question

How do you set up QB to automatically use discounts and credits?

answer

Choose Edit > Bills > Company Preferences, and then selected to automatically use discounts and credits

question

Suppose you have a sub-contractor who is 1099. Which list do add them too?

answer

Vendor List

question

What reason is there to use the Items tab when entering a bill?

answer

To assign a cost to a job or purchase inventory

question

What happens to inventory asset account when you enter a purchase order for inventory?

answer

No accounts are affected

question

When setting up a new company through the advanced detail set up, some info is optional and some is required. Which info is required by QB during the easy set up process?

answer

Company name

question

How do you set up multiple businesses in QB?

answer

Repeat the process of setting up new a company

question

During the advanced detail set up, you can turn on or off which features in the Easy Step Interview

answer

there are several features like sales tax, inventory, and progress invoicing

question

During the advanced detail set up, what dates should you use in the easy set up?

answer

The date you want to begin tracking company finances

question

Which can't be entered during the set up of a new company?

answer

Trial Balance

question

During advanced set up, how do you set up a new account in easy start-up?

answer

You can't

question

What does "double entry accounting" mean?

answer

always two account affected

question

After reconciliation, you notice QB calculated beginning balance different from the bank statement. What does this mean?

answer

someone deleted or altered previously cleared transaction

question

What basis do we view Financials?

answer

Cash and accrual

question

What are the accounts of P/L

answer

income, COGS and expenses

question

What report allows you to view changed transactions?

answer

Audit Trail report

question

How do you stop from editing transactions in a closed period?

answer

set up a closing date

question

What is equity

answer

Assets-Liab

question

How does QB use account type?

answer

To identify where the account is on the Finacials

question

What are the two main Financial statements?

answer

B/S and P/L

question

Purpose of Chart of Accounts?

answer

categorize financial transactions

question

When exporting reports to excel, which feature has the drop down list or each column?

answer

Auto filter

question

What happens when you QuickZoom on a number?

answer

shows more detail about the number in the report

question

What happens if you click a diamond on a report column?

answer

you can drag it to the right to make it bigger or to the left to make it smaller, if you drag it past the column, it hides completely.

question

What can you do in Reports and Graphs?

answer

change the summary basis for all reports, also you can change format option like fonts and colors and set which date to use for aging reports

question

How do you display batch/group reports quickly?

answer

Choose Preferences> process multiple reports

question

What options do you have to change a report when you click customize report?

answer

you can select display, filters, header & footer and fonts and number

question

How do you move columns in a report?

answer

Move cursor over column heading and click and drag column to desired postion

question

How to hide sub-account details in P/L?

answer

After running P/L, customize report, hide sub-account details

question

What does QB say when memorizing a report?

answer

report header, footer and columns but not the actual transaction

question

How to access reports in QB?

answer

report center

question

After exporting to excel, how import changes back to QB?

answer

you can't

question

What transactions make up the Vendor liabilities?

answer

Vendor balance detail

question

What happens when you click collapse on a report?

answer

it hides some accounts

question

How to create memorized reports?

answer

Open memorized report list, click memorized report, then new group

question

If you track Tax in QB, which category contain Sales Tax?

answer

Vendors and Payable

question

How to organize memorized reports?

answer

create a report group

question

Maximum names that can be included?

answer

14,500

question

What keyboard shortcut allows you to see a total for all four names list?

answer

F2

question

What do diamonds mean on certain lists?

answer

You can click on the diamond and move the location

question

What happens when you add a new entry to the list?

answer

adds new entry at the top of the list

question

How to combine two entries?

answer

rename the unwanted list entry to match the name of the list you want to merge into

question

What does the bounced check function do?

answer

Records NSF check and bank charges related to it, all the invoices related to the check show as unpaid, marks customer window with a bounced check alert

question

When to create estimates in QB?

answer

create a code or proposal

question

When should you never delete a check?

answer

once its been issued and it has been used

question

How to accept vendor credit?

answer

enter a bill

question

How to tracks accounts payable in QB?

