Homework Answers
7. (b) Opening balance Equity
Opening balances equity is used to enter opening balances when new customers or Vendors are set up.
8. (d) An account with no current balance that has not been used in a transaction
We can delete an account with no current balance that has not been used in a transaction. If there is balance, we need to inactivate the account.
9. (b) Ctrl+D
Ctrl+D keyboard shortcut is used to delete an item on a list (account, customer, product or service, etc)
10. (c). Contra asset
The depreciation is contra asset account to fixed asset. Accumulated depreciation is a contra asset and the depreciation expense comes under expense account.
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quickbooks
Chapt 7. Which account is used as the offsetting account when opening balances are entered...
Question 25: Match these QuickBooks Online terms with their descriptions. Expenses center Money bar Vendors list...
Question 25: Match these QuickBooks Online terms with their descriptions. Expenses center Money bar Vendors list New Vendor Displays vendor names, contact information, and opening balances Displays vendor information, including transactions with them Provides a quick snapshot of Accounts Payable Create by entering information in a purchase or expense form Question 26: What is a product or service linked to? Answer: A. At least one categorized asset account B. At least one uncategorized asset account C. At least one account...
MULTIPLE CHOICE QUESTIONS for intuit quickbooks Which form should be used to pay a vendor for...
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identify which of the following opening adjusting entries should be used when setting up in quickbooks an existing company with opening balances 1 debit capital stock, credit opening balance equity 2 debit opening balance equity, credit capital stock 3 debit account receivable, credit capital stock 4 debit account payable, credit opening balance equity
quickbooks MULTIPLE CHOICE QUESTIONS 1. How are accounts organized in the Chart of Accounts by default?...
quickbooks
MULTIPLE CHOICE QUESTIONS 1. How are accounts organized in the Chart of Accounts by default? a. Numerically by account number b. Chronologically by creation date c. Alphabetically within their account type d. Numerically by account balance 2. Which form of business organization should you choose when creating a company if you are not sure which form applies? a Sole proprietorship b. Non-profit c. Corporation d. Other 3. How can the opening balance of an account be edited once an...
please help 14. Which of the following can you not do automatically when exporting a QuickBooks...
please help
14. Which of the following can you not do automatically when exporting a QuickBooks report to Excel? a. Maintain QuickBooks data formatting in Excel b. Have Excel 'Auto-fit' column widths to display all QuickBooks headers and numbers c. Update QuickBooks with the changes entered in Excel d. Have Excel 'Freeze Panes' to keep row and column headers in view when scrolling through data e. None of the above 15. You have entered a Purchase Order in QuickBooks for...
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Exams QUICKBOOKS ONLINE PLUS: A Complete com Final Exam 4 47. When an invoice is it is removed from the customer's register. A. Voided B. Deleted C. Edited D. Paid 48. When you write a check to pay for a Bill that was recorded as a Bill, you A. Write a Check in QuickBooks Online B. Handwrite a check C. Use Pay Bills D. Any of the above 49. If the adjusting entry to transfer Net Income and Retained Earnings...
vvvvvvv Get to Know QuickBooks Better Working Around the Home Page Identify which area of the...
vvvvvvv Get to Know QuickBooks Better Working Around the Home Page Identify which area of the Home page you would go to perform the following tasks (areas include: Vendors, Customers, Employees, Company, and Banking), as well as the task icon you would choose. (Hint: You may need to utilize the “tool tips” feature.) Task Home Page Area Task Icon Create a bill for a customer to pay at a later date Create invoice customer Write a check to the grocery...
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
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1-7. Which of the following statements about the trail balance is NOT true? Debit balances must...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must equal credit balances It includes only assets, liability and equity accounts c) It is useful for detecting errors it is an important step in the accounting cycle. 1-B. An example of a contra asset account is a) Accumulated depreciation b) Depreciation expense e) Discount on Bonds Payable. d) Prepaid expenses 1-9. Which of the following would cause the trial balance to be out of...
17. Accounts is created when a sale is made to a customer on account. Accounts is...
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quickbooks
MULTIPLE CHOICE QUESTIONS 1. How are accounts organized in the Chart of Accounts by default? a. Numerically by account number b. Chronologically by creation date c. Alphabetically within their account type d. Numerically by account balance 2. Which form of business organization should you choose when creating a company if you are not sure which form applies? a Sole proprietorship b. Non-profit c. Corporation d. Other 3. How can the opening balance of an account be edited once an...
please help
14. Which of the following can you not do automatically when exporting a QuickBooks report to Excel? a. Maintain QuickBooks data formatting in Excel b. Have Excel 'Auto-fit' column widths to display all QuickBooks headers and numbers c. Update QuickBooks with the changes entered in Excel d. Have Excel 'Freeze Panes' to keep row and column headers in view when scrolling through data e. None of the above 15. You have entered a Purchase Order in QuickBooks for...
Exams QUICKBOOKS ONLINE PLUS: A Complete com Final Exam 4 47. When an invoice is it is removed from the customer's register. A. Voided B. Deleted C. Edited D. Paid 48. When you write a check to pay for a Bill that was recorded as a Bill, you A. Write a Check in QuickBooks Online B. Handwrite a check C. Use Pay Bills D. Any of the above 49. If the adjusting entry to transfer Net Income and Retained Earnings...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
1-7. Which of the following statements about the trail balance is NOT true? Debit balances must equal credit balances It includes only assets, liability and equity accounts c) It is useful for detecting errors it is an important step in the accounting cycle. 1-B. An example of a contra asset account is a) Accumulated depreciation b) Depreciation expense e) Discount on Bonds Payable. d) Prepaid expenses 1-9. Which of the following would cause the trial balance to be out of...
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
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