Quickbooks Final Exam Correct Questions & Answers(GRADED A+)

The _____ basis of accounting matches income for the period against expenses for the period? - ANSWER Accrual To change a column width in a report without changing the size of the print, you must? - ANSWER Print the Report in landscape orientation use Fit Report to one page wide option change the column width manually All of the Above If an invoice is ______, it will not show up in the Customer Balance Detail Report? - ANSWER Deleted Adjustments for accrual basis accounting generally include adjustments to ______? - ANSWER Office Supplies A discount received for a purchase of an inventory item is recorded in the _____ account? - ANSWER Cost of Goods Sold account: Merchandise Discounts If a customer has a balance for an amount owed and a return is made, a credit memo is prepared and _____? - ANSWER the amount of the return may be applied to the balance owed for the invoice The Make Payment dialog box appears on the screen_____? - ANSWER after the credit card reconciliation is complete The _____ item must appear before the Nonprofit Discount item on an invoice in order for Quickbooks to calculate the sales discount on the entire sale? - ANSWER Subtotal If reports are prepared as of January 31 of the current year, net income will appear in the _________? - ANSWER Profit & Loss Statement Balance Sheet Both A and B If an invoice is entered and causes a customers account to exceed its limit, Quickbooks____? - ANSWER provides a dialog box allowing you to approve the transaction Even though transactions are entered via business documents such as invoices and sales receipts, Quickbooks keeps track of all transactions____? - ANSWER In the Journal