QuickBooks Final Exam Questions and Answers 2023/2024 (Answered Verified by Expert).
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Course
QuickBooks
Institution
QuickBooks
QuickBooks Final Exam Questions and Answers 2023/2024 (Answered Verified by Expert).
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 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 completing the Express Start method? a. Preview Your Settings b. Create Company c. Create Chart of Accounts d. All of the choices are correct. ✔✔c. Create Chart of Accounts Which is a correct statement? QuickBooks Final Exam Questions and Answers 2023/2024 (Answered Verified by Expert). a. The Uncategorized Expenses account is created when you enter outstanding accounts receivable balances in the Vendor Center. b. Upon completion of the New Company Setup level of operation, customizing and updating the Lists/Centers, viewing and printing Reports, and making a backup copy of the new company file, your accounting records are ready for recording daily activities. c. The Uncategorized Income account is created when you enter outstanding accounts payable balances in the Customer Center. d. All of the choices are correct ✔✔b. Upon completion of the New Company Setup level of operation, customizing and updating the Lists/Centers, viewing and printing Reports, and making a backup copy of the new company file, your accounting records are ready for recording daily activities. Which of the following is true regarding payment terms when you set up a new company? a. QuickBooks creates a list automatically, which can then be modified. b. QuickBooks copies the payment terms used in the last company you set up. c. QuickBooks creates no payment terms; you must establish them yourself. d. QuickBooks creates a list automatically for customers only. ✔✔a. QuickBooks creates a list automatically, which can then be modified. The accrual basis of accounting a. does not follow GAAP-generally accepted accounting principles. b. is not used for preparing the accounting reports and financial statements in QuickBooks. c. requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments. d. is the same as cash basis of accounting, which records revenue only when the cash has been received for services provided or for a product sold, and records expenses only when cash payments have been made. ✔✔c. requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments. In QuickBooks, by default, the accounting reports and financial statements are prepared using the __________ basis of accounting. a. cash b. cost c. revenue d. accrual ✔✔d. accrual
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