Quickbooks-Chapter 1
Accounting for the financial activity of any company involves correct
answersrepetitive recording of day-to-day business activities.
Recording common business activities does not include correct
answerssetting up display of inventory
Summaries of the financial information of a company are called correct
answersfinancial statements
The most common financial statements are the correct answersincome
statement and the balance sheet
With a computerized accounting software package, as business activities are
recorded, correct answersall necessary reports are instantly prepared
Behind the scenes, QuickBooks uses traditional accounting
procedures correct answersto record, summarize, and report financial
information.
A monetary business event or activity is called correct answersa
transaction
Reports in Quickbooks correct answerscan be easily corrected and a
revised report immediately printed.
In a manual system, the document where transactions are initially
recorded chronologically is called correct answersthe general
journal
The general ledger is correct answersthe document where transactions are
summarized by account.
To facilitate the recording of transactions in a manual accounting system,
which journals are typically used? correct answerspurchases journal, sales
journal, cash receipts journal, cash payments journal
In a manual system, routine transactions are recorded in the journal and
then correct answersposted to the general ledger
What are the four levels of operation within QuickBooks? correct
answersNew Company Setup, Lists/Centers, Activities, and Reports
The first level of operation within QuickBooks correct answersis creating and
setting up a new company file with the background information for the new
company.
Accounting for the financial activity of any company involves correct
answersrepetitive recording of day-to-day business activities.
Recording common business activities does not include correct
answerssetting up display of inventory
Summaries of the financial information of a company are called correct
answersfinancial statements
The most common financial statements are the correct answersincome
statement and the balance sheet
With a computerized accounting software package, as business activities are
recorded, correct answersall necessary reports are instantly prepared
Behind the scenes, QuickBooks uses traditional accounting
procedures correct answersto record, summarize, and report financial
information.
A monetary business event or activity is called correct answersa
transaction
Reports in Quickbooks correct answerscan be easily corrected and a
revised report immediately printed.
In a manual system, the document where transactions are initially
recorded chronologically is called correct answersthe general
journal
The general ledger is correct answersthe document where transactions are
summarized by account.
To facilitate the recording of transactions in a manual accounting system,
which journals are typically used? correct answerspurchases journal, sales
journal, cash receipts journal, cash payments journal
In a manual system, routine transactions are recorded in the journal and
then correct answersposted to the general ledger
What are the four levels of operation within QuickBooks? correct
answersNew Company Setup, Lists/Centers, Activities, and Reports
The first level of operation within QuickBooks correct answersis creating and
setting up a new company file with the background information for the new
company.
