Learnwithleo

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 ...

QuickBooks Chapter 07 Test with Certified Solutions 1.The Cost of Goods Sold in the Profit and Loss account increases when you sell a product. True 2: There is no limit to the number of inventory products you can enter in QuickBooks Online. True 3: The difference between the cost and the sales price is an expense. false 4: You can verify goods were NOT received without applying the receipt of inventory to a purchase order. true 5: QuickBooks Online can receive incomplete orders by leavi...

QuickBooks Chapter 07 Questions and Answers Rated A+ 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...

QuickBooks Chapter 6 Test with Certified Solutions The Inventory Part window consists of two sides: one for sales information and one for purchase information True Inventory tracking is automatically activated when you create a company file False In QuickBooks, non-inventory parts are tracked in the same way as inventory parts False QuickBooks automatically creates your Sales Tax Liability account for you True You can set a default tax rate for the company but NOT for individual customers...

QuickBooks Chapter 6 Questions and Answers Already Passed Receipt of purchase order items is never recorded before the bill arrives. False A bill can be paid by check or credit card. True The Cost of Goods Sold account Merchandise Discounts is used to record discounts to customers. False Voiding a purchase order removes every trace of the purchase order from the company records. False The Vendor Center displays the vendor list and information about individual vendors. True A single purc...

QuickBooks Chapter 6 Already Graded A To enter Vendor and Expense transactions: B. From the Navigation Bar select Expenses>New Transaction To enter an Expense transaction: From the Create (+) icon, select Expense QuickBooks considers all of the following to be vendors except: Customers purchasing products Which of the following is not a vendor transaction? Make Deposits

QuickBooks Chapter 06 Questions and Answers Already Passed 1. Before completing the work within Chapter 6, check your data with the following report: a. December 1 Trial Balance. b. December 31 Trial Balance. c. November 30 P&L. d. November 1 Balance Sheet. e. None. December 1 Trial Balance. 2. The action of sending money in payment of a bill is called a/an: a. Activity. b. Transaction. c. Remittance. d. General journal entry. e. None. Remittance. 3. After analyzing each source doc...

QuickBooks Chapter 5 (2022/2023) Graded A+ Describe the process for increasing or decreasing the width of a column in the listing of bills to pay. Select one: a. Click and hold your mouse between two columns and drag to the left to decrease the width of a column and drag to the right to increase the width of a column. b. Hover your mouse over the column to see a menu with the options to increase or decrease the width of the column. c. None of these options. a Describe the steps to cre...

QuickBooks Chapter 5 Questions and Answers Passed with 100% In the perpetual inventory system, the inventory quantity and values are updated after each purchase and sale of inventory items This report shows all purchase information for each inventory item, including vendor name, cost per unit, quantity purchased, and total cost. Purchases by Item Detail In the periodic inventory system, separate records __________ maintained for inventory items, and the inventory account __________ adjust...

QuickBooks Chapter 5 Questions and Answers Already Graded A If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. True QuickBooks automatically applies a payment received to the most current invoice. False Sales tax will be calculated automatically on an invoice if a customer is marked taxable. True A new sales item may be added only at the beginning of a period. False Items on a Sales Order are immediately removed from inventory....

QuickBooks Chapter 5 Questions and Answers 100% Pass Before adding customers, check quickbooks: A) vendors B) inventory C) accounts and settings D) products and services list C) accounts and settings The customer page includes the: A)Adding a new customer. B)Customer list. C)Create invoice. D)Export to Excel. E)All. E)All When cash sales are recorded, use: A)Invoice. B)Bill. C)Customer payment. D)Sales Receipt. E)None. D)Sales Receipt What customers owe your business is known ...

QuickBooks Chapter 4 Questions and Answers Already Passed Which of the following reports is not part of the period-end accounting reports? Pending Sales The Cost of Goods Sold account would fall into which of the following account types? Income and Expenses Which of the following is one of the financial reports that companies prepare at least once a year? Balance Sheet By what name is the income statement known in QuickBooks? Profit & Loss report In customizing the Journal report to sho...

QuickBooks Chapter 4 Questions and Answers 100% Pass Accrual-basis accounting matches the income from the period and the expenses for the period in order to determine the net income or net loss for the period. True In QuickBooks, the Journal is called the book of final entry. False An account may be deleted at any time. False In a sole proprietorship, an owner's name is added to the Vendor List for recording withdrawals. False Additional investments made by an owner may be cash or non-c...

QuickBooks Chapter 3 (2022/2023) Rated A+ Credit Memos are prepared to record a reduction to a transaction. True When using QuickBooks, checks may not be written in a checkbook. False QuickZoom is a QuickBooks feature that allows detailed information to be displayed. True A cash purchase can be recorded by writing a check or by using petty cash. True Once a report format has been customized as a QuickBooks preference for a company, QuickBooks will automatically use the customized format. ...

QuickBooks Chapter 3 Questions and Answers Already Graded A How can you review a Transaction Report for any account when you are viewing the Balance Sheet? Select one: a. Click the balance in the account line of the Balance Sheet report to view the Transaction Report. b. Click the Report icon at the top of the Balance Sheet screen, then choose Transaction Report. c. Click Transaction in the account line of the Balance Sheet report to view the Transaction Report. d. None of these option...

QuickBooks Chapter 2 Test Latest Update Graded A+ Subitems do NOT affect the accounting behind the scenes True To edit an existing transaction in QuickBooks, you void it and the re-create it False Lists in QuickBooks are used for storing your list of accounts False You CANNOT add information to a customer entry; you must enter the information into a job False You CANNOT edit a customer record after it has been created False You CANNOT merge more than two customer names at one time True ...

QuickBooks Chapter 2 Test Latest Update Graded A+ Subitems do NOT affect the accounting behind the scenes True To edit an existing transaction in QuickBooks, you void it and the re-create it False Lists in QuickBooks are used for storing your list of accounts False You CANNOT add information to a customer entry; you must enter the information into a job False You CANNOT edit a customer record after it has been created False You CANNOT merge more than two customer names at one time True ...

QuickBooks Chapter 2 Questions and Answers Already Graded A How are bank charges, which have not been recorded in QBO, classified? Bank charges which have not yet been recorded in QBO are not recognized and are temporarily classified as Uncategorized Expense. How are bank deposits, which have not been recorded in QBO, classified? Select one: a. Bank deposits which have not yet been recorded in QBO are temporarily classified as To Be Categorized Income. b. Bank deposits which have not ye...

QuickBooks Chapter 1 Test Latest Update with Verified Solutions Data entry is the same in QuickBooks whether you use accrual or cash basis accounting True Always back up your company file to a location NOT on the same hard drive as the original file True The cash basis accounting means the sale transaction is recorded when the sale is made, and expenses are recorded when they are incurred False QuickBooks for Mac has the same basic look as the Windows version, but the functions are diffe...

Intuit QuickBooks Certified User (QBCU) Exam Already Passed What information is required before setting up a QuickBooks file? (page 42) Bank statement How do you start a new company data file in QuickBooks (Easy Step Interview)? (page 42-46) 1. Click "create a new company" 2. Choose "Express Start" 3. Type in company name 4. Select your industry 5. OK 6. Company name 7. Key in information in fields 8. Click "Create Company" 9. Click Add in "Add your bank accounts" How do you...