Quickbooks quiz chapter Study guides, Class notes & Summaries

The company that hires the workers is referred to as the employer A(n) ____ is the person hired by a company who will receive salary or wages on a regular basis. employee Payroll involves all of the following except preparing a spreadsheet with government agencies names and addresses. Withholdings generally refer to the payroll taxes the employer is required to take out of the employee's paycheck and submit to the appropriate government agency. ____ generally refer(s) to amounts taken...

You cannot process payroll manually. False Once a paycheck has been printed, you may not edit it. False Paychecks may be printed only as a batch. False A payroll check may never be deleted. False

Many companies maintain two checking accounts, one for paying bills and one used exclusively for payroll As a business grows in complexity, the need for special purpose accounts grows accordingly. The process of determining the correct cash balance in an account by comparing company records with the bank statement is called a(n) bank reconciliation. In accounting terms, the movement of money from one account to another is called a(n) transfers

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

In Chapter 10, use the ______________________ to reconcile Account 101 Checking. a. Activity list. b. Account and Settings. c. Vendor purchases. d. Bank statement. e. None Bank statement March 31 is the end of the: a. Fourth quarter. b. Third quarter. c. Second quarter. d. First quarter. e. None First quarter. The source documents in Chapter 10 include. a. Credit card sales. b. Accounts payable transactions. c. Accounts receivable transactions. d. Checks. e. All. All.

1. A period that the company uses for accounting purposes and preparing financial statements. a. First quarter. b. Fourth quarter. c. Fiscal year. d. End of year. e. None. Fiscal year. 2. A software design that emphasizes separating the functions of a program into independent, interchangeable components is called: a. A user interface. b. The operating system. c. Web-delivered software. d. Modules. e. All Modules. 3. The accounts shown on the balance sheet are called: a. Permanent...

How can you review a Transaction Report for any account when you are viewing the Balance Sheet? Select one: a. Click the balance in the account line of the Balance Sheet report to view the Transaction Report. b. Click the Report icon at the top of the Balance Sheet screen, then choose Transaction Report. c. Click Transaction in the account line of the Balance Sheet report to view the Transaction Report. d. None of these options. a How do you access Company Settings? Select one: a. Co...

Which of the following reports is not part of the period-end accounting reports? Pending Sales The Cost of Goods Sold account would fall into which of the following account types? Income and Expenses Which of the following is one of the financial reports that companies prepare at least once a year? Balance Sheet

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

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 ...