Digital Accounting Tools
Exam Bank
Course Introduction
Digital Accounting Tools explores the modern landscape of accounting technologies, equipping students with practical knowledge of software and digital platforms used in managing and automating financial processes. The course covers the fundamentals of digital bookkeeping, cloud-based accounting systems, and the integration of emerging tools such as artificial intelligence and data analytics in day-to-day accounting operations. Emphasis is placed on hands-on proficiency with industry-standard applications, data security, and the ethical implications of digital transformations in accounting. Upon completion, students will be prepared to leverage digital tools for efficient and accurate financial management in various business environments.
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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Chapter 1: Quickbooks Online Navigation and Settings
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Sample Questions
Q1) QBO Reports is a process included in QBO SatNav.Which of the following best describes the essence of QBO Reports?
A)QBO Reports provides information to a variety of decision makers and is the output of the accounting system.The Reports includes but are not limited to the following: Financial statements,Tax Returns,and Management reports.
B)QBO Reports mainly provide information to a company's managers and accountants and is limited to providing information regarding cash flows and ability to pay debts when due.
C)QBO Reports are the output of the system and provide information mainly to decision makers outside of the company.It is rather limited to the following types of reports generated: tax returns,and financial statements.
D)QBO Reports is still being developed by QBO and contains mainly financial statements with plans to expand its abilities in the future to tax returns and internal reporting. Answer: A
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Chapter 2: QBO Chart of Accounts
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Sample Questions
Q1) To enter account numbers into QBO:
A)Select Accounting in the Navigation Bar and use the Edit Pencil.
B)There is no need to enter account numbers into QBO; QBO assigns account numbers automatically.
C)Use the Gear icon and select Advanced.
D)Account numbers can only be entered when the register is displayed.Select View register then the Edit Pencil.
Answer: A
Q2) Select the statement that is not true regarding Assets.
A)Asset accounts include but are not limited to: cash,accounts receivable,inventory,and fixed assets.
B)Assets provide a future benefit to the company.
C)Assets are amounts a company owes to others.
D)Assets are resources a company owns.
Answer: C
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Chapter 3: QBO Transactions
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Sample Questions
Q1) Which of the following is false regarding updating QBO Lists?
A)There are two basic ways to update QBO Lists: Before entering transactions and While entering transactions.
B)QBO does not encourage updating While entering a transaction since it can lead to disorganization.
C)If updating QBO Lists Before entering a transaction,use the Navigation Bar and select Accounting to update the Chart of Accounts.
D)If updating While entering a transaction,then use the screen where you enter the transaction to update as well.
Answer: B
Q2) Equity accounts are:
A)Increased with debits and decreased with credits.
B)Increased and decreased with credits.
C)Increased with credits and decreased with debits.
D)Increased and decreased with debits.
Answer: C
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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 determines whether a company can pay its bills on time?
A)Adequate cash flow
B)High employee moral
C)Ability to reduce expenses easily
D)Talent of its sales force
Q3) What are the two reasons differences exist between the bank statement and accounting records?
A)Bank errors and timing differences.
B)Company accounting errors and timing differences.
C)Errors (bank or company)and timing differences.
D)Timing differences and bank system errors.
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Chapter 5: Customers and Sales
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Sample Questions
Q1) Which of the following is NOT true regarding the Allowance method?
A)The uncollectible accounts expense is estimated in advance of the write-off.
B)The estimate can be calculated as a percentage of sales or as a percentage of accounts receivable.
C)The method should be used if uncollectible accounts have a material effect on a company's financial statements.
D)This method is used for tax purposes.
Q2) How can an estimate of the uncollectible accounts expense be estimated in advance of the write-off using the Allowance method?
A)Cash sales plus a percentage of credit sales.
B)As a percentage of credit sales or as a percentage of accounts receivable.
C)As a percentage of cash sales or a percentage of credit sales.
D)As a percentage of newer receivables with little or no consideration of older receivable balances.
Q3) In QBO,the following two ways exist for updating the Customers List:
A)Delayed charges and Delayed credit.
