Quickbooks chapter 7 Study guides, Class notes & Summaries

A company's computer is classified as what account type: a. Expense b. Owner's Equity c. Fixed Asset d. Retained Earnings c. Fixed Asset A corporation uses __________ as its Federal Tax ID number. a. the owner's social security number b. an EIN number c. business operating license number d. none of these b. an EIN number An account period may be:

QuickBooks Chapter 7 & 8 Test Latest 2023 Already Passed A company's computer is classified as what account type: a. Expense b. Owner's Equity c. Fixed Asset d. Retained Earnings c. Fixed Asset A corporation uses __________ as its Federal Tax ID number. a. the owner's social security number b. an EIN number c. business operating license number d. none of these b. an EIN number An account period may be: a. One quarter b. One month c. One year d. All of these d. All of these Exampl...

The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month .B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are rarely recorded for a company. E)All of the above. C)Last ...

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...

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 pri...

QuickBooks Chapter 7 Test Latest 2023 Rated A+ 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 Earnin...

The order of the steps in the accounting cycle includes: Trial balance, adjusting entries, adjusted trial balance, financial reports What is an asset? What a company owns To record adjusting journal entries in QuickBooks, select: Accountant menu, Make General Journal Entries Examples of management reports for internal decision making include all of the following except 1120S Report Examples of management reports for internal decision making includes Cash budget, cash forecast, and A/R Ag...

The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month .B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are rarely recorded for a company. E)All of the above. C)Last ...

QuickBooks Chapter 7 Questions and Answers 100% Verified The purpose of an adjusting entry is: A)Revenue was earned but not recorded. B)Expenses incurred but not recorded. C)To show the prepaid expense for one month. D)Customer paid in advance of receiving goods or services. E)All of the above. E)All of the above Adjusting entries are made on the: A)15th of every month .B)First day of the new year, meaning January 1. C)Last day of the month, quarter, or year. D)Adjusting entries are ra...

To enter Customer and Sales transactions From the Create (+) icon, select the appropriate customer transaction To enter Vendor and Expense transactions From the Create (+) icon, select the appropriate vendor transaction QuickBooks considers all of the following to be vendors except: Customers purchasing products Which of the following is a vendor transaction? Purchase Order We can update the Products and Services List at which of the following two points -Before entering transactions -W...