Essay about Chapters 1- 3 Questions and Solutions

the majority of the first nomadic Asian hunters came to the New World by walking

1.3 Before going to the next account, let’s analyze the Accounts Payable account closer. This account is special. Look at the Control data tab

In what areas does Texas consistently rank at the bottom in state spending compared to other states? 4

The entries used to record the disposition when the receivables are sold to a factor often detail the cash received plus the service charge. The company can then balance their receivables account. When a credit card company records a credit card

Step 4: Then, create a new account online by providing a new user name, password, email address, and mobile phone number.

Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your response for each item. Provide five or six correct responses:

A.(4)- Receiving reports are prepared for all materials received and such reports are accounted for on a timely basis.

1. Change my name. This allows you to change the name of the selected account.

Learning Objective: 04-02 Explain the purpose of adjustments and analyze the adjustments necessary at the end of the period to update balance sheet and income statement accounts.

Bank Reconciliation Module. Data from the accounts payable, accounts receivable and purchase order modules are compiled automatically by the bank reconciliation module. This data is used in cash flow analysis for financial reporting (Accounting System Overview, 2011).

d. Trace the date, check number, and amount of outstanding item – Occurrence & Completeness. (AU-C 315.A114 a.i-ii)

It provides the most comprehensive tools for small business financial management. It is used to track expenses, prepare and send invoices, prepare financial statements, track inventory levels, and many other jobs that small businesses must perform to stay successful. New versions like Simple Start for new businesses and Enterprise version for larger businesses is currently out on the market available to purchase. Besides the desktop software, QuickBooks is offering an online version which is hosted though the online edition.

Account Payable – records information about money that organization owes to suppliers and service providers

The expenses tab displays a whole list of expenses your business has made through checks and/or credit cards. This could include payments to customers, bills, USPS, Fed-Ex, the IRS and more. Paying your bills through QuickBooks online or printing checks will reduce unnecessary data entry and increase productivity. The next tab is the employees tab which display the names, phone numbers and email addresses of the employees. It helps manage employee time using a weekly timesheet. Tracking employee work time in QuickBooks can help measure productivity and can prove to be valuable for job costing purposes. The next tab is the sales tax center and records your sales tax payments. The box will display the name of the business, the gross sales, taxable sales, tax amount, adjustments, payments and the balance of the business after sales tax is payed. You can record your tax payments and view reports of past expenses.

QuickBooks has the ability to create a projected balance sheet, profit and loss statement and