Quickbooks chapter Study guides, Class notes & Summaries

1. Before completing the work within Chapter 6, check your data with the following report: a. December 1 Trial Balance. b. December 31 Trial Balance. c. November 30 P&L. d. November 1 Balance Sheet. e. None. December 1 Trial Balance. 2. The action of sending money in payment of a bill is called a/an: a. Activity. b. Transaction. c. Remittance. d. General journal entry. e. None. Remittance. 3. After analyzing each source document, record the appropriate __________________: a. Transfe...

QuickBooks Chapter 9 Questions and Answers Already Passed On the Check # page, what icon is used to display checks issued? Clock icon What information from the Transaction Register does the Check # page verify? Check numbers, expense amounts, and balances On the Vendors page, how do you make payments? Link to a vendor that shows an open balance > click Make payment For expenses to be paid immediately, use this selection. Check. Use this selection for payables (received items to be pai...

QuickBooks Chapter 10 Test Questions and Answers 100% Pass Although the preset reports DON'T include default headers/footers, you can create them False Take care to use lists in QuickBooks only for their intended purposes False Consistency in entries is the key to using custom fields effectively True Use a fixed percentage to change the price of an individual item False

If a return is made after an invoice has been paid in full, a refund check is issued along with a credit memo. True QuickBooks automatically applies a payment received to the most current invoice. False Sales tax will be calculated automatically on an invoice if a customer is marked taxable. True A new sales item may be added only at the beginning of a period. False Items on a Sales Order are immediately removed from inventory. False Report formats may be customized. True

In the perpetual inventory system, the inventory quantity and values are updated after each purchase and sale of inventory items This report shows all purchase information for each inventory item, including vendor name, cost per unit, quantity purchased, and total cost. Purchases by Item Detail In the periodic inventory system, separate records __________ maintained for inventory items, and the inventory account __________ adjusted for purchases and sales. are not; is not In addition to th...

Accrual-basis accounting matches the income from the period and the expenses for the period in order to determine the net income or net loss for the period. True In QuickBooks, the Journal is called the book of final entry. False An account may be deleted at any time. False In a sole proprietorship, an owner's name is added to the Vendor List for recording withdrawals. False Additional investments made by an owner may be cash or non-cash items. True QuickBooks records every transaction i...

Receipt of purchase order items is never recorded before the bill arrives. False A bill can be paid by check or credit card. True The Cost of Goods Sold account Merchandise Discounts is used to record discounts to customers. False Voiding a purchase order removes every trace of the purchase order from the company records. False The Vendor Center displays the vendor list and information about individual vendors. True A single purchase order can be prepared and sent to several vendors. Fals...

QuickBooks Chapter 06 Questions and Answers Already Passed 1. Before completing the work within Chapter 6, check your data with the following report: a. December 1 Trial Balance. b. December 31 Trial Balance. c. November 30 P&L. d. November 1 Balance Sheet. e. None. December 1 Trial Balance. 2. The action of sending money in payment of a bill is called a/an: a. Activity. b. Transaction. c. Remittance. d. General journal entry. e. None. Remittance. 3. After analyzing each source doc...

Describe the process for increasing or decreasing the width of a column in the listing of bills to pay. Select one: a. Click and hold your mouse between two columns and drag to the left to decrease the width of a column and drag to the right to increase the width of a column. b. Hover your mouse over the column to see a menu with the options to increase or decrease the width of the column. c. None of these options. a Describe the steps to create a new product from within a purchase orde...

The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False If Show All is selected, inactive accounts will not appear in the Chart of Accounts. False When you reconcile a bank statement, anything entered as a service charge will automatically be entered as a transaction when the reconciliation is complete. True Once an accou...