Need help with questions 46 to 55 (all information needed in answering these questions can be found within the screenshots below). Also, all questions relate to Quickbooks Online. Moreover, if you need any more information, do not hesitate to let me know. Thank you!!
Question 46: The last two steps of the accounting cycle deal with: Answer: A. A making journal entries B. A closing the books at the end of the fiscal period c. A assembling source documents D. A analyzing transactions Question 47: When closing the books, if income is greater than expenses, the company has experienced a(n): Answer: A. A net income B. A net loss c. A exact zero balance D. A increase in sales over the previous year Question 48: Why does QuickBooks warn you if you attempt to enter a transaction that took place before the closing date? Answer: A. A QuickBooks Online is not backwards compatible. B. A You will have to run an adjusted trial balance. c. A It could affect your inventory. D. A The transaction would affect the books for a closed period. Question 49: What step of the accounting cycle involves analyzing balances and making adjustments? Answer: A. Step 1 - financial transactions B. Step 2 - general journal C. Step 3 - general ledger D. Step 4 - trial balance E. Step 5 - financial statementsQuestion 50: What do you create to account for any damaged items in your inventory? Answer: A. A Journal entry B. A Inventory valuation adjustment c. A Balance sheet D. A Inventory quantity adjustment Question 51: Identify the inaccurate statement about the QuickBooks Online payroll features. Answer: ' Basic features, like direct deposit and form ling, are included, but you have to pay for more advanced features. 7 QuickBooks calculates payroll taxes and will remind the employer to pay. 7 Toward the end of each quarter or year, QuickBooks will complete the payroll tax forms for the employee to review and submit as necessary. ' You can edit information as needed, including marking a terminated employee inactive. Question 52: How does QuickBooks help ensure an employer pays taxes on time and in the correct amount? Answer: A. It sends an email to the Administrator when taxes are due. B. \"K It prepays the payroll taxes for you. c. '7' It calculates payroll taxes every payday and reminds the employer to pay. D. / It breaks down the taxes due by employee. Question 53: On what form is the employee's withholding allowance indicated? Answer: A. W-2 B. W-4 C. 940 D. 944Question 54: What is NOT something done as part of payroll setup? Answer: A. A Determining pay schedules B. A Setting up electronic (online) services c. A Choosing print checks or direct deposit D. A Making payroll tax payments Question 55: Match each report to what it shows. Payroll Summary Report DROP HERE DROP HERE DROP HERE
