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Bookkeeping with Quickbooks
you're ready to create a new company file. which of the following QuickBooks features should you use? - correct answer ✔✔Easy Step interview ace just bought a new vehicle for the company. what account type should you use to track the value of a vehicle he has purchased? - correct answer ✔✔Fixed Asset in QuickBooks, the book value of a fixed asset account is represented by the sum if its cost and which subaccount? - correct answer ✔✔Accumulated Depreciation which account in QuickBooks will help you track bills ace receives from his vendors? - correct answer ✔✔accounts payable which of the following best describes a purchase order? - correct answer ✔✔a document indicating that you have ordered products or services from a vendor ahead of delivery ace receives a customer payment for a completed job. when you enter the customer payment in quickbooks, the payment is first recorded to which of the following accounts? - correct answer ✔✔undeposited funds ace has completed his first month of business and wants to see how he's doing. which of the following quickbooks preset reports will show his company's financial position is that (or ant) moment in time? - correct answer ✔✔balance sheet ace is trying to learn more about quickbooks files and calls his accountant. the first thing he wants to know is the difference between a portable file and an accountant copy. if his accountant knows his stuff, what would he answer? - correct answer ✔✔an accountant's copy allows the user to still work in the file while the accountant also makes entries
ace is interested in offering all nikon digital cameras at 20% off as a summer promotion hat would you do in Quickbooks to account for this sale? - correct answer ✔✔change the price of the items in the change item Prices window the fiscal year for ace photography has come to an end qhat so you do in QuickBooks to close the books - correct answer ✔✔set a closing date password ace is interested in giving a discount to some of his loyal customers ad he doesn't need to teach this information which of the following would you create in Quickbooks to grant the discount? - correct answer ✔✔a fixed percentage price level ace has been reviewing his finance charge policy and wants you to, make some changes which feature should you use to adjust the finance charge settings in the company file? - correct answer ✔✔preferences you'd like to create batch invoices to make your billing work easier. what should you create if you want to send recurring invoices to the same customers in the future? - correct answer ✔✔billing group A housing developer buys a piece of land for $220,000. she puts down 20% ($44,000) and borrows the rest after the transaction how would her accounting equation look - correct answer ✔✔$220, (assets) equals $ 176,000 (liabilities) plus $44,000 (equity) what is the collection of accounts that you use to trach the flow of money into, through, and out of your business known as? - correct answer ✔✔chart of accounts ace wants you to track line of credit account more closely which account type in quickbooks can you use to track line is credit accounts where ace draws and repays the account on a regular basis? - correct answer ✔✔credit card ace wants to better manage his time and thinks quickbooks can help him. which of the following lists can he use to keep track of upcoming tasks, appointments, or events? - correct answer ✔✔calendar to so list which quickbooks feature can you use trach information for a customer where a field does not already exist not already exist (birth dates, spouse name) - correct answer ✔✔custom fields
in the payment to deposit window, what's the main purpose for grouping multiple customer payments onto one deposit transaction? - correct answer ✔✔to make the bank reconciliation process easier at end of the month ace wants you to genetate a pprinter- friendly list of transactions associated with a specfic customer what report should you generate? - correct answer ✔✔quickreport you're setting up ace's chart of accounts and you want to number each account. what should be the first digit assignes to all liability account types when you assign account numbers in quickbooks? - correct answer ✔✔ 2 when setting up the chart of accounts, which account type should you assign to accounts receivable in quickbooks? - correct answer ✔✔current asset ace wants to see all activity for each vendor in alphabetical order. which report should you generate for him? - correct answer ✔✔vendor balance detail ace has had some issues with losing data, so he wants to make sure that you are doing periodic backups in quickbooks. which option should you select in the create backup window if you want to back up your file to a hard disk or portable storage device like a USB Flash Drive? - correct answer ✔✔local backup which of the following type of journal entry is not automatically generated by quickbooks? - correct answer ✔✔general ace plans to have inventory and wants to be able to track quantities. which of the following should you set up for him? - correct answer ✔✔inventory part items ace performs a physical inventory and tells you the quantity of the actual inventory items he has on hand. you compare that to the quantity of items quickbooks believe he has in inventory, and you find the number doesn't math. what should you do? - correct answer ✔✔use the adjust Qty/Value on hand tool in quickbooks to adjust inventory item quantities as needed
