Deck 9: Creating a Company in Quickbooks

Question 1

The start date is the date you select to begin tracking financial information for your company in QuickBooks.

Answer 1

True

Question 2

Once an employee is hired, you may not change the pay period from semi-monthly to monthly.

Answer 2

False

Question 3

You may add employees, customers, and vendors as part of the EasyStep Interview or you may add them in the appropriate center later.

Answer 3

True

Question 4

Adjusting entries that must be made after the company set up are _____.

A)Close Uncategorized Income to Capital
B)Close Uncategorized Expenses to Capital
C)Close Net Income
D)Both A and B

Question 5

During the EasyStep Interview, you enter the opening balances for all expense accounts.

Question 6

Opening balances are added to _____accounts.

A)Income
B)Expense
C)New
D)Balance Sheet

Question 7

Report formats may be customized permanently by_____ .

A)Clicking Company Info icon
B)Customizing the business form
C)Changing Reports & Graphs preferences
D)Accessing QuickBooks Setup.

Question 8

Employee deductions for medical and dental insurance may be selected_____ .

A)During the EasyStep Interview
B)During the QuickBooks Desktop Payroll Setup
C)By clicking the Reports button at the bottom of the Employee List
D)On the Payroll Menu

Question 9

Select to display employee names by last name on the_____ .

A)Payroll & Employees Preferences
B)Employee List
C)Employee Center
D)Any of the above

Question 10

You must select all preferences during the EasyStep Interview; any changes to the preferences selected must be made by redoing the Interview.

Question 11

The QuickBooks Payroll Setup is accessed to tell QuickBooks to use Manual Calculations for withholding taxes for employee paychecks.

Question 12

When adding an employee during the Payroll Setup, the federal and state withholding allowances must be the same.

Question 13

Permanently removing the date prepared and time prepared from a balance sheet heading is done the first time you complete a balance sheet.

Question 14

If the Chart of Accounts is created during the EasyStep Interview, Account names may still be changed after the Interview is finished.

Question 15

Accounts that are listed individually but are grouped together under a main account are called____ .

A)Detail accounts
B)Subaccounts
C)Lower accounts
D)Secondary accounts

Question 16

The use of manual calculation of payroll is indicated in____ .

A)The EasyStep Interview
B)The Payroll Setup
C)QuickBooks Help
D)Employee Center

Question 17

The Customer:Job list is also known as the____

A)General Ledger
B)Charge Account List
C)Accounts Receivable Subsidiary Ledger
D)Sales List

Question 18

When using the EasyStep Interview to set up income and expenses, QuickBooks creates accounts that are typically used for your type of business.

Question 19

Select_____ Preferences to indicate the account to use to pay the payroll.

A)Employee
B)Checking
C)Payroll & Employees
D)Any of the above

Question 20

To begin the company creation using the QuickBooks Setup, click the ____.

A)Leave button
B)Detailed Start button
C)Convert Data button
D)Begin button

Question 21

The________ password gives full access to all activities and information in QuickBooks Desktop.

Question 22

The ______Setup is used to identify employee benefits.

Question 23

When all opening balances have been entered for a new company, the balances for revenues and expenses are placed into the__________and the ________ accounts.

Question 24

Another name for the Chart of Accounts is the _______.

Question 25

Income and Expense Accounts may be added or deleted when using the____________ to create a company.