Question 1

Which icon does not appear in the Venders section for service companies that do not sell inventory?

Accepted Answer

A)  Receive Inventory
B)  Pay Bills
C)  Enter Bills
D)  All the above

Question 2

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

Accepted Answer

Chapter 08 New Compa...

Question 3

The QuickBooks Setup window allows you to enter __________ information.

Accepted Answer

A)  vendor
B)  customer
C)  banking
D)  All the above

Question 4

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Accepted Answer

The answer of Name 4 (four) accounts that would commonly...

Question 5

To edit an account in the Chart of Accounts:

Accepted Answer

A)  From the Company Center > Edit Chart of Accounts
B)  From the Chart of Accounts window > right-click > New
C)  From the Chart of Accounts window > Account > Edit Account
D)  From the Company menu > New Account

Question 6

The Legal Name identifies a company for:

Accepted Answer

A)  Advertising
B)  Sales
C)  Patents
D)  All the above C

Question 7

An account's tax line determines where QuickBooks lists the account balance on the:
A.Income Statement
B.Income Tax Summary Report
C.Balance Sheet
D.Statement of Cash Flows

Accepted Answer

The answer of An account's tax line determines where QuickBooks...

Question 8

The Customer List contains information about:

Accepted Answer

A)  The quantity of non-inventory parts on hand
B)  The credit rating of the vendors
C)  Vendors from whom the company buys products and services
D)  Customer addresses, contacts and phone numbers

Question 9

A company's computer is classified as what account

Accepted Answer

A company's computer is typically classified as a fixed asset on the company's balance sheet. Fixed assets, also known as property, plant, and equipment (PP&E), are long-term resources used in the production of goods and services. Computers are considered tangible assets that provide value to the business over multiple accounting periods.

When a company purchases a computer, the cost of the computer is capitalized and recorded as an asset on the balance sheet. Over time, the computer's value is gradually reduced through depreciation, which allocates the cost of the asset over its useful life. Depreciation expense is recorded on the income statement, reflecting the usage and wear and tear of the computer as it helps generate revenue for the company.

In summary, a company's computer is classified as a fixed asset on the balance sheet, and its cost is depreciated over its useful life.

Question 10

QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window) :

Accepted Answer

A)  Yahoo
B)  Outlook
C)  Gmail
D)  All the above

Question 11

Sole Proprietorships use __________ as its Federal Tax ID number.
A.the owner's social security number
B.an EIN number
C.business operating license number
D.None of the above.

Accepted Answer

A sole proprietorship typicall...

Question 12

To customize QuickBooks after creating a company file you would:

Accepted Answer

A)  Enter additional company information
B)  Set QuickBooks preferences
C)  Customize the Chart of Accounts
D)  All the above

Question 13

The QuickBooks Setup window allows you to enter __________ information.

Accepted Answer

A)  vendor
B)  customer
C)  banking
D)  All the above

Question 14

To customize QuickBooks after creating a company file you would:

Accepted Answer

A)  Enter additional company information
B)  Set QuickBooks preferences
C)  Customize the Chart of Accounts
D)  All the above

Question 15

Which tax form would you select for a Partnership?

Accepted Answer

A)  Form 1120
B)  Form 1120S
C)  Form 1065
D)  Form 1040S

Question 16

Sole Proprietorships use __________ as its Federal Tax ID number.

Accepted Answer

A)  the owner's social security number
B)  an EIN number
C)  business operating license number
D)  None of the above. A

Question 17

List 3 (three) questions asked by the QuickBooks EasyStep Interview.
"Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"

Accepted Answer

The QuickBooks EasyStep Interview is a p...

Question 18

Which tax form would you select for a Corporation?
A.Form 1120
B.Form 1120S
C.Form 1065
D.Form 1040S

Accepted Answer

The answer of Which tax form would you select for...

Question 19

The steps to set up a new service company in QuickBooks with no employees are:

Accepted Answer

A)  Easy Step Interview > Customer List > Vendor List > Item List
B)  Setup Chart of Accounts > Easy Step Interview > Customer List > Vendor List > Item List
C)  Easy Step Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List.
D)  Easy Step Interview > Customer List > Vendor List > Item List > Customize Chart of Accounts

Question 20

An account's tax line determines where QuickBooks lists the account balance on the:

Accepted Answer

A)  Income Statement
B)  Income Tax Summary Report
C)  Balance Sheet
D)  Statement of Cash Flows

Exam 8: New Company Setup

Which icon does not appear in the Venders section for service companies that do not sell inventory?

