Chapter 1 Questions - Chapter 1 Solutions Manual Chapter 1 Questions ...

Using QuickBooks ®

Online For Accounting Solutions Manual Fifth Edition (2022) Glenn Owen 1 / 4

1 © 2022 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Chapter 1 Solutions Manual Chapter 1 Questions 1.QBO is limited to one company per license. QBDT can manage an unlimited number of companies.

2.No, QBO requires an Internet connectio n.

3.No, QBO does not require the creation of backup file s.

4.Both QBO and QBDT were developed in-house by Intuit to capture and report on accountin g events.

5.The process of assigning your instructor as the accountant for yo ur company involves a brief interview in which you’ll provide your instructor’s email address and name .Chapter 1 Matching a.QBOh.Click to access help b.QBDTg.Click to find past transactio ns c.Gear icond.Click to access QBO employee informatio n d.Payrolla.Online version of QuickBoo ks e.Navigation ba r i.Click to add your instructor as your accountant

• iconj.Provides links to QBO tasks and resource

s g.Magnifying gl ass b.Windows desktop version of QuickBooks h.Help (?) icon f.Click to add any transaction i.Manage User s c. Click to manage your subscription, users, and settings j.Dashboarde.On the left of the Dashboard, it shows a menu of item s 2 / 4

2 © 2022 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Chapter 2 Solutions Manual

Chapter 2 Questions

• Click Sales and then click Customers.
• Open the Customer window from the navigation bar and then click a customer name.
• Open the Vendor window from the navigation bar, click a specific vendor name, and then click a

specific bill.

• Open the Employee window from the navigation bar and then click Edit next to a specific employee

name.

• Bank deposits, which have not yet been recorded in QBO, are not recognized and are temporarily

classified as Uncategorized Income.

• Bank charges, which have not yet been recorded in QBO, are not recognized and are temporarily

classified as Uncategorized Expense.

• Opening the sales transaction section of QBO will provide a listing of recent sales invoices and

payments.

• Opening the expense transaction section of QBO will provide a listing of recent credit card

transactions, bills, expenses, purchase orders, checks, bill payments, and cash transactions.

• List options include chart of accounts, recurring transactions, products and services, custom form

styles, payment methods, terms, classes, and attachments.

• Click Reports, and then type Accounts payable in the reports search box.

Chapter 2 Matching

• Navigation bar h. An employee in the Sample Company
• Amy’s Bird Sanctuary e. Bank deposits not yet recognized
• Brosnahan Insurance Agency g. Exist for all asset, liability, and equity accounts
• Recognizing i. Specify due dates for payment to/from vendors/customers
• Uncategorized Income a. Used to access a list of sales and expense transactions
• Uncategorized Expense c. A vendor in the Sample Company
• Registers j. A listing of all accounts available
• John Johnson f. Bank charges not yet recognized
• Terms b. A customer in the Sample Company
• Chart of accounts d. Matching a bank ing transaction with a QBO transaction
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3 © 2022 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.Chapter 3 Solutions Manual

Chapter 3 Questions

• Company settings is accessed by clicking the Gear icon and then clicking Account and Settings

from the Your Company column.

• Adding beginning balances only occurs when you are utilizing QBO for the first time and your

business has been in operation for some time.

• Click the Gear icon, click Chart of Accounts, and then click the New button in the upper-right

corner of the chart of accounts.

• The Opening Balance Equity account is also affected when a beginning balance is entered into

an account.

• When you add a new product, you may provide an initial quantity on hand and a related as of

date. You also provide the related inventory asset account, sales and purchase description information, the price, the cost, the income account, and the cost of goods sold account used.You must also identify if the item is taxable if the company collects sales tax.

• When you add a beginning balance to accounts receivable, you must also identify the name of

the customer who owes you.

• When you add a beginning balance to accounts payable, you must also identify the name of the

vendor you owe.

• Retained Earnings is the additional account used when closing the Opening Balance Equity

account.

• Click Reports from the Navigation bar, type Balance Sheet into the Find report by name search

text box, and then press [Enter].

• Click the balance in the account line of the Balance Sheet report to view the Transaction Report.

Chapter 3 Matching

• Transactions report e. Entity to whom you sell products/services
• Trial Balance d. Account used to o ffset beginning balances adjustments
• Journal entry g. Merchandise a company purchases from a vendor
• Opening Balance Equity h. Efforts made by a company to add value to a customer
• Customer b. A listing of the debit or credit balances as of a

specific date

• Vendor i. Dictates where an account appears in all reports
• Product a. Transactions for an account for a specified period
• Service f. Entity from whom you purchase products/services
• Account type j. Checking
• Detailed type example c. Commonly used to adjust accounts
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