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CHOICE TEST

Test Questions

    1. What account type is "cash on hand” (in wallet)?

    2. If you pay from your bank account to a credit card to decrease the balance, where do you record the payment?

    3. How many accounts change when you make monthly payments to a loan that accumulates interest?

    4. How can you get QuickBooks Online to enter transactions automatically?

    5. How can you find all the checks you wrote to 1 individual?

    6. How can you find a transaction after you have already recorded it?

    7. How can you display separate profit and loss reports where one profit and loss report shows only things that you will include on your taxes and the other shows everything?

    8. Record a check to record all the tax payments that your boss sent in on your behalf

    9. If each paycheck you received as an employee, you previously recorded only the net amount and left out the taxes and the gross amount, what would you need to do at the end of the year to make your annual profit and loss statement accurate?

    10. When you make a monthly loan payment, how can you make sure that the proper amount of the loan payment goes to interest expense?

    11. What account type is the account that represents the money owed on a long-term loan?

    12. What account type represents the account that shows the balance of money owed to you if you lend money to a friend?

    13. For a transaction where you deposit money into a retirement fund or withdraw money from a retirement fund, how many accounts in your chart of accounts will change for each retirement funds transaction?