QuickBooks Chapter 07 Test; Questions with Complete Solutions
10 views 0 purchase
Module
QuickBooks
Institution
QuickBooks
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 ...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheeGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.95. You're not tied to anything after your purchase.
