QuickBooks Chapter 4 Questions and Answers Already Passed

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QuickBooks Chapter 4 Questions and Answers Already Passed 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 By what name is the income statement known in QuickBooks? ✔✔Profit & Loss report In customizing the Journal report to show only the adjusting journal entries, you would be using the __________ feature. ✔✔Filter One way to open the Make General Journal Entries window is to begin by clicking __________ on the main menu bar. ✔✔Company In a manual accounting system, transactions are initially recorded chronologically in the ✔✔General Journal Adjustments made to accounts at certain periods of time (for example, at the end of the month) are referred to as ✔✔Adjusting Journal Entries Which of the following statements regarding credit amounts in a manual accounting system is not true? ✔✔They are always recorded as negative numbers When determining how to identify accounts for purposes of reports and postings, QuickBooks relies on this piece of account information. ✔✔Account Type In QuickBooks, registers are not available for __________ accounts ✔✔Income and Expense This report is used to verify that the total debits equal the total credits in the general ledger. ✔✔Trial Balance Adjusting journal entries are usually dated the ✔✔last day of the month When transactions are recorded in Activity windows (e.g., Enter Bills, Pay Bills, Write Checks), QuickBooks also records these activities in __________ format using debits and credits. ✔✔General Journal The General Ledger report in QuickBooks displays ✔✔all activity in each account and lists the balance after each activity. Of the various pieces of information collected when setting up an account in QuickBooks, which of the following is not optional? ✔✔account type Which report displays the Unadjusted Balance, Adjustments, and Adjusted Balance for all accounts? ✔✔Adjusted Trial Balance (Worksheet) Adjustments to account balances are recorded in the __________ window. ✔✔Make General Journal Entries In the Make General Journal Entries window, which is optional to record? ✔✔an explanation of the transaction In QuickBooks, you can subtotal two or more accounts by designating them as __________; the account to which the subtotals roll up is referred to as the __________ account. ✔✔subaccounts; parent When entering adjusting journal entries in the Make General Journal Entries window, what happens if the total dollar value of debits does not equal the total dollar value of credits? ✔✔A warning window will appear, and if corrections are not made, you will not be able to save the journal entry Which of the following would be considered a liability type account? ✔✔Accounts Payable To add a new account in QuickBooks, begin by clicking __________ on the main menu bar and then click Chart of Accounts. ✔✔Lists In a manual accounting system, all individual accounts are placed together and summarized in the ✔✔General Ledger This QuickBooks report is structured to show assets, liabilities, and equity balances for a business as of a certain date. ✔✔Balance Sheet Standard Which of the following would not be considered an asset type account? ✔✔Accounts Payable Generally accepted accounting principles are made up of all the following except ✔✔local labor union laws What types of transactions might be recorded in a special journal? ✔✔frequent, similar transactions (e.g., sales, purchases To access the General Ledger report, click Reports on the main menu bar and then click ✔✔Accountant & Taxes In QuickBooks, the Make General Journal Entries window is used primarily for ✔✔making adjusting journal entries The list of accounts a company uses as it conducts its business is referred to as the ✔✔Chart of Accounts What report is typically run just after the adjusting journal entries have been recorded? ✔✔Trial Balance renamed Adjusted Trial Balance To view the Trial Balance report in QuickBooks, click Reports on the main menu bar and then click ✔✔Accountant & Taxes What is the default account used for the Make General Journal Entries window? ✔✔There is no default account for this window When you double-click an asset account in the Chart of Accounts List window, the account's register is displayed. What happens if you double-click an expense account instead? ✔✔An Account QuickReport is displayed In QuickBooks, the Chart of Accounts List contains all of the following except ✔✔balance for income and expense accounts Which of the following statements about adjusting journal entries is not true? ✔✔They are recorded in special journals In a manual accounting system, debits are recorded ✔✔in the left column of an account What does GAAP stand for? ✔✔Generally Accepted Accounting Principles In a manual accounting system, transactions recorded in the general journal must have ✔✔a dollar value recorded as a debit and a dollar value recorded as a credit [Show More]

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