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Bookkeeping with Quickbooks (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass
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Bookkeeping with Quickbooks (2024 / 2025) Questions and Verified Answers, 100% Guarantee Pass
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Bookkeeping with Quickbooks.pdf file:///C:/Users/HP/Desktop/pppppp/Bookkeeping%20with%20QuickbBookkeeping with Quickbooks
1. you're ready to create a new company file. which of the following quick-books
features should you use?
ANS EasyStep interview
2. ace just bought a new vehicle for the company. what account type shouldyou use to
track the value of a vehicle he has purchased?
ANS Fixed Asset
3. in quickbooks, the book value of a fixed asset account is represented by thesum if its cost
and which subaccount?
ANS Accumulated Depreciation
4. which account in quickbooks will help you track bills ace receives from hisvendors?
ANS accounts payable
5. which of the following best describes a purchase order?
ANS a document indicat-ing that you have ordered products or services from a vendor ahead of
delivery
6. ace receives a customer payment for a completed job. when you enter thecustomer
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payment in quickbooks, the payment is first recorded to which of the following
accounts?
ANS undeposited funds
7. 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?
ANS balance sheet
8. 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 anaccountant copy. if his
accountant knows his stuff, what would he answer?
ANS anaccountant's copy allows the user to still work in the file while the accountant also
makes entries
9. ace is interested in offering all nikon digital cameras at 20% off as a summerpromotion
hat would you do in Quickbooks to account for this sale?
ANS changethe price of the items in the change item Prices window
10. the fiscal year for ace photography has come to an end qhat so you do inQuickBooks
to close the books
ANS set a closing date password
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11. ace is interested in giving a discount to some of his loyal customers ad hedoesn't need
to teach this information which of the following would you createin Quickbooks to grant
the discount?
ANS a fixed percentage price level
12. ace has been reviewing his finance charge policy and wants you to, makesome
changes which feature should you use to adjust the finance charge settings in the
company file?
ANS preferences
13. you'd like to create batch invoices to make your billing work easier. whatshould you
create if you want to send recurring invoices to the same cus- tomers in the future?
ANS billing group
14. 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
ANS $220,000 (assets) equals $ 176,000 (liabilities) plus
$44,000 (equity)
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