answer

enter bill and use pay bills window

question

How to enter transaction in QB?

answer

By filling out forms such as invoices, bills and checks

question

Which form to use to enter petty cash expenditure?

answer

enter petty cash

question

How to set up QB to use discounts and credits?

answer

Edit>Preferences>Bill>Company Pref>use discounts and credits

question

How do you switch to multimode

answer

File>switch to multi-user mode

question

What are the major QB editions

answer

QB online, Pro, Premier, Enterprise

question

When and why to restore data file from back up

answer

- review prior data, file damaged, computer crashed

question

If your computer crashes that houses QB data what would you do

answer

restore it from back up file

question

When would you enter a journal entry

answer

To correct an error, do an adjustment, record transaction/depreciation

question

How to restore a back up file

answer

File>open or restore a company>restore a backup file>choose local back up>select the file and open>save the file

question

What happens if debit and credit is not equal in a journal entry

answer

QB will not allow you to record the transaction

question

Which is a back up option in QB

answer

Manual backup, automatic backup, future/unattended backup. All of them

question

The fundamental accounting equation that governs all accounting is:

answer

Assets = Liabilities+ Equity

question

Which of the following statements is true? a) Debits are bad because they reduce income b) Equity is increased by a net loss. c) Debits- credits = 0. d) Assets are increased with a credit entry.

answer

Debits- credits = 0

question

Under accrual accounting: a) A sale is not recorded until the customer pays the bill. b) Income and expenses are recognized when transactions occurred. c) An expense is not recorded until you write the check. d) You must maintain two separate accounting systems.

answer

b) Income and expenses are recognized when transactions occurred.

question

QuickBooks is: a) A job costing system. b) A payroll system c) A double-entry accounting system d) all of the above

answer

d) All

question

Which is not a method of accessing the data entry screens? a) Menus b) Home page c) Icon bar d) Data entry button

answer

d) Data entry button

question

In the New Customer window, you will find everything except: a) Customer name b) Customer Invoice/ Bill To and Ship To address c) Customer active/inactive status d) Year-to-date sales information

answer

d) Year-to-date sales information

question

You should record a sales receipt when the customer pays: a) By cash, check, or credit card at the time of sale b) By cash, check, or credit card at the end of the month c) Sales tax on the purchases d) For the order upon receipt of Invoice

answer

a) By cash, check, or credit card at the time of sale

question

Which statement is false? a) Invoices are very similar to the Sales Receipt form. b) Invoices decrease Accounts Receivable. c) Sales Receipts have no effect on Accounts Receivables. d) Invoices should be created when customers are going to pay after the date of the initial sale.

answer

b) Invoices decrease Accounts Receivable.

question

You may specify payment Terms on the New Customer window; however: a) The payment Terms will only show on Sales Receipt transactions. b) The Terms can only be changed once a year. c) The sales representative must be informed. d) You are also permitted to override the Terms on each sale

answer

d) You are also permitted to override the Terms on each sale

question

Your company has just accepted a payment for an Invoice. What should you do in QuickBooks to record this payment? a) Open the Invoice by clicking the Invoices icon on the Home page. b) Create a sales receipt by clicking the sales receipt icon on the home page c) Make a deposit by clicking the Record Deposits icon on the Home page. d) Receive the payment by clicking the receive payments icon on the home page.

answer

d) Receive the payment by clicking the receive payments icon on the home page.

question

Which of the following options is not available on the Available Credit window? a) Give a refund. b) Retain as an available credit. c) Apply to an Invoice. d) Use with Receive Payments.

answer

d) Use with Receive Payments.

question

What is the best way to write off a bad debt? a) Delete the original Invoice. b) Create a Credit Memo using a Bad Debt item and apply the credit to the past due Invoice. c) Create a Credit Memo for the amount of the past due Invoice and retain the available credit. d) Any of the above.

answer

b) Create a Credit Memo using a Bad Debt item and apply the credit to the past due Invoice.

