QuickBooks: Chapter 1 Questions and Answers Passed with 100%

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QuickBooks: Chapter 1 Questions and Answers Passed with 100% what are the 3 types of quickbooks files? ✔✔data, portable, and backup which file should we work in? ✔✔portable define data fil ... e ✔✔"QBW"- to enter data or create reports define backup file ✔✔(.QBB)- a condensed, stable version of the data file and restore into a .QBW file before using define portable file ✔✔.QBM- very condensed, helps move your quickbooks to another computer and restore before using what are the option that come with backup files? ✔✔accountant's copy and backup cop what is an update? How is it done? ✔✔renewing software and an update on a screen pops up and you have to click accept What does it mean to restore a backup file? When should you do this? How do you do this? ✔✔to save/backup important financial information. You should do this weekly or more often. You hit file and select open/restore company or it can be automated. What are 3 types of forms in QB? When you fill these out what does QB automatically do for you? ✔✔bills, invoices, checks. It will recorded debits and credits behind the scene What is a balance sheet? What type of accounts does this report on? ✔✔analyzes net worth of a business. Asset, liability, and equity What is a profit loss and report? What type of accounts does this report on? ✔✔Analyzes operating profit or loss. Expense and income. Define Cash accounting ✔✔revenues and expenses are recognized when the cash changes hand Define accrual accounting ✔✔revenues and expenses are recognized when transaction occurs Is Cash or accrual accounting more often used? ✔✔accrual Define chart of accounts ✔✔a listing of every account What is the accounting equation? must be true ✔✔Assets= liability + ownerś equity (has to be balanced) Define double-entry accounting ✔✔every transaction creates a debit in accounts and credit in accounts What are debits and credits in accounting terms? What always must be true? ✔✔Debits on left side and credits on right side. they must always be equal Define Home page ✔✔common tasks shown as icons What are the 5 regions that the home page displays? ✔✔vendors, customers, employees, bankings, and company Define Icon Bar ✔✔you can select activities and available services Define net income ✔✔revenues- expenses (increase in owner's equity) Define net loss ✔✔expenses exceed revenue (decrease in owner's equity) What does income do at the end of each fiscal year automatically with net income and loss? ✔✔resets it to zero define job costing ✔✔track all revenue and expense specifically related to that job, so it can look back and see how profitable the job was define classes ✔✔allows management to separately track revenue and expenses for each store define general ledger ✔✔the summarize of all transactions What are the 5 main account types? ✔✔liability, expense, income, equity, and asset What are the 5 types of QB available? ✔✔online, pro, premier, accountant, and enterprise, What 2 types of QB offer industry specific versions? ✔✔premier and enterprise Define outstanding payable ✔✔bill for expense not yet paid define outstanding receivable ✔✔sold and invoiced someone that has yet to pay What are the 5 ways to enter information and transactions? ✔✔home page, icon bar, calendar, centers, and snapshots Define lists ✔✔stores information that is used again and again (2 types: menu based and center based) define registers ✔✔they allow you to view and edit transactions in a single window (expense and income) define items ✔✔used to track products and services [Show More]

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