PLEEEASE HELP! Quickbooks 21) Your company needs a quick infusion of cash. You decide to put $10,000 of your own money i
Posted: Sun Jun 05, 2022 9:05 pm
PLEEEASE HELP! Quickbooks
21) Your company needs a quick infusion of cash. You decide
to put $10,000 of your own money into the business checking
account. On QuickBooks’ Bank Deposit page, you select Checking in
the Account field and enter the date. What do you do next?
A In the “Add Funds to this Deposit” section, choose Owner in
the Received From column, and choose Checking from the drop-down
list in the Account column.
B In the “Add Funds to this Deposit” section, skip the Received
From column, and choose Owner’s Draw from the drop-down list in the
Account column.
C In the “Add Funds to this Deposit” section, skip the Received
From column, and choose Owner’s Equity from the drop-down list in
the Account column.
D In the “Add Funds to this Deposit” section, choose Owner in
the Received From column, and choose Cash from the drop-down list
in the Account column.
19) Which of the following statements about converting a
sub-customer to a project in QuickBooks is true?
A Once a sub-customer is converted to a project, the process is
not reversible.
B A project can be converted to a sub-customer but not the other
way around.
C Financial information will remain with the sub-customer while
transaction information will convert to the project format.
D QuickBooks recommends using sub-customers rather than projects
to track transactions.
17) Which account balances are transferred to Retained Earnings
during the closing process?
A Accounts Receivable
B Liabilities
C Revenues and Expenses
D Assets
16) There are several valuable reports you can run to evaluate
your business performance. Intuit has grouped these reports for
easy access in the Management reports tab. Which two reports are
grouped in Company Overview?
A Profit and Loss, A/R Aging Detail.
B Profit and Loss, Expenses by Vendor Summary.
C Profit and Loss, Sales by Customer Summary.
D Profit and Loss, Balance Sheet.
21) Your company needs a quick infusion of cash. You decide
to put $10,000 of your own money into the business checking
account. On QuickBooks’ Bank Deposit page, you select Checking in
the Account field and enter the date. What do you do next?
A In the “Add Funds to this Deposit” section, choose Owner in
the Received From column, and choose Checking from the drop-down
list in the Account column.
B In the “Add Funds to this Deposit” section, skip the Received
From column, and choose Owner’s Draw from the drop-down list in the
Account column.
C In the “Add Funds to this Deposit” section, skip the Received
From column, and choose Owner’s Equity from the drop-down list in
the Account column.
D In the “Add Funds to this Deposit” section, choose Owner in
the Received From column, and choose Cash from the drop-down list
in the Account column.
19) Which of the following statements about converting a
sub-customer to a project in QuickBooks is true?
A Once a sub-customer is converted to a project, the process is
not reversible.
B A project can be converted to a sub-customer but not the other
way around.
C Financial information will remain with the sub-customer while
transaction information will convert to the project format.
D QuickBooks recommends using sub-customers rather than projects
to track transactions.
17) Which account balances are transferred to Retained Earnings
during the closing process?
A Accounts Receivable
B Liabilities
C Revenues and Expenses
D Assets
16) There are several valuable reports you can run to evaluate
your business performance. Intuit has grouped these reports for
easy access in the Management reports tab. Which two reports are
grouped in Company Overview?
A Profit and Loss, A/R Aging Detail.
B Profit and Loss, Expenses by Vendor Summary.
C Profit and Loss, Sales by Customer Summary.
D Profit and Loss, Balance Sheet.