- Study guides, Class notes & Summaries

In a sole proprietorship, equity is what shareholders have invested in the company False Amortization is the process of a balance increasing over time False Treating bad debt as a discount is recommended because it reduces sales tax liability False A fixed asset is something you DON'T plan to use up or turn into cash within the next year True

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5 pages

Written in 2023/2024

Grade A+

DrJon

QuickBooks Chapter 7 Questions and Answers 100% Verified The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False If Show All is selected, inactive accounts will not appear in the Chart of Accounts. False When you reconcile a bank statement, anything entered as a service charge will automatically be entered as a transacti...

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6 pages

Written in 2023/2024

Grade A+

LearnWithLeo

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

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5 pages

Written in 2023/2024

Grade A+

GONZOGEEK

Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate What account is debited when a purchase order is created? accounts recievable What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase...

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2 pages

Written in 2023/2024

Grade A+

GONZOGEEK

In a sole proprietorship, equity is what shareholders have invested in the company False Amortization is the process of a balance increasing over time False Treating bad debt as a discount is recommended because it reduces sales tax liability False A fixed asset is something you DON'T plan to use up or turn into cash within the next year True

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5 pages

Written in 2023/2024

Grade A+

GONZOGEEK

The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False If Show All is selected, inactive accounts will not appear in the Chart of Accounts. False When you reconcile a bank statement, anything entered as a service charge will automatically be entered as a transaction when the reconciliation is complete. True Once an acco...

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3 pages

Written in 2023/2024

Grade A+

GONZOGEEK

The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month .B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are rarely recorded for a company. E)All of the above. C)Last ...

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7 pages

Written in 2023/2024

Grade A+

GONZOGEEK

1. A period that the company uses for accounting purposes and preparing financial statements. a. First quarter. b. Fourth quarter. c. Fiscal year. d. End of year. e. None. Fiscal year. 2. A software design that emphasizes separating the functions of a program into independent, interchangeable components is called: a. A user interface. b. The operating system. c. Web-delivered software. d. Modules. e. All Modules. 3. The accounts shown on the balance sheet are called: a. Per...

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8 pages

Written in 2023/2024

Grade A+

UndisputedPundit28

The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are rarely recorded for a company. E)All of the above. C)...

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7 pages

Written in 2023/2024

Grade A+

UndisputedPundit28

The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False

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6 pages

Written in 2023/2024

Grade A+

UndisputedPundit28

To enter Customer and Sales transactions From the Create (+) icon, select the appropriate customer transaction To enter Vendor and Expense transactions From the Create (+) icon, select the appropriate vendor transaction QuickBooks considers all of the following to be vendors except: Customers purchasing products

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3 pages

Written in 2023/2024

Grade A+

UndisputedPundit28

In a sole proprietorship, equity is what shareholders have invested in the company False Amortization is the process of a balance increasing over time False Treating bad debt as a discount is recommended because it reduces sales tax liability False A fixed asset is something you DON'T plan to use up or turn into cash within the next year True

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5 pages

Written in 2023/2024

Grade A+

UndisputedPundit28

Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate

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2 pages

Written in 2023/2024

Grade A+

UndisputedPundit28

QuickBooks Chapter 7 with Certified Answers Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate What account is debited when a purchase order is created? accounts recievable What report do you run to verify that goods were not received without appl...

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2 pages

Written in 2023/2024

Grade A+

BrittieDonald

QuickBooks Chapter 7 Test Latest 2023 Rated A+ In a sole proprietorship, equity is what shareholders have invested in the company False Amortization is the process of a balance increasing over time False Treating bad debt as a discount is recommended because it reduces sales tax liability False A fixed asset is something you DON'T plan to use up or turn into cash within the next year True When the fiscal year ends, you must manually transfer your net income/loss into the Retained Earnin...

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5 pages

Written in 2023/2024

Grade A+

BrittieDonald

QuickBooks Chapter 7 Questions and Answers Rated A+ To enter Customer and Sales transactions From the Create (+) icon, select the appropriate customer transaction To enter Vendor and Expense transactions From the Create (+) icon, select the appropriate vendor transaction QuickBooks considers all of the following to be vendors except: Customers purchasing products Which of the following is a vendor transaction? Purchase Order We can update the Products and Services List at which of the f...

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3 pages

Written in 2023/2024

Grade A+

BrittieDonald

QuickBooks Chapter 7 Questions and Answers 100% Verified The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False If Show All is selected, inactive accounts will not appear in the Chart of Accounts. False When you reconcile a bank statement, anything entered as a service charge will automatically be entered as a transacti...

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6 pages

Written in 2023/2024

Grade A+

BrittieDonald

QuickBooks Chapter 7 Questions and Answers 100% Verified The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month .B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are ...

-

7 pages

Written in 2023/2024

Grade A+

BrittieDonald

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

-

5 pages

Written in 2023/2024

Grade A+

DrJon

Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate

-

2 pages

Written in 2023/2024

Grade A+

DrJon

Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate

-

2 pages

Written in 2023/2024

Grade A+

DrJon