What is the relationship between an account and item?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- What is the relationship between an account and item?
- What is the Chart of Accounts?
- What happens if you click on the Home icon?
- Which transactions in QuickBooks are considered Non-posting?
- How do you record a payment from a client that is paying multiple invoices?
- How does the “Enter Bills & Pay Bills” feature differ from the “write check” feature?
- How do you determine if a check has been reconciled in QuickBooks?
- How do you export QuickBooks Reports into excel?
- How do you switch to Multi-User Mode?
- What is the purpose of having a Single-User Mode?
- How does Accrual Basis of Accounting differ from Cash Basis?
- If you want to modify the account or name filters within a specific report you have open, where do you click?
- What is the keyboard shortcut for the date to jump to “Today’s” Date?
- What account(s) does an Inventory item post to when it’s purchased? What about when it’s sold?
- What account(s) does an Inventory item post to when it’s sold?
- What are some of the different types of items?
- What are the most used reports in QuickBooks/Accounting for understanding the financial health of the business?
- What does “Billable” Time and Expenses mean?
- What does Accounts Payable mean?
- What does
Accounts Receivable mean? - What does Bank Reconciliation mean?
- And, what do you do with the transaction left uncleared after completing the reconciliation?
- What are “Undeposited funds”?
- What does it mean when you have a balance in Undeposited Funds?
- What does Memorized Transactions mean?
- How do you pay Payroll Taxes from QuickBooks?
- What is a “Petty Cash,” or “Cash on Hand”?
- What is the difference between an Estimate and a Sales Order?
- What is a Sub-Account, and what is it used for?
- What is the best function for entering inventory being purchased?
- Before the invoice has been created, what is the best way to record a customer prepayment for the sale of inventory items on backorder?
- What is the best way to record a pre-payment for inventory to a vendor before the inventory has been received or the Bill created?
- What is the best way to record a single vendor payment to a vendor in order to pay multiple bills?
- What is the default function of the “Tab” key and the “Enter” key in most of QuickBooks?
- What is the difference between a Customer and a Job?
- What is the difference between reconciling a Bank Account and a Credit Card Account?
- What would happen if you try to delete an item that was sold a couple of years ago, but has not been used in awhile?
- When analyzing Financial Reports, such as Balance Sheet and Profit & Loss, what is the best way to spot potential bookkeeping or classification errors?
- How do you pay Sales Taxes from QuickBooks?
- When viewing a detail level report, such as Open Invoices Report, what happens when you double click on the amount shown on any particular transaction?
- When viewing a summary style financial report, such as a
Profit and Loss Standard, what happens when you double click on the amount shown on any account? - If you are going to pay with a check, when should you not use the “Write Check” Function in QuickBooks?
- Where, or how, are items used in QuickBooks?
- Which forms can be customized (Ex: adding a logo) in QuickBooks?
- Which report shows the value of the business assets and liabilities?
- Which Reports in QuickBooks show the activities of the company, such as sales and expenses?
- How do you write-off an invoice?
- What are the benefits of connecting your bank directly to download transactions (Bank Feeds) into QuickBooks?
- What is the difference between Cost of Goods Sold and an Expense?
- What type of accounts would you put in the Other Income and Other Expense account types?
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