Exam 10: Desktop Accounting System: Features and Functionality Overview

When recording a cash sale, QuickBooks Desktop puts the money from the cash sale into the_____ until you record a deposit to a bank account.

As with other accounting programs, QuickBooks Desktop requires a formal closing to be performed at the end of each year.

You may add individual information for vendors in the ______.

QuickBooks Desktop keeps track of sales tax liability and will prepare the payment of sales taxes to the appropriate agency when using the Manage Sales Tax feature of the program.

The Vendor List can also be called the_______ .

When items ordered are received without a bill, you record the receipt________ .

The accrual method of accounting matches the income of the period with the cash received for sales.

In order to customize a(n)_______ , you must duplicate it.

If the word -Split- appears in the Split column of a report rather than an account name, it means that the transaction is split between two or more______ .

A credit received from a vendor for the return of merchandise can be applied to a payment to the vendor.

If a customer issues a check that is returned marked NSF, you may charge the customer the amount of the penalty charges you impose.

For inventory valuation, QuickBooks Desktop the _________method.

The form prepared to show a reduction to a bill is a(n) __________________.

In a sole proprietorship, an owner's paycheck is considered a(n) _______--.

At the end of the year, a closing entry to transfer the owner withdrawals from the drawing account to the capital account needs to be made.

When adding a new employee after the Payroll Setup has been completed, you use the______- .

You may access QuickMath when preparing a journal entry, by pressing the________ key.

The total of the Vendor list/Accounts Payable ledger will match the total of the Accounts Payable account in the Chart of Accounts/General ledger.

If a customer has a balance for an amount owed and a return is made, a credit memo is prepared and______ .

When payroll liabilities to be paid have been selected, QuickBooks Desktop will_______ .