Which of the following CANNOT be entered during the set up of a new company?
A.Company name and address
B. Chart of accounts
C. Trial balance, open balance
D.Checking account statement balance
C.Trial balance, open balance
After QuickBooks sets up a chart of accounts during the Express Start or Advanced Setup, which of the following is TRUE?
A.Accounts open balances can be changed
B. It is possible to add more accounts later
C.New accounts can only be added during the Expre
B. It is possible to add more accounts later
Once you have completed the sign up of a new company file, how do you change company information such as business name, address, or phone number?
A. Select file, open company from the menu
B.Select file Express Start from the menu
C.Select company informa
C.Select company information from the menu
When you create a new company using the detailed setup Easy Step Interview, QuickBooks asks for your start date. What is the best definition of the start date in QuickBooks?
A.The date the company began operating
B.The date you sit down to start the new c
C. The date you chose to start recording the financial records in QuickBooks
What is the primary reason for setting a closing date in QuickBooks?
A.To transfer current year net income to retained earnings
B.To restrict users from deleting, editing or adding transactions to last year
C.To delete prior year transactions
D. To reduce
B. To restrict users from the leading, editing or adding transactions to last year
The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window?
A.Click the Help menu, About QuickBooks
B.Only technical support
D. Press the F2 key
Which of the following is a reason to create a new company file?
A. To start recording transactions for a new year because each file tracks only one fiscal year
B.QuickBooks cannot create more than one file
C.To start over when a company file has many err
C.To start over when a company file has many errors that are beyond repair
The company file you are working on is a mess. You decide to start a new file. At the same time you want to keep all the list I am preferences and just delete the transactions. How do you do this?
A.Create a company unselect copy settings from another com
B.Click the File menu, choose utilities, clean up company data, then choose default transaction option
Why might you need to restore a company file?
A.The company file on your hard drive is damaged or corrupted
B.The computer's hard drive is damaged
C. Do you want to review your company's data as it stood at an earlier period
D.All of the above
D.All of the above
You finished entering all the transactions for last year, and just sent the file to the tax preparer. How do you ensure that no one accidentally deletes or edits a transaction last year?
A.In the company information window select the first month in the fi
D.Set the closing date and password in the accounting preferences in the company menu
Which of the following is TRUE regarding journal entries?
A.General Journal entries require a good understanding of debits and credits and should not be used by non-accountants
B.Enter a General Journal entry when you are not sure which form to use
C.Gene
A.General Journal entries require a good understanding of debits and credits and should not be used by non-accountants
Which is a reason to NOT enter a general journal entry?
A.To enter transactions in another way instead of using built in forms
B.For accountants to make entries
C. For year-end adjustments
D.Enter depreciation
A. To enter transactions in another way instead of using built in forms
You have been asked to move the name of the customer and the customer center from the top of the list to the bottom of the list. How do you do this without renaming the customer?
A.Click to the right of the name then drag the name up or down the list
B. R
D.Click on the diamond to the left of the name and then drag the name up or down to the desired location
How would you track customer birthdates in QuickBooks?
A.Use the built in Excel link to track the information
B.Add a custom fields to the customer list
C.Use truck additional data feature in the customer center
D. You cannot track customer's birthdays
B.Add a custom field to the customer list
How do you move list entries to a different location on the list? For example, Customers.
A. Click to the right of the name and drag the name up or down the list
B.Click right on the name then select sort by selection
C. You can't use move list entries to
D.Click on the diamond to the left of the name and then drag the name up or down the list
Which of the following is NOT true regarding merging entries?
A.Merging effectively combined names on a list
B. QuickBooks allows you to merge an Expense account with an Income account
C.Merging entries effects past transactions
D. You can only merge name
B. QuickBooks allows you to merge an Expense account with an Income account
Your company just hired a subcontractor to work 40 hours per week. Which list should you add this person to?