B)Before entering transactions and After entering transactions.
C)Before entering transactions and While entering transactions.
D)While entering transactions and Delayed charging of transactions.
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Page 7
Chapter 6: Vendors and Expenses
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Sample Questions
Q1) 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.
Q2) In QBO,what onscreen form do you use to select bills that are due and ready to pay?
A)Check form
B)Expense form
C)Pay Bills form
D)Cash form
Q3) All of the following are advantages associated with using QBO Vendors List except:
A)Allows the company to store information regarding its vendors including: name,address,and contact information.
B)Allows a company to assess the quality of the material received from each vendor.
C)It is a time-saving feature.
D)QBO automatically transfers the vendor information to the appropriate form i.e.checks.
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Chapter 7: Inventory
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Sample Questions
Q1) What is NOT true regarding the Products and Services List?
A)It can be updated either Before entering transactions or While entering transactions.
B)It collects information about the products or services purchased from vendors.
C)It links the product item to the accounts in the Chart of Accounts,therefore,when the item is selected in the QBO form,then the linked accounts are automatically updated as well.
D)It collects information about the products purchased from vendors and sold to customers.
Q2) In QBO,what List is NOT used for inventory transactions?
A)Vendors List
B)Customers List
C)Products and Services List
D)Accounts List
Q3) A customer may pay using the following methods in QBO?
A)Online Credit Card,Online Bank Transfer,or Customer Check
B)Credit Card (online,phone,in person,or mail),Online (credit card or bank transfer),or Customer Check
C)Credit Card (online or phone),Online Bank Transfer,or Customer Check
D)Check or Online Credit Card
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Page 9
Chapter 8: Employees and Payroll
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Sample Questions
Q1) What is NOT true regarding QBO time tracking?
A)A user must turn on QBO time tracking preferences before entering time.
B)QBO provides two different ways to track time: Single Time Activity and Weekly Timesheet.
C)Single Time Activity is not automatically added to an employee's Weekly Timesheet.Usually,Single Time Activity is used by subcontractors vs.employees.
D)A Weekly Timesheet is used to enter time worked by each employee during the week and includes time billable to customers.
Q2) In QBO,Single Time Activity is one way to track time.It is used to:
A)invoice customers for billable time related to specific projects.
B)enter time billable to specific customers.Then time is added to the customer's invoice.
C)enter time worked by each specific employee during a week.
D)time one activity and enter the time data.The time is then recorded on the employee's weekly timesheet.
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Chapter 9: QBO Adjustments
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Sample Questions
Q1) What is FALSE regarding adjusting entries and QBO?
A)Adjusting entries are dated the last day of the accounting period which can be one month,one quarter or one year.
B)Adjustments are made through the Chart of Accounts during the year and then using the Onscreen Journal at the end of the year.
C)Adjusting Entries are entered in the Onscreen QBO Journal using debits and credits.
D)Some companies use QBO to maintain its accounting system throughout the year and use an accountant to prepare and enter adjusting entries at year end.
Q2) What are the four type of adjusting entries?
A)Prepaid,Unearned,Accrued Expenses,and Accrued Revenues
B)Depreciation,Prepaid,Unearned,and Accrual
C)Scheduled,Unscheduled,Accruals,and Depreciation
D)Reminder,Accrual,Depreciation,and Prepaid
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Chapter 10: QBO Reports
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Sample Questions
Q1) All of the following statements are true about Owners' Equity except?
A)Owners' equity is also called net worth.
B)It is increased by net income and owners' contributions.
C)Owners' equity is found on both the Profit and Loss statement and the Balance Sheet.
D)It is decreased by owners' withdrawals or dividends,and net losses.
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.
Q3) What are the three main financial statements?
A)Profit and Loss,Balance Sheet and Statement of Cash Flows
B)Budget to Actual,Balance Sheet and Statement of Cash Flows
C)Profit and Loss,Trial Balance and Statement of Cash Flows
D)Profit and Loss,Balance Sheet and Adjusted Trial Balance
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