ace wants to separate transactions into two different departments: sales and administration. what function should you use in quickbooks to set up these departments? - correct answer ✔✔classes you have several list items that you wsant to modify which fratyre would you udr in quickbools to sae time? - correct answer ✔✔add/edit multiple list entries a company has a net income of $17,000 and expenses of $75,000 what is the company's income? - correct answer ✔✔92, when you wroye a cheunck for an expensityre on the vehalg of a cleunr why is it a good idesa to add the customer's name in the customer:Job fiels? - correct answer ✔✔to help you determine the profitability of a single customer or job what's a common reason for setting up customer discounts? - correct answer ✔✔to reward your customer for their loyalty ace wants to cross-train all employees on all functions and doesn't understand why you want to implement separation of duties. besides the fact that training all employees on all functions id inefficient, how can you describe the separation of duties to ace so that he understands its importance? - correct answer ✔✔making sure that you have separate individuals responsible for the custody of your assets and the recording of those assets in quickbooks reduces the risk of theft. which of these types of transactions requires a manual general journal entry in quickbooks? - correct answer ✔✔making an adjustment for an input error ace wants you to come out to the country club for a round of golf, but you nees to do the bank reconcilitation how do you explain to ace that the bank reconciliation is an important process that needs to be done timely each month? - correct answer ✔✔it ensures you catch erors in your quickbooks checking account register or your bank statement you're getting ready to perform a quarterly physical inventory. ace doesn't understand why you need to do that and want you to come out to race track to mngke with clients. how do you explain to him that it's important to periodically perform a physical - correct answer ✔✔the quantities in quickbooks can go out of sync with the quantities actually available, impacting your ability to meet your cumtomer orders
double-entry accounting records exchanges in a tansaction with debits and credits. which of tha gollowing is recorsrs when a company purchases a computer and pays cash? - correct answer ✔✔the computer is recorded with a debit and cash is recorded with a credit which of the following statement is true? - correct answer ✔✔to maintain separation between the personal and business accounting records, the owner's personal checking account should not be used to pay bills for the business and should not be listed in the business' chart of accounts when reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the bool balance)? - correct answer ✔✔outstanding check sales in quickbooks can be recorded with all the following means of payment, except: - correct answer ✔✔purchase order to increase collections of payments, you can use all the following quickbooks features, except: - correct answer ✔✔accounts payable aging report vendor report can be accessed in quickbooks in all the following ways except - correct answer ✔✔all of the choices are correct (reporting center, vendors center, reports menu) Which order of tasks is used when purchasing services? - correct answer ✔✔enter bills>pay bills which of the following activities and quickbooks window used to record it is incorrect? - correct answer ✔✔record inventory information; inventory list the purchase orders window is used to record which one of the following transactions? - correct answer ✔✔an order to purchase goods from vendor the order of steps to process payroll is - correct answer ✔✔enter time>pay employees>pay payroll liabilities>process payroll forms which of the following is typically used to track time for a single activity? - correct answer ✔✔stopwatch
to print the adjusted trial balance, select: - correct answer ✔✔reports center>accountant&taxes prepaid items for which adjusting entries may be necessary include all of the following except - correct answer ✔✔unearned revenue examples of management report for internal decision making include all of the following except - correct answer ✔✔1120S report what is owner's equity? - correct answer ✔✔what remains after the liabilities satisfied which one of the following activities is not associated with the employee section of the home page - correct answer ✔✔write checks how do you access the screen to add a user and password? - correct answer ✔✔company menu>set up users and passwords>set up users when a customer deposit is recorded using the make deposits window, behind the screen quickbooks converts the transactions into a journal entry that - correct answer ✔✔debits checking account, credits undeposited funds the enter bill>pay bills (two-,step) approach for paying bill must be used to pay which of the following? - correct answer ✔✔sales taxes the journal entry behind the screen that quickbooks creates when a customer's payment is received and recorded using the receive payment window includes - correct answer ✔✔debit undeposited funds account; credit accounts receivable what quickbooks activity comes next in this series of business activities (fill in the blank) enter bills> - correct answer ✔✔pay bills vendor report can be accessed in quickbooks in all of the following ways except - correct answer ✔✔all of the choices are correct(report center, vendors center, reports menu)
