Acct. 2 - Final Exam Mrs. Rangel 2024

You are setting up payroll for you company. Which statement describes 1099 workers?

• 1099 workers are full time or part time employees
• Companies usually provide benifits sush as health insurance and vacation pay to 1099 workers
• Companies must withhold and pay retirement benefits for 1099 workers
• As independent contractors, 1099 workers pay their own employment taxes

You are setting up products and services in QuickBooks Online. For which items is the Initial quantity on hand field available?

• Inventory items and service items
• Service items only
• Inventory items only

In QuickBooks Online, what is the difference between voiding and deleting a check?

• Deleting a check keeps it in reports but reduces its value to zero. Voiding a check removes it from reports other than the audidt log
• Deleting a check is an internal process. Voiding a check notifies the bank to stop the payment.
• Voiding a check is an internal process. Deleting a check notifies the bank to stop payment.
• Voiding a check keeps it on reports but reduces its value to zero. Deleting a check removes it from reports other than the audit log.

*What are three recurring transaction types in QuickBooks Online? Choose 3

• Unscheduled
• scheduled
• Template
• Automatic
• Reminder

For each statement about setting up payment terms for a new customer as QuickBooks Online. Select True or False: You can create payment terms from the new customer form

• True
• False

For each statement about setting up payment terms for a new customer as QuickBooks Online. Select True or False: You must specify payment terms when setting up a new customer

• True
• False

For each statement about setting up payment terms for a new customer as QuickBooks Online. Select True or False: If you do not select payment forms for a customer. QuickBooks Online assigns the default invoice terms.

• True
• False

Shows Assets, Liabilities, and Equity at one point in time

• Balance Sheet
• Profit & Loss
• Cash Flow Statement

Used to understand changes in revenues and expenditures

• Balance Sheet
• Profit & Loss
• Cash Flow Statement

Shows, income, expenses and net income during a specific time period

• Balance Sheet
• Profit & Loss
• Cash Flow Statement