QuickBooks Chapter 7 & 8 Test; Questions with Complete Solutions

QuickBooks Chapter 7 & 8 Test; Questions with
Complete Solutions
A company's computer is classified as what account type:


a. Expense

b. Owner's Equity


c. Fixed Asset


d. Retained Earnings ✔✔c. Fixed Asset


A corporation uses __________ as its Federal Tax ID number.


a. the owner's social security number


b. an EIN number


c. business operating license number


d. none of these ✔✔b. an EIN number


An account period may be:


a. One quarter


b. One month


c. One year


d. All of these ✔✔d. All of these

,QuickBooks Chapter 7 & 8 Test; Questions with
Complete Solutions
Examples of management reports for internal decision making include all of the

following


except:


a. 1120S Report


b. Cash Budget


c. Cash Forecast


d. Accounts Receivable Aging Summary ✔✔a. 1120S Report


In the Easy Step Interview, you must identify:


a. Type of Industry


b. Company name


c. Company address


d. All of these ✔✔d. All of these


Income tax reports in QuickBooks include all of the following except:


a. Income Tax Preparation


report

, QuickBooks Chapter 7 & 8 Test; Questions with
Complete Solutions
b. Income Tax Detail report


c. Income Tax Summary report


d. Income Tax Mapping report ✔✔d. Income Tax Mapping report


Providing information to external users' decision making is the purpose of which

of the


following?

a. Management Reports


b. Tax forms


c. Financial statements


d. Inventory reports ✔✔c. Financial statements


Providing information to internal users' decision making is the purpose of which

of the


following?


a. Management Reports


b. Tax forms