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Study Resources (Accounting)

53) Gross pay minus total payroll tax withholdings and total voluntary deductions equals ________. 54) The ________ button transfers information from the most recent timesheet onto a new timesheet. 55) To verify employee time, select or print an ________ and verify that hours and job information were entered correctly. 56) Since an employee.
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13) In a manual accounting system, each hourly employee's gross pay is calculated by totaling employee hours worked for the pay period and multiplying the total hours by the: A) annual salary. B) hourly pay rate. C) monthly earnings. D) weekly earnings. 14) Net pay equals: A) net pay minus total payroll tax withholdings and total.
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52) The activity on the Transactions tab of the Vendor Center that allows you to create a new vendor account is: A) New Vendor. B) New Transactions. C) Print. D) View Vendor Info. 53) To create a Purchase Order on the Home page, click the: A) Purchase Orders icon. B) Create new icon. C) Vendor Purchases icon. D) none.
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50) On the Customer center, to create a sales invoice for the highlighted customer select New Transaction>>: A) New Invoice. B) Invoice. C) Add Job. D) New Sales Quote. 51) On the Customer center, to record a cash sale to the highlighted customer select New Transaction>>: A) Sales Invoice. B) Sales Job. C) Sales. D) Sales Receipts. 52) When the.
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11) When sales invoices are printed, QBP either prompts you to save the invoice or automatically saves the invoice. 12) When posting a sales invoice, QBP automatically posts entries to the accounts receivables and sales general ledger accounts, but requires you to post the cost of goods sold and inventory entries. 13).
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37) Company Preferences areas include: A) Checking. B) Accounting. C) Bills. D) all the above. 38) The Company Preferences area that shows the checking account used for posting paychecks is the: A) Checking Preferences. B) Accounting Preferences. C) Bills Preferences. D) General Preferences. 39) The Company Preferences area that shows if general ledger account numbers have been activated is the: A).
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60) On the Customer center, to print customer account information and notes on a selected customer, use Print>>: A) Customer & Job List. B) Customer & Job Information. C) Customer & Transaction List. D) View Customer Lists. 61) On the Customer center, to print a selected customer's transactions for the current fiscal year, use Print>>: A).
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47) One of the preclosing reconciliation procedures is to reconcile the A/R Aging report to the ________ control account. 48) One of the preclosing reconciliation procedures is to reconcile Fixed Asset reports to the ________ accounts. 49) One of the preclosing reconciliation procedures is to reconcile the ________ to the accounts payable.
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40) The pane in the Customer Center that displays transactions for the account highlighted to the left is called the: A) Customer Jobs. B) Customer Transactions. C) Customer Invoices. D) Customer Information. 41) The button that opens customer accounts for editing customer information is the: A) Edit Customers. B) Edit Information. C) Edit Notes. D) Edit Accounts. 42) The button.
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1) T-accounts help you visualize the accounts used on a transaction and verify that the debits equal the credits. 2) Accountants with years of experience do not need to rely on T-accounts to visualize complicated entries before recording a transaction. 3) In a manual accounting system, a journal entry would consist of.
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33) Salaried employees are paid and amount that is calculated by: A) dividing the employee's annual salary by the number of pay periods per year. B) by multiplying the hourly rate times the number of hours worked in the pay period. C) by using the same amount each pay period. D) none of the.
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1) Before closing an accounting period it is important to analyze posted transactions. 2) The General Ledger Detail Report printed at the end of the month has beginning and ending account balances. 3) The Split Column of a General Ledger lists the corresponding account used on the transaction. 4) To analyze the General.
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1) Employees claiming the Single (S) filing status and employees claiming the married (M) filing status use the same IRS tables for weekly, biweekly, or monthly pay. 2) Unlike a manual system, QBP performs all paycheck calculations. 3) By selecting Lists>>Payroll Item List, you can view items used to track compensation, payroll.
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1) When using a manual accounting system, service quotes for customers are posted before the service is performed. 2) With QBP, the tedious posting process of manual accounting, along with most of the posting errors, is eliminated. 3) With QBP, sales invoices and customer payments are posted automatically when saving transactions. 4) On.
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17) According to the general ledger framework illustrated in the text, the second digit in the account number for an asset account indicates: A) current assets. B) long-term assets. C) short-term assets. D) either A or B. 18) According to the general ledger framework used in the text, the second digit in the account number.
