QUICKBOOKS FINAL EXAM Correct 100%(RATED A+)

Chart of Accounts -ANSWER This is the name of the list of accounts the company uses as it conducts its business deits and credits -ANSWER each account in the general ledger shows all increase and decreases Accounting -ANSWER to edit account names and add account numbers, begin by clicking this option on the Navigation bar create icon journal entry -ANSWER to enter the opening balances in the Journal Entries window ACTION -ANSWER In the Vendor window, this column is used to initiate various actions for a selected vendor Purchase on Account -ANSWER In QuickBooks Online, the Bill window is used to record cash purchase -ANSWER The Check window is used to record For my accountant -ANSWER The Journal report option is located under this option in the All Reports list. ACTION -ANSWER In the customers window, this column is used to initiate various actions for a selected customer Accounts Receivable account -ANSWER All transactions entered in the Invoice window result in a debit to the Accounts Receivable account -ANSWER A payment of an account receivable produces a debit to the Undeposited Funds account and a credit to Sales Receipt window -ANSWER The window used for all cash sales of goods and services Undeposited Funds account -ANSWER A deposit of receipts as a separate transaction produces a debit to the checking account and a credit manage collections, control cash flow, retain an accurate record of all customer related transactions -ANSWER The Accounts Receivable and customer - related reports help the company to adjusting journal entries -ANSWER In QuickBooks Online, account adjustments that are not daily business activities can be made using preadjusted Trial Balance Report -ANSWER Once you record adjusting journal entries, you will no longer be able to view and print a Income statement and the Balancesheet -ANSWER The period -end financial statements includes the