Using Quickbooks Accountant For Accounting 2014 13th Edition Glenn Owen - Solutions

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Why would someone want to look at a QuickBooks Accountant Journal?
What information about business transactions is shown in the Journal?
How do you print one page of the General Ledger?
What happens when you double-click on an amount in the general ledger?
What advantages does QuickBooks Accountant’s document-initiated recording method have over the standard journal entry method?
Why does QuickBooks Accountant have a general ledger?
Explain how a transaction recorded through an account register also creates a general journal entry.
What happens when you double-click an amount on the trial balance?
What QuickBooks Accountant feature allows you to access supporting accounts or journals when viewing the trial balance?
In what order does QuickBooks Accountant list accounts in the trial balance report?
Who pays FUTA, and what is the current rate and computational structure?
Is there a wage base limit to the Medicare tax? If so, what was it for 2014?
What is the Medicare tax rate?
Is there a wage base limit to the Social Security tax? If so, what was it for 2014?
What is the Social Security tax rate?
What does the Medicare tax finance?
What does the Social Security tax finance?
How do withholding allowances affect the computation of federal income tax withholding?
Where can employers obtain guidance on federal income tax withholding?
What factors affect an employee’s federal income tax withholding?
Describe the financial accounting journal entry to record the sale/disposal of a fixed asset.
Can the Fixed Asset Manager provide you a schedule of future depreciation?If so, what information is part of this schedule?
How does the Fixed Asset Manager calculate current period depreciation?
What information is provided by the Fixed Asset Manager’s Depreciation Schedule by G/L Account Number report?
When is the Fixed Asset Manager synchronized with the fixed asset list?
What circumstances require the fixed asset list to be manually updated?
How is the fixed asset list automatically updated?
Describe the process for modifying a check, previously written to purchase a fixed asset, to establish a new fixed asset item in QuickBooks Accountant.
How do you create a new client for fixed asset management from within QuickBooks Accountant?
What is the Fixed Asset Manager?
Describe the information available in the sales by item report.
Describe the information available in the accounts receivable and accounts payable aging reports.
Discuss why percentage changes identified in the budgeted vs. actual reports need to be interpreted carefully.
What different graphs are available in QuickBooks Accountant?
When you create a balance sheet, what is the result of clicking the Collapse button?
How do you resize a report that would normally print on two pages so that it will fit on one page?
What options are available in the Fonts & Numbers tab for a balance sheet?
What time periods are available for the columns of a balance sheet?
What are the optional columns available in the Modify Report window when you create a balance sheet?
Explain how you can use QuickBooks Accountant to modify any report.
Explain the typical relationship between retained earnings and net income/loss, and describe how this information is included in the Quick-Books Accountant budgeting process.
Describe how you use the calculator feature that is built into QuickBooks Accountant.
Whichmenus are used to create budget reports in QuickBooks Accountant?
Describe the typical relationship between accumulated depreciation and depreciation expense and how this information is included in the Quick-Books Accountant budgeting process.
Compare the process of budgeting revenues and expenses with the process of budgeting assets, liabilities, and owners’ equity, and explain how this information is included in the QuickBooks Accountant budgeting process.
Explain the typical relationship between sales and cost of goods sold, and describe how this information is included in the QuickBooks Accountant budgeting process.
Explain how the Adjust Row Amounts feature helps in creating Quick-Books Accountant budgets.
Explain how the Copy Across feature helps in creating QuickBooks Accountant budgets.
Can multiple budgets be created in QuickBooks Accountant? Explain.
Explain how the budgeting process is accomplished in QuickBooks Accountant.
What information is included in the Reconciliation Summary report?
When you’ve finished reconciling a bank account, what should be the difference between the ending balance and the cleared balance?
What account is typically used to record service charges?
What menu item do you use to start bank reconciliations?
Explain how to access general journal entries.
Give an example of unearned revenue, and explain the process for endof-period adjustments involving unearned revenue.
Give an example of asset expiration other than the example given in this chapter. Explain how your example would be adjusted using journal entries.
