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1 | |
The owner of a sole proprietorship files _________ attached to Form 1040 to report income and tax deductions for the business. |
| | A) | Schedule D |
| | B) | Form 1120 |
| | C) | Schedule C |
| | D) | Form 1065 |
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2 | |
In QuickBooks, to review taxable income and tax deductions for the business you would print the following reports: |
| | A) | General Journal and General Ledger |
| | B) | Income Tax Summary and Income Tax Detail |
| | C) | Chart of Accounts, and Vendor List |
| | D) | Balance Sheet and Statement of Cash Flows |
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3 | |
Which one of the following accounts is not assigned a tax line? |
| | A) | Gross receipts or sales |
| | B) | Rent/Lease expense |
| | C) | Supplies expense |
| | D) | Equipment |
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4 | |
The Income Tax Detail Report: |
| | A) | Lists only the assigned tax line for each account |
| | B) | Lists detailed transactions summarized for each tax line of the Income Summary Report |
| | C) | Summarizes revenues for an accounting period |
| | D) | Summarizes the expenses for an accounting period |
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5 | |
To plan for future business expansion, you may want to develop a(n) _______ in QuickBooks. |
| | A) | Income Tax Preparation Report |
| | B) | Budget Report |
| | C) | Unemployment Tax Report |
| | D) | Payroll Liabilities Report |
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6 | |
To record a write-off of an uncollectible accounts receivable in QuickBooks, you could use the Receive Payments window or: |
| | A) | The Make Deposits Window |
| | B) | Select Edit and then delete the uncollectible customer invoice |
| | C) | Select Write-off icon on the Customer Navigator and remove the customer's account receivable |
| | D) | Make a journal entry to remove the customer's account receivable |
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7 | |
Progress Invoicing is used when: |
| | A) | A business undertakes a job that lasts a long period of time and needs to bill customers as the job progresses |
| | B) | Customers have a bad credit rating |
| | C) | A business purchases from an outside vendor and needs a longer period of time to pay the purchase invoice |
| | D) | Any sale occurs |
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8 | |
To memorize a report: |
| | A) | First create the report, select Edit Menu and then select Duplicate. |
| | B) | Select Tools, Company & Financial, and then Memorize |
| | C) | First create the report, select Edit Menu, and Memorize Report |
| | D) | There is no memorize feature available for reports |
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9 | |
When saving reports as a file to a disk, Quickbooks permits you to select from all of the following file formats except: |
| | A) | PDF text file |
| | B) | Spreadsheet file |
| | C) | Tab delimited file |
| | D) | ASCII file |
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10 | |
The Audit Trail feature permits you to: |
| | A) | Print a detailed list of customers with open balances |
| | B) | Track all changes made to your QuickBooks records |
| | C) | Track customers who are past-due on their accounts |
| | D) | Create a copy of your company data files |
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