QuickBooks Final Exam: Questions & Answers: Guaranteed A+ Score

Adelaide wants all transaction details in her company file, so she'll be entering her historical transactions. Which transactions should she enter first? (Ans- Purchase Orders What can you NOT change after initially setting up a new company? (Ans- Industry type Which of these allows you to track income and expenses for a specific aspect of your company? (Ans- Classes If you want to use QuickBooks for multiple companies: (Ans- set up a company file for each tax return you will file As Kili is setting up his company file, he doesn't see an industry type that perfectly fits his business. He knows QuickBooks creates accounts based on the industry selected, and he's worried he won't have the accounts he needs no matter what industry he chooses. What would you tell Kili? (Ans- Add your own accounts to the Chart of Accounts after setup is complete. Match each QuickBooks term to its description. Give more information when creating a company file F. Start Date Advanced Setup Should not be too far in the past A. Start Date Lists all asset, liability, equity, income, and expense accounts D. Chart of Accounts Controlled by individual users E. Personal Preference Can decrease the number of accounts on a P&L report B. Subaccounts Controlled by the administrator C. Company Preference Set up new company file with only basic information G. Start Setup (Ans- Give more information when creating a company file F. Start Date Advanced Setup Should not be too far in the past A. Start Date Lists all asset, liability, equity, income, and expense accounts D. Chart of Accounts Controlled by individual users E. Personal Preference Can decrease the number of accounts on a P&L report B. Subaccounts Controlled by the administrator B. Company Preference Set up new company file with only basic information G. Start Setup How are contributed reports organized (and searched) in the Report Center? (Ans- By industry type Penelope upgraded from QuickBooks 2015 to QuickBooks 2019. She's ready to create her new company but doesn't want to reenter information if she doesn't have to. What should she do? (Ans- Use the Clean Up Company Wizard on the old file and then use it as a template. Match each account type to its example. Savings account C.Bank Mortgage B.Long Term Liability American Express D.Credit Card Opening Balance Equity F.Equity