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Bookkeeping with Quickbooks questions with 100% correct answers
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Bookkeeping with Quickbooks questions with 100% correct answers
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Bookkeeping with Quickbooksyou're ready to create a new company file. which of the following QuickBooks features should you use? -
correct answer ✔✔Easy Step 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 answer ✔✔Fixed Asset
in QuickBooks, the book value of a fixed asset account is represented by the sum if its cost and which
subaccount? - correct answer ✔✔Accumulated Depreciation
which account in QuickBooks will help you track bills ace receives from his vendors? - correct answer
✔✔accounts payable
which of the following best describes a purchase order? - correct answer ✔✔a 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 answer
✔✔undeposited 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 answer ✔✔balance 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 answer ✔✔an 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 answer ✔✔change 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 answer ✔✔set 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
answer ✔✔a 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 answer
✔✔preferences
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 answer ✔✔billing 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 answer ✔✔$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 answer ✔✔chart 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
answer ✔✔credit 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 answer ✔✔calendar 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 answer ✔✔custom fields
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