Quickbooks 2019 chapter 12

Match the term or phrase as used in Quickbooks to its best definition:

D CHAPTER REVIEW Matching Match the term or phrase (as used in OuickBooks) to its best definition. 1. Easy Step Interview 5. Start date 2. Preferences 6. Uncategorized income 3. Opening Balance Equity 7. Express Start 4. Detailed Start 8. Fiscal year Annual accounting period Default account credited when customer account balances are entered through the Multiple List Entries window Conversion date for transferring an existing company's records Limited setup company file creation option Default account credited when inventory values are entered through the Multiple List Entries window Features available and processing rules established in company file Extensive setup company file creation option Process used in Detailed Start method of creating a company file PP PPP Multiple Choice 1. Which of the following statements is not true? a. As part of the Easy Step Interview, the user enters the first month of the fiscal year. 6. The conversion date is always the first day of the fiscal year. 6. The Easy Step Interview process is part of a Detailed Start. d. Users with minimal accounting knowledge can use the Express Start method to set up a new company. 2. When amounts owed to vendors at the conversion date are entered through Add/Edit Multiple List Entries, the underlying journal entry will include a debit to: 4. Opening Balance Equity. b. uncategorized income. c. accounts payable. d. uncategorized expenses. 3. When inventory is set up through Add/Edit Multiple List Entries, the resulting journal entry is dated: 4. using the actual entry date. b. using the as of date entered in the setup. c. using the start date. d using the date of the first day of the most recent fiscal year. Section Five Beyond the Basics 4. Which of the following statements is true? a. All accounts to be used by the company must be selected as part of the Easy Step In- terview process. b. Item quantities entered through Add/Edit Multiple List Entries can't be edited later. c. Although contact information (address and phone number) can be added later, the Company Name must be entered on the first screen of the Easy Step Interview. d. The new .QBW file is created immediately after the first screen (company informa- tion) is completed in the Easy Step Interview. 5. Add/Edit Multiple List Entries can be used for all of the following lists except: a. service items. b. chart of accounts. c. inventory items. d. vendors