QuickBooks Ch. 10 (2022/2023) Rated A+
Prudence ✔✔The methods least likely to overstate assets and income
are used.
Consistency ✔✔The same accounting methods are used year to
year.
Revenue recognition ✔✔Publicly tra
...
QuickBooks Ch. 10 (2022/2023) Rated A+
Prudence ✔✔The methods least likely to overstate assets and income
are used.
Consistency ✔✔The same accounting methods are used year to
year.
Revenue recognition ✔✔Publicly traded companies record when
revenue is earned.
Objectivity ✔✔Business statements are impartial and absent of bias.
Create delayed charges for the services as completed. ✔✔How can you keep track of services
performed before adding charges to an invoice?
Financial Accounting and Services Board ✔✔What agency sets the GAAP principles?
It posts transactions to the general ledger. ✔✔How does QuickBooks assist with the third step of
the accounting cycle?
Non-posting ✔✔What type of entry is a delayed charge?
Profit & Loss by Class ✔✔What report tracks how much you've made or lost in a specific aspect
of your business?
Regulations set by the Financial Accounting and Standards Board (FASB) to regulate accounting
practices ✔✔What are the Generally Accepted Accounting Principles?
Class tracking ✔✔Juan wants to track the profitability of three aspects of his restaurant: dining,
bar, and merchandise sales. What feature does he use?
Only one location per transaction form can be tracked. ✔✔What is a limitation associated with
location tracking?
To produce reports that focus on the aspects of the business you're tracking ✔✔Why use class
tracking?
Record an expense transaction. ✔✔You used your company Visa card to buy lunch. What action
do you take in QuickBooks?
Remodeling ✔✔What is an example of a class in accounting?
A series of steps that help a business properly keep its accounting records during the fiscal period
✔✔What is the accounting cycle?
Sales by Store Summary ✔✔When you use location tracking, what report helps you track sales
growth at each of your store locations?
[Show More]
.png)
