to select the method of New Company Setup(Detailed Start)
The quickbooks setup window is first used..
Subsidiary ledgers
What needs to be set up
... [Show More] in a manual system that is not set up in QuickBooks?
in QuickBooks, a company needs only to create the Chart of Accounts List to begin entering transactions
Which statement is not true?
you are moved to the EasyStep Interview window with the Enter your company information page displayed
When you choose the Detailed Start method of setting up a new company in QuickBooks
create your company file if you leave before saving the company file
Based on answers in the EasyStep Interview, QuickBooks does not...
used to create a new company file, establish some preferences, and begin the Chart of Accounts and Item Lists
The EasyStep Interview window is not...
At the Review income and expenses accounts page, you have the opportunity to select or deselect accounts to be included in the Chart of Accounts
Which is a correct statement?
add preferences
The QuickBooks Setup window,gets all the details into QuickBooks page does not have a link to....
transactions
The QuickBooks Setup window does not include the option to enter....
When entering a beginning balance for a customer, the date is not important
Which of the following is not correct?
will have to re-enter the customers with balances
If you do not click the Enter Opening Balances link on the Add the people you do business with page, then you..
service items, inventory part items, and sales tax
The Item List stores information about a company's...
The date does not matter as a journal entry will be recorded without a date
Which is not a correct statement?
create the Customer Center, the Vendor Center, and add the service items and inventory part items to the Item List
EasyStep Interview did not...
did not create all of them accounts used by a company
QuickBooks Setup and EasyStep Interview...
When service items and inventory part items were added, these items were not able to the Item list
Which of the these is correct for the Add new product and services page?
The sales tax item was created in the Item List
In the EasyStep Interview window, when you answer the question that yes you do charge sales tax.
Go to New Company Setup and start over
After reviewing the Item List as created in QuickBooks Setup, what is not a recommended method to correct errors in the Item List?
you can correct all information in the Edit Customer window, except the Current Balance
While reviewing the Customer Center created in QuickBooks Setup - Add the people you do business with pages,
delete the customer, and then go back to the QuickBooks Setup - Add people you do business with pages and re-enter the customer.
If there is no Current Balance for a customer with an outstanding balance,
If there is an error in the Current Balance, you can correct it when viewing journal entries.
How can you correct the errors in the Vendor Center?
Reviewing the Journal Report will not yet show the journal entries created as part of the QuickBooks Setup.
Which statement in not true?
show debits to Accounts Receivable with the customers' outstanding balances and credits to an account called Uncategorized Income.
Journal entries labeled as Invoice..
were created when vendors with outstanding balances were recorded in the Add people you do business with pages
Journal entries labeled as Bill...
show credits to the Opening Balance Equity account and debits to the Inventory Asset account with the total value for each inventory part item.
Journal entries labeled as inventory adjust...
Invoice, you can make corrections to a customer's opening balance or date.
In the Journal report, if you double-click on a transaction, for a transaction type of
the value of the inventory part item is automatically computed by QuickBooks as the quantity on hand multiplied by the cost for the inventory part.
In the journal report, if you double click on a transaction, for a transaction type of inventory Adjust,
amount in the Uncategorized Income account equals the amount in the Uncategorized Expenses account.
Upon reviewing the Trial Balance, observe that the Trial Balance does not indicate that the
that the report indicates only Uncategorized Income and Uncategorized Expenses as offsetting amounts of the Accounts Receivable and Accounts Payable accounts.
Reviewing the Profit & Loss Standard report will allow you to see
the net income is correct as seen in the Income Statement (Profit & Loss Report).
A review of the Balance Sheet Standard report does not indicate that...
Create the company file
When you use the EasyStep Interview and QuickBooks Setup windows, only part of New Company Setup is completed. The next part of the process does not include
The Company Preferences tab is not used when setting up a new company file.
Which statement is not correct?
Undeposited Funds, Inventory Asset, and Cost of Good Sold
When you created the company file using EasyStep Interview and QuickBooks Setup, what system default accounts were not created?
Which statement is not correct?
You can delete the Inventory Asset account and Cost of Goods Sold account (the default system accounts without numbers) created in QuickBooks Setup even though they are used in the Item List and in the Journal.
Updating the Chart of Accounts List does not include adding additional accounts to the List.
Which is not true?
requires the recording of revenues when earned and expenses when incurred regardless of cash receipts or cash payments.
The accrual basis of accounting...
are not used in an accrual basis of accounting and therefore must be reversed to eliminate them.
Uncategorized income and uncategorized accounts..
excluding accounts receivable, inventory, and accounts payable, as one large compound journal entry.
You enter all opening balances for the new company,...
Once you exit QuickBooks Setup, the company information cannot be edited.
Which statement is not correct?
entries recorded in the general journal to offset a balance in an account
Reversing entries are...
preparation of accounting reports and financial statements
What does payroll not involve?
Net pay is the total earnings for an employee minus all employee withholdings and deductions.
Which definition is correct?
Year-to-date earnings and withholdings do not have to be accumulated and used in preparing government-required quarterly and year-end reports.
Which is not the case in a manual accounting system?
simultaneously, prepares reports that summarize all quarterly and annual information needed for required filings, and for required payments of employee withholdings to the appropriate agency.
QuickBooks includes a payroll feature that, once activated,
Using an outside payroll processing firm
Part of what makes payroll processing in QuickBooks easier than that of a manual system is not
Time and chance of mistakes
Which of the following are not the same whether payroll is processed manually or with a software package?
the total earnings for the employee for a specific pay period before any withholdings and deductions
gross pay is
The employer does not needs specific information, such as Social Security number or marital status, about every employee.
Which of these statements about payroll is false? [Show Less]