Multiple choice chapter 8 quickbooks plus

CHAPTER 8General Accounting, End-of-Period Procedures, and Budgets 509 3. The A. Budget vs Actuals B. Profit and Loss C. Budget Overview D. Comprehensive Budget report compares your budgeted income and expenses to the actual amounts 4. You record adjusting entries for prepaid expenses and depreciation when using basis accounting. A. Cash B. Accrual C. Budget D. GAAP Fundamental 5. To see the Inventory Starting Value transaction, you prepare thereport. A. Inventory Starting Value B. Inventory Valuation Summary C. Inventory Valuation Detail D. Any of the above 6. You may to enter your initial budget figures. A. Copy a previous budget B. Record the amounts individually C. Copy amounts from This Fiscal Year or Last Fiscal Year D. Any of the above 7. If inventory was damaged you adjust the A. Inventory Starting Value B. Item in a Journal Entry C. Quantity D. Budget 8. If you create a budget with locations, prior entries are classified as A. Prior to Budget B. Not Specified C. Unknown D. Unbudgeted 9. After editing an invoice in a closed period, you record the change in income by editing the adjusting entry A. For the Closing Date B. For transferring Net Income and Retained Earmings into the Capital account C. Both A and B D. You do not edit anything, you record another adjusting entry -10. Opening Balances for Inventory Items that were added without preparing a purchase order or bill are entered into . A. Opening Balance Equity B. Inventory Assets C. Your Name, Investment D. Both A and B