Accounting quiz
Marks: 1
Setting up a company file does not include:
Choose one answer.
a. Selecting the appropriate chart of accounts for your type of business
b. Adding accounts to the chart of accounts
c. Obtaining a business license
d. Entering invoices
Question 2
Marks: 1
If you are setting up QuickBooks and plan to begin using it at the beginning of the next calendar year, the best start date for your company file setup is:
Choose one answer.
a. The first day of the year (01/01/xx)
b. The last day of the previous year (12/31/xx)
c. The day you are starting to use QuickBooks, regardless of the fiscal year
d. The first day of the quarter chosen for conversion
Question 3
Marks: 1
To properly affect the payroll items, which function (from employee section of the home page) should you use to pay the payroll taxes?
Choose one answer.
a. Write checks
b. Pay employees
c. Pay bills
d. Pay liabilities
Question 4
Marks: 1
This chapter suggests that the best way to set up A/R and A/P balances in QuickBooks is to:
Choose one answer.
a. Enter the total amount of A/R and A/P on a General Journal Entry dated on your start date
b. Enter a separate invoice for each open invoice and enter a separate bill for each unpaid bill
c. Use a special account called A/R setup (or A/P setup) to record the opening balances
d. Enter the balance of each activity by editing the accounts in the chart of accounts
Question 5
Marks: 1
The payroll liability balance reports identifies:
Choose one answer.
a. Liability payments made during the payment period
b. Liabilities for employee deductions only
c. Liability amounts by payroll item
d. Liabilities for employer taxes only
Question 6
Marks: 1
A good example of a liability account is:
Choose one answer.
a. Inventory
b. Advertising
c. Accounts Receivable
d. Accounts Payable
Question 7
Marks: 1
To being processing your payroll:
Choose one answer.
a. Select the employees menu and then select pay schedule liabilities
b. Choose pay employees from the employees section on the home page
c. Select the payroll menu and then select process payroll
d. Select write checks from the home page
Question 8
Marks: 1
To ensure the accuracy of the information entered during setup, it is important to:
Choose one answer.
a. Know your retained earnings
b. Start at the beginning of the fiscal period
c. Verify that your trial balance matches the one provided by your accountant
d. Know everything there is to know about accounting
Question 9
Marks: 1
Voucher style checks, when used for processing payroll, may contain:
Choose one answer.
a. Earnings and tax withholdings
b. Federal filing status
c. Adjustments to net pay
d. All of the above
Question 10
Marks: 1
The payroll tax return that reports social security, Medicare, and federal income tax is submitted quarterly on:
Choose one answer.
a. Form 940
b. Form w-2
c. Form 941
d. Payroll liabilities report
