Ch 8 Quiz Comp Acct – Flashcards
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Which tax form would you select for a subchapter S corporation?
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Form 1120S
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Why should you customize the Chart of Accounts?
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To modify it for your specific business needs
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An account's tax line determines where QB lists the account balance on the:
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Income Tax Summary Report
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The Customer list contains information about:
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Customer address, contacts and phone numbers
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The Vendor list contains information about:
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Addresses, contacts and phone numbers for suppliers
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The Legal Name identifies a company for:
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Patents, sales, advertising
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The Item list contains information about:
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inventory items, non inventory items, service items
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Sole Proprietorships uses ____ as its federal tax ID number
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the owner's social security number
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To complete a company setup you must complete all the following except:
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Add payroll forms
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To complete a company setup you must complete all the following
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add customers, add products and services as items, add vendors
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A corporation uses an ___ for a federal tax ID number
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EIN employer identification number
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The steps to set up a new service company in QB with no employees:
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EasyStep Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List
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Which tax form would you select for a partnership?
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Form 1065
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To create a new company data file use the:
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File menu > New Company
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The Doing Business As name identifies a company for:
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sales
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A company's computer is classified as what account type?
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fixed asset
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Which type of information is not entered during EasyStep Interview?
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Products and services the company sells
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QB setup window allows you to enter:
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All of these: Vendor, Banking, Customer
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To customize QB after creating a company file you would:
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All of these: Enter additional company information, Set QB preferences, Customize Chart of Accounts
