QuickBooks Final Exam: Questions &
Answers
Adelaide wants all transaction details in her company file, so she'll be entering her historical transactions. Which transactions should she enter first? (Ans- Purchase Orders
What can you NOT change after initially setting up a new company?(Ans- Industry type
Which of these allows you to track income and expenses for a specific aspect of your company?(Ans- Classes
If you want to use QuickBooks for multiple companies:
(Ans- set up a company file for each tax return you will file
As Kili is setting up his company file, he doesn't see an industry type that perfectly fits his business. He knows QuickBooks creates accounts based on the industry selected, and he's worried he won't have the accounts he needs no matter what industry he chooses. What would you tell Kili?(Ans- Add your own accounts to the Chart of Accounts after setup is complete.
Match each QuickBooks term to its description.
Give more information when creating a company file
- Start Date Advanced Setup
- Start Date
Should not be too far in the past
Lists all asset, liability, equity, income, and expense accounts 1 / 2
- Chart of Accounts
- Personal Preference
- Subaccounts
- Company Preference
- Start Setup
- Start Date Advanced Setup
- Start Date
- Chart of Accounts
- Personal Preference
- Subaccounts
- Company Preference
- Start Setup
Controlled by individual users
Can decrease the number of accounts on a P&L report
Controlled by the administrator
Set up new company file with only basic information
(Ans- Give more information when creating a company file
Should not be too far in the past
Lists all asset, liability, equity, income, and expense accounts
Controlled by individual users
Can decrease the number of accounts on a P&L report
Controlled by the administrator
Set up new company file with only basic information
How are contributed reports organized (and searched) in the Report Center?(Ans- By industry type
Penelope upgraded from QuickBooks 2015 to QuickBooks 2019. She's ready to create her new company but doesn't want to reenter information if she doesn't have to. What should she do?(Ans- Use the Clean Up Company Wizard on the old file and then use it as a template.
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