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

Using QuickBooks Accountant 2015 for Accounting (with QuickBooks CD-ROM) , 14th Edition Solution Manual is a structured study guide that simplifies complex textbook topics.

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    1 1 An Interactive Tour of QuickBooks Accountant Chapters 1 – 5 are designed to help students get a top - down view of QuickBooks Accountant as a user - oriented accounting program. Students can be expected to work through these on their own. In Chapter 1, students learn, in an interactive way, basic QuickBooks Accountant terminology, basic file management in QuickBooks Accountant , navigation techniques, and other essential skills such as printing and correcting mistakes. CHAPTER 1 QUESTIONS 1. QuickBooks Accountant is used as an automated accounting information system that can help describe an entity’s financial position and operating results. Like any accounting system, QuickBooks Accountant can be used as an information tool to help make better decisions and help facilitate business record keeping and management. QuickBooks Accountant can be used to invoice customers, maintain receivables, pay bills, maintain accounts payable, track inventory, and create purchase 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), a purchase (vendor bill), or a payment (check). 5. The customer invoice, vendor bill, and check are three forms used in QuickBooks Accountant . 6. Registers are used in QuickBooks Accountant to summarize all financial activity for specific balance 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 a w ay that makes business decision making easier. 8. Centers provide quick access to commonly used activities and reports. 9. In order to be printed in QuickBooks Accountant , a report must first be created using the Reports menu, and then printed with the Print button on the Button bar.

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    2 Chapter 1 10. Several H elp features are available in QuickBooks Accountant . The main QuickBooks Accountant Help area is accessed via the main menu and provides a search text box for finding help on various topics. Another help feature is the Learning Center Tutorials which provide step by step illustrations of various QuickBooks Accountant procedures.

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    Chapter 1 3 CHAPTER 1 MATCHING d A repository for all financial activity for a specific balance sheet account. e A means of presenting the financial position and the operating results of a company in a way that makes business decision making easier. i The process of creating a copy of a QuickBooks Accountant file for safekeeping or transporting to a different computer. a Contains backups of all the practice files needed for chapter work and completion of assignments. b Groups of names such as customers, vendors, employees, items, and accounts. h A big picture approach of how your essential business tasks fit together organized by logical groups such as customers, vendors, and employees. c Electronic representations of paper documents used to record busin ess activities such as customer invoices, vendor bills, and checks. f The process of rebuilding a backup file to a full QuickBooks Accountant file ready for additional input. g One click access to QuickBooks Accountant Centers and Home page.

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    4 Chapter 1 CHAPTER 1 ASSIGNMENTS 1. Working with Files

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    Chapter 1 5 2. Practice Using the QuickBooks Accountant Help Menu a.

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    6 Chapter 1 b.

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    Chapter 1 7 c. d.

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    8 Chapter 1 3. Using the QuickBooks Accountant Learning Center Tutorials For each item of inventory, this report shows quantity on hand, average cost, and asset value. 4. Accessing Inventory Data a. Item Pump is a Fountain pump #198 - 30. b. At that date , there were 48 units on hand. c. At that date , the average cost was $ 53.94 .

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    Chapter 1 9 d.

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    10 Chapter 1 5. Accessing Sales Data a. DJ’s Computers was billed $ 110 . b. Jim's Family Store was billed for the installation of a rock fountain . c. The company billed customers $ 19,091.70.

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    11 2 Preparing a Balance Sheet Using QuickBooks Accountant Chapters 1 – 5 are designed to help students get a top - down view of QuickBooks Accountant as a user - oriented accounting program. Students can be expected to work through these on their own. In C hapter 2 , students learn , in an interactive way , how to create balance sheets for different dates, investigate detail supporting balance sheet items, and print balance sheets for distribution. CHAPTER 2 QUESTIONS 1. QuickBooks Accountant has four preset Balance Sheet reports: Standard, Detail, Summary , Balance Sheet by Class, and Prev Year Comparison. 2. QuickBooks Accountant provides many time period alternatives for the balance sheet, including today, 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 of edit box in the Balance Sheet window or select an alternate time period in the Dates edit box. 4. To generate a balance sheet in QuickBooks Accountant , do the following: a. Click Reports from the available menus. b. Click Company & Financial from the sub menu shown. c. Choose Balance Sheet Standard, Balance Shee t Detail, Balance Sheet Summary, Balance Sheet by Class, or Bal ance Sheet Prev Year Comparison from the sub menu provided. 5. To resize the 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 or decrease the column’s width. 6. Two different types of transactions are found in an Accounts Receivable Transaction s by Account report: invoice and payment. The first repre sents the billing of a customer; the second represents the receipt of payment on account from that customer. 7. QuickZoom can provide more information from a balance sheet by providing detail which underlies a particular account balance. For instance, QuickZoom can be used to view transactions which support the Accounts Receivable account. 8. A manager might use the QuickZoom feature to view transactions which underlie the Cash account. In this case, the QuickZoom result identifies all transactions for the period that created the ending balance reported in the balance sheet. 9. A QuickBooks Accountant report 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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    12 Chapter 2 e. 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 the Customize Report button on the balance sheet . CHAPTER 2 MATCHING f When selected in the Modify R eport window , this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets . i When selected in the Modify R eport window , this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar . j The start of the reporting period . a A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date . g A process in which modified reports are saved for later use . h When selected in the Modify R eport window , this check box requires QuickBooks Accountant to report amounts in thousands . b The end of the reporting period . d A QuickBooks Accountant feature that allows you to view the transaction details underlying amounts in a report. e A report generated when using QuickZoom . c A financial statement reporting in summary form the assets, liabilities, and equities of a business as of a certain date.

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    Chapter 2 13 CHAPTER 2 ASSIGNMENTS 1. Creating a Summary Balance Sheet a.

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    14 Chapter 2 b.

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    Chapter 2 15 2. Investigating the Balance Sheet Using QuickZoom a.

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