Quickbooks quiz - Study guides, Class notes & Summaries

What information is required before setting up a QuickBooks file? (page 42) Bank statement How do you start a new company data file in QuickBooks (Easy Step Interview)? (page 42-46) 1. Click "create a new company" 2. Choose "Express Start" 3. Type in company name 4. Select your industry 5. OK 6. Company name 7. Key in information in fields 8. Click "Create Company" 9. Click Add in "Add your bank accounts"

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...

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

QuickBooks Online Test 1 Quiz 2023 You need to set up a new user so they can see reports but can do nothing else in QuickBooks. Put the steps for setting up a user who can only see reports in the correct order. - CORRECT ANSWER-1. Click the Company menu and choose Manage Users. 2. In the Manage Users screen, click New. 3. For User Type, choose Reports Only and click Next. 4. Enter the user's email address and click Next. 5. Click the Reports tab. You've just been hired as a bookkeeper,...

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

Which term best describes the QuickBooks Online environment? Cloud-based Where do you back up your QuickBooks Online data files? you don't Dolly uses QuickBooks Online and is upgrading to a new computer. What do you tell her? Since QuickBooks Online is cloud software, all you have to do is sign in What is a center? Where transaction and contact information are consolidated On the Account and Settings screen, use the _____ tab to include account numbers in your Chart of Accounts. advance...

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 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 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 ...