Question 1

When creating a new account to record a new loan, enter the loan amount as:

Accepted Answer

A) an opening balance 
B) investment 
C) income 
D) a separate transaction 
A) an opening balance 
B) investment 
C) income 
D) a separate transaction

Question 2

Taxes are withheld from paychecks for:

Accepted Answer

A) Employees 
B) Independent Contractors 
C) Owner's withdrawals 
D) All of the above 
A) Employees 
B) Independent Contractors 
C) Owner's withdrawals 
D) All of the above

Question 3

You can obtain a copy of Circular E to use for payroll preparation from:

Accepted Answer

A) The Employee section of the Home page 
B) The Employee Center of the Home page 
C) The QuickBooks website: www.quickbooks.com 
D) The IRS website: www.irs.gov 
A) The Employee section of the Home page 
B) The Employee Center of the Home page 
C) The QuickBooks website: www.quickbooks.com 
D) The IRS website: www.irs.gov

Question 4

Wages paid to an employee are recorded as:

Accepted Answer

A) Payroll expense 
B) Payroll liabilities 
C) Payroll payable 
D) Payroll revenue 
A) Payroll expense 
B) Payroll liabilities 
C) Payroll payable 
D) Payroll revenue

Question 5

Which icon is not in the Employees section of the Home page when a company file is set to use manual payroll calculations?

Accepted Answer

A) Enter Time 
B) Pay Employees 
C) Pay Liabilities 
D) Payroll Forms 
A) Enter Time 
B) Pay Employees 
C) Pay Liabilities 
D) Payroll Forms

Question 6

Which form is used to manually calculate tax withholdings and payroll taxes?

Accepted Answer

A) Form 490 
B) Form 491 
C) IRS Circular E 
D) None of the above 
A) Form 490 
B) Form 491 
C) IRS Circular E 
D) None of the above

Question 7

The QuickBooks Payroll Setup allows you to:

Accepted Answer

A) Set employee defaults for information common to all employees 
B) Enter employee information 
C) Set the payment schedule for withholding payments 
D) All the above 
A) Set employee defaults for information common to all employees 
B) Enter employee information 
C) Set the payment schedule for withholding payments 
D) All the above

When creating a new account to record a new loan, enter the loan amount as:

Taxes are withheld from paychecks for:

You can obtain a copy of Circular E to use for payroll preparation from:

Wages paid to an employee are recorded as:

Which icon is not in the Employees section of the Home page when a company file is set to use manual payroll calculations?

Which form is used to manually calculate tax withholdings and payroll taxes?

The QuickBooks Payroll Setup allows you to:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Advanced Quickbooks Features for Accountants

Filters

Exam 11: Merchandising Corporation: Payroll

When creating a new account to record a new loan, enter the loan amount as:

Taxes are withheld from paychecks for:

You can obtain a copy of Circular E to use for payroll preparation from:

Wages paid to an employee are recorded as:

Which icon is not in the Employees section of the Home page when a company file is set to use manual payroll calculations?

Which form is used to manually calculate tax withholdings and payroll taxes?

The QuickBooks Payroll Setup allows you to:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Advanced Quickbooks Features for Accountants

Filters