QuickBooks Ch. 10 (2022/2023) Rated A+

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QuickBooks Ch. 10 (2022/2023) Rated A+ Prudence ✔✔The methods least likely to overstate assets and income are used. Consistency ✔✔The same accounting methods are used year to year. Revenu... e recognition ✔✔Publicly traded companies record when revenue is earned. Objectivity ✔✔Business statements are impartial and absent of bias. Create delayed charges for the services as completed. ✔✔How can you keep track of services performed before adding charges to an invoice? Financial Accounting and Services Board ✔✔What agency sets the GAAP principles? It posts transactions to the general ledger. ✔✔How does QuickBooks assist with the third step of the accounting cycle? Non-posting ✔✔What type of entry is a delayed charge? Profit & Loss by Class ✔✔What report tracks how much you've made or lost in a specific aspect of your business? Regulations set by the Financial Accounting and Standards Board (FASB) to regulate accounting practices ✔✔What are the Generally Accepted Accounting Principles? Class tracking ✔✔Juan wants to track the profitability of three aspects of his restaurant: dining, bar, and merchandise sales. What feature does he use? Only one location per transaction form can be tracked. ✔✔What is a limitation associated with location tracking? To produce reports that focus on the aspects of the business you're tracking ✔✔Why use class tracking? Record an expense transaction. ✔✔You used your company Visa card to buy lunch. What action do you take in QuickBooks? Remodeling ✔✔What is an example of a class in accounting? A series of steps that help a business properly keep its accounting records during the fiscal period ✔✔What is the accounting cycle? Sales by Store Summary ✔✔When you use location tracking, what report helps you track sales growth at each of your store locations? [Show More]

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