Exam+1+Spring+2010+Key

Exam+1+Spring+2010+Key - 1 Complete or fill-in-the blanks....

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1 Complete or fill-in-the blanks. Three points for each correct blank. 1. Your record most of your daily business transactions on a QuickBooks Form , by selecting entries from a QuickBooks List and a Register contains a record of all the activity in one account. 2. You can find all of the QuickBooks commands on the Menu Bar or access features using Icon Bar or the Navigator . 3. A prepaid expense on the balance sheet for your firm will be an unearned revenue on the balance sheet for another firm 4. The two file extensions used for company data in QuickBooks are NAME. QBB and NAME. QBW . 5. The Chart of Accounts in Quick displays the balance sheet accounts first followed by income statement accounts. 6. The portion of principal for a long-term loan due this account period is a current liability on the balance sheet. 7. The assets side of the balance sheet is set up on a liquidity basis. 8. Allowance for doubtful accounts is an estimation of the dollar amount of uncollectable account receivable. 9. Goodwill arises when one company buys another company for a price in excess of the market value of the assets. 10. The annual report of a publicly held company which must be filed with the SEC is a FORM 10-k .
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2 Multiple Choice Questions, place your answer (letter) on the line . Two points for each. 1. Accumulated depreciation is typically set up as what type of account in QuickBooks? A.
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This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Spring '08 term at University of Florida.

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Exam+1+Spring+2010+Key - 1 Complete or fill-in-the blanks....

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