Quickbooks chapter 7 - Study guides, Class notes & Summaries
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QuickBooks Chapter 7 & 8 Test Latest 2023 Already Passed
- Exam (elaborations) • 18 pages • 2023
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VasilyKichigin
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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:
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QuickBooks Chapter 7 Questions and Answers 100% Verified
- Exam (elaborations) • 7 pages • 2023
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VasilyKichigin
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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 ...
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QuickBooks Chapter 7 & 8 Test Latest 2023 Already Passed
- Exam (elaborations) • 18 pages • 2023
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Available in package deal
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BrilliantScores
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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...
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QuickBooks Chapter 7 Questions and Answers 100% Verified
- Exam (elaborations) • 6 pages • 2023
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VasilyKichigin
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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...
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QuickBooks Chapter 7 Test Latest 2023 Rated A+
- Exam (elaborations) • 5 pages • 2023
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VasilyKichigin
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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...
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QuickBooks Chapter 7 - Reports & Graphs Already Passed
- Exam (elaborations) • 5 pages • 2023
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VasilyKichigin
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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...
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QuickBooks Chapter 7 Test Latest 2023 Rated A+
- Exam (elaborations) • 5 pages • 2023
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KatelynWhitman
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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...
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Solutions for Using QuickBooks® Online for Accounting 2025, 8th Edition by Owen (All Chapters included)
- Exam (elaborations) • 260 pages • 2024
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mizhouubcca
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Complete Solutions Manual for Using QuickBooks® Online for Accounting 2025, 8th Edition by Glenn Owen ; ISBN13: 9780357988497....(Full Chapters included and organized in reverse order from Chapter 10 to 1)...Chapter 1. An Introduction to QuickBooks Online Using the Sample Company 
Chapter 2. An Overview of QuickBooks Online 
Chapter 3. Setting Up a New Company: Establishing a Chart of Accounts, Beginning Balances 
Chapter 4. Recording Operating Activities: Sales and Cash Receipts 
Chapter 5. Re...
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QuickBooks Chapter 7 Questions and Answers 100% Verified
- Exam (elaborations) • 7 pages • 2023
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VasilyKichigin
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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 ...
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QuickBooks Chapter 7 & 8 Test; Questions with Complete Solutions
- Exam (elaborations) • 16 pages • 2024
- Available in package deal
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TheeGrades
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QuickBooks Chapter 7 & 8 Test; Questions with 
Complete Solutions 
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 numbe
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