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1) In a manual accounting system, accounting procedures begin at the point where a customer initiates a transaction. 2) In a manual accounting system, the Sales Journal does not have to be totaled and cross-footed to verify that debits equal credits. 3) QBP automatically posts inventory and costs of good sold entries.
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13) Open the General Ledger report by selecting: A) Reports & Analysis>>Accountant and Taxes>>General Ledger. B) Reports and Finances>>Accountant and Taxes>>General Ledger. C) Company Accounts>>Accountant and Taxes>>General Ledger. D) Reports>>Accountant and Taxes>>General Ledger. 14) To modify a General Ledger report, open the report and select: A) Modify Report. B) Memorize Report. C) Adjust Report. D) Analyze Report. 15) When you.
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43) One choice for removing an employee from the Employee List after termination is to: A) choose the accounts inactive option. B) choose the accounts close option. C) choose the accounts remove option. D) choose the accounts freeze option. 44) To begin preparing paychecks, from the Home page select: A) Employees>>Paychecks. B) Pay Employees. C) Payroll. D) Employees>>Pay. 45) In.
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32) The button on the Vendor Center that edits account notes is the: A) Vendors Information. B) Vendors Activities. C) Edit Notes. D) Edit Vendor. 33) On the Vendors tab of the Vendor Center, the filtering option that allows you to choose the transaction type to display is called the: A) Filter Information option. B) Filter Activities.
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90) The Item type used for charges such as delivery and photocopying fees is the: A) Sales Tax Items. B) Services. C) Other Charges. D) Non-inventory Part. 91) The Item type used for charges such as service labor costs provided by company employees or subcontractors is the: A) Sales Tax Items. B) Services. C) Other Charges. D) Non-inventory Part. 92).
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113) In a manual accounting system, it is important to cross-foot totals on the Sales Journal columns to verify that debits equal ________. 114) The purpose of entering Post Reference journal page numbers on a manual journal is to form the ________ trail. 115) QBP protects the equality of debits and credits.
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21) QBP's non-inventory part items are used for invoicing job material purchases. 22) For a service-based business, cost of goods sold posts when recording a vendor receipt or bill for material purchases. 23) Service-based businesses normally bill customers for the time and materials involved used on the job. 24) The drawback to invoicing.
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16) In a manual accounting system, the journal page number becomes part of the audit trail entered into the Post Reference column of the: A) General Journal. B) General Ledger. C) Trial Balance. D) both A and B. 17) MAPS stands for: A) Manual Accounting Processes. B) Manual Adjusting Procedures. C) Manual Accounting Postings. D) Manual Accounting Procedures. 18) When.
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23) The employer tax on gross wages that is paid towards federal funding of state compensation for unemployed workers is called: A) Social Security and Medicare. B) Federal Unemployment (FUTA). C) State Unemployment (SUTA). D) Worker's Compensation. 24) The employer tax on gross wages that is paid to fund state compensation for unemployed workers is.
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22) Vendor purchase orders are posted in the: A) Cash Requirements Journal. B) Purchase Order Journal. C) Purchases Journal. D) none of the above. 23) Checks for vendor bills and expenses are recorded in the: A) Cash Receipts Journal. B) Cash Payments Journal. C) Cash Disbursements Journal. D) Cash Payout Journal. 24) Vendor checks are posted to each: A) vendor's account. B).
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48) The audit trail code on General Ledger accounts cross-references to the ________ page number of the originating entry. 49) In a manual accounting system, audit trail codes are needed to trace entries from the General Journal to the ________. 50) If a consulting business has a cash sale, the credit is.
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1) The "where and when" of transaction posting is determined by the accountants. 2) The chart of accounts can be opened under the List icon. 3) Printing a COA report gives you a report to refer to when posting transactions. 4) Understanding a company's general ledger account framework helps to select the correct.
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100) With a customer payment open in the Receive Payments window, you can delete it by selecting: A) Edit>> Delete Payment. B) Edit>>Delete Deposit. C) Edit>> Delete. D) Edit>>Payments>>Delete Payment. 101) The three steps to correcting a customer's payment are all the following EXCEPT: A) Using the Customer Center, locate the payment on the customer's account. B).
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33) The statement that reports on a company's revenue, expenses, and net income or net loss for a period is called the: A) Profit & Loss or Income Statement. B) Balance Sheet. C) Standard Retained Earnings Statement. D) Statement of Cash Flow. 34) The income and expense amounts that are reported separate from Total Revenues.
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