A.Employees
B. Vendors
C.Subcontractors
D.Other names
B. Vendors
List entries may be deleted only when:
A.There is no balance, it has not been used and is not linked to anything that has been used
B.You entered a valid security password
C.List entries can never be deleted
D.The entry has not been used in the current ye
A.There is no balance, it has not been used and is not linked to anything that has been used
Which of the following statements is TRUE regarding items?
A.Items on a transaction do not affect the financial statements
B.When you set up a non-inventory item, QuickBooks assigns the current on hand quantity to the balance sheet
C. When you purchase or
C. When you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statement you selected when you set up the item
How do you make an item on the item list inactive?
A. Open the item list, click to select appropriate item, then click the activities button and select inactivate item
B. Open the item list, click to select the appropriate item, then click the bottom left
B. Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive
Which is an example of when to use a non-inventory part?
A. When you sell the item and need to track quantity on hand information
B. When you build a finished from components
C. When you buy the item and need to track quantity on hand information
D. When
D. When you buy and sell an item but do not need to track quantity on hand information
You are setting up a service item. What happens if you select the box next to this "service is performed by a subcontractor or partner" ?
A. QuickBooks provides fields so you can track purchase and sales information for that item
B. QuickBooks automatical
A. QuickBooks provides fields so you can track purchase and sales information for that item
When should you use the item tab on a bill or check?
A. To track sales tax
B. To see if expenses are recorded accurately
C. When you purchase inventory parts
D. All of the above
C. When you purchase inventory parts
You have to set up an item for shipping. What item should you use?
A. Inventory part
B. Non inventory part
C. Other charge
D. Service
C. Other charge
Your company sells unique items to every customer. They never sell the same service or products twice. What item should you set up in QuickBooks?
A. Set up a generic item and edit the description and price each time
B. Set up unique items for each sale an
A. Set up a generic item and edit the description and price each time
Which of the following statements is TRUE about entering and paying bills in QuickBooks?
A. If you record the bill in QuickBooks, use the write checks window or check register to pay the same bill
B. If you record the bill in QuickBooks, do not use the wr
B. If you record the bill in QuickBooks, do not use the write checks window or check register to pay the same bill
Which two steps do you follow to track accounts payable in QuickBooks?
A. Enter bills, pay bills
B. Enter bills, write checks
C. Pay bills, print checks
D. File bills, pay bills
A. Enter bills, pay bills
What is the quickest way to find an invoice from 6 months ago?
A. Click the help menu, search for invoice by date
B. Open a invoice and click the find button
C. Click the help and search for the invoice by number
D. Click the previous button until you fin
B. Open a invoice and click the find button
Which of the following elements on the invoice can you NOT customize?
A. Add your company logo
B. Which fields appear on the screen when someone creates an invoice
C. What will appear on the printed invoice
D. The amount of information you can type in eac
D. The amount of information you can type in each field
What is the Undeposited Funds account in QuickBooks?
A. An account used to record unpaid invoices
B. An account used to remove bounced checks
C. An account used to record payments you've made that have not been deposited yet
D. An account used to record p
D. An account used to record payments before you make a deposit
Which of the following statements is TRUE regarding Undeposited Funds?
A. It is an item type usually associated NSF fees
B. It is an account used to record unpaid invoices
C. It is an item type usually associated with bad debt
D. It is an account used to
D. It is an account used to record payments before you make a deposit
Which of the following CAN be memorized in QuickBooks?
A. Check
B. Bill Payment
C. Payment
D. All of the above
A. Check
Which of the following transactions CANNOT be memorized ?
A. Checks
B. Automatic bank withdraw
C. Bill payment
D. Credit card charge
C. Bill payment
Which of the following transactions CANNOT be memorized
A. Check
B. Invoices
C. Bill payment
D. Bills
C. Bill payment
How do record debit card transactions In QuickBooks?
A. You don't set up a debit card card at all
B. Use the write checks window, enter the check and write debit in the check number field
C. Open the check register and select debit card
D. Create sub acco
B. Use the write checks window, enter the check and write debit in the check number field
How do you record a debit card transaction in QuickBooks?
