Finance And Accounting

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
Question: Which of the following is a method you can use to track customer prepayments, deposits or retainers in QuickBooks?
A
Entering payments in the Prepayments window

B
Setting up a separate liability account to track the funds

C
Both of these

Note: Answer not sure
1. Report
Question: Which of the following describes a method for handling shared payroll expenses?
A
Link the employee deduction payroll item to an expense account. Then record the employee and employer-paid portions on a regular bill or check.

B
Add the company-paid portion to the payroll liability check.

C
Link the employee deduction payroll item to an expense account. Then record the employee and employer-paid portions on a regular bill or check and Add the company-paid portion to the payroll liability check

D
None of these

Note: Answer not sure
1. Report
Question: What is the standard number system for a chart of accounts?
A
1 revenue, 2 expenses, 3 assets, 4 liabilities, 5 equity

B
1 equity, 2 expenses, 3 revenue, 4 liabilities, 5 assets

C
1 assets, 2 liabilities, 3 equity, 4 revenue, 5 expenses

D
1 liabilities, 2 assets, 3 expenses, 4 revenue, 5 equity

Note: Answer not sure
1. Report
Question: Which report would you run to find the net purchases from each vendor regardless of how payments were recorded in QuickBooks?
A
Inventory valuation summary

B
Expenses by vendor summary

C
Unpaid bills detail

D
Purchases by vendor summary

Note: Answer not sure
1. Report
Question: Your company receives a miscellaneous check as a rebate on office supplies purchased. How would this be entered in Quickbooks?
A
Create a customer, an invoice, then as a receipt of payment for that customer

B
Using Banking - Make deposits with the item booked to Miscellaneous Revenue

C
Make a Journal Entry

D
Add to employee check who purchased the supplies

Note: Answer not sure
1. Report
Question: If a company's tax form is recorded incorrectly, then where should the corrections be made?
A
Easy Step Interview

B
Company Information Window

C
Preferences

D
All of these

Note: Answer not sure
1. Report
Question: If a company wants a quick look at their financial performance for the month, what report would be best to run?
A
Profit & Loss Detailed

B
Profit & Loss Standard

C
Balance Sheet Standard

D
Profit & Loss by Job Summary

Note: Answer not sure
1. Report
Question: Which of the following cannot be included as a component of an assembly item?
A
Other Charges items

B
Inventory Assembly items

C
Group items

D
Service items

Note: Answer not sure
1. Report

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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?

Question: Which of the following is a method you can use to track customer prepayments, deposits or retainers in QuickBooks?

Question: Which of the following describes a method for handling shared payroll expenses?

Question: What is the standard number system for a chart of accounts?

Question: Which report would you run to find the net purchases from each vendor regardless of how payments were recorded in QuickBooks?

Question: Your company receives a miscellaneous check as a rebate on office supplies purchased. How would this be entered in Quickbooks?

Question: If a company's tax form is recorded incorrectly, then where should the corrections be made?

Question: If a company wants a quick look at their financial performance for the month, what report would be best to run?

Question: Which of the following cannot be included as a component of an assembly item?