QuickBooks Quiz Chapter 6 (2022/2023) Already Passed

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QuickBooks Quiz Chapter 6 (2022/2023) Already Passed What are the two methods of New Company Setup in QuickBooks? ✔✔Detailed Start and Express Start What is the QuickBooks EasyStep Interview w... indow 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 EasyStep Interview and QuickBooks Setup windows ✔✔you then take the information and customize it, update it, and prepare the company file for the accrual basis of accounting In a manual accounting system, a company's records are set up by creating ✔✔a Chart of Accounts and general ledger. In QuickBooks, a company's records are set up by doing all of the following except ✔✔preparing an income tax return To create a new company file, you choose ____ from the main menu bar, then click ____. ✔✔File, New Company When you choose to create a new company file in QuickBooks, which is the first window that appears? ✔✔QuickBooks Setup window If you choose the Detailed Start method of New Company Setup, which window are you then moved to? ✔✔EasyStep Interview window Although you can leave the EasyStep Interview window before finishing, it is advisable not to leave before ✔✔saving the company file. You can activate the Next button in the EasyStep Interview window using the keyboard by pressing ✔✔Alt + N. Why are there two company name fields on the Enter your company info page of the EasyStep Interview window? ✔✔The first is the "doing business as" company name, and the second is the legal company name. The purpose of the Select your industry type page of the EasyStep Interview window is to ✔✔recommend preferences and a Chart of Accounts List typical of your business. In QuickBooks, you could password protect all of the following except ✔✔access to all types of Windows files on your computer. The start date in QuickBooks page of the EasyStep Interview window is used to identify the date the company ✔✔began using QuickBooks. On which page of the EasyStep Interview do you review the recommended accounts for your business? ✔✔Review income and expense accounts page Which of the following Lists/Centers is partially set up when you use the EasyStep Interview window to create a new company file? ✔✔Chart of Accounts List and Item List Which of the following Lists/Centers is not set up or updated when you use the QuickBooks Setup window to enter information for a new company file? ✔✔EasyStep List Which system default accounts are created by QuickBooks as part of EasyStep Interview and QuickBooks Setup? ✔✔accounts receivable, accounts payable, sales tax payable, opening balance equity, owners equity Which item is set up on the Item List as part of the EasyStep Interview? ✔✔sales tax Which items are set up on the Item List when using the QuickBooks Setup window to enter information? ✔✔service items and inventory part items What journal entries are recorded in the Journal report when using the QuickBooks Setup window to enter information? ✔✔accounts receivable, inventory asset, accounts payable As inventory part items with balances are entered in the QuickBooks Setup window and recorded on the Item List, a journal entry is recorded in the Journal report to record a debit to ____ and a credit to ____. ✔✔Inventory Asset, Opening Balance Equity As customers with balances are entered in the QuickBooks Setup window and recorded in the Customer Center, a journal entry is recorded in the Journal report to record a debit to ____ and a credit to ____. ✔✔Accounts Receivable, Uncategorized Income As vendors with balances are entered in the QuickBooks Setup window and recorded in the Vendor Center, a journal entry is recorded in the Journal report to record a debit to ____ and a credit to ____. ✔✔Uncategorized Expenses, Accounts Payable If in error, you do not enter an opening balance for a customer, vendor, or inventory part item in the QuickBooks Setup window ✔✔you delete the customer, vendor, or inventory part item, and then reenter it in the QuickBooks Setup window with the opening balance Which account will not have balances on the Trial Balance report immediately after the EasyStep Interview and QuickBooks Setup is completed ✔✔Owners Draw Which accounts appear on the Profit & Loss Standard (Income Statement) report immediately after the EasyStep Interview and QuickBooks Setup is completed? ✔✔Uncategorized Income and Uncategorized Expenses Which is not part of Customizing the Chart of Accounts List for the sample company in Chapter 6? ✔✔adding a description to each account. By default, QuickBooks uses ____ account numbers. ✔✔no Until you activate the account numbers option in QuickBooks, ✔✔account numbers cannot be added because there is no account number field in the Edit Account window. To activate the account number option in QuickBooks, open the Preferences window, which can be accessed by clicking ____ on the main menu bar. ✔✔Edit Which icon in the Preferences window do you click in order to activate the Use Account Numbers feature? ✔✔Accounting Three accounts are automatically created by QuickBooks when a new company is designated as a sole proprietorship. One of the accounts is Opening Balance Equity. What are the other two accounts? ✔✔Owners Draw and Owners Equity What do the following accounts have in common: Accounts Receivable, Inventory Asset, Cost of Goods Sold, and Sales Tax Payable? ✔✔They are all QuickBooks system default accounts. When you view a system default account in the Edit Account window, the account type ✔✔appears gray-shaded, or dimmed. You can change the ____ and ____for a system default account. ✔✔account name and account number When you add an inventory part to the Item List, QuickBooks looks for which two accounts with which to associate it? ✔✔Inventory Asset and Cost of Goods Sold What happens if QuickBooks cannot find the default account associated with an activity you are trying to record? ✔✔It will create it. To customize the list of payment terms in QuickBooks, begin by clicking Lists and then ✔✔Customer & Vendor Profile Lists. When adding a new account to the Chart of Accounts List, what happens if you enter an account number that is already being used? ✔✔A warning to that effect will appear and you can be returned to the New Account window to make a correction. The basis of accounting that requires the recording of revenue when earned and the recording of expenses when incurred regardless of cash receipts or cash payments. ✔✔accrual To complete the New Company Setup, three journal entries are recorded. What are those journal entries. ✔✔Record opening balances for accounts other than Inventory, Accounts Receivable and Accounts Payable, and reverse the balances in Uncategorized Income and Uncategorized Expenses. [Show More]

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