a. Company name
You've just been hired by a bakery that sells delicious cup cakes. When they buy ingredients (flour, eggs, milk, and sugar), they use the Expense tab and assign the costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item type should you use? a. Group b. Inventory Part c. Inventory Assembly d. Non-inventory Part
What account (on the Chart of Accounts) is affected when you sell an item? a. The account you selected when you set up the item. b. Other Income account. c. A default sales account set up by QuickBooks. d. Accounts are not affected by items
When would you enter a journal entry? a. To correct errors (if you have a strong accounting background) b. For year-end adjustments c. To enter depreciation d. All of the above
What item type should you use for inventory that you assemble from other items and then sell? a. Group b. Inventory Part c. Inventory Assembly d. Non-inventory Part
What are other benefits of using items? a. You can track the actual quantity of goods or services you sell. b. They can save you time by automatically entering a description and price on forms. c. They allow you to track a lot of detail without cluttering your Chart of Accounts. d. All of the above.
Which of the following statements is true concerning items? a. You can use one item to represent different services or goods. b. Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. c. To create an invoice, you must use an item. d. All of the above.
How does entering time for a job affect job cost reports? a. QuickBooks adds the cost of that employee's time to the job cost. b. QuickBooks adds the cost of that employee's "labor burden" to the job cost. c. A and B. d. None of the above.
How do you track sick or vacation time in QuickBooks? a. When you set up an employee, define how QuickBooks should accrue time. b. Set up a sick or vacation wage item. c. Pay an employee with a sick or vacation wage item. d. All of the above.
When would you use the Expenses tab on a payroll liability check? a. Never. QuickBooks automatically uses payroll items to show what you are paying. b. To enter late fees/penalties or interest. c. There is no Expenses tab on a payroll liability check. d. To pay an employee's garnishment.
Which of the following Payroll Services are available with QuickBooks? a. Basic b. Enhanced c. Assisted d. All of the above
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