear and select Add to add the purchase order to the bill.
C)Select the Create Icon (+),then select Vendor from the Vendor List drop-down menu (many items will auto-fill when vendor is selected)then select Bill.After a Bill is selected,open purchase orders appear and select Add to add the purchase order to the bill.
D)Select the Gear Icon,then select Vendor from the Vendor List drop-down menu (many items will auto-fill when vendor is selected)then select Bill.After a Bill is selected,open purchase orders appear and select Add to add the purchase order to the bill.
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9
Chapter 8: Employees and Payroll
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Sample Questions
Q1) What payroll tax form meets the following description: Filed with the IRS,this form summarizes the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter?
A)Form 940
B)Form 941
C)Form 944
D)Form 990
Q2) All of the following are payroll liabilities except:
A)Federal income taxes withheld from employee paychecks
B)State income taxes withheld from employee paychecks
C)FICO Employer's annual credit assessment
D)FICA Social Security and Medicare including both the employee and employer portion
Q3) In QBO Payroll Processing,what are the four main types of tasks?
A)Enter Time,Pay Employees,Pay Payroll Liabilities and Set Up Employees List
B)Enter Time,Pay Employees,Pay Payroll Liabilities and Turn on Payroll
C)Enter Time,Pay Employees,Pay Payroll Liabilities and Turn on Time Tracking
D)Enter Time,Pay Employees,Pay Payroll Liabilities and Process Payroll Forms
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Chapter 9: QBO Adjustments
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Sample Questions
Q1) One way QBO enters adjusting entries is through using the Onscreen Journal. This method involves using the following process?
A)Select the Create (+)icon,then select Journal Entry to access the Onscreen Journal. Enter the Journal date,and Journal no (usually,label as AJE). On Line 1 select Account to debit from the drop-down list,enter the Debit Amount,and Description.Do the same process on Line 2 for the credit.
B)Select the Gear icon,then select Adjustment to access the Onscreen Journal. Enter the Journal date,and Journal no. On Line 1 select Account to debit from the drop-down list,enter the Debit Amount,and Description.Do the same process on Line 2 for the credit.
C)Select the Create (+)icon,then select Adjustment to access the Onscreen Journal. Enter the Journal date,and Journal no. On Line 1 select Account to debit from the drop-down list,enter the Debit Amount,and Description.Do the same process on Line 2 for the credit.
D)The Onscreen Journal is generally not used to enter in adjustments. It does not identify adjustments clearly enough.
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11
Chapter 10: QBO Reports
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Sample Questions
Q1) What is NOT true regarding Tax forms?
A)The objective of the tax form is to provide information to federal and state tax authorities.
B)When preparing tax returns,a company uses the same rules as those used to prepare financial statements.
C)When preparing tax returns,a company uses different rules from those used to prepare financial statements.
D)Tax forms include: Federal and State income tax returns,Federal Payroll Forms and Federal Form 1099.
Q2) On a Statement of Cash Flows,cash flows are grouped into the following three categories listed in the proper order:
A)Operating activities,Investing activities,and Financing activities.
B)Operating activities,Financing activities,and Investing activities.
C)Investing activities,Operating activities,and Financing activities.
D)Financing activities,Investing activities,and Operating activities.
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