question

In which of the following situations would you create a Credit Memo? a) You need to record a cancelled order that has already been invoiced but not paid. b) A customer returns merchandise and wants the return credited to a future invoice. c) A customer requests a refund. d) Any of the above.

answer

d) Any of the above

question

The Credit Memo Number should be: a) The next number after the Credit Memo Number on the Credit Memo. b) The next number after the Invoice Number on the last Invoice, followed by a "C." c) Any unique number. d) The same number as the Invoice to which the Credit Memo is linked, followed by a "C."

answer

d) The same number as the Invoice to which the Credit Memo is linked, followed by a "C."

question

You may record payments to your vendors by: a) Recording a manual entry directly into the check register. b) Using Write Checks to write and print a check without using Accounts Payable. c) Using Enter Bills to record Accounts Payable and then using Pay Bills to pay open Bills. d) All of the above.

answer

d) All of the above.

question

To display the Vendor Center: a) Click Vendors on the QuickBooks Home Page. b) Click the Vendor Center icon on the Icon Bar. c) Select the Vendor menu and then select Vendor Center. d) a, b, or c.

answer

d) a, b, or c.

question

You can add a vendor: a) Only at the beginning of the fiscal year. b) Only if you will purchase over $600 from that particular vendor and a Form 1099 will be issued. c) Only at the beginning of the month. d) At any time by selecting New Vendor in the Vendor Center.

answer

d) At any time by selecting New Vendor in the Vendor Center.

question

Which statement is true? a) Quickbooks records each Bill Payment in a bank account register (or credit card account register) and the Accounts Payable register. b) Bill Payments increase the balance in both the Checking account and the accounts payable account. c) You should assign Jobs to all discounts taken. d) You cannot make partial payments on a Bill.

answer

a) Quickbooks records each Bill Payment in a bank account register (or credit card account register) and the Accounts Payable register.

question

Which QuickBooks feature allows you to separate your income and expenses by line of business, department, location, profit center, or any other meaningful breakdown of your business? a) Job costing. b) Class tracking. c) Customer types. d) Vendor types.

answer

b) Class tracking.

question

When the Beginning Balance field on the Begin Reconciliation window doesn't match the beginning balance on the bank statement, you should: a) Call the bank. b) Change the amount in QuickBooks to match the bank's amount. c) Click Locate Discrepancies in the Begin Reconciliation window. Click Discrepancy Report and/or Previous Reports to research what has been changed since the last reconciliation. Then fix the problem before reconciling, d) Select the Banking menu and then select Enter Statement Charges.

answer

c) Click Locate Discrepancies in the Begin Reconciliation window. Click Discrepancy Report and/or Previous Reports to research what has been changed since the last reconciliation. Then fix the problem before reconciling,

question

Which statement is false? a) You can enter bank service charges using Enter Statement Charges. b) You can enter bank service charges on the Begin Reconciliation window. c) You can enter bank service charges using the Splits button on a register transaction. d) You can enter bank service charges using Write Checks before you start your reconciliation.

answer

a) You can enter bank service charges using Enter Statement Charges.

question

When you find an erroneous amount on a transaction while reconciling, correct the amount by: a) Selecting the Banking menu and then selecting Correct Error. b) Double-clicking on the entry and changing the amount on the transaction. c) Selecting the entry in the Reconcile window, then clicking Go To and changing the amount on the transaction. d) Performing either b or c.

answer

d) Performing either b or c.

question

To properly record a voided check from a closed accounting period: a) Delete the check in the register. b) Make a deposit in the current period and code it to the same account as the original check you want to void. Then delete both transactions in the Reconciliation window. c) Find the check in the register, select the Edit Menu, and then select Void Check. d) Change the amount of the check to zero.

answer

c) Find the check in the register, select the Edit Menu, and then select Void Check.

question

Which of the following columns cannot be displayed in the Checks and Payments section of the Reconcile window? a) Check #. b) Class. c) Date. d) Payee.

answer

b) Class.

question

What are two major types of reports in QuickBooks?

answer

Accounting and Business Management.

question

Use the Customize Report button on any report to: a) Add or delete columns or change the accounting basis of the report. b) Change the width of columns on the report. c) Print the report on blank paper. d) Memorize the report for future use.

answer

a) Add or delete columns or change the accounting basis of the report.

question

You cannot create a QuickReport for: a) Customers. b) Vendors. c) Items. d) Incorrectly posted entries.

answer

d) Incorrectly posted entries.

question

To create a report that lists each of your vendors along with their address and telephone information: a) Display the Vendor Contact List. b) Open the Search window and do a search for vendors and the corresponding Address and Phone numbers. c) Customize the Vendor database. d) You must create a Modified Report to see this information.

answer

a) Display the Vendor Contact List.

question

In order to analyze the profitability of your company, you should: a) Only analyze if the company is profitable. b) Create a Profit and Loss report. c) Review all detailed transaction reports. d) Review the financial exceptions report.

answer

b) Create a Profit and Loss report.

question

You can create Custom Fields for: a) Customers. b) Templates. c) Vendors. d) Both a and c.

answer

d) Both a and c.

question

The two types of Preferences are:

answer

User and company preferences

question

If you don't see the Favorites menu in your menu bar, you can turn it on in the: a) Customize Templates window. b) Customize Icon Bar window. c) View menu. d) Windows menu.

answer

c) View menu.

question

Which of the following is not an available Template type in QuickBooks? a) Credit Memo. b) Statement. c) Check. d) Sales Receipt.

answer

c) Check.

question

If you pay sales tax to more than one agency, you should use which of the following Item types? a) Sales Tax Group. b) Group. c) Inventory Assembly. d) Subtotal.

answer

a) Sales Tax Group.

question

If your vendor ships more than your ordered on a Purchase Order (an over shipment), which of the following actions would not be appropriate? a) You could refuse the extra shipment and send it back to the vendor without recording anything in QuickBooks. b) You could receive the extra shipment using an Inventory Adjustment transaction. c) You could receive the extra shipment into Inventory and keep it (and pay for it). d) You could receive the extra shipment into Inventory, and then send it back and record a Bill Credit in QuickBooks.

answer

b) You could receive the extra shipment using an Inventory Adjustment transaction.

question

When setting up a Group Item, where do you enter the sales price? a) Enter the price in the Sales Price field. b) Enter the price in the Item Pricing list. c) The Group Item does not include a Sales Price field. d) Enter the price in the Set Price window.

answer

c) The Group Item does not include a Sales Price field.

question

To activate QuickBooks Inventory: a) Select File menu and then select Preferences. b) Select Purchases - Vendors. c) Consult your accountant to determine the proper inventory valuation method. d) Select the Edit menu, then select Preferences, then click on the Items & Inventory Preference and then click the Company Preferences tab. Finally, click on the option that activates Inventory.

answer

d) Select the Edit menu, then select Preferences, then click on the Items & Inventory Preference and then click the Company Preferences tab. Finally, click on the option that activates Inventory.

question

The Inventory asset account: a) Tracks open Purchase Orders of Inventory Items. b) Decreases when Inventory is purchased. c) Increases when Inventory is sold. d) Increases when Inventory is purchased.

answer

d) Increases when Inventory is purchased.

question

In QuickBooks Pro, Premier, and Accountant, Inventory can do all of the following except: a) Provide reports on the status of each item in inventory including how many are on hand and how many are on order. b) Use the LIFO or FIFO method of determining Inventory cost. c) Calculate gross profit on Inventory sold. d) Track the open Purchase Orders for every Inventory item.

answer

b) Use the LIFO or FIFO method of determining Inventory cost.

question

In QuickBooks you are allowed to pass through billable expenses to customers: a) Only if you paid by credit card. b) If you paid by check or credit card, but you don't assign the Customer or Job to the expense. c) If you used a Bill, Check, or Credit Card Charge and assign the Customer or Job to which the expense applies. d) None of the above.

