Question 1

The Legal Name identifies a company for:

Accepted Answer

A) Advertising 
B) Sales 
C) Patents 
D) All the above 
A) Advertising 
B) Sales 
C) Patents 
D) All the above C

Question 2

Sole Proprietorships use __________ as its Federal Tax ID number.

Accepted Answer

A) the owner's social security number 
B) an EIN number 
C) business operating license number 
D) None of the above. 
A) the owner's social security number 
B) an EIN number 
C) business operating license number 
D) None of the above. A

Question 3

A company's computer is classified as what account

Accepted Answer

A company's computer is typically classified as a fixed asset on the company's balance sheet. Fixed assets, also known as property, plant, and equipment (PP&E), are long-term resources used in the production of goods and services. Computers are considered tangible assets that provide value to the business over multiple accounting periods.

When a company purchases a computer, the cost of the computer is capitalized and recorded as an asset on the balance sheet. Over time, the computer's value is gradually reduced through depreciation, which allocates the cost of the asset over its useful life. Depreciation expense is recorded on the income statement, reflecting the usage and wear and tear of the computer as it helps generate revenue for the company.

In summary, a company's computer is classified as a fixed asset on the balance sheet, and its cost is depreciated over its useful life.

Question 4

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

Accepted Answer

Chapter 08 New Compa

Question 5

The Customer List contains information about:

Accepted Answer

A) The quantity of non-inventory parts on hand 
B) The credit rating of the vendors 
C) Vendors from whom the company buys products and services 
D) Customer addresses, contacts and phone numbers 
A) The quantity of non-inventory parts on hand 
B) The credit rating of the vendors 
C) Vendors from whom the company buys products and services 
D) Customer addresses, contacts and phone numbers

Question 6

An account's tax line determines where QuickBooks lists the account balance on the:

Accepted Answer

A) Income Statement 
B) Income Tax Summary Report 
C) Balance Sheet 
D) Statement of Cash Flows 
A) Income Statement 
B) Income Tax Summary Report 
C) Balance Sheet 
D) Statement of Cash Flows

Question 7

The steps to set up a new service company in QuickBooks with no employees are:

Accepted Answer

A) Easy Step Interview > Customer List > Vendor List > Item List 
B) Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item List 
C) Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List. 
D) Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of Accounts 
A) Easy Step Interview > Customer List > Vendor List > Item List 
B) Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item List 
C) Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List. 
D) Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of Accounts

Question 8

List 3 (three) questions asked by the QuickBooks EasyStep Interview.
"Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"

Accepted Answer

The QuickBooks EasyStep Interview is a p

Question 9

An account's tax line determines where QuickBooks lists the account balance on the:
A.Income Statement
B.Income Tax Summary Report
C.Balance Sheet
D.Statement of Cash Flows

Accepted Answer

The answer of An account's tax line determines where QuickBooks...

Question 10

To edit an account in the Chart of Accounts:

Accepted Answer

A) From the Company Center > Edit Chart of Accounts 
B) From the Chart of Accounts window > right-click > New 
C) From the Chart of Accounts window > Account > Edit Account 
D) From the Company menu > New Account 
A) From the Company Center > Edit Chart of Accounts 
B) From the Chart of Accounts window > right-click > New 
C) From the Chart of Accounts window > Account > Edit Account 
D) From the Company menu > New Account

Question 11

The QuickBooks Setup window allows you to enter __________ information.

Accepted Answer

A) vendor 
B) customer 
C) banking 
D) All the above 
A) vendor 
B) customer 
C) banking 
D) All the above

Question 12

The QuickBooks Setup window allows you to enter __________ information.

Accepted Answer

A) vendor 
B) customer 
C) banking 
D) All the above 
A) vendor 
B) customer 
C) banking 
D) All the above

Question 13

QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window):

Accepted Answer

A) Yahoo 
B) Outlook 
C) Gmail 
D) All the above 
A) Yahoo 
B) Outlook 
C) Gmail 
D) All the above

Question 14

Which tax form would you select for a Partnership?

