This quiz contains 9 multiple choice questions and should take about minutes to complete. Balance Sheet shows values: What are the most important QuickBooks tips for a beginner and to speed up the work?
How do you program QuickBooks to repeat a recurring transaction? This Form cannot be submitted until the missing fields labelled below in red have been filled in Please note that all fields followed by an asterisk must be filled in. Use Tab instead of Enter: What are Classes in QuickBooks and how would you use them?
So in addition to selecting each of the solutions in the quiz itself, please grab a piece of paper and pen or pencil and take note of each of your answers number the questions and put your answers next to them. The ending balance comes from bank statement, and equals the total amount of cleared transactions.
You would export to excel to be able to manipulate the numbers, search for data, statistical analysis, creating graphs.
They are used on transactions such as invoices and purchase orders. Here is a free basic accounting test to check your understanding of the section on the basic accounting concepts. How is the MEMO Accounting exam questions box in bills, invoices, checks, etc.
Then click on Record Deposit after it is taken to the bank and record all payments that are being deposited together in a single transaction to match the bank. A total sale minus cogs is used to calculate gross margin or gross profit.
What financial reports should you prepare at the end of the year in order to prepare for tax preparation or other types of financial reporting? It shows or hides sub accounts. Balance sheet by class can have issues with unclassified or unbalanced transactions.
What is the difference between accrual and cash basis? Enterprise can have from 5 to 30 users, individual user access per area, can handle unlimited amount of items vs. Such as expenses that are expected to repeat every month and Income matching the business activities.
What are the most important accounting topics to learn and have in mind in order to understand the work being performed in QuickBooks?
You are setting up a QuickBooks file from scratch for a company that has been open for many years, how do you handle opening balances of assets and liabilities? Specially on a balance sheet by Class?
You must use the Pay Bills feature in QuickBooks to mark the Bill Accounts Payable paid, using the write check feature would potentially duplicate the expense and overstate your liabilities 5. What are you supposed to do with the transactions that did not reconcile?
What is the difference between Entering a Bill and Bill Payment and writing a check? And why would you use it? Some accounts carry balances such as accounts receivable and accounts payable; some accounts report information over a period of time, such as income and expenses.
Once you have completed the test and noted down your answers for each one, just click on the "Check Your Answers" button right at the bottom of this page and you will go to a new page where you can see detailed solutions and explanations.
What does the collapse and expand button do on standard reports? Only in Accrual basis, you will have accounts payable, accounts receivable, prepaid expense asset and customer deposit liabilities when there is a difference the time the transaction happens and the time that the actual payment is made.
What is the Undeposited Funds Account?
Reconciliation discrepancy report in the reports, banking menu. You must have Excel installed in your computer. A sub account is an account that belongs to a main or a parent account and is used to create additional categories or details within a main category, for example, Lodging and Airfare are sub-accounts of Travel expense.
Always reconcile accounts and get rid of unreconciled often duplicate transactions Enter tends to do the opposite of what you want.
All items must point to an account. They are used to create departments or cost centers to measure profits and less for each class. What are the two primary Reports in QuickBooks financial statements? Cash transactions that did not flow through the bank cannot be reconciled using bank statements.Here is a free basic accounting test to check your understanding of the section on the basic accounting concepts.
This quiz contains 9 multiple choice questions and should take about minutes to complete. Get the best online CMA review courses and prep for your upcoming CMA exam.
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The Financial Accounting exam covers skills and concepts that are generally taught in a first-semester undergraduate financial accounting course. The exam contains approximately 75 questions to be answered in 90 minutes.Download