Finance And Accounting

Question: Which report(s) could you run to see the reversing journal entry QuickBooks makes when voiding a check from a prior period without affecting the prior period financials?
A
Adjusting journal entries

B
Transaction journal

C
Prior period changes

D
Voided checks

Note: Answer not sure
1. Report
Question: Which of the following can be used to enter opening balances in QuickBooks?
A
Journal entries

B
Forms

C
Lists

D
All of these

Note: Answer not sure
1. Report
Question: In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes?
A
Open invoice report

B
Quick reports

C
Sales tax liability report

D
Item listing report

Note: Answer not sure
1. Report
Question: While automatically deducting money for loan repayments from the employee paychecks, what should be checked at the end of each calendar year?
A
Employee Loans account setup

B
Loan deduction limit

C
Loan Repayment item account mapping

D
All of these

Note: Answer not sure
1. Report
Question: In which QuickBooks window would you record the amount and payment terms for money that a client owes a vendor?
A
Enter Bills

B
Write Checks

C
Create Purchase Orders

D
Pay Bills

Note: Answer not sure
1. Report
Question: What does QuickBooks do so that you don't have to restate the financials when voiding a check from a prior period?
A
Changes the check amount to zero, marks it void, and enters a memo about the related journal entries.

B
Creates a journal entry dated the same as that of the check.

C
Creates a reversing journal entry as of the current system date that does not change the prior year's financial statements while allowing you to reconcile the bank account.

D
All of these

Note: Answer not sure
1. Report
Question: What report would an auditor want to see?
A
Balance Sheet

B
Profit & Loss

C
Cash Flow Statement

D
All of these

Note: Answer not sure
1. Report
Question: Which of the following statements is true regarding the Fixed Asset Manager?
A
It is an add-in application available in QuickBooks: Premier Accountant and Enterprise Solutions Accountant Edition.

B
It calculates depreciation for up to six asset bases.

C
It posts depreciation journal entries to QuickBooks.

D
All of these

Note: Answer not sure
1. Report
Question: What information needs to be checked before adding a loan to the Loan Manager?
A
Confirm that the liability accounts and expense accounts to track the loan are set up in the chart of accounts.

B
Confirm that any accounts necessary for tracking escrow are set up in the chart of accounts.

C
Confirm that all transactions for the loan liability and interest accounts are up to date.

D
All of these

Note: Answer not sure
1. Report
Question: Which of the following is not a common mistake clients make while recording and depositing payments as identified in this module?
A
Customer payments not grouped into deposits

B
Customer payments entered directly in the Receive Payments window

C
Payments or credits not applied against invoices

D
Undeposited Funds overlooked while making deposits

Note: Answer not sure
1. Report

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Question: Which report(s) could you run to see the reversing journal entry QuickBooks makes when voiding a check from a prior period without affecting the prior period financials?

Question: Which of the following can be used to enter opening balances in QuickBooks?

Question: In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes?

Question: While automatically deducting money for loan repayments from the employee paychecks, what should be checked at the end of each calendar year?

Question: In which QuickBooks window would you record the amount and payment terms for money that a client owes a vendor?

Question: What does QuickBooks do so that you don't have to restate the financials when voiding a check from a prior period?

Question: What report would an auditor want to see?

Question: Which of the following statements is true regarding the Fixed Asset Manager?

Question: What information needs to be checked before adding a loan to the Loan Manager?

Question: Which of the following is not a common mistake clients make while recording and depositing payments as identified in this module?