None 00>Question 7If you set a closing date with a password, can a client's office managerwith standard access make changes to transactions? If so, how wouldyou track any changes they make in the closed period?Yes, but only if they know the password. Changes are flagged in theExceptions to Closing Date reportNo. Even if this user knows the password, they man't change transactions onor before the closing date. Only the accountant can track changesYes, but only if they know the password. There's no way to track changesYes, they can make changes to transactions, even without the password.Changes are flagged in the Exceptions to Closing Date report

Setting a closing date with a password in an accounting system is a crucial step in maintaining the…

Answered: 0 0 > Question 7 If you set a closing…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1MC: So far, computer systems cannot yet ________. A. receive data and instructions from input devices...

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So far, computer systems cannot yet ________. A. receive data and instructions from input devices such as a scanner. B. decide how to record a business transaction. C. communicate with other computers electronically. D. recognize that you made a mistake entering $100 when you meant to enter $101.
Client portals will allow a client to see basically all of the information regarding his/her account as of the day before. True False
Choose only one answer as well as state their reasons/rationale for the answer chosen. A customer entered the wrong account number on the memo line of the check mailed to the company. Consequently, another customer’s account was credited for that payment. The most effective way to prevent such problems would be to use:a. Turnaround documentsb. A validity check of customer account numbersc. Closed loop verificationd. Check digit verification of customer account numbers
Question 7 Which 2 options are benefits of using the Close the books feature? It can prevent users from changing transactions in a closed period It keeps unauthorized users from accessing the QuickBooks Online company It keeps track of any changes made to any transactions dated after the closing date It keeps track of any changes made after the closing date was set to closed period transactions It can prevent users from accessing any information in a closed period
Ma1. 1. Where can you enable account numbers for the chart of accounts? Multiple choice question A. The Enable account numbers slider from the Chart of Accounts screen B. The Advanced tab in Account and Settings C. The Customization option from Accountant Tools D. The Chart of accounts tab in Account and Settings 2. A client messaged you saying that there might be something wrong with the bank feed of their checking account. What would be the first thing to do to see if the bank feed will refresh? Multiple choice question A. Select the Troubleshoot button from the Advanced tab of Account and Settings B. Select the Pencil icon on the Checking account tile and select Contact bank C. Select the Update button in the Banking center D. Select the Pencil icon on the Checking account tile and select Troubleshoot 3. Which report would you use to show the least popular products? Multiple choice question A. Sales by Product/Service Summary B. Product/Service List…
Select one of the journal entry testing analytics from the following list and explain why it is useful in detecting journal entry fraud risk. Use the internet to find examples to support your answer. Round dollar entries Revenue reversals Unusual dates Management override General ledger close Dormant accounts
In a computer system, how are accounting records posted?a. master file is updated to a transaction fileb. master file is updated to an index filec. transaction file is updated to a master filed. master file is updated to a year-to-date filee. current balance file is updated to an index file
A backlog in recording transactions is an example of a warning sign from the accounting system. True False
What is the relationship between an account and item? What is the Chart of Accounts? What happens if you click on the Home icon? Which transactions in QuickBooks are considered Non-posting? How do you record a payment from a client that is paying multiple invoices? How does the “Enter Bills & Pay Bills” feature differ from the “write check” feature? How do you determine if a check has been reconciled in QuickBooks? How do you export QuickBooks Reports into excel? How do you switch to Multi-User Mode? What is the purpose of having a Single-User Mode? How does Accrual Basis of Accounting differ from Cash Basis? If you want to modify the account or name filters within a specific report you have open, where do you click? What is the keyboard shortcut for the date to jump to “Today’s” Date? What account(s) does an Inventory item post to when it’s purchased? What about when it’s sold? What account(s) does an Inventory item post to when it’s sold? What are some of the different types of…
Making closing entries using accounting software or cloud-based accounting applications, such as QuickBooks Online, is frequently an automatic procedure. Select one: True False
Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 2-30 are as follows: June 2. Issued Invoice No. 717 to Yee Co., $1,430. 3. Received cash from Auto-Flex Co. for the balance owed on its account. 7. Issued Invoice No. 718 to Cooper Development Co., $670. 10. Issued Invoice No. 719 to Ridge Communities, $2,840. Post revenue and collections to the accounts receivable subsidiary ledger. 14. Received cash from Cooper Development Co. for the balance owed on June 1. 16. Issued Invoice No. 720 to Cooper Development Co., $400. Post revenue and collections to the accounts receivable subsidiary ledger. 18. Received cash from Yee Co. for the balance due on invoice of June 2. 20. Received cash from Cooper Development Co. for invoice of June 7. 23. Issued Invoice No. 721 to Auto-Flex Co., $860. 30. Received cash from fees earned, $4,520. 30. Received office equipment of $1,800 in partial settlement of balance due on the Ridge…
Question 1 From the For review tab in the Banking center, how can you exclude a bank transaction that is a duplicate? Find transaction > Select Update in banner > Exclude Find transaction > Edit > Save and exclude Find transaction > Select Exclude under Action column Find transaction > Check box next to transaction > Select Exclude in banner

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