Briefly explain the differences between a QuickBooks QBB file and a QBW file.
What will be an ideal response?
QBW files are used to enter transactions and other information and create reports. QBB files are for backup purposes. QBB files are compressed files and have to be restored as QBW files before transactions can be entered or reports created.
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Factory workers record attendance and job time at a payroll service bureau
Indicate whether the statement is true or false
A(n) ______________________________ cost is one that can be reasonably quantified, such as software purchase and insurance
Fill in the blank(s) with correct word
As part of a company's normal course of business, errors, omissions, and changes occur in the financial statements. Certain items may be reported on the income statement, some may directly adjust the balance in retained earnings, while others do not affect the current period's income statement or retained earnings. Required:
a. Consider a change in estimate, such as the useful life of an asset moving from five to eight years. How is this handled on the income statement and/or through the retained earnings account? b. Consider an error/omission, such as merchandise inventory being left out of the final yearly count. How is this handled on the income statement and/or through the retained earnings account?
What is a corporate chain?
A. businesses in which a supplier grants a dealer the right to sell products for a fee B. wholesale sponsored groups of independent retailers that band together C. an independent retail operation that employs 50 or more people D. a group of independent retailers that band together to set up a jointly owned, central wholesale operation E. two or more retail outlets that are commonly owned and controlled