Bookkeeping with Quickbooks
you're ready to create a new company file. which of the following
quickbooks features should you use? correct answersEasyStep interview
ace just bought a new vehicle for the company. what account type should
you use to track the value of a vehicle he has purchased? correct
answersFixed Asset
in quickbooks, the book value of a fixed asset account is represented by
the sum if its cost and which subaccount? correct answersAccumulated
Depreciation
which account in quickbooks will help you track bills ace receives from
his vendors? correct answersaccounts payable
which of the following best describes a purchase order? correct answersa
document indicating that you have ordered products or services from a
vendor ahead of delivery
ace receives a customer payment for a completed job. when you enter
the customer payment in quickbooks, the payment is first recorded to
which of the following accounts? correct answersundeposited funds
ace has completed his first month of business and wants to see how he's
doing. which of the following quickbooks preset reports will show his
company's financial position is that (or ant) moment in time? correct
answersbalance sheet
ace is trying to learn more about quickbooks files and calls his accountant.
the first thing he wants to know is the difference between a portable file and
an accountant copy. if his accountant knows his stuff, what would he answer?
correct answersan accountant's copy allows the user to still work in the file
while the accountant also makes entries
ace is interested in offering all nikon digital cameras at 20% off as a
summer promotion hat would you do in Quickbooks to account for this sale?
correct answerschange the price of the items in the change item Prices
window
the fiscal year for ace photography has come to an end qhat so you do in
QuickBooks to close the books correct answersset a closing date password
ace is interested in giving a discount to some of his loyal customers ad he
doesn't need to teach this information which of the following would you
create in Quickbooks to grant the discount? correct answersa fixed
percentage price level
, ace has been reviewing his finance charge policy and wants you to,
make some changes which feature should you use to adjust the finance
charge settings in the company file? correct answerspreferences
you'd like to create batch invoices to make your billing work easier. what
should you create if you want to send recurring invoices to the same
customers in the future? correct answersbilling group
A housing developer buys a piece of land for $220,000. she puts down 20%
($44,000) and borrows the rest after the transaction how would her
accounting equation look correct answers$220,000 (assets) equals $
176,000 (liabilities) plus $44,000 (equity)
what is the collection of accounts that you use to trach the flow of money
into, through, and out of your business known as? correct answerschart of
accounts
ace wants you to track line of credit account more closely which account
type in quickbooks can you use to track line is credit accounts where ace
draws and repays the account on a regular basis? correct answerscredit card
ace wants to better manage his time and thinks quickbooks can help him.
which of the following lists can he use to keep track of upcoming tasks,
appointments, or events? correct answerscalendar to so list
which quickbooks feature can you use trach information for a customer
where a field does not already exist not already exist (birth dates, spouse
name) correct answerscustom fields
which of the following are assets used in your business that are typically
exchanged for cash or services in under a year's time? correct
answerscurrent assets
ace has received several bills and wants you to enter them into QuickBooks
what window should you use to tell QuickBooks about these new bills?
correct answersEnter Bills window
ace is now ready to pay the bills previously received. where in quickbooks
should you go correct answersPay Bills window
what's the main reason you would edit an existing letter template in
quickbooks instead of creating a new one from scratch? correct answersit's
often easier to edit an existing letter rather than start from scratch
ace wants to bill a customer for expense incurred on the customer's behalf.
what's the most efficient way to do that? correct answerswhen you enter
the expenses flag the expense as billable
you're ready to create a new company file. which of the following
quickbooks features should you use? correct answersEasyStep interview
ace just bought a new vehicle for the company. what account type should
you use to track the value of a vehicle he has purchased? correct
answersFixed Asset
in quickbooks, the book value of a fixed asset account is represented by
the sum if its cost and which subaccount? correct answersAccumulated
Depreciation
which account in quickbooks will help you track bills ace receives from
his vendors? correct answersaccounts payable
which of the following best describes a purchase order? correct answersa
document indicating that you have ordered products or services from a
vendor ahead of delivery
ace receives a customer payment for a completed job. when you enter
the customer payment in quickbooks, the payment is first recorded to
which of the following accounts? correct answersundeposited funds
ace has completed his first month of business and wants to see how he's
doing. which of the following quickbooks preset reports will show his
company's financial position is that (or ant) moment in time? correct
answersbalance sheet
ace is trying to learn more about quickbooks files and calls his accountant.
the first thing he wants to know is the difference between a portable file and
an accountant copy. if his accountant knows his stuff, what would he answer?
correct answersan accountant's copy allows the user to still work in the file
while the accountant also makes entries
ace is interested in offering all nikon digital cameras at 20% off as a
summer promotion hat would you do in Quickbooks to account for this sale?
correct answerschange the price of the items in the change item Prices
window
the fiscal year for ace photography has come to an end qhat so you do in
QuickBooks to close the books correct answersset a closing date password
ace is interested in giving a discount to some of his loyal customers ad he
doesn't need to teach this information which of the following would you
create in Quickbooks to grant the discount? correct answersa fixed
percentage price level
, ace has been reviewing his finance charge policy and wants you to,
make some changes which feature should you use to adjust the finance
charge settings in the company file? correct answerspreferences
you'd like to create batch invoices to make your billing work easier. what
should you create if you want to send recurring invoices to the same
customers in the future? correct answersbilling group
A housing developer buys a piece of land for $220,000. she puts down 20%
($44,000) and borrows the rest after the transaction how would her
accounting equation look correct answers$220,000 (assets) equals $
176,000 (liabilities) plus $44,000 (equity)
what is the collection of accounts that you use to trach the flow of money
into, through, and out of your business known as? correct answerschart of
accounts
ace wants you to track line of credit account more closely which account
type in quickbooks can you use to track line is credit accounts where ace
draws and repays the account on a regular basis? correct answerscredit card
ace wants to better manage his time and thinks quickbooks can help him.
which of the following lists can he use to keep track of upcoming tasks,
appointments, or events? correct answerscalendar to so list
which quickbooks feature can you use trach information for a customer
where a field does not already exist not already exist (birth dates, spouse
name) correct answerscustom fields
which of the following are assets used in your business that are typically
exchanged for cash or services in under a year's time? correct
answerscurrent assets
ace has received several bills and wants you to enter them into QuickBooks
what window should you use to tell QuickBooks about these new bills?
correct answersEnter Bills window
ace is now ready to pay the bills previously received. where in quickbooks
should you go correct answersPay Bills window
what's the main reason you would edit an existing letter template in
quickbooks instead of creating a new one from scratch? correct answersit's
often easier to edit an existing letter rather than start from scratch
ace wants to bill a customer for expense incurred on the customer's behalf.
what's the most efficient way to do that? correct answerswhen you enter
the expenses flag the expense as billable
