Accounting 52397 | Course Paper

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The Income Tax Preparation report:

A.Summarizes income and expenses that should be listed on a business income tax

return

B.Lists the assigned tax line for each account

C.Provides detailed information about the income and expenses

D.All of these

The steps to set up a new service company in QuickBooks with no employees are:

A.Easy Step Interview > Customer List > Vendor List > Item List

B.Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item

List

C.Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List >

Item List

D.Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of

Accounts

When recording a payment from a customer, if the customer does not send the full

amount:

A.Record the full amount as paid and make a note in the To Do List to follow up with

the customer regarding the remainder of the payment

B.You can record the partial payment but must leave the funds in the Undeposited

Funds account until receiving the full payment

C.You must wait until the customer pays the full amount to record the payment

D.Enter the amount received in the Amount field in the Customer Payment window

Your QuickBooks data can be stored in all of the following ways except:

A.Online

B.Backup

C.Portable File

D.All of these store QuickBooks data

All of the following are examples of recurring transactions, except:

A.Depreciation

B.Utilities

C.Rent

D.All of these

The Payroll Summary report:

A.Summarizes the amounts paid to employees

B.Summarizes the amounts paid in payroll taxes

C.May be accessed using the Reports Center

D.All of these

A grocery store is an example of a _________ company.

A.Service

B.Retail

C.Manufacturing

D.Product-based business

To customize QuickBooks after creating a company file you would:

A.Enter additional company information

B.Set QuickBooks preferences

C.Customize the Chart of Accounts

D.All of these

To record adjusting entries, use:

A.Report menu > General Journal Entries

B.Accountant menu > Make General Journal Entries

C.Banking menu > Make General Journal Entries

D.Home > Journal Entries

Which of the following is not a payroll report:

A.Form W-2

B.Form 1065

C.Form 940

D.Form 941

To view the payroll entry in the journal, go to Report Center > ________.

A.Customers and Jobs

B.Company and Financial

C.Accountant and Taxes

D.None of these

When using QuickBooks, your accounting system includes which of the following

steps:

A.Enter vendor list

B.Record transactions

C.Prepare reports

D.All of these

If the Estimates icon does not appear on your screen in QuickBooks, select:

A.Edit menu > Preferences > Jobs and Estimates > Company Preferences

B.Customer menu > Jobs > Estimates

C.Company menu > Estimates > Preferences

D.Company menu > Preferences > Estimates

When creating paychecks using QuickBooks, you deduct withholdings from employees’

pay for all of the following except:

A.State income taxes

B.Medicare

C.City income taxes

D.None of these

The Chart of Accounts:

A.Verifies the accounting system is in balance

B.Helps detect errors

C.Lists all accounts

D.All of these

When a credit sale is recorded on an invoice, QuickBooks records:

A.An increase to Sales and a decrease to Accounts Receivable

B.An increase to Sales and an increase to Accounts Payable

C.An increase to Sales and an increase to Accounts Receivable

D.A decrease to Sales and a decrease to Accounts Payable

QuickBooks Go Payment:

A.Is an Intuit app that connects you to your QuickBooks software.

B.Allows you to collect customer payments on the go.

C.To use: connects a credit card reader to your mobile device.

D.All of these

How do you access the screen to add a user and password?

A.Company menu > Set Up Users and Passwords > Set Up Users

B.Employees > Employee Center

C.Edit menu > Preferences > Employees

D.Company menu > Company Information

The Docs Center:

A.Helps you to organize your accounting and business documents within QuickBooks

software.

B.Is accessed by clicking on the Docs icon in My Shortcuts.

C.Offers you the ability to attach an electronic version of a document to a QuickBooks

transaction.

D.All of these.

Which tax form would you select for a Corporation?

A.Form 1120

B.Form 1120S

C.Form 1065

D.Form 1040S

Progress Invoicing is turned on by going to Edit > Preferences > ____________.

A.Jobs and Estimates

B.Bills

C.Sales and Customers

D.Time and Expenses

To print the Aging of Accounts Receivable report:

A.Select Customer Center, Customer & Receivables

B.Select Company Center, Customer & Receivables

C.Select Report Center, Company & Financials

D.Select Report Center, Customer & Receivables

The Check Register:

A.Lists all accounts and their account numbers

B.Records payments and deposits to the Checking account

C.Is located directly on the Company section of the Home page

D.Keeps track of company deposits only

To record a sales transaction, use the:

A.Create Purchase Order > Receive Payment > Make Deposit

B.Create Invoices > Receive Payment > Make Deposits

C.Create Invoices > Create Sales Receipts > Make Deposits

D.Receive Payment > Create Sales Receipts > Make Deposits

All of the following are payroll tax liabilities owed to outside agencies except:

A.Federal Income Taxes

B.Unemployment Taxes

C.Net Pay

D.State Income Taxes

The employer must match which of the following taxes paid by an employee:

A.Medicare

B.Federal Unemployment

C.State Income Tax Withholding

D.The employer must match all of these

Which tax form would you select for a Partnership?

A.Form 1120

B.Form 1120S

C.Form 1065

D.Form 1040S

What QuickBooks activity comes next in this string of payroll activities:

Enter Time > Pay Employees > ______ > Process Payroll Forms.

A.Reconcile Payroll

B.Print Payroll Report

C.Pay Payroll Liabilities

D.None of these

Cash inflows and outflows related to the company’s primary business are categorized as

cash flows from:

A.Investing activities

B.Financing activities

C.Sales activities

D.Operating activities

Payroll liabilities are based on:

A.Calendar months

B.Pay period

C.Check dates

D.The company’s fiscal year

Which of the following is not an income account?

A.Revenue

B.Interest Revenue

C.Rent Expense

D.Gain on sale

When recording the sale of a product, which account is decreased?

A.Inventory

B.Accounts Receivable

C.Notes Payable

D.None of these