Questions and Answers of Computer Accounting With QuickBooks

List the reports available for reporting cash flows.
Describe the steps necessary to create a statement of cash flows.
What additional steps are necessary to create a statement of cash flows for a period other than the one ending on the computer’s current system date?
Identify three different periods of time that QuickBooks Accountant provides for a statement of cash flows.
Describe the statement of cash flow operating section created by Quick-Books Accountant.
Describe the one adjustment necessary to reconcile net income to cash provided by operations that was not initially a part of the statement of cash flows until you made some changes in the reports
Describe the steps necessary to make changes in the statement of cash flows report layout in order to properly reflect the adjustments needed to reconcile net income with cash provided by operations.
Describe how the QuickZoom feature of QuickBooks Accountant does or does not provide the same help in the statement of cash flows as it does in the income statement.
Describe the steps necessary to format and print a statement of cash flows whose header differs from that of the software default of this statement.
Scott has asked you to prepare and print a customized statement of cash flows for the month of September 2022. He wants the statement to include amounts (without cents) with a left page layout.
Meagan Casey owns Sierra Marina and is proud of her business’s success. After entering past transactions as described in Chapter 2 Case Problem 1, Meagan needs your help in preparing some basic
Kelly has asked you to prepare two versions of the statement of cash flows, one of which she will include with her application. Include your name in the Extra Footer Line of all reports
Jason Galas requires some additional financial reports.Requirements:Prepare and print the following reports using the Jason Galas Attorney at Law PC file. Be sure to include your name in the Extra
Which menu in QuickBooks Accountant provides you access to supporting reports?
What information does an Accounts Receivable Aging report provide?
What types of transactions might appear in a QuickZoom report created from an Accounts Receivable Aging report? Give two examples.
How might the payment history of an account receivable help you analyze the Accounts Receivable Aging report?
What information does an Inventory Valuation Summary provide?
What types of transactions might appear in a QuickZoom report created from an Inventory Summary? Give two examples.
What information does an Accounts Payable Aging report provide?
What types of transactions might appear in a QuickZoom report created from an Accounts Payable Aging report?
What options can you choose from the Print Reports dialog box to help you print a report?
How can you create a supporting report for a date other than the system date? Describe a situation for which you would want to do this.
What steps are necessary to record services performed on account for Wild Water Sports?
How does the QuickBooks Accountant software respond if a bill is entered with a vendor name that is not included on the vendor list?
What are the steps for paying sales tax?
What are noncash investing and financing activities, and how are they recorded in QuickBooks Accountant?
Give an example of accrued revenue other than the examples given in this chapter. Explain how your example of accrued revenue would be adjusted using journal entries.
When you’ve finished reconciling a bank account, what should be the difference between the ending balance and the cleared balance?
What information is included in the Reconciliation Summary report?
Explain how the budgeting process is accomplished in QuickBooks Accountant.
Can multiple budgets be created in QuickBooks Accountant? Explain.
Restore the file Boston Catering. Enter budgeted assets, liabilities, and equities described below and then print the Balance Sheet Budget Overview and balance sheet budget vs. actual reports.a.
Explain how the Copy Across feature helps in creating QuickBooks Accountant budgets.
Explain how the Adjust Row Amounts feature helps in creating QuickBooks Accountant budgets.
Explain the typical relationship between sales and cost of goods sold, and describe how this information is included in the QuickBooks Accountant budgeting process.
Compare the process of budgeting revenues and expenses with the process of budgeting assets, liabilities, and owners’ equity, and explain how this information is included in the QuickBooks
Describe the typical relationship between accumulated depreciation and depreciation expense and how this information is included in the QuickBooks Accountant budgeting process.
Restore the file Wild Water Sports Ch 12A (Backup) that you downloaded from the student companion site, save it as Wild Water Sports Ch 12A, and then reflect the following additional events for April
How do you create a new client for fixed asset management from within QuickBooks Accountant?
What icon is clicked in the Vendors section to record the receipt of inventory and the related bill?
Meagan Casey, the sole proprietor and owner of Sierra Marina, would now like you to help her prepare some basic financial reports related to the company’s accounts receivable and
Creating More Supporting Reports for Larry’s Landscaping & Garden Supply Scott wants you to help him provide more supporting reports.Create the reports he has requested, and write down the answers
Describe the EasyStep Interview process to create a new QuickBooks Accountant company file.
Ocean View Flowers is in the wholesale distribution and sales industry and is located at 100 Ocean Ave. in Lompoc, CA 93436. Ocean View started business as a corporation on January 1, 2016, and owner
Creating Supporting Reports for Larry’s Landscaping & Garden Supply Remember to include your name in the Extra Footer Line of all reports printed. Scott wants you to help him provide supporting
Kelly Jennings created financial reports and submitted them to her banker to secure a loan. Today Kelly received a phone call from her banker, who told her that the balance sheet she submitted
Jason Galas (see Chapter 2 Case Problem 3) requires some additional financial reports.Requirements:Prepare and print the following reports using the Jason Galas Attorney at Law PC file.1 Prepare and
Having just completed your second year of college studying business and accounting, you are looking for summer employment when you run across an ad from a Jessica Gil, a local CPA, who is in need of
Sebastian Young played quarterback for the Los Angeles Raiders for the 12 years of his professional football career. As a team leader, Sebastian guided his team to three Super Bowl victories and
Restore the file Wild Water Sports Ch 06A (Backup) you downloaded from the student companion site and then save it as Wild Water Sports Ch 06A. If you are asked to setup an external accountant user,
You must have completed Exercise 1 in this chapter to complete this exercise.Restore the backup file you created in Exercise 1. Change the company name to Boston Catering Ch 6 Ex 2. Add the following
What is the purpose of setting preferences in QuickBooks Accountant?
