11. Which of these would be considered a current asset? (select all that apply)

  • Accounts receivable
  • Prepaid expenses
  • Accumulated depreciation
  • Vehicle

12. How would you categorize $3,500 worth of computer equipment that the business will use as part of its operations?

  • Current assets
  • Long-term assets
  • Equity

13. Use the balance sheet pictured to answer the following question.

If Eternal Summer purchased $500 worth of Inventory using Cash, what would the total assets be after the transaction?

  • $44,000
  • $44,500
  • $45,000

14. Use the balance sheet pictured to answer the following question.

If Eternal Summer purchased $500 worth of Inventory using their supplier credit line, what would the total assets be after the transaction?

  • $44,000
  • $44,500
  • $45,000

15. Use the balance sheet pictured to answer the following question.

If the accumulated depreciation for Eternal Summer’s mobile massage van increases to $3,000, what would the Total Assets balance be after this entry?

  • $44,000
  • $44,500
  • $45,000

Sales Practice Quiz

16. Which path would you select in QuickBooks Online to create a sales receipt?

  • New > Invoice
  • New > Receive payments
  • New > Sales receipt
  • New > Pay bills

17. Which piece of information is not mandatory to record a sales receipt?

  • Cost of items purchased
  • Payment method
  • Customer name
  • Items sold

18. Which account keeps a record of payments in QuickBooks until you physically deposit the same payments at your real-life bank?

  • Undeposited funds
  • Accounts payable
  • Petty cash
  • Accounts receivable

Shuffle Q/A 2

19. When creating an invoice in QuickBooks Online, which path would you choose to add a new customer?

  • Save and Send > End
  • Start > New 
  • Customer > Add New
  • You don’t have to add customer information

20. Sophia does a guest lecture on small business marketing at the Conference of Marketing to Scale. She invoiced the organizers for $200 and their check just arrived in the mail.

To record the payment, which path would you select in QuickBooks Online?

  • New > Receive payments
  • New > Pay bills
  • New > Sales receipt
  • New > Invoice
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