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As an instructor, there are many uses for these exercise questions, such as:  \n• Hand out the entire set of questions for a chapter as an exam at the completion of each chapter  \n• Hand out a smaller selection of questions for each chapter as a quiz at the completion of that chapter  \n• Mix and match questions from each chapter to provide an overall evaluation at the end of the course  \nEach multiple-choice question has the correct answer from the list highlighted. For the open-ended questions, a detailed answer has been provided and highlighted. Each answer has been prepared and reviewed by QuickBooks experts and care has been taken to ensure the answers are accurate and detailed. However, for some of the open-ended questions, there may be correct responses beyond what has been provided due to differing interpretations ofthe question or inexhaustible examples.  \nThese questions and answers have been provided with the understanding that they will not be distributed to students to remove from the classroom or computer lab. Please help to retain the integrity and value of these exercises for all Educational Institutions by only using them for supervised, in-classroom evaluation.  \nAt Intuit Canada, it's our ambition that all Canadian graduates have a solid understanding of how to harness the power of financial software to enhance their professional and personal lives. If you have any feedback on this program, these exercises, or you have additional materials that you would like to share, please visit our Web site at [www.intuiteducation.ca](www.intuiteducation.ca or)[ or](www.intuiteducation.ca or) call an Education Liaison at 1-888-829-8689 .  \nLesson 1 – Getting Started  \nMultiple Choice Questions  \nPlease select the response that best answers the questions below.  \n1. Which of the following would not be included in your ‘Chart of Accounts’?  \na. Savings  \nb. Customer  \nc. Depreciation  \nd. Asset  \n2. Which of the following would be considered an ‘Asset’?  \na. Accounts Receivable  \nb. Accounts Payable  \nc. Computer  \nd. Both ‘a’ and ‘b’  \ne. Both ‘a’ and ‘c’  \n3. Chequing, Savings, and Petty Cash are all examples of what kind of accounts in QuickBooks:  \na. Liability  \nb. Bank  \nc. Equity  \nd. Accounts Receivable  \n4. Which of the following would decrease the value of a company’s equity?  \na. Owner’s draw  \nb. Net loss during current accounting period  \nc. Net profit during current accounting period  \nd. Both ‘a’ and ‘b’  \ne. Both ‘a’ and ‘c’  \n5. In QuickBooks, once you have selected either ‘Accrual’ or ‘Cash’ basis for your accounting report, you cannot change that setting:  \na. True  \nb. False  \n6. You are applying for a business loan. The two reports that your loan officer are most likely to require are:  \na. Transaction Detail Report and Accrual Basis Report  \nb. Income Statement (Profit and Loss Statement) and Transaction Detail Report  \nc. Income Statement (Profit and Loss Statement) and Balance Sheet Report  \nd. Transaction Detail Report and Cash Basis Report  \n7. A ‘Balance Sheet’ is:  \na. A financial summary of a company over the past year  \nb. A financial snapshot of a company at a specific point in time  \nc. A summary of a company’s revenue and expenses  \nd. A summary of a company’s receipts and payments for a specific accounting period  \n8. You are preparing the accounting records for three different companies. QuickBooks requires that you:  \na. Have a separate installation of QuickBooks for each file  \nb. Open each company in a separate window  \nc. Open only one company at a time  \nd. Report to the CRA (Canada Revenue Agency) which companies you are preparing accounting records for  \n9. Which of the following statements reflects the ‘Accounting Formula’?  \na. Liabilities = Assets – Equity  \nb. Liabilities = Assets + Equity  \nc. Li","cbCaiaNZnAXQScB9","https://ap.wps.com/l/cbCaiaNZnAXQScB9","pdf",287086,"English","# Lesson 1 – Getting Started\n## Multiple Choice Questions\n## Open-ended Response Questions","[{\"question\":\"What types of questions are included in the exercises?\",\"answer\":\"The document includes multiple-choice questions and open-ended response questions. Correct multiple-choice options are highlighted, and open-ended questions include detailed highlighted answers.\"},{\"question\":\"How should instructors use the questions during a course?\",\"answer\":\"Instructors can use the entire chapter question set as an exam, a smaller selection as a quiz, or mix questions from multiple chapters for an overall evaluation at the end of the course.\"},{\"question\":\"What is the guidance regarding distributing the answers?\",\"answer\":\"The exercises are intended for supervised, in-classroom evaluation only. Answer sets should not be given to students to remove from the classroom or computer lab, to protect integrity and value.\"}]","QuickBooks in the Classroom - Lesson Exercises with Answers | PDF",1790768304,126]