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Accounting Applications and Quickbooks Questions

1. True or False: Under the Family and Medical Leave Act, an employer can substitute an employee's earned paid leave for any part of the 12 week family leave
2. List the four basic features of Quickbooks.
3. Name 3 forms used in Quickbooks.
4. List the preset ways in which Quickbooks can present a balance sheet? Explain the balance sheet purpose
4. Describe the steps to generate a balance sheet in Quickbooks. Also tell how to create a balance sheet for a date other than the current system date.
6. Describe the necessary steps to generate an income statement in Quickbooks
7. List five report modifications features that Quickbooks provides with an income statement.
8. Identify three different periods of time that Quickbooks provides for a statement of cash flows. List the three sections of the cash flows.
9. List the reports available for reporting cash flows.
10. What information does an Accounts Receivable Aging report provide?
11. What types of transactions might appear in a QuickZoom report created from an Account Payable Aging report?
12. Explain how you can use Quickbooks to modify any report
13. What different graphs are available in Quickbooks?
14. Explain how the budgeting process is accomplished in Quickbooks.
15. Explain how to access general journal entries.
16. Which menu in Quickbooks provides you access to supporting reports?
17. Anyone who you sell a product or provide a service.
18. Anyone you purchase a product from or receive service from.
19. Which forms are used to report the amount of distributions from a pension and retirement plans?
20. A federal unemployment tax is levied on
21. The current minimum wage set by the Fair labor standards Act is ______________ per hour.

Solution Preview

1. True or False: Under the Family and Medical Leave Act, an employer can substitute an employee's earned paid leave for any part of the 12 week family leave
FALSE -"The FMLA is designed to help employees balance their work and family responsibilities by taking reasonable unpaid leave for certain family and medical reasons."
http://www.dol.gov/elaws/esa/fmla/s1.asp

2. List the four basic features of Quickbooks.
1. Track sales & expenses
2. Pay bills & print checks
3. Create & e-mail invoices
4. Organize data on customers, vendors, and employees all in one place

3. Name 3 forms used in Quickbooks.
1. Invoice
2. Purchase Order
3. Credit Memo

4. List the preset ways in which Quickbooks can present a balance sheet? Explain the balance sheet purpose

The preset ways that Quickbooks can present a balance sheet are to have a one-year snapshot of the company in addition to a two-year comparison. This report compares this year's balance sheet with last year's, showing the dollar amounts and percentage change for all asset, liability, and equity accounts. The report title has been changed to "Balance Sheets" which is GAAP and used by the AICPA when two years are included in the report (https://community.intuit.com/quickbooks/library/reports#more).

The balance sheet answers the following question: What is the value of my company (its assets, liabilities, and equity), ...

Solution Summary

21 quickbooks questions are answered in 850+ words to give the reader a better idea of how to master accounting applications.

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