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QuickBooks Final Exam; Questions with Complete Solutions 2024/25 Update

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QuickBooks Final Exam; Questions with Complete Solutions 2024/25 Update Which of the following is not an input field or selection at the Add New Account window? a. Financial Statement Override b. Description c. Account Type d. Enter Opening Balance a. Financial Statement Override Which of...

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  • August 26, 2024
  • 37
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • QuickBooks
  • QuickBooks

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QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
Which of the following is not an input field or selection at the Add New Account

window?


a. Financial Statement Override


b. Description


c. Account Type


d. Enter Opening Balance ✔✔a. Financial Statement Override


Which of the following is not an available button at the Glad you're here! page

when completing


the Express Start method?


a. Preview Your Settings

b. Create Company


c. Create Chart of Accounts


d. All of the choices are correct. ✔✔c. Create Chart of Accounts


Which is a correct statement?

, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
a. The Uncategorized Expenses account is created when you enter outstanding

accounts


receivable balances in the Vendor Center.


b. Upon completion of the New Company Setup level of operation, customizing

and updating the


Lists/Centers, viewing and printing Reports, and making a backup copy of the

new company file,


your accounting records are ready for recording daily activities.


c. The Uncategorized Income account is created when you enter outstanding

accounts payable


balances in the Customer Center.


d. All of the choices are correct ✔✔b. Upon completion of the New Company

Setup level of


operation, customizing and updating the Lists/Centers, viewing and printing

Reports, and making

, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
a backup copy of the new company file, your accounting records are ready for

recording daily


activities.


Which of the following is true regarding payment terms when you set up a new

company?

a. QuickBooks creates a list automatically, which can then be modified.


b. QuickBooks copies the payment terms used in the last company you set up.


c. QuickBooks creates no payment terms; you must establish them yourself.


d. QuickBooks creates a list automatically for customers only. ✔✔a. QuickBooks

creates a list


automatically, which can then be modified.


The accrual basis of accounting


a. does not follow GAAP-generally accepted accounting principles.


b. is not used for preparing the accounting reports and financial statements in

QuickBooks.

, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
c. requires the recording of revenues when earned and expenses when incurred

regardless of cash


receipts or cash payments.


d. is the same as cash basis of accounting, which records revenue only when the

cash has been


received for services provided or for a product sold, and records expenses only

when cash


payments have been made. ✔✔c. requires the recording of revenues when

earned and expenses


when incurred regardless of cash receipts or cash payments.


In QuickBooks, by default, the accounting reports and financial statements are

prepared using


the __________ basis of accounting.


a. cash


b. cost


c. revenue

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