Exam 8: New Company Setup

Which of the following type of information is not entered during the Easy Step Interview? A.Company organization (for example, LLC, LLP, S Corporation) B.Industry type C.Products and services the company sells D.QuickBooks company file password Short Answer Questions

Which of the following type of information is not entered during the Easy Step Interview?

To create a new company data file in QuickBooks, use the:

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

A corporation uses __________ as its Federal Tax ID number.

In the Easy Step Interview, you must identify:

The Vendor List contains information about:

To complete company setup you must complete all of the following except:

A corporation uses __________ as its Federal Tax ID number.

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

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

When setting up a new company, QuickBooks automatically creates:

The Doing Business As name identifies a company for:

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

Which tax form would you select for a Corporation?

QuickBooks creates a Chart of Accounts for your company based on:

The Item List contains information about all of the following except:

Which tax form would you select for a Subchapter S corporation?

To display account numbers in the chart of accounts choose:

To complete company setup you must complete all of the following except: A.Add customers. B.Add payroll forms C.Add products and services as items D.Add vendors