Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Ma1.
Question 11.
Which of the following is not a catetory found in the Content Pane of Dynamics GP?
Options:
A.Cards
B.Inquiry
C.Print
D.Reports
Question 12.
The typical size of a business that is most likely to use MS Dynamics GP is
options:
A.Fewer than 50 employees
B.250-500 employees
C.2500 - 5000 employees
D.More than 5000 employees
Question 13.
Which of the following features allows you to view information about a customer and then begin entering an invoice for that customer?
options:
A.Lists
B.Reports
C.Inquiry
D.SmartLists
Question 14.
Which of the following statements is not true regarding the Navigation Pane?
options:
A.You can choose not to show specific series/functions on the Navigation Pane
B.You can change the order in which series/function areas appear on the Navigation Pane
C.If you hide a series/function so it doesn’t appear on the Navigation Pane, it is removed from your Dynamics GP system
D.It can be hidden in order to make the Content area larger…
For each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: ·
A. Transaction: Big Marker purchased supplies on account, $100.
B. Business process: Acquisition/ payment.
C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100.
D. Elements: Supply is an asset; accounts payable, a liability
E. Forms: Purchase requisition and purchase order.
F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips)
G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.
Final Exam Review for ACC100
1) know the difference between a service business and a manufacturing business.
2) What does journalizing mean?
3) Know what Accounts Payable is
4) What is a T account
5) How many accounts are affected by each transaction
6) What is posting
7) Do adjusting entries have to be posted?
8) What is in the Income Statement column on the 10-column worksheet
9) How do you close an expense account
10) What is a sole proprietorship, a partnership, and a corporation
11)What is net income
12) What entry is made when a sale on account is made
13) What is a trial balance
14) What does it mean when a transaction is in balance
15) What are source documents
16)What is the journal used for?
17) How many accounts will a journal entry have an effect on?
18) Adjusting entries never affect which account
19) What is the basic equation
20) What does summarizing mean?
21) What does net loss mean?
22) Understand WIRE
23) Which financial statement will you find liabilities?
24) If…
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- Codification Situation You are conducting an accounting research project for your boss. Your boss has asked you to determine the appropriate U.S. GAAP that specifies how your company should recognize revenues from the sales of products in a retail store. Your boss is confused because most customers pay cash, but some customers purchase on credit terms, and pay in cash 30 days later. Your manager also wants you to determine the GAAP guidance for how revenue should be recognized in income. Your manager has a lot of knowledge and experience in accounting and has heard about, but has never used, the FASB Accounting Standards Codification system. Directions Use the FASB Accounting Standards Codification system to conduct the research your manager has assigned to you. Use the Codification to determine how to recognize revenue from retail sales, including the right to return. Be prepared to show your manager the specific FASB ASC references that provide the appropriate guidance. Also prepare a brief memo explaining to your manager the different levels of the Codification and how to use the Codification system.arrow_forwardMatching TypeInstruction: Write the letter that corresponds to the correct answer. 1. Are changes to journal entries you'vealready recorded. Specifically, they makesure that the numbers you have recordedmatch up to thecorrect accounting periods.2. Is revenue that has been recognized by thebusiness, but the customer has not yet beenbilled.3. Is an expense that has been incurred butnot yet paid.4. Is used when your company receives apayment in advance of work that has notbeen completed.5. Is a type of asset on the balance sheetthat results from a business makingadvanced payments for goods or servicesto be received in the future. A. Adjusting entriesB. Accrued revenueC. Accrued expenseD. Deferred revenueE. Prepaid expenseF. Adjustmentsarrow_forwardMULTIPLE CHOICE 1. This process refers to the reporting of the information processed in the accounting system to interested users. A. Journalizingh B. Communicating C. Debiting D. Videoing 2. What is the normal balance of the sales returns account? A. Zero B. Credit C. Debit D. None of thesearrow_forward
- Multiple choice 1.The document authorizing the issuance of materials from the storeroom is the: A. Materials requisition B. Purchase requisition C. Receiving report D. Purchase order 2. Revenues earned from rendering services are recorded in this account. A. Sales B. Service fees C. Interest income D. Gainsarrow_forwardAnswer True or False to each of the following. 1. To add a customer you click on the Task menu. True/False 2. A list of all the accounts used by a company showing the assigned numbers to each account is called Chart of Accounts. True/False 3. Reports can only be generated for final accounts when using an accounting software package. True/False 4. Under the File Menu, more than one company can be viewed at a time. True/False 5. To add a vendor click on Maintain, add vendor. True/False Answer True or False to each of the following. 1. A quote can be converted to a sales invoice 2. Most companies use batch posting instead of real-time posting for transactions 3. The Peachtree system can use both the accrual basis and cash basis to record transactions of accounting 4. To set up a new company, you would select the maintain option on the menu bar 5. Accounts descriptions cannot be changed once they have been savedarrow_forwardAnswer the following questionsYou were hired to assist Oman based Company in designing an accounting system for Oman Co., Ltd. has developed a list of the journals, ledgers, reports and documents that he thinks Oman Co., Ltd. The company asks you to complete the following tasks:a) Specify what data you think should be collected on each of the following four documents: Sales invoice, purchase order, receiving report, employee time card.b) Design a report to manage inventory.arrow_forward
- please dear expert need answer for all requirements with calculation, explanation , formulation with steps for better understanding answer in text not image please show calculation how you get the numbers please double underline answer all download image to see clearly 1. classified multiple-step income statement that would used by the business owner 2. prepare a multiple-step income statement that would be used by external users 3. prepare a single-step income statement that would be provided to decision makers outside the company 4. analysis componentarrow_forwardActivity 1: TRUE OR FALSE. Write True if the statement is correct and False if it is not. ____ 1. The SCI is a picture of the result of operations of the company as of the cut-off date.____ 2. The major elements of the SCI are income and expenses.____ 3. Cost of sales is computed as cost of goods available for sale less ending inventory.____ 4. Expenses recognition strictly requires the matching expenses against revenue.____ 5. Goods returned by customers are immediately deducted to the Sales Revenue account.____ 6. In periodic inventory accounting, inventory is determined by conducting a physical count of merchandise owned.____ 7. Expenses decrease assets and therefore have credit normal balances.____ 8. Depreciation expense is a line account found in an SCI prepared following the multi-step format. ____ 9. Revenue result in increase in equity and therefore has a credit normal balance____ 10.All accounts in SCI is also called nominal accounts. Activity 2: Problem 1: The Happy…arrow_forwardProblems 1-6 Use the below table to answer the questions. Segment Reporting Practice Exam Segments Red Blue Green Pink Black White Sales to outsiders 1811 812 514 309 121 99 Intersegment revenues 16 91 109 0 16 302 Salary expense 614 379 402 312 317 62 Rent expense 139 166 81 92 42 31 Segment Profit and Loss Segment Assets 100 300 600 200 300…arrow_forward
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