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If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. True QuickBooks automatically applies a payment received to the most current invoice. False Sales tax will be calculated automatically on an invoice if a customer is marked taxable. Tr...

In the perpetual inventory system, the inventory quantity and values are updated after each purchase and sale of inventory items This report shows all purchase information for each inventory item, including vendor name, cost per unit, quantity purchased, and total cost. Purchases by Item Detail ...

Describe the process for increasing or decreasing the width of a column in the listing of bills to pay. Select one: a. Click and hold your mouse between two columns and drag to the left to decrease the width of a column and drag to the right to increase the width of a column. b. Hover your mou...

1. Before completing the work within Chapter 6, check your data with the following report: a. December 1 Trial Balance. b. December 31 Trial Balance. c. November 30 P&L. d. November 1 Balance Sheet. e. None. December 1 Trial Balance. 2. The action of sending money in payment of a bill is calle...

To enter Vendor and Expense transactions: B. From the Navigation Bar select Expenses>New Transaction To enter an Expense transaction: From the Create (+) icon, select Expense QuickBooks considers all of the following to be vendors except: Customers purchasing products Which of the following ...

Receipt of purchase order items is never recorded before the bill arrives. False A bill can be paid by check or credit card. True The Cost of Goods Sold account Merchandise Discounts is used to record discounts to customers. False Voiding a purchase order removes every trace of the purchase orde...

The Inventory Part window consists of two sides: one for sales information and one for purchase information True Inventory tracking is automatically activated when you create a company file False In QuickBooks, non-inventory parts are tracked in the same way as inventory parts False QuickBooks a...

1. A period that the company uses for accounting purposes and preparing financial statements. a. First quarter. b. Fourth quarter. c. Fiscal year. d. End of year. e. None. Fiscal year. 2. A software design that emphasizes separating the functions of a program into independent, interchangeable...

1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product. True 2: There is no limit to the number of inventory products you can enter in QuickBooks Online. True 3: The difference between the cost and the sales price is an expense. false 4: You can verify goods w...

The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: ...

The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False If Show All is selected, inactive accounts will not appear in the Char...

To enter Customer and Sales transactions From the Create (+) icon, select the appropriate customer transaction To enter Vendor and Expense transactions From the Create (+) icon, select the appropriate vendor transaction QuickBooks considers all of the following to be vendors except: Customers pu...

In a sole proprietorship, equity is what shareholders have invested in the company False Amortization is the process of a balance increasing over time False Treating bad debt as a discount is recommended because it reduces sales tax liability False A fixed asset is something you DON'T plan to us...

A company's computer is classified as what account type: a. Expense b. Owner's Equity c. Fixed Asset d. Retained Earnings c. Fixed Asset A corporation uses __________ as its Federal Tax ID number. a. the owner's social security number b. an EIN number c. business operating license number ...

Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate ...

The order of the steps in the accounting cycle includes: Trial balance, adjusting entries, adjusted trial balance, financial reports What is an asset? What a company owns To record adjusting journal entries in QuickBooks, select: Accountant menu, Make General Journal Entries Examples of managem...

You cannot process payroll manually. False Once a paycheck has been printed, you may not edit it. False Paychecks may be printed only as a batch. False A payroll check may never be deleted. False Once an employee is hired, you may not change the pay period from semi-monthly to monthly. False A...

To make sure you are starting in the correct place in the data, display the: A)January journal. B)Adjusted Trial Balance. C)January 1 Trial Balance. D)December 1-31 Balance Sheet. E)None of the above. C)January 1 Trial Balance In Chapter 8, all transactions occur in the month of: A)November. ...

what are the steps to create a profit and loss budget? - gear icon - budgeting - add budget - enter info what value do budgets provide a business? - provide internal control over business activities - help ID and resolve problems why should a business reconcile a checking account? reconciliati...

In the Easy Step Interview, you must identify Type of industry, company name, and company address. All of these Which tax form would you select for a Subchapter S corporation? Form 1120S To create a new company data file in QuickBooks, use the: File menu > New Company When setting up a new co...

During the Advanced Setup, you can turn on and off which features in the EastStep Interview? (ALL OF THESE) Sales Taxes Inventory Progress Invoicing During the Advanced Setup, you can set up a password for which of the following users during the EasyStep Interview? a. Administrator b. Extern...

what are the 3 types of quickbooks files? data, portable, and backup which file should we work in? portable define data file "QBW"- to enter data or create reports define backup file (.QBB)- a condensed, stable version of the data file and restore into a .QBW file before using define portable...