Van Morrison would like to use QuickBooks Accountant for his new company, Central Coast Cellular. You choose to use QuickBooks Accountant EasyStep Interview.The company’s federal tax ID is
You must have completed Exercise 1 in this chapter to complete this exercise.Restore the backup file you created in Exercise 1. Change the company name to Boston Catering Ch 6 Ex 3. Add the following
Aloha Properties is located at 4-356 Kuhio Highway, Suite A-1, Kapaa Kauai, HI 96746. Its phone number is 808-823-8375, and the corporation specializes in Hawaii Vacation Rentals. Its federal tax ID
Do all businesses use account numbers?
Santa Barbara Sailing Center is getting ready to start business July 1, 2015. He purchased the corporation from its previous owner for $50,000 and assumed the company’s existing long-term debt of
You have decided that the drone sales and rental business is ripe for expansion in the Pacific Northwest and have just opened for business January 1, 2017, doing business as a sole proprietor with
You must have completed Exercise 1 in this chapter to complete this exercise.Restore the backup file you created in Exercise 1. Change the company name to Boston Catering Ch 6 Ex 4. Add the following
Give examples of service items and inventory part items used by Wild Water Sports.
You must have completed Exercise 1 in this chapter to complete this exercise.Restore the backup file you created in Exercise 1. Change the company name to Boston Catering Ch 6 Ex 5. You will need to
Why did Wild Water Sports choose to use QuickBooks Accountant’s job tracking feature?
You must have completed Exercise 1 in this chapter to complete this exercise.Restore the backup file you created in Exercise 1. Change the company name to Boston Catering Ch 6 Ex 6. Add accounts and
Explain the process of establishing new accounts for fixed assets that will be depreciated like equipment. Why is accumulated depreciation setup with a negative beginning balance?
What happens when you first establish beginning balances for Accounts Receivable and Accounts Payable?
Describe the process for telling QuickBooks Accountant you want to manage payroll manually.
When creating a new employee during the payroll setup process, what information is provided in the Payroll and Compensation Info tab?
Why is it important to back up your QuickBooks Accountant file?
Compare and contrast operating, investing, and financing activities.
Restore the file Boston Catering. Add the following transactions and then print a standard balance sheet as of 7/31/10.a. On 7/6/10, the company sold 1,000 shares of common stock to a new private
Describe some of the financing activities you recorded for Wild Water in January.
Restore the file Boston Catering. Do not use the file created in Exercise 1. Add the following transactions and then print a standard balance sheet as of 7/31/10.a. On 7/13/10, the company purchased
Describe some of the investing activities you recorded for Wild Water in January.
Restore the file Boston Catering. Do not use the file created in Exercise 1. Add the following transactions and then print a standard balance sheet as of 7/31/10.a. On 7/13/10, the company purchased
Describe some of the operating activities you recorded for Wild Water in January.
Restore the file Boston Catering. Do not use the file created in the earlier exercises. Add the following transactions and then print a standard balance sheet as of 7/31/10 and an item listing report
How are purchase orders closed out?
Restore the file Boston Catering. Do not use the file created in the earlier exercises. Add the following transactions and then print a standard balance sheet as of 7/31/10 and a standard income
Explain the difference between the Expenses tab and the Items tab in the Write Checks window.
How should you account for advanced deposits received on customer orders?
Why are cash receipts initially recorded as undeposited funds?
Are time sheets required for QuickBooks Accountant to process payroll?
How does a business know when to create an invoice and when to create a sales receipt?
Of the information contained in a loan amortization schedule, what part is recorded in QuickBooks Accountant?
Restore the file Boston Catering. Add the following transactions and then print a standard balance sheet as of 8/31/10:a. On 8/2/10, the company wrote check #1509 to Citibank for $$926.29$ as an
How does a firm account for a transfer of funds from one bank to another bank in QuickBooks Accountant?
Restore the file Boston Catering Ch 8 (Backup) that you downloaded from the student companion site. Do not use the file created in Exercise 1. Add the following transactions and then print a standard
How do you update vendor records for changes in terms from the home page?
Restore the file Boston Catering. Do not use the file created in the exercises given earlier in the chapter. Add the following transactions and then print a vendor contact list showing only the
What payment terms are available in QuickBooks Accountant for vendors?
Restore the file Boston Catering. Do not use the file created in the previous exercises.Add the following transactions and then print a standard balance sheet as of 8/31/10 and a standard income
Consider this statement: “QuickBooks Accountant records revenue when an invoice is generated even though cash has not been received.” Is this practice acceptable? Why or why not?
Explain the journal entry method of recording end-of-period adjustments.
Restore the file Boston Catering. Make the following adjustments and then print an income statement and balance sheet for the period 7/1/10 through 9/30/10 setting the columns to Month so that you
Restore the file Boston Catering. Do not use the file created in Exercise 1 of this chapter.Make the following adjustments and then print an income statement and balance sheet for the period 7/1/10
Give an example of an accrued expense other than the example given in this chapter. Explain how your example of accrued expense would be adjusted using journal entries.
Restore the file Boston Catering. Do not use the file created in the exercises of this chapter.Make the following adjustments and then print an income statement and balance sheet for the period
Give an example of asset expiration other than the example given in this chapter. Explain how your example would be adjusted using journal entries.
Restore the file Boston Catering. Do not use the file created in the exercises of this chapter.Reconcile the Bank of America checking account and then print a summary bank reconciliation for each

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