Question 1

To export reports to Excel:

Accepted Answer

A) With the Report window open, click the Excel button 
B) With the Report window open, click the Export button 
C) With the Report window open, click the Print button 
D) All of these 
A) With the Report window open, click the Excel button 
B) With the Report window open, click the Export button 
C) With the Report window open, click the Print button 
D) All of these A

Question 2

The Income Tax Preparation report:

Accepted Answer

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 
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 B

Question 3

Income tax reports in QuickBooks include all of the following except:

Accepted Answer

A) Income Tax Preparation report 
B) Income Tax Detail report 
C) Income Tax Summary report 
D) Income Tax Mapping report 
A) Income Tax Preparation report 
B) Income Tax Detail report 
C) Income Tax Summary report 
D) Income Tax Mapping report D

Question 4

Providing information to internal users' decision making is the purpose of which of the following?

Accepted Answer

A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Vendor list 
A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Vendor list

Question 5

An accounting period may be:

Accepted Answer

A) One quarter 
B) One month 
C) One year 
D) All of these 
A) One quarter 
B) One month 
C) One year 
D) All of these

Question 6

Sales are recorded under cash basis accounting when:

Accepted Answer

A) The goods or services are provided regardless of whether the cash is collected from the customers 
B) The bookkeeper has time to record the transactions 
C) The cash is collected from the customers 
D) The costs are incurred to earn the revenue 
A) The goods or services are provided regardless of whether the cash is collected from the customers 
B) The bookkeeper has time to record the transactions 
C) The cash is collected from the customers 
D) The costs are incurred to earn the revenue

Question 7

What is the difference between the cash basis and the accrual basis?

Accepted Answer

Cash basis - A sale is recorded when cas

Question 8

What information does the Balance Sheet provide?

Accepted Answer

A) A summary of cash inflows and outflows over a specific time period 
B) A company's financial position on a specific date 
C) Sales and expenses for a specific time period 
D) None of these 
A) A summary of cash inflows and outflows over a specific time period 
B) A company's financial position on a specific date 
C) Sales and expenses for a specific time period 
D) None of these

Question 9

To record adjusting journal entries in QuickBooks, select:

Accepted Answer

A) Company Center, Journal Entry icon 
B) Accountant menu, Make General Journal Entries 
C) Banking section of the Home page, Journal Entry icon 
D) Company section of the Home page, Journal Entry icon 
A) Company Center, Journal Entry icon 
B) Accountant menu, Make General Journal Entries 
C) Banking section of the Home page, Journal Entry icon 
D) Company section of the Home page, Journal Entry icon

Question 10

Unearned revenue occurs when:

Accepted Answer

A) Customers pay after receiving a service 
B) Customers pay in advance of receiving a service 
C) Customers default and do not pay you what is owed 
D) All of these 
A) Customers pay after receiving a service 
B) Customers pay in advance of receiving a service 
C) Customers default and do not pay you what is owed 
D) All of these

Question 11

Which of the following determines if the account appears classified properly on the balance sheet?

Accepted Answer

A) Tax-Mapping Line 
B) Account Number 
C) Item Number 
D) None of these 
A) Tax-Mapping Line 
B) Account Number 
C) Item Number 
D) None of these

Question 12

The Income Statement lists:

Accepted Answer

A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses 
A) Net Income and Owner's Equity 
B) Income and Expenses 
C) Assets and Liabilities 
D) Assets and Expenses

Question 13

The General Ledger:

Accepted Answer

A) Is always provided to external users for decision making 
B) Provides the quickest way to communicate financial information 
C) Is a collection of all of the company's accounts and account activity 
D) None of these 
A) Is always provided to external users for decision making 
B) Provides the quickest way to communicate financial information 
C) Is a collection of all of the company's accounts and account activity 
D) None of these

Question 14

The Balance Sheet lists:

Accepted Answer

A) Assets, Liabilities, and Owner's Equity 
B) Gains, Losses, and Net Income 
C) Operating, Investing, and Financing Activity 
D) Income, Expenses, Liabilities 
A) Assets, Liabilities, and Owner's Equity 
B) Gains, Losses, and Net Income 
C) Operating, Investing, and Financing Activity 
D) Income, Expenses, Liabilities

Question 15

Examples of management reports for internal decision making include all of the following except:

Accepted Answer

A) 1120S Report 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary 
A) 1120S Report 
B) Cash Budget 
C) Cash Forecast 
D) Accounts Receivable Aging Summary

Question 16

Providing information to external users' decision making is the purpose of which of the following?

Accepted Answer

A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports 
A) Management Reports 
B) Tax forms 
C) Financial statements 
D) Inventory reports

Question 17

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities

Question 18

What is an asset?

Accepted Answer

A) What remains after the liabilities are satisfied 
B) What a company owes 
C) What a company owns 
D) What a company has after expenses are removed 
A) What remains after the liabilities are satisfied 
B) What a company owes 
C) What a company owns 
D) What a company has after expenses are removed

Question 19

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities

Question 20

Adjusting entries should be made ______________ preparing financial statements.

Accepted Answer

A) Before 
B) During 
C) After 
D) Never 
A) Before 
B) During 
C) After 
D) Never

To export reports to Excel:

The Income Tax Preparation report:

Income tax reports in QuickBooks include all of the following except:

Providing information to internal users' decision making is the purpose of which of the following?

An accounting period may be:

Sales are recorded under cash basis accounting when:

What is the difference between the cash basis and the accrual basis?

What information does the Balance Sheet provide?

To record adjusting journal entries in QuickBooks, select:

Unearned revenue occurs when:

Which of the following determines if the account appears classified properly on the balance sheet?

The Income Statement lists:

The General Ledger:

The Balance Sheet lists:

Examples of management reports for internal decision making include all of the following except:

Providing information to external users' decision making is the purpose of which of the following?

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

What is an asset?

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Adjusting entries should be made ______________ preparing financial statements.

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 7: Reports and Graphs

To export reports to Excel:

The Income Tax Preparation report:

Income tax reports in QuickBooks include all of the following except:

Providing information to internal users' decision making is the purpose of which of the following?

An accounting period may be:

Sales are recorded under cash basis accounting when:

What is the difference between the cash basis and the accrual basis?

What information does the Balance Sheet provide?

To record adjusting journal entries in QuickBooks, select:

Unearned revenue occurs when:

Which of the following determines if the account appears classified properly on the balance sheet?

The Income Statement lists:

The General Ledger:

The Balance Sheet lists:

Examples of management reports for internal decision making include all of the following except:

Providing information to external users' decision making is the purpose of which of the following?

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

What is an asset?

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

Adjusting entries should be made ______________ preparing financial statements.

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters