Ch 8 Quiz Comp Acct Essay

question

Form 1120S
answer

Which tax form would you select for a subchapter S corporation?
question

To modify it for your specific business needs
answer

Why should you customize the Chart of Accounts?
question

Income Tax Summary Report
answer

An account’s tax line determines where QB lists the account balance on the:
question

Customer address, contacts and phone numbers
answer

The Customer list contains information about:
question

Addresses, contacts and phone numbers for suppliers
answer

The Vendor list contains information about:
question

Patents, sales, advertising
answer

The Legal Name identifies a company for:
question

inventory items, non inventory items, service items
answer

The Item list contains information about:
question

the owner’s social security number
answer

Sole Proprietorships uses ____ as its federal tax ID number
question

Add payroll forms
answer

To complete a company setup you must complete all the following except:
question

add customers, add products and services as items, add vendors
answer

To complete a company setup you must complete all the following
question

EIN employer identification number
answer

A corporation uses an ___ for a federal tax ID number
question

EasyStep Interview > Customize Chart of Accounts > Customer List > Vendor List > Item List
answer

The steps to set up a new service company in QB with no employees:
question

Form 1065
answer

Which tax form would you select for a partnership?
question

File menu > New Company
answer

To create a new company data file use the:
question

sales
answer

The Doing Business As name identifies a company for:
question

fixed asset
answer

A company’s computer is classified as what account type?
question

Products and services the company sells
answer

Which type of information is not entered during EasyStep Interview?
question

All of these: Vendor, Banking, Customer
answer

QB setup window allows you to enter:
question

All of these: Enter additional company information, Set QB preferences, Customize Chart of Accounts
answer

To customize QB after creating a company file you would:

Get instant access to
all materials

Become a Member