Finance And Accounting

Question: Employee C wants to contribute $8,000 a year to his tax shelter annuity. The district allows payroll deductions for tax shelter annuities to be spread over 18 pay periods. How much will have to be deducted each pay period so that Employee C contributes the $8,000?
A
$535.43

B
$644.34

C
$444.44

D
$464.66

Note: Answer not sure
1. Report
Question: Which of the following statements about independent contractors is true?
A
An independent contractor determines when, where, and how he or she will work under a contract.

B
An independent contractor files a Form W2 like any other employee.

C
Federal taxes are withheld for independent contractors.

D
Independent contractors work part-time.

Note: Answer not sure
1. Report
Question: How can you set up QuickBooks: Pro or higher so that time data for salaried employees is transferred to the payroll automatically?
A
Select the "Use time data to create paycheck" checkbox on the Payroll tab of the employee's record

B
Set up employee defaults

C
Use the Select Billable Time and Costs window

D
All of these

Note: Not available
1. Report
Question: You hire an employee who will work as a staff member, but also provide outside services to your company unrelated to his/her job. How is this best handled in Quickbooks?
A
Create an employee and segregate what he/she does as an employee and as a contractor

B
Create a vendor and enter separate invoices for employee and for contractor

C
Create 2 vendors, one for employee wages and one for contract work

D
Create an employee for his/her regular wages, and a Vendor for his/her contract work

Note: Not available
1. Report
Question: Which of the following reports shows how a specific month's actual results compare with the budget for that month; how the year-to-date actual results compare with the year-to-date budget; and how much of the annual budget has been achieved?
A
Budget Overview

B
Budget Comparison

C
Profit & Loss Budget Performance

D
All of these

Note: Not available
1. Report
Question: Which of the following reports contains all the information about paychecks and the employer's related payroll expenses?
A
Payroll summary

B
Payroll liability balances

C
Payroll item listing

D
Payroll wage summary

Note: Not available
1. Report
Question: How would you best describe the use of the Opening Balance Equity Account during the setup process?
A
It does not have a role during the setup process

B
It is used to track asset account balances

C
It is used as the clearing account for each opening balance entry

D
It is applicable only if the client uses payroll

Note: Not available
1. Report
Question: How can you track deposits that clients make to vendors?
A
Track deposits as negative balances in accounts payable

B
Record the deposit in the Enter Bills window

C
Neither of these

Note: Not available
1. Report
Question: How do you check the version and release number of a QuickBooks for Windows desktop file?
A
Choose Company Information from the Company menu

B
Press Ctrl+1

C
Choose about QuickBooks from the Help menu

D
Choose Preferences from the Edit menu

Note: Not available
1. Report
Question: How can you prevent users from changing transactions from prior periods?
A
Set the Access Prior Periods preference to No

B
Set a closing date in the file and assign a password to the closed period

C
QuickBooks automatically denies access to transactions from prior years

D
None of these

Note: Not available
1. Report

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Question: Employee C wants to contribute $8,000 a year to his tax shelter annuity. The district allows payroll deductions for tax shelter annuities to be spread over 18 pay periods. How much will have to be deducted each pay period so that Employee C contributes the $8,000?

Question: Which of the following statements about independent contractors is true?

Question: How can you set up QuickBooks: Pro or higher so that time data for salaried employees is transferred to the payroll automatically?

Question: You hire an employee who will work as a staff member, but also provide outside services to your company unrelated to his/her job. How is this best handled in Quickbooks?

Question: Which of the following reports shows how a specific month's actual results compare with the budget for that month; how the year-to-date actual results compare with the year-to-date budget; and how much of the annual budget has been achieved?

Question: Which of the following reports contains all the information about paychecks and the employer's related payroll expenses?

Question: How would you best describe the use of the Opening Balance Equity Account during the setup process?

Question: How can you track deposits that clients make to vendors?

Question: How do you check the version and release number of a QuickBooks for Windows desktop file?

Question: How can you prevent users from changing transactions from prior periods?