Bookkeeping with Quickbooks UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping with Quickbooks UPDATED
ACTUAL Exam Questions and CORRECT
Answers
you're ready to create a new company file. which of the following quickbooks features should
you use? - CORRECT ANSWER - EasyStep interview
ace just bought a new vehicle for the company. what account type should y...
Bookkeeping with Quickbooks UPDATED
ACTUAL Exam Questions and CORRECT
Answers
you're ready to create a new company file. which of the following quickbooks features should
you use? - CORRECT ANSWER - EasyStep 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
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