Quickbooks Final Exam| 40 Questions| Correct Answers (GRADED A+)

Which of the following is true? If a customer balance is entered during the setup process, QuickBooks creates an entry using the Accounts Receivable and Uncategorized Income accounts. If a vendor balance is entered during the setup process, QuickBooks creates an entry using the Accounts Payable and Uncategorized Expenses accounts. If an inventory balance is entered during the setup process, QuickBooks creates an entry using the Inventory Asset and Opening Balance Equity accounts. All of the choices are correct. - ANSWER D In QuickBooks, you enter all opening balances, excluding those balances for inventory, accounts receivable, and accounts payable, as one compound journal entry in the __________ window. - ANSWER Make general journal entries At the same time information is entered in the __________ window, QuickBooks uses the information to record opening balances for Accounts Receivable, Accounts Payable, and Inventory Asset. - ANSWER quickbooks desktop setup If you forget to click the Enter opening balances link on the Add the people you do business with page, then - ANSWER you will have to remember the customers with balances The QuickBooks Desktop Setup window is first used - ANSWER to select the method of new company setup In the Journal report, if you double-click a transaction with a transaction type of - ANSWER bill, you can make corrections to a vendor's opening balance or date Which of the following equity accounts is automatically created in QuickBooks when a new sole proprietorship is set up? - ANSWER opening balances, owners equity, owners draw Which of the following is not correct? - ANSWER when entering a beginning balance for a customer, the balance date must be the beginning of the fiscal year Which of the following is not a field in the Sales Information section of the Edit Item wind