QuickBooks Chapter 7 - Reports & Graphs; Questions with Complete Solutions

QuickBooks Chapter 7 - Reports &
Graphs; Questions with Complete Solutions
The order of the steps in the accounting cycle includes: ✔✔Trial balance,

adjusting entries,


adjusted trial balance, financial reports


What is an asset? ✔✔What a company owns


To record adjusting journal entries in QuickBooks, select: ✔✔Accountant menu,

Make General


Journal Entries


Examples of management reports for internal decision making include all of the

following except


✔✔1120S Report


Examples of management reports for internal decision making includes ✔✔Cash

budget, cash


forecast, and A/R Aging summary


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

Tax mapping

, QuickBooks Chapter 7 - Reports &
Graphs; Questions with Complete Solutions
report


Income tax reports includes ✔✔Income tax preparation, detail, and summary

reports


Sales are recorded under cash basic accounting when: ✔✔Cash is collected from

customers


Income statement lists ✔✔Income and Expenses


Which one of the following classifications is found on Statement of Cash Flows?

✔✔Cash flows


from financing activities


What is Owner's equity? ✔✔What remains after liabilities are satisfied


To print General Ledger: ✔✔Select Report Center > Accountant & Taxes, General

Ledger


The Profit & Loss Statement lists ✔✔Income and Expenses


What info does a Balance sheet provide? ✔✔A company's financial position on a

specific date