Correct Answer
verified

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

Correct Answer
verified
Chapter 08 New Compa...
View Answer

The QuickBooks Setup window allows you to enter __________ information.

Correct Answer
Answered by ExamLex AI

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Correct Answer
verified

To edit an account in the Chart of Accounts:

Correct Answer
verified

The Legal Name identifies a company for:

Correct Answer
verified
C

An account's tax line determines where QuickBooks lists the account balance on the: A.Income Statement B.Income Tax Summary Report C.Balance Sheet D.Statement of Cash Flows

Correct Answer
verified

The Customer List contains information about:

Correct Answer
verified

A company's computer is classified as what account

QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window) :

Correct Answer
Answered by ExamLex AI

Sole Proprietorships use __________ as its Federal Tax ID number. A.the owner's social security number B.an EIN number C.business operating license number D.None of the above.

Correct Answer
Answered by ExamLex AI
A sole proprietorship typicall...
View Answer

To customize QuickBooks after creating a company file you would:

Correct Answer
verified

The QuickBooks Setup window allows you to enter __________ information.

Correct Answer
verified

To customize QuickBooks after creating a company file you would:

Correct Answer
Answered by ExamLex AI

Which tax form would you select for a Partnership?

Correct Answer
verified

Sole Proprietorships use __________ as its Federal Tax ID number.

Correct Answer
verified
A

List 3 (three) questions asked by the QuickBooks EasyStep Interview. "Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"

Correct Answer
Answered by ExamLex AI
The QuickBooks EasyStep Interview is a p...
View Answer

Which tax form would you select for a Corporation? A.Form 1120 B.Form 1120S C.Form 1065 D.Form 1040S

Correct Answer
verified

The steps to set up a new service company in QuickBooks with no employees are:

Correct Answer
verified

An account's tax line determines where QuickBooks lists the account balance on the:

Correct Answer
verified

Exam 8: New Company Setup

Which icon does not appear in the Venders section for service companies that do not sell inventory?

Correct AnswerverifiedShow Answer

List 3 (three) questions asked by the QuickBooks EasyStep Interview.

Correct AnswerverifiedChapter 08 New Compa...View AnswerShow Answer

The QuickBooks Setup window allows you to enter __________ information.

Correct AnswerAnswered by ExamLex AIShow Answer

Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.

Correct AnswerverifiedShow Answer

To edit an account in the Chart of Accounts:

Correct AnswerverifiedShow Answer

The Legal Name identifies a company for:

Correct AnswerverifiedC

An account's tax line determines where QuickBooks lists the account balance on the: A.Income Statement B.Income Tax Summary Report C.Balance Sheet D.Statement of Cash Flows

Correct AnswerverifiedShow Answer

The Customer List contains information about:

Correct AnswerverifiedShow Answer

A company's computer is classified as what account

QuickBooks allows you to import vendor, customer, and employee information from (Add People You Do Business With section of the QuickBooks Setup window) :

Correct AnswerAnswered by ExamLex AIShow Answer

Sole Proprietorships use __________ as its Federal Tax ID number. A.the owner's social security number B.an EIN number C.business operating license number D.None of the above.

Correct AnswerAnswered by ExamLex AIA sole proprietorship typicall...View AnswerShow Answer

To customize QuickBooks after creating a company file you would:

Correct AnswerverifiedShow Answer

The QuickBooks Setup window allows you to enter __________ information.

Correct AnswerverifiedShow Answer

To customize QuickBooks after creating a company file you would:

Correct AnswerAnswered by ExamLex AIShow Answer

Which tax form would you select for a Partnership?

Correct AnswerverifiedShow Answer

Sole Proprietorships use __________ as its Federal Tax ID number.

Correct AnswerverifiedA

List 3 (three) questions asked by the QuickBooks EasyStep Interview. "Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"

Correct AnswerAnswered by ExamLex AIThe QuickBooks EasyStep Interview is a p...View AnswerShow Answer

Which tax form would you select for a Corporation? A.Form 1120 B.Form 1120S C.Form 1065 D.Form 1040S

Correct AnswerverifiedShow Answer

The steps to set up a new service company in QuickBooks with no employees are:

Correct AnswerverifiedShow Answer

An account's tax line determines where QuickBooks lists the account balance on the:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Chapter 08 New Compa...
View Answer

Correct Answer
Answered by ExamLex AI

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
C

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI

Correct Answer
Answered by ExamLex AI
A sole proprietorship typicall...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
Answered by ExamLex AI
The QuickBooks EasyStep Interview is a p...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified