Quickbooks chapter 7 quiz Study guides, Class notes & Summaries

QuickBooks Quiz Chapter 8 (2022/2023) Already Passed 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 ag...

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

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

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 ...

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

You must have a product or service to create a purchase order. false When you purchase inventory, the purchases account increases. false Inventory tracking in QuickBooks Online allows you to define the costing method. false A non-inventory product is for supplies only. false QuickBooks Online allows for partial shipment against a purchase order. false An Inventory Valuation Summary report provides only quantities on hand. false

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