B) Premier and higher C) Enterprise Solutions only 15.What is "Undeposited A) These are all the payments received but were not marked as deposited in the bank via QuickBooks B) These are the funds you have deposited in the bank, but the bank as not cleared yet as available for use C) All of the D) None of the Above 16.What does "Billable" Time and Expenses mean? A) These are expenses to which you receive a paper bill for B) These are expenses you would like to get reimbursed for by your clients C) This is time spend by an employee or subcontractor that will be INVOICED to your client later on D) Both C and D are correct 17.How do "Enter Bills -> Pay Bills" feature differ from "write check" feature? A) Enter bills for expenses recognized on the bill's date and use the Pay bills option to pay in the future, utilizing the Accounts Payable account. Write check is only used to create expenses that are immediately paid, bypassing Accounts Payables. B) bills for expenses recognized only on the day they get paid using the Pay bills option. Write check recognizes the expenses when the check clears the bank C) Enter Bills are assets that are converted to liability with the Pay bills function. Write checks records expenses paid by check only D) They all serve the same function and affect the accounting the same 18.What does Accounts Receivable mean? A) It means these are values customers owe us, typically from open invoices. B) These are the total amount of money owed to our vendors from open bills. C) are the invoices that were pre-paid before the product was delivered. D) None of the 19.Estimates and Purchase orders are as: A) Posting Transactions - affect accounting results B) Non-Posting Transactions - Do not affect accounting results C) Non-Deductible Transactions - these are not deductible from taxes based on special IRS rules D) None of the above
B) Premier and higher C) Enterprise Solutions only 15.What is "Undeposited A) These are all the payments received but were not marked as deposited in the bank via QuickBooks B) These are the funds you have deposited in the bank, but the bank as not cleared yet as available for use C) All of the D) None of the Above 16.What does "Billable" Time and Expenses mean? A) These are expenses to which you receive a paper bill for B) These are expenses you would like to get reimbursed for by your clients C) This is time spend by an employee or subcontractor that will be INVOICED to your client later on D) Both C and D are correct 17.How do "Enter Bills -> Pay Bills" feature differ from "write check" feature? A) Enter bills for expenses recognized on the bill's date and use the Pay bills option to pay in the future, utilizing the Accounts Payable account. Write check is only used to create expenses that are immediately paid, bypassing Accounts Payables. B) bills for expenses recognized only on the day they get paid using the Pay bills option. Write check recognizes the expenses when the check clears the bank C) Enter Bills are assets that are converted to liability with the Pay bills function. Write checks records expenses paid by check only D) They all serve the same function and affect the accounting the same 18.What does Accounts Receivable mean? A) It means these are values customers owe us, typically from open invoices. B) These are the total amount of money owed to our vendors from open bills. C) are the invoices that were pre-paid before the product was delivered. D) None of the 19.Estimates and Purchase orders are as: A) Posting Transactions - affect accounting results B) Non-Posting Transactions - Do not affect accounting results C) Non-Deductible Transactions - these are not deductible from taxes based on special IRS rules D) None of the above