Accounting Basics for Quickbooks
Questions with 100% Correct Answers
1099-Misc. Correct Answer: Tax form used to report money paid to
subcontractors, vendors, and individuals to whom you pay rents or royalties.
940 Correct Answer: Employer's Annual Federal Unemployment (FUTA) Tax
Return. Reports wages subject to federal unemployment and taxes owed.
941 Correct Answer: Employer's Quarterly Federal Tax Return. Reports employee
wages and withholding and deposits of federal income tax social security tax
and Medicare Tax.
Account Correct Answer: Used to categorize/label and record financial
transactions for your company. Accounts are organized by account type in the
chart of accounts.
Account Numbers Correct Answer: A unique identification number given to an
account
Account Type Correct Answer: Identifies the financial statement to which an
account flows. Also defines where the account appears on the financial
statement. Examples include assets, liabilities, equity, income, and expense.
Accountant Correct Answer: An individual that chooses accounting as their
profession. Accountants perform various accounting functions for their clients.
Accountant's Review Correct Answer: A built-in process available in QuickBooks
to give financial information to an accountant for review. You then merge the
accountant's adjustments into your QuickBooks company file.
, Accounting Correct Answer: The recording of financial events. A business in
terms of money, worth, and profit or loss.
Accounting Equation Correct Answer: Assets = Liabilities + Equity. The basis for
double entry accounting.
Accounts Payable Correct Answer: Tracks money owed to others. Accounts
payable flows to the liabilities section of the Balance Sheet...(You PAY)
Accounts Receivable Correct Answer: Tracks money owed by customers.
Accounts receivable accounts flow to the assets section of the Balance Sheet.
(You RECEIVE)
Accrual Basis Correct Answer: The method of accounting that records income
at the time of sale and expenses when they are incurred.
Accruals Correct Answer: Entries that record the effects of a transaction to a
different period.
Accumulated Depreciation Correct Answer: The portion of an asset's original
purchase price that has been depreciated or expensed.
Adjusting Entry Correct Answer: A journal entry used for many reasons such as
fixing errors, making accruals, or reversing accruals.
Amortization Correct Answer: Payment of debt in multiple installments that
include amounts of principle and interest.
Asset Correct Answer: Resource owned by a business. Examples include cash,
inventory, and equipment.
Audit Correct Answer: An examination of records or financial accounts to check
their accuracy.
Questions with 100% Correct Answers
1099-Misc. Correct Answer: Tax form used to report money paid to
subcontractors, vendors, and individuals to whom you pay rents or royalties.
940 Correct Answer: Employer's Annual Federal Unemployment (FUTA) Tax
Return. Reports wages subject to federal unemployment and taxes owed.
941 Correct Answer: Employer's Quarterly Federal Tax Return. Reports employee
wages and withholding and deposits of federal income tax social security tax
and Medicare Tax.
Account Correct Answer: Used to categorize/label and record financial
transactions for your company. Accounts are organized by account type in the
chart of accounts.
Account Numbers Correct Answer: A unique identification number given to an
account
Account Type Correct Answer: Identifies the financial statement to which an
account flows. Also defines where the account appears on the financial
statement. Examples include assets, liabilities, equity, income, and expense.
Accountant Correct Answer: An individual that chooses accounting as their
profession. Accountants perform various accounting functions for their clients.
Accountant's Review Correct Answer: A built-in process available in QuickBooks
to give financial information to an accountant for review. You then merge the
accountant's adjustments into your QuickBooks company file.
, Accounting Correct Answer: The recording of financial events. A business in
terms of money, worth, and profit or loss.
Accounting Equation Correct Answer: Assets = Liabilities + Equity. The basis for
double entry accounting.
Accounts Payable Correct Answer: Tracks money owed to others. Accounts
payable flows to the liabilities section of the Balance Sheet...(You PAY)
Accounts Receivable Correct Answer: Tracks money owed by customers.
Accounts receivable accounts flow to the assets section of the Balance Sheet.
(You RECEIVE)
Accrual Basis Correct Answer: The method of accounting that records income
at the time of sale and expenses when they are incurred.
Accruals Correct Answer: Entries that record the effects of a transaction to a
different period.
Accumulated Depreciation Correct Answer: The portion of an asset's original
purchase price that has been depreciated or expensed.
Adjusting Entry Correct Answer: A journal entry used for many reasons such as
fixing errors, making accruals, or reversing accruals.
Amortization Correct Answer: Payment of debt in multiple installments that
include amounts of principle and interest.
Asset Correct Answer: Resource owned by a business. Examples include cash,
inventory, and equipment.
Audit Correct Answer: An examination of records or financial accounts to check
their accuracy.
