Using QuickBooks Accountant 2015 for Accounting (with QuickBooks CD-ROM) , 14th Edition Solution Manual

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11An Interactive Tour ofQuickBooksAccountantChapters 1–5 are designed to help studentsget a top-down view ofQuickBooks Accountantas a user-oriented accounting program. Students can be expected to work through these on their own. InChapter 1, students learn, in an interactive way, basicQuickBooks Accountantterminology, basic filemanagement inQuickBooks Accountant, navigation techniques, and other essential skills such asprinting and correcting mistakes.CHAPTER 1 QUESTIONS1.QuickBooks Accountantis used as an automated accounting information system that can helpdescribe an entity’s financial position and operating results. Like any accounting system,QuickBooks Accountantcan be used as an information tool to help make better decisions and helpfacilitate business record keeping and management.QuickBooks Accountantcan be used to invoicecustomers, maintain receivables, pay bills, maintain accounts payable, track inventory, and createpurchase orders.2.QuickBooks Accountant’s four basic features are lists, forms, registers, and reports and graphs.3.Lists are used to manage names and related information on such things as customers, vendors,employees, inventory, and accounts, to name a few.4.Forms are used to record business activities such as a sale on account (customer invoice), apurchase (vendor bill), or a payment (check).5.The customer invoice, vendor bill, and check are three forms used inQuickBooks Accountant.6.Registers are used inQuickBooks Accountantto summarize all financial activity for specificbalance sheet accounts such as checking, accounts receivable, inventory, and accounts payable.7.Reports and graphs are used to present financial position and operating results of a company in away that makes business decisionmaking easier.8.Centersprovide quick access to commonly used activities and reports.9.In order to be printed inQuickBooks Accountant, a report must first be created using the Reportsmenu,andthen printed with the Print button on the Button bar.

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2Chapter 110.SeveralHelp features are available inQuickBooks Accountant. The mainQuickBooks AccountantHelp area is accessed via the main menu and provides asearch text box for finding help on varioustopics. Another help feature is the Learning Center Tutorials which provide step by stepillustrations of variousQuickBooks Accountantprocedures.

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Chapter 13CHAPTER 1 MATCHINGdA repository for all financial activity for a specific balance sheet account.eA means of presenting the financial position and the operating results of a company in a waythatmakes business decision making easier.iThe process of creating a copy of aQuickBooks Accountantfile for safekeeping or transporting toa different computer.aContains backups of all the practice files needed for chapter work and completion of assignments.bGroups of names such as customers, vendors, employees, items,andaccounts.hA big picture approach of how your essential business tasks fit together organized by logicalgroups such as customers, vendors,andemployees.cElectronic representations of paper documents used to record business activities such as customerinvoices, vendor bills,andchecks.fThe process of rebuilding a backup file to a fullQuickBooks Accountantfile ready for additionalinput.gOne click access toQuickBooks AccountantCenters and Home page.

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4Chapter 1CHAPTER1ASSIGNMENTS1.Working with Files

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Chapter 152.PracticeUsing theQuickBooks AccountantHelp Menua.

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6Chapter 1b.

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Chapter 17c.d.

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8Chapter 13.Using theQuickBooks AccountantLearning CenterTutorialsFor each item of inventory, this report shows quantity on hand, average cost, and asset value.4.Accessing Inventory Dataa.Item Pump is a Fountain pump #198-30.b.At that date,there were48units on hand.c.At that date,the average cost was $53.94.

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Chapter 19d.

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10Chapter 15.Accessing Sales Dataa.DJ’s Computerswas billed $110.b.Jim's Family Storewas billed forthe installation of a rock fountain.c.The companybilled customers $19,091.70.

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112Preparing a Balance Sheet UsingQuickBooksAccountantChapters 1–5 are designed to help studentsget a top-down view ofQuickBooks Accountantas auser-oriented accounting program. Students can be expected to workthrough these on their own.In Chapter2,students learn,in an interactive way,how to create balance sheets for differentdates, investigate detail supporting balance sheet items, and print balance sheets for distribution.CHAPTER 2QUESTIONS1.QuickBooks Accountanthas four preset Balance Sheet reports:Standard, Detail, Summary, BalanceSheet by Class,and Prev Year Comparison.2.QuickBooks Accountantprovides many time period alternatives for the balance sheet, includingtoday, this week, last month, etc.3.To create a balance sheet for a date other than the system date,enter a new date in the As ofedit box in the Balance Sheet window or select an alternate time period in the Dates edit box.4.To generate a balance sheet inQuickBooks Accountant,do the following:a.Click Reports from the available menus.b.Click Company & Financial from the sub menu shown.c.ChooseBalance Sheet Standard, Balance Sheet Detail, Balance Sheet Summary, BalanceSheet by Class, orBalance Sheet Prev Year Comparisonfrom the sub menu provided.5.Toresizethe columns of a balance sheet,click and hold the mouse over the small diamond-shaped symbols to the right or left of any column and drag to the right or left to increase ordecrease the column’s width.6.Two different types of transactions are found in an Accounts Receivable TransactionsbyAccount report: invoice and payment. The first represents the billing of a customer;the secondrepresentsthe receipt of payment on account from that customer.7.QuickZoom can provide more information from a balance sheet by providing detail whichunderlies a particular account balance. For instance, QuickZoom can be used to view transactionswhich support the Accounts Receivable account.8.A manager might use the QuickZoom feature to view transactions which underlie the Cashaccount. In this case, the QuickZoom result identifies all transactions for the period thatcreated the ending balance reported in the balance sheet.9.AQuickBooks Accountantreport can be modified in five ways:a.Report dates can be changed.b.From/To dates can be changed.c.Report Basis can be either Accrual or Cash.d.Columns can be changed from totals only to week, month, quarter, etc.

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12Chapter 2e.Other columns can be added, such as previous period, previous year, etc.10.You can add a column entitled % of column, which describes what percentage each asset, liability,and owners’ equity account was of the total assets amount, using theCustomizeReport button onthe balance sheet.CHAPTER 2 MATCHINGfWhen selected in the Modify Report window,this checkbox requiresQuickBooks Accountanttoadd a column representing the percentage of each item compared to total assets.iWhen selected in the Modify Report window,this checkbox requiresQuickBooks Accountanttoround amounts to the nearest whole dollar.jThe start of the reporting period.aA financial statement reportingin detailthe assets, liabilities, and equities ofa business as of acertain date.gA process in which modified reports are saved for later use.hWhen selected in the Modify Report window,this checkbox requiresQuickBooks Accountanttoreport amounts in thousands.bThe end of the reporting period.dAQuickBooks Accountantfeature that allows you to view the transaction detailsunderlyingamounts in a report.eA report generated when using QuickZoom.cA financial statement reporting in summary form the assets, liabilities, and equities of a businessas of a certain date.