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QuickBooks Chapter 07 Test; Questions with Complete Solutions $10.99   Add to cart

Exam (elaborations)

QuickBooks Chapter 07 Test; Questions with Complete Solutions

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QuickBooks Chapter 07 Test; Questions with Complete Solutions 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 ...

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  • August 26, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • QuickBooks
  • QuickBooks
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QuickBooks Chapter 07 Test; Questions with
Complete Solutions
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


Earnings account ✔✔False


The Loan Manager tracks the principle and interest payments without having to

set up separate


amortization schedules ✔✔True


If you've made an error in charging sales tax, you will NOT be able to correct

that error; you

, QuickBooks Chapter 07 Test; Questions with
Complete Solutions
must make up the difference yourself ✔✔False


Accumulated Depreciation is a contra account and a fixed-asset account ✔✔True


Credit memos used to write off bad debt are applied to the original invoice

✔✔True


The Loan Manager pulls information from your Long Term Liability or Other

Current Liability


accounts ✔✔True


Which account does QuickBooks create for you so you have a working balance

sheet account


from the start? ✔✔Opening Balance Equity


What QuickBooks feature allows you to easily enter repeated transactions?

✔✔Memorizing


Transactions


Why should you use the QuickBooks Loan Manager? ✔✔It includes a "what if"

tool that allows

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