Accepted Answer

A) Form 1120 
B) Form 1120S 
C) Form 1065 
D) Form 1040S 
A) Form 1120 
B) Form 1120S 
C) Form 1065 
D) Form 1040S

Question 15

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Accepted Answer

The answer of Name 4 (four) accounts that would commonly...

Question 16

Sole Proprietorships use __________ as its Federal Tax ID number.
A.the owner's social security number
B.an EIN number
C.business operating license number
D.None of the above.

Accepted Answer

A sole proprietorship typicall

Question 17

To customize QuickBooks after creating a company file you would:

Accepted Answer

A) Enter additional company information 
B) Set QuickBooks preferences 
C) Customize the Chart of Accounts 
D) All the above 
A) Enter additional company information 
B) Set QuickBooks preferences 
C) Customize the Chart of Accounts 
D) All the above

Question 18

Which tax form would you select for a Corporation?
A.Form 1120
B.Form 1120S
C.Form 1065
D.Form 1040S

Accepted Answer

The answer of Which tax form would you select for...

Question 19

Which icon does not appear in the Venders section for service companies that do not sell inventory?

Accepted Answer

A) Receive Inventory 
B) Pay Bills 
C) Enter Bills 
D) All the above 
A) Receive Inventory 
B) Pay Bills 
C) Enter Bills 
D) All the above

Question 20

To customize QuickBooks after creating a company file you would:

Accepted Answer

A) Enter additional company information 
B) Set QuickBooks preferences 
C) Customize the Chart of Accounts 
D) All the above 
A) Enter additional company information 
B) Set QuickBooks preferences 
C) Customize the Chart of Accounts 
D) All the above

The Legal Name identifies a company for:

Sole Proprietorships use __________ as its Federal Tax ID number.

A company's computer is classified as what account

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

The Customer List contains information about:

An account's tax line determines where QuickBooks lists the account balance on the:

The steps to set up a new service company in QuickBooks with no employees are:

List 3 (three) questions asked by the QuickBooks EasyStep Interview. "Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"

An account's tax line determines where QuickBooks lists the account balance on the: A.Income Statement B.Income Tax Summary Report C.Balance Sheet D.Statement of Cash Flows

To edit an account in the Chart of Accounts:

The QuickBooks Setup window allows you to enter __________ information.

The QuickBooks Setup window allows you to enter __________ information.

QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window):

Which tax form would you select for a Partnership?

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Sole Proprietorships use __________ as its Federal Tax ID number. A.the owner's social security number B.an EIN number C.business operating license number D.None of the above.

To customize QuickBooks after creating a company file you would:

Which tax form would you select for a Corporation? A.Form 1120 B.Form 1120S C.Form 1065 D.Form 1040S

Which icon does not appear in the Venders section for service companies that do not sell inventory?

To customize QuickBooks after creating a company file you would:

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

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 8: New Company Setup

The Legal Name identifies a company for:

Sole Proprietorships use __________ as its Federal Tax ID number.

A company's computer is classified as what account

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

The Customer List contains information about:

An account's tax line determines where QuickBooks lists the account balance on the:

The steps to set up a new service company in QuickBooks with no employees are:

List 3 (three) questions asked by the QuickBooks EasyStep Interview. "Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"

An account's tax line determines where QuickBooks lists the account balance on the: A.Income Statement B.Income Tax Summary Report C.Balance Sheet D.Statement of Cash Flows

To edit an account in the Chart of Accounts:

The QuickBooks Setup window allows you to enter __________ information.

The QuickBooks Setup window allows you to enter __________ information.

QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window):

Which tax form would you select for a Partnership?

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Sole Proprietorships use __________ as its Federal Tax ID number. A.the owner's social security number B.an EIN number C.business operating license number D.None of the above.

To customize QuickBooks after creating a company file you would:

Which tax form would you select for a Corporation? A.Form 1120 B.Form 1120S C.Form 1065 D.Form 1040S

Which icon does not appear in the Venders section for service companies that do not sell inventory?

To customize QuickBooks after creating a company file you would:

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

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters