Question 1

Petty Cash is identified as a______- account type, so it will be placed at the top of the chart of accounts along with checking and savings accounts.

Accepted Answer

The answer of Petty Cash is identified as a______- account...

Question 2

Sales tax is paid by using ________.

Accepted Answer

Sales tax is typically managed and paid through the "Manage Sales Tax" function in accounting software, which allows businesses to track, report, and remit sales tax collected from customers.

Question 3

To record an order placed by telephone, you use a____ .

Accepted Answer

A Sales Order is used to record an order placed by a customer before the transaction is completed, which is the case for orders placed by telephone. It details the products or services ordered by the customer.

Question 4

Accounts that are listed individually but are grouped together under a main account are called_________ .

Accepted Answer

Subaccounts are individual accounts that are grouped under a main account, allowing for more detailed tracking and organization of financial transactions.

Question 5

In a sole proprietorship, an owner's paycheck is considered a(n) _______--.

Accepted Answer

The answer of In a sole proprietorship, an owner's paycheck...

Question 6

_____-basis accounting matches income and expenses against a period, and   ______ -basis accounting records income when the money is received and expenses when the purchase is made or the bill is paid.

Accepted Answer

The answer of _____-basis accounting matches income and expenses against...

Question 7

The closing entry for owner withdrawals transfers the balance of an owner's drawing account into the ______account.

Accepted Answer

The closing entry for owner withdrawals transfers the balance of an owner's drawing account into the Capital account to reduce the owner's equity by the amount withdrawn.

Question 8

A report that you have customized by sizing, adding, and/or removing columns may be___________ so the custom format is used each time it is prepared.

Accepted Answer

The answer of A report that you have customized by...

Question 9

Rather than use a traditional Sales Journal to record transactions using debits and credits and special columns, QuickBooks Desktop uses a(n)______ to record sales transactions for accounts receivable.

Accepted Answer

QuickBooks Desktop uses an Invoice to record sales transactions for accounts receivable. Invoices are used to record sales on credit, tracking the amount owed by the customer until payment is received.

Question 10

Additional investments by an owner may be________.

Accepted Answer

Additional investments by an owner can indeed be in the form of cash items, noncash items, and can be made at any time. This flexibility allows owners to contribute various types of assets to their businesses as needed.

Question 11

If the word -Split- appears in the Split column of a report rather than an account name, it means that the transaction is split between two or more______ .

Accepted Answer

When a transaction is split between two or more accounts or items, it indicates that the transaction amount is allocated across different categories or purposes, rather than being assigned to a single account or item. This is common in accounting and financial reporting to accurately reflect the nature of expenses or incomes that pertain to multiple areas.

Question 12

No matter where transactions are recorded, they all appear in the______ .

Accepted Answer

The answer of No matter where transactions are recorded, they...

Question 13

The form prepared to show a reduction to a bill is a(n) __________________.

Accepted Answer

The answer of The form prepared to show a reduction...

Question 14

If a bill is recorded in the Enter Bills window, you should pay the bill by_________ .

Accepted Answer

Using the Pay Bills window is the correct method to pay a bill that has been recorded in the Enter Bills window in QuickBooks Desktop. This ensures that the payment is properly applied to the outstanding bill, maintaining accurate accounts payable records.

Question 15

For inventory valuation, QuickBooks Desktop the _________method.

Accepted Answer

The answer of For inventory valuation, QuickBooks Desktop the _________method....

Question 16

QuickBooks Desktop gives you an instant visual analysis of different elements of your business using_______ .

Accepted Answer

QuickBooks Desktop uses both pie charts and bar charts to provide an instant visual analysis of different elements of a business, allowing for easy interpretation of financial data.

Question 17

Orders for merchandise are prepared using the QuickBooks Desktop ___________form.

Accepted Answer

The answer of Orders for merchandise are prepared using the...

Question 18

To close a period, you must enter a(n)______ .

Accepted Answer

A closing date is used to indicate the end of a reporting period, ensuring that no further entries can be made to that period, which is crucial for accurate financial reporting and analysis.

Question 19

The ____________section of the QuickBooks Payroll Setup allows information for earnings, withholding, and payroll liabilities to be entered for the year-to-date.

Accepted Answer

The answer of The ____________section of the QuickBooks Payroll Setup...

Quiz 10: Desktop Accounting System: Features and Functionality Overview