Which statement about setting up users is true?

You MUST purchase a new license for every user in QuickBooks

There are four types of users: Admin, External Accountant, Custom User, Reports Only

The company must be in multi-user mode to create new users

When setting up a user you must decide between giving them access to all area of QuickBooks selected areas of Quickbooks or making them an External Accountant

What is a key benefit of setting a closing date?

Closing dates help to preserve historical data from previous accounting periods

Setting a closing date moves Net Income into Retained earnings so that each year will have its own Net Income on the Profit and Loss and Balance Sheet

Without closing dates, you wouldnt be able to use QuickBooks to file taxes

Setting a closing date keeps the company file from becoming too large

Which statement is true when using QuickBooks in Single User Mode? 

Multiple users can access the company file: however, only one transaction can be saved at a time

Only one user can work within each functional area.

Only one user can access the company file

Multiple users can access the company file. However, their activities are restricted

Which statement is true regarding items? 

You cannot use items on purchase items

Items must contain the Preferred Vendor you purchase the item from

You have to assign an income account and an expense account to every item

QuickBooks requires you to use items when recording a sale

Its time to pay the companys Payroll Liabilities. What action would cause a problem in Quickbooks (i.e what should you not do)?

Run the Payroll Liabilities report

Use Write Checks (or check register) to record the payment

Select more than one liability to pay at a time from the Pay Taxes and Other Liabilities list in the Payroll Center

Pay liabilities earlier than 10 days before they are due

How do you change where your icon bar appears? Click and drag the icon bar to where you want it to appear

Click Edit> Preferences> General> Company Settings and check the box for Top, Left, or Hide Icon Bar

Right-click the icon bar and click Top, Left or Hide Icon Bar

Click the View menu and select Top, Left, or Hide Icon Bar

How do items affect your Profit and Loss and Balance Sheet?

They control whether or not the transaction is posting or non-posting

When you record a sale or purchase with an item, it acts as a pointer, increasing or decreasing the account assigned it

They record who you sold a product or service to.

They track how many units

How do items affect your Profit and Loss and Balance Sheet?

They control whether or not the transaction is posting or non-posting

When you record a sale or purchase with an item, it acts as a pointer, increasing or decreasing the account assigned it

They record who you sold a product or service to.

They track how many units