A. Set up a credit card type account and name it debit card
B. Use the write checks window or the check register and type debit in the check number field
C. Open the check register and select debit
B. Use the write checks window or the check register and type debit in the check number field
Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks?
A. Set up a credit card type account and name it debit card then use the Enter Credit Card Charges window
B. Use the Write Checks window or Check Re
B. Use the Write Checks window or Check Register and type debit in the check number field
Which of the following is a possible reason for a bank reconciliation discrepancy?
A. You did not record checks in QuickBooks that are dated after the bank statement date
B. The beginning balance calculated by QuickBooks does not match last months ending
B. The beginning balance calculated by QuickBooks does not match last months ending balance
When can you delete a check from QuickBooks without voiding it?
A. It is not possible to delete a check from QuickBooks
B. You printed or wrote a check but it will never be cashed. Example, the check was destroyed or lost
C. You printed or wrote a check b
D. You entered a check in QuickBooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was never really used
When should you VOID instead of delete a check?
A. You mistakenly printed checks on plain paper
B. You used the check number but it will never be cashed
C. You entered the same check number twice in QuickBooks
D. You accidently entered the handwritten che
B. You used the check number but it will never be cashed
The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do?
A. Record a transaction to show that the customer owes you that money but do not update your checki
B. Record a transaction to show the customer owes you the money and that the checking balance had decreased that same amount.
The bank notifies you that a customer's check you have deposited has bounced. The customer did not have sufficient funds to cover the check. What should you NOT do?
A. Call the customer and tell them to send another check
B. Record a transaction to show t
B. Record a transaction to show the customer owes you the money and the checking balance had decreased that same amount
When should you enter a customer credit memo?
A. To extend credit to a customer, i.e. Setup a revolving credit account
B. When a customer returns a product that is damaged
C. To record a customer payment against an invoice
D. Only after you issue a debit
B. When a customer returns a product that is damaged
What should you do after you click Save and Close on a Customer Credit Memo?
A. Print a bill payment stub
B. Apply the credit memo used in the Pay Bills window
C. Apply the credit memo against the customer's balance using the receive payments window
D. Ch
D. Choose between retained as an available credit, give a refund or apply to an invoice
Your company had to return some good to a vendor. How do you record the vendor credit in QuickBooks?
A. QuickBooks refunds the credit on the home page
B. Enter bill then click credit on top of the bill
C. Enter a journal entry
D. In the pay bills window,
B. Enter bill then click credit on top of the bill
Which of the following statement is TRUE regarding vendor credit memos?
A. Vendor credit memos are the same as statement charges
B. Vendor credit memos reduce what you owe the vendor
C. Vendor credit memos are sent to you when your account is overdue
D. V
B. Vendor credit memos reduce what you owe the vendor
There are two primary financial statements that summarize the chart of accounts. Which of the following is one of these reports?
A. Cash flow forecast
B. Balance sheet
C. Chart of accounts summary
D. Depreciation statement
B. Balance sheet
Which report is also known as an income statement and summarize income and expense for a month
A. Profit and Loss Standard
B. Balance Sheet Standard
C. Cash Flows and Forecast
D. Net Worth Summary
A. Profit and Loss Standard
Name the section of the Balance Sheet
A. Income, Expense, and Liabilities
B. Assets, Income, and Expense
C. Assets, Liabilities, and Expenses
D. Assets, Liabilities, and Equity
D. Assets, Liabilities, and Equity
When you run a profit and loss on the accrual basis what does QuickBooks include as income?
A. All sales entered with accrual journal entry
B. All sales except statement charge
C. All sales
D. Only sales for which you have been paid
C. All sales
Which of the following could explain why a profit and loss shows a profit, but the business owner doesn't have any money in the bank?
