QuickBooks Chapter 7 - Reports &
Graphs Already Passed
The order of the steps in the accounting cycle includes: ✔✔Trial balance, adjusting entries,
adjusted trial balance, financial reports
What is an asset? ✔✔What a
...
QuickBooks Chapter 7 - Reports &
Graphs Already Passed
The order of the steps in the accounting cycle includes: ✔✔Trial balance, adjusting entries,
adjusted trial balance, financial reports
What is an asset? ✔✔What a company owns
To record adjusting journal entries in QuickBooks, select: ✔✔Accountant menu, Make General
Journal Entries
Examples of management reports for internal decision making include all of the following except
✔✔1120S Report
Examples of management reports for internal decision making includes ✔✔Cash budget, cash
forecast, and A/R Aging summary
Income tax reports in QuickBooks include all of the following except: ✔✔Income Tax mapping
report
Income tax reports includes ✔✔Income tax preparation, detail, and summary reports
Sales are recorded under cash basic accounting when: ✔✔Cash is collected from customers
Income statement lists ✔✔Income and Expenses
Which one of the following classifications is found on Statement of Cash Flows? ✔✔Cash flows
from financing activities
What is Owner's equity? ✔✔What remains after liabilities are satisfied
To print General Ledger: ✔✔Select Report Center > Accountant & Taxes, General Ledger
The Profit & Loss Statement lists ✔✔Income and Expenses
What info does a Balance sheet provide? ✔✔A company's financial position on a specific date
Statement of Cash Flows lists ✔✔Operating, investing, and financing activities
To export reports to Excel: ✔✔With the Report Window open, click the Excel button
Balance Sheet lists ✔✔Assets, Liabilities, and Owner's Equity
Which of the following determines if an account classified properly on the balance sheet?
✔✔Account Number
An accounting period may be ✔✔All of those such as one year, one quarter, and one month
Providing info to external users decision making is the purpose of which of the following?
✔✔Financial statements
Providing info to internal users decision making is the purpose of which of the following?
✔✔Management reports
The Trial Balance: ✔✔All of these such as lists all the company's accounts and ending balances,
printed before and after making adjustments, and verifies the accounting system balances.
General Ledger: ✔✔Collection of all of the company's accounts and account activity
Cash inflows and outflows related to the company's primary business are categorized as cash
flows from: ✔✔Operating activities
Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized
as cash flows from: ✔✔Investing activities
Cash inflows and outflows to and from investors and creditors are categorized as cash flows
from: ✔✔Financing activities
The income tax preparation report: ✔✔Lists assigned tax line for each account
Adjusting entries should be made _______ preparing financial statements. ✔✔before
Unearned revenue occurs when: ✔✔Customers pay in advance of receiving a service
Depreciation on a tax return ✔✔Depreciation that's calculated using Modified Accelerated Cost
Recovery System (MACRS) and follows rules of Internal Revenue Service (IRS)
Depreciation on a financial statement ✔✔Depreciation that's calculated most often by straight
line method and following rules by GAAP
Cash Basis ✔✔Sales is recorded when cash is received by customer and expenses are recorded
when cash is paid
Accrual Basis ✔✔Sales are recorded when a good or service is provided regardless of when cash
is collected from customer but not received. Expenses are recorded when cost is incurred or
expires, even if expense has not been paid.
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