Quickbooks quiz chapter Study guides, Class notes & Summaries

What are the two methods of New Company Setup in QuickBooks? Detailed Start and Express Start What is the QuickBooks EasyStep Interview window designed to do? helps you create and set up a new company file

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...

To make sure you are starting in the correct place in the data, display the: A)January journal. B)Adjusted Trial Balance. C)January 1 Trial Balance. D)December 1-31 Balance Sheet. E)None of the above. C)January 1 Trial Balance In Chapter 8, all transactions occur in the month of: A)November. B)December. C)January. D)October. E)None of the above. C)January

the Inventory Part window consists of two sides: one for sales information and one for purchase information True Inventory tracking is automatically activated when you create a company file False In QuickBooks, non-inventory parts are tracked in the same way as inventory parts False QuickBooks automatically creates your Sales Tax Liability account for you True

Issue a _____ if a customer has been overbilled credit memo Which 'behind the scenes' image shows what happens when you create a sales form to sell an inventory item? COGS credit 100, Inventory debit 100 The sales tax in Clara's area has changed. What should she do? Edit the existing tax rate What account is debited when a purchase order is created? accounts recievable What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase...

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

What are the two methods of New Company Setup in QuickBooks? Detailed Start and Express Start What is the QuickBooks EasyStep Interview window designed to do? helps you create and set up a new company file In addition to selecting the method of New Company Setup, what is the QuickBooks Setup window designed to do? allows you to enter information on customers, vendors, service items, and inventory part items

What are the two methods of New Company Setup in QuickBooks? Detailed Start and Express Start What is the QuickBooks Easy Step Interview window designed to do? helps you create and set up a new company file In addition to selecting the method of New Company Setup, what is the QuickBooks Setup window designed to do? allows you to enter information on customers, vendors, service items, and inventory part items After completing the Easy Step Interview and QuickBooks Setup windows you then ...

what are the steps to create a profit and loss budget? - gear icon - budgeting - add budget - enter info what value do budgets provide a business? - provide internal control over business activities - help ID and resolve problems why should a business reconcile a checking account? reconciliation helps ID any unusual transactions that can be caused by fraud or accounting errors. who should prepare a bank reconciliation? someone other than the accountant or bookkeeper explain the dif...

What are the two methods of New Company Setup in QuickBooks? Detailed Start and Express Start What is the QuickBooks EasyStep Interview window designed to do? helps you create and set up a new company file In addition to selecting the method of New Company Setup, what is the QuickBooks Setup window designed to do? allows you to enter information on customers, vendors, service items, and inventory part items