Quick Books Pro 2008, Finance And Accounting

Question: While entering individual historical transactions during setup, which transactions should be entered first?
A
Bank transactions

B
Accounts receivable transactions

C
Accounts payable transactions

D
Payroll transactions

Note: Answer not sure
1. Report
Question: Which item type has information in the Current Availability window?
A
Discount

B
Non-Inventory Part

C
Inventory Part

Note: Answer not sure
1. Report
Question: You run a client's balance sheet on cash basis, but the balance in the Sales Tax Payable account does not change. What can be the cause?
A
Sales tax preferences are set to accrual

B
Sales tax was paid using a regular check

C
Adjustments to Sales Tax Payable were entered as journal entries

D
Credit memos for taxable items were not properly applied

Note: Answer not sure
1. Report
Question: Which of the following methods can you use to value inventory in QuickBooks?
A
Double declining balance

B
Last in, first out (LIFO)

C
First in, first out (FIFO)

D
Average cost

Note: Answer not sure
1. Report
Question: Which of the following "standard" accounting reports must be created by modifying another report in QuickBooks?
A
Income statement

B
Journal entry listing

C
General ledger

D
Audit trail

Note: Answer not sure
1. Report
Question: What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax payable amount showing on the Pay Sales Tax window?
A
The company purchased a large taxable item on credit.

B
Sales tax was adjusted retroactively when you marked items taxable that a client had mistakenly marked as not taxable.

C
The client erroneously paid the wrong tax agency.

D
The client is paying sales tax with regular checks and posting the payment to the sales tax payable account instead of using the Pay Sales Tax window to create the payment.

Note: Answer not sure
1. Report
Question: Why would one choose to create multiple Jobs under 1 customer rather than just create specific invoices?
A
It is required in Quickbooks. Quickbooks is not able to invoice for different items

B
It gives the user greater abilities such as financial reporting by job, and ability to close specific jobs when complete.

C
Customers require it

D
It is legal requirement

Note: Answer not sure
1. Report
Question: A client's bank balance is different from the balance shown on the balance sheet. What is the problem?
A
The register contains post-dated checks

B
A reconciled transaction was manually unreconciled

C
A memorized transaction

D
An NSF check

Note: Answer not sure
1. Report
Question: In QuickBooks: Premier Accountant Edition, what permission must the users have in order to view the Working Trial Balance?
A
Sensitive Financial Reporting

B
Sensitive Accounting Activities

C
Year-End Accounting Activities

D
None of these

Note: Answer not sure
1. Report
Question: Which of the following needs to happen in order for sales tax to be calculated for a line item on an invoice or sales receipt?
A
The sales tax code assigned to the line item on the form must be a taxable code.

B
There must be a taxable code in the Customer Tax Code field on the sales form.

C
The sales tax rate assigned to the form must be higher than 0%.

D
All of these

Note: Answer not sure
1. Report

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Question: While entering individual historical transactions during setup, which transactions should be entered first?

Question: Which item type has information in the Current Availability window?

Question: You run a client's balance sheet on cash basis, but the balance in the Sales Tax Payable account does not change. What can be the cause?

Question: Which of the following methods can you use to value inventory in QuickBooks?

Question: Which of the following "standard" accounting reports must be created by modifying another report in QuickBooks?

Question: What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax payable amount showing on the Pay Sales Tax window?

Question: Why would one choose to create multiple Jobs under 1 customer rather than just create specific invoices?

Question: A client's bank balance is different from the balance shown on the balance sheet. What is the problem?

Question: In QuickBooks: Premier Accountant Edition, what permission must the users have in order to view the Working Trial Balance?

Question: Which of the following needs to happen in order for sales tax to be calculated for a line item on an invoice or sales receipt?