Give an example of an accrued expense other than the example given in this chapter. Explain how your example of accrued expense would be adjusted using journal entries.
Give an example of accrued revenue other than the examples given in this chapter. Explain how your example of accrued revenue would be adjusted using journal entries.
Explain the journal entry method of recording end-of-period adjustments.
What are noncash investing and financing activities, and how are they recorded in QuickBooks Accountant?
What are the steps for paying sales tax?
How does the QuickBooks Accountant software respond if a bill is entered with a vendor name that is not included on the vendor list?
What steps are necessary to record services performed on account for Wild Water Sports?
What icon is clicked in the Vendors section to record the receipt of inventory and the related bill?
Consider this statement: ‘‘QuickBooks Accountant records revenue when an invoice is generated even though cash has not been received.’’ Is this practice acceptable? Why or why not?
What payment terms are available in QuickBooks Accountant for vendors?
How do you update vendor records for changes in terms from the home page?
How does a firm account for a transfer of funds from one bank to another bank in QuickBooks Accountant?
Of the information contained in a loan amortization schedule, what part is recorded in QuickBooks Accountant?
How does a business know when to create an invoice and when to create a sales receipt?
Are time sheets required for QuickBooks Accountant to process payroll?
Why are cash receipts initially recorded as undeposited funds?
How should you account for advanced deposits received on customer orders?
Explain the difference between the Expenses tab and the Items tab in the Write Checks window.
How are purchase orders closed out?
Describe some of the operating activities you recorded for Wild Water in January.
Describe some of the investing activities you recorded for Wild Water in January.
Describe some of the financing activities you recorded for Wild Water in January.
Compare and contrast operating, investing, and financing activities.
How would you modify an income statement to include a column describing the percentage relationship between expenses and total revenues?
List five report modification features of QuickBooks Accountant that can be applied to an income statement.
How could a manager use QuickZoom to access underlying information as reported in an income statement?
How does QuickZoom help you further investigate an income statement?
Describe the steps necessary to modify an income statement so that it includes comparative information.
Describe the steps necessary to create a standard income statement.
Describe the steps necessary to generate an income statement in Quick-Books Accountant.
Describe the steps necessary to create an income statement for a period other than one ending on the computer’s current system date.
Identify the different periods of time that QuickBooks Accountant provides for an income statement.
List at least three of the preset formats that QuickBooks Accountant provides for an income statement.
Customizing a Balance Sheet Use the Larry’s Landscaping & Garden Supply file you used in this chapter.Modify the balance sheet you created in Assignment 1a (remember, you memorized it, so it is easy to recall) to include October and November amounts with a % of column. Change the report title and
Investigating the Balance Sheet Using QuickZoom Scott asks you to help him investigate the Accounts Receivable balance as of October 31, 2014. Use the Larry’s Landscaping & Garden Supply file you used in this chapter. Create a summary balance sheet as of October 31, 2014, and then investigate the
Creating a Balance Sheet for Larry’s Landscaping & Garden Supply Scott asks you to help him prepare a balance sheet. Use the Larry’s Landscaping & Garden Supply file you used in the chapter. (Be sure to type your name in the Extra Footer Line of this report.)a. He asks you to prepare and print
Suppose you wanted to include a column in a balance sheet that described what percentage each asset, liability, and owners’ equity account was of the total assets amount. How would you do this in Quick-Books Accountant?
List five ways you can customize a QuickBooks Accountant report.
How might a manager use QuickZoom to analyze a business’s financial position as reported in a balance sheet?
Describe how QuickZoom gives you more information about a balance sheet.
Describe the different types of transactions you might find in a Transactions by Account report on accounts receivable.
Describe the steps to resize the columns of a comparative balance sheet.
Describe the steps to generate a balance sheet in QuickBooks Accountant.

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Using Quickbooks Accountant For Accounting 2014 13th Edition Glenn Owen - Solutions

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