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100
When is the adjusted trial balance prepared?
after the adjusting journal entries
100
What is the QB back up file extension?
.QBB
100
What is the income statement in QB called?
Profit & Loss Statement
100
When do you run the Post-Closing TB report?
after closing entries are made
100
How often is the 941 reported to the IRS?
Quarterly
200
What does the Customer Center do?
Create Invoices, Customer Statements & Sales Receipts
200
What is the online version of QB?
a type of cloud computing
200
What options are available when you print a report?
Print or save as PDF
200
What does the audit trail report do?
displays additions, modifications and deletions to QB transactions
200
Which of the following is not on the W-2? Wages, EIN, Allowances, employee social security number
allowances
300
How is QuickBooks organized?
Customers, Vendors, Employees, Banking & Reporting
300
Which Financial Statement is not a standard report in QB?
Statement of Owner's Equity
300
Where are the payroll reports found in QB?
Under Reports and then Employees & Payroll
300
What ways can you access the bank reconciliation module?
from the homescreen or from Banking
300
Bob has cumulative earnings of $6,750 and earned $745 during the current pay period. If the FUTA tax rate is 0.6 percent, with a ceiling of $7,000, the employer payroll tax expense for FUTA is ____
$1.50
400
Where do you find the G/L Report?
Under Reports then under Accountant & Taxes
400
Where is the P&L report located?
Under Reports then under company & financial
400
What is the purpose of a bank reconciliation?
update accounting records with unrecorded items
400
What taxes are the employer's responsibility?
SS, Medicare, FUTA, SUTA
400
The journal entry required to record the employer paying the 941 payroll tax liability is:
Debit to Employees F/WH Payable, Debit to FICA Payable & Credit to Cash
500
Supplies total $5,000 at the beginning of the year. At the end of the year $3,000 of supplies is left on hand. What is the adjusting journal entry?
Debit Supplies Exp 2000 & Credit Supplies 2000
500
How can you view the Chart of Accounts in QB?
Using Lists, Homescreen, Company
500
What does the payroll summary report provide?
payroll detail by employee
500
Which payroll taxes have a taxable ceiling?
State & Federal Unemployment and FICA-Social Security
500
Bob has cumulative earnings of $112,400 and earns $6,800 during the current pay period. If the FICA rate is 6.2 percent for Social Security, with a limit of $113,700, and 1.45 percent for Medicare, applied to all earnings, the total FICA tax to be withheld for this pay period is
$179.20