A. This is the difference between fund and class reporting
B. This is the difference between accounts receiving and accou
D. This is the difference between cash and accrual reporting
Which report shows how much you owe for sales tax?
A. Sales Tax Revenue Summary
B. 1099 Detail
C. Sales Tax Liability
D. AP Aging
C. Sales Tax Liability
Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the report tells you?
A. Report menu
B. View menu
C. Report center
D. Document center
C. Report center
What can you do in the report center?
A. Start the client data review
B. Add reports to QuickBooks
C. Run most reports in QuickBooks
D. Delete reports in QuickBooks
C. Run most reports in QuickBooks
How do you display a group reports?
A. Click the reports center icon then click the process multiple reports button
B. Click the reports menu then select process multiple reports
C. Click the file menu then click multiple reports
D. Click the process mult
B. Click the reports menu then select process multiple reports
How do you customize a report, i.e. change the information QuickBooks displays, change the title etc.
A. Click the customize report button on the report.
B. Click the reports menu then select process multiple reports
C. Click the file menu then click mult
A. Click the customize report button on the report.
How do you change text in the header/footer of a report?
A. You can't change the header/footer in QuickBooks. You would have to do this in Excel
B. Double click on the header or footer in the report you want to change
C. Click the customize reports button
C. Click the customize reports button on the reports and then change the header/footer tab
Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each reports?
A. You must customize each reports individually
B. Click the Reports menu and selec
D. Click the edit menu and select preferences then click the reports and graphs group to set your report preferences
If you have a customized report that you use each month, Which feature lets you run the report with updated data each month.
A. Updated Report
B. Memorize Report
C. Automate Report
D. Customize Report
C. Automate Report
How do you make a column on a report wider?
A. Right click on the column and select column width, enter the appropriate amount and click OK
B. Click the Format menu, select column width and enter the appropriate amount then click OK
C. Click the diamond t
C. Click the diamond to the right of the column and drag it to the right
How do add or delete columns on a report?
A. You cannot delete columns on a report
B. Click the reports menu and select customize columns
C. Click the Customize report button and on the display tab check (add) or (uncheck) remove columns
D. Click the Edit
C. Click the Customize report button and on the display tab check (add) or (uncheck) remove columns
How do you hide all subaccounts on a report?
A. Click the hide detail button
B. Click the hide subaccounts button
C. Click the modify reports button then the hide subaccounts then click ok
D. Click the collapse button
D. Click the collapse button
Why would you hide or collapse subaccounts on a report?
A. You cannot hide sub accounts on a report
B. To send the report to excel it must be collapse
C. Can only email a report that is collapse
D. To temporarily hide unnecessary detail and hide parent ac
D. To temporarily hide unnecessary detail and hide parent accounts
How can you open a QuickBooks report in Microsoft Excel?
A. You can't open a QuickBooks report in Excel
B. Click the Excel button on the top of any QuickBooks report.
C. Use the import from QuickBooks Wizard in Microsoft Excel
D. Select the view report in
B. Click the Excel button on the top of any QuickBooks report.
You sent a QuickBooks report to Excel and made some changes. How do you import the change in Excel back to QuickBooks?
A. Use the import from Excel Wizard in QuickBooks
B. You can't import changes in Excel back to QuickBooks
C. Open the original report an
B. You can't import changes in Excel back to QuickBooks
What is the purpose of an Audit Trail report?
A. Track attempts to access a restricted area
B. Track any changes and deletions to transactions and track which user makes the change or the deletion
C. To prepare the books for an accounting items or forms a
B. Track any changes and deletions to transactions and track which user makes the change or the deletion
How do you use a different forms template when creating a new transaction? (i.e. invoice)
A. Select edit Preference from the menu the click the customization icon and select the appropriate form template
B. Double click on the form title bar and select th
D. Open the the form, click the templates drop down list and select the appropriate form.
Which of the form templates CANNOT be customized in QuickBooks?