Which term best describes the QuickBooks Online environment? Cloud-based Where do you back up your QuickBooks Online data files? you don't Dolly uses QuickBooks Online and is upgrading to a new computer. What do you tell her? Since QuickBooks Online is cloud software, all you have to do is sign ...

Which of the following is not an input field or selection at the Add New Account window? a. Financial Statement Override b. Description c. Account Type d. Enter Opening Balance a. Financial Statement Override Which of the following is not an available button at the Glad you're here! page when ...

1: The Navigation bar is where the link to the Sales center is located. True 2: You can create a statement, receipt, invoice, or other transaction using the Action menu in the Sales center. True 3: A sales transaction can only be recorded when the customer pays for the product or service at the ...

Invoice Used when recording a sale on account Sales Receipt Used when cash is collected at the time of a sale Product Quantities of this are tracked Service Quantities of this are not tracked Create (+) Icon Used to access invoices, sales receipts, or bank deposits Payment from a customer Cash ...

QBO Online version of QuickBooks QBDT Windows Desktop version of QuickBooks Gear Icon Click to add your instructor as your accountant Welcome Guide Provides tasks to help you get started Navigation Bar On the left of the Home page, it shows a menu of items Create (+) Icon Click to add any trans...

Transactions Report Transactions for an account for a specified date Trial Balance A listing of the debit or credit balances as of a specific date Journal Entry Commonly used to adjust accounts Opening Balance Equity Account used to offset beginning balances adjustments Customer Entity to whom y...

you can delete vendors in quickbooks online false You can have two vendors with the same name. false A vendor is a person or business you sell services or products to. false You can set up a new vendor only from the Vendors list. false You can record purchases with a credit card in QuickBooks On...

Only bank accounts are available in the Banking center in QuickBooks Online. false The For Review folder in the Banking center is for all the transactions that need to be reviewed and matched. true Undeposited Funds is a unique asset account to hold funds that have been received but have not yet...

You must have a product or service to create a purchase order. false When you purchase inventory, the purchases account increases. false Inventory tracking in QuickBooks Online allows you to define the costing method. false A non-inventory product is for supplies only. false QuickBooks Online al...

Purchase Order A formal means to order products from vendors Due on Receipt Terms that provide no credit Bill An invoice sent by a vendor to a customer Net 30 Pay a bill within 30 days after the bill date Item Detail Section Purchases that affect inventory are recorded here Account Detail Secti...

Which 3 of these areas does the Client Needs Assessment tool focus on to help gather the information needed to select the right QuickBooks Online subscription for a client? Features and solutions Client profile Needs assessment Which 4 list types can be directly imported into QuickBooks Online ...

You need to set up a new user so they can see reports but can do nothing else in QuickBooks. Put the steps for setting up a user who can only see reports in the correct order. 1. Click the Company menu and choose Manage Users. 2. In the Manage Users screen, click New. 3. For User Type, choose Re...

Rate used to calculate an employee's social security tax 6.2% Rate used to calculate an employee's Medicare tax 1.45% Account used to record all payroll expenses Payroll Account used to record the liability for Federal Income tax withheld Payroll Tax Payable An add-on feature to QBO QBO Payrol...

Navigation Bar Used to access a list of sales and expense transactions Amy's Bird Sanctuary A customer in the Sample Company Brosnahan Insurance Agency A vendor in the Sample Company Recognizing Matching a banking transaction with a QBO transaction Uncategorized Income Bank deposits not yet rec...

Operating Activity Sales receipt Investing Activity Purchase of common stock Financing Activity Sale of a common stock Fixed Assets Long-term tangible property that a firm owns Long-term investment A financial instrument that matures in more than 1 year Common Stock A stockholders' equity acco...

Complete the following statement: The QuickBooks Online ____________ is a platform that you and your clients can use to build the perfect solution, by adding ___________ that bring additional functionality. 1. ecosystem; 2. apps How many points does your firm need to reach the platinum tier of th...

QBB QuickBooks file type that is a compressed file that must be restored before it can be used QBW File that is used to enter transactions and obtain reports Which of the following ways can you use to navigate QuickBooks software? Navigation Bar (Icon Bar) Menu Bar Home Page QuickBooks can cr...

What are the two methods of New Company Setup in QuickBooks? Detailed Start and Express Start What is the QuickBooks EasyStep Interview window designed to do? helps you create and set up a new company file In addition to selecting the method of New Company Setup, what is the QuickBooks Setup wi...

The company that hires the workers is referred to as the employer A(n) ____ is the person hired by a company who will receive salary or wages on a regular basis. employee Payroll involves all of the following except preparing a spreadsheet with government agencies names and addresses. Withholdi...