A. Checks
B. Invoice
C. Purchase order
D. All of the above
A. Checks
Which accounts are affected when you enter Time in QuickBooks?
A. None. Because time sheets are non-posting entries
B. Payroll expenses
C. Employee payroll balances
D. Accounts receivable
A. None. Because time sheets are non-posting entries
Which payroll service allows you to print state tax forms?
A. Basic payroll
B. Standard payroll
C. Enhanced payroll
D. Advanced payroll
C. Enhanced payroll
Which list represents the payroll service you can add to QuickBooks?
A. Basic (calculates taxes for you); Enhanced (adds state and federal tax forms); Assisted (intuit handles payroll taxes and forms); and Full Service (intuit processes payroll completely
A. Basic (calculates taxes for you); Enhanced (adds state and federal tax forms); Assisted (intuit handles payroll taxes and forms); and Full Service (intuit processes payroll completely)
What is the end result of payroll setup interview?
A. A payroll service option has been selected and you are ready to set up employees and taxes
B. Your first payroll is completed
C. QuickBooks has an accurate record of employee's earnings and deductions
C. QuickBooks has an accurate record of employee's earnings and deductions and payroll history and you are ready to create the first paycheck
(Repeat of previous question) What is the end result or a payroll setup interview?
A. A payroll service option is selected
B. Your first payroll is completed
C. QuickBooks has an accurate record of employees, earning deductions and payroll history and you
C. QuickBooks has an accurate record of employees, earning deductions and payroll history and your are ready to create the first paycheck
You new employee earned an annual salary of 40,000. How do you enter this into QuickBooks?
A. Divide 40,000 by the number of pay periods and manually enter this amount on each paycheck
B. Divide 40,000 by the number of pay periods, example monthly, and en
C. Enter 40,000 in the payroll info window
When you set up a new employee, how do you add a payroll deduction such as medical insurance?
A. In the new employee window, click the change tab drop down list and select employment info, then add the medical insurance payroll item below the employment d
B. In the new employee window, click the change tab drop down list and select payroll and compensate info and then add the medical insurance payroll item below the additions deductions and company contributions
What steps must you complete to use the payroll center to pay payroll liabilities?
A. Enter General Journal entries to record amounts due
B. Drag and drop liabilities to the payment calendar
C. Set deposit frequencies
D. Run payroll forms such as the 9-41
C. Set deposit frequencies
How do you pay, Payroll Liabilities in QuickBooks?
A. Click write check or use the check register, enter the amount and select payroll liability as the account in the expense tab
B. Click write check or use the check register, enter the amount and select
C. Select the payment you want to make from the pay scheduled liability, select view pay
You need to deduct money from an employee's paycheck for garnishment (e.g. child support) How do you do this?
A. On the paycheck, click the Expenses tab and enter the amount of child support as a negative
B. Setup and use a deduction type payroll item, an
B. Setup and use a deduction type payroll item, and be sure the item us linked to the appropriate liability account
For each functional area of QuickBooks Pro and Premier, i.e. Sales Accounts Receivable, Purchases, what levels of access can you grant to users?
A. You can prohibit access, grant full accessor grant selective access; these levels apply to all transactions
B. You can prohibit access, grant full access or grant selective access; these levels apply to specific transactions in that area
Assume that QuickBooks is now in Single User Mode. What does that mean?
A. Multiple users can access the company file, however their activities are restricted.
B. Only one user can work with each functional area
C. Only one user can access the company fil
C. Only one user can access the company file
Which of the following statements is TRUE regarding single user and multiuser mode?
A. To use QuickBooks in multi user mode the administrator and other users can have different versions of QuickBooks
B. Only the administrator is allowed in the file while
C. To use QuickBooks in multi user mode each user must have the same version of QuickBooks on their computer to have access
Which of the following editions of QuickBooks supports multiusers?
A. Enterprise solutions only
B. All versions support multiusers
C. Premier hirer
D. QuickBooks does not support multiusers
B. All versions support multiusers