answer

c) If you used a Bill, Check, or Credit Card Charge and assign the Customer or Job to which the expense applies.

question

Which account types can be used in the expense tab of a purchase transaction to make the expense Billable? a) Cost of Goods Sold b) Expense c) Other Expense d) All of the above

answer

d) All of the above

question

If you want to assign expenses to a Customer:Job, but do not want to pass them through for reimbursement, do the following in a purchase transaction: a) Do not assign the Customer:Job; just enter the information in the Memo field. b) Assign the Customer:Job, and then click the checkbox in the Billable column to remove the checkmark. c) Delete the Invoice icon. d) a or b.

answer

b) Assign the Customer:Job, and then click the checkbox in the Billable column to remove the checkmark.

question

Which of the following tabs appear in the Choose Billable Time and Costs window: a) Items. b) Expenses. c) Time. d) All of the above.

answer

d) All of the above.

question

In an Invoice, you can automatically markup the pass-through expenses using the Markup Account option. It is available in the Choose Billable Time and Costs window on the: a) Items tab. b) Expenses tab. c) Time tab. d) All of the above.

answer

b) Expenses tab.

question

An easy and convenient way to process Payroll in QuickBooks for Employees on different Payroll schedules would be to: a) Move all Employees onto a single schedule b) Use the Payroll Schedule function in QuickBooks c) Outsource Payroll d) Make all Employees independent contractors

answer

b) Use the Payroll Schedule function in QuickBooks

question

Which of the following Payroll periods is not an option in QuickBook? a) Quarterly b) Biweekly c) Daily d) Semiannually

answer

d) Semiannually

question

Which Payroll Item cannot be created in the Payroll Setup Interview: a) Commissions b) Bonus c) Medical Insurance Deduction d) You can create all Items above during the Payroll Setup Interview

answer

d) You can create all Items above during the Payroll Setup Interview

question

Which is not an option when setting the accrual period for sick and vacation time? a) Beginning of the year b) Every month c) Every paycheck d) Every hour on paycheck

answer

b) Every month

question

The Payroll Setup Interview will not allow you to: a) Edit the default name for Payroll Items b) Associate deduction and withholding Items with Vendors c) Set the pay rate for an Employee d) Add two Employees with exactly the same name

answer

d) Add two Employees with exactly the same name

question

To properly affect the Payroll Items, which function (from the Employee section of the Home page) should you use to pay the Payroll taxes? a) Write Checks b) Pay bills c) Pay Employees d) Pay Liabilities

answer

d) Pay Liabilities

question

Voucher style checks, when used for processing Payroll, may contain: a) Earnings and tax withholdings b) Adjustments to net pay c) Federal filing status d) All of the above

answer

d) All of the above

question

The Payroll Liability Balances Report Identifies:

answer

Liability amounts by Payroll Item

question

Which statement is true? a) You can print pay stubs at any time. b) Pay stubs print two per page. c) If you find an error in a past paycheck, you should delete and recreate the paycheck to ensure accuracy. d) You cannot void a paycheck

answer

a) You can print pay stubs at any time.

question

To begin processing your Payroll: a) Select Write Checks from the Home page b) Select the Employees menu and then select Pay Scheduled Liabilities c) Select the Payroll menu and then select Process Payroll d) Choose Pay Employees from the Employees section of the Home page

answer

d) Choose Pay Employees from the Employees section of the Home page

question

Your company has decided to begin using QuickBooks at the beginning of the 2018 calendar year, which is also the fiscal year. The best start date for your company file setup is: a) January 1, 2018 b) The date when you first decide to use QuickBooks. c) December 31, 2017 d) There is no best start date, you can use whatever date is convenient.

answer

c) December 31, 2017

question

This chapter suggests that the best way to set up A/R and A/P balances in QuickBooks is to: a) Enter the total amount of A/R and A/P on a General Journal Entry dated on your start date. b) Enter the balance of each account by editing the accounts in the Chart of Accounts. c) Use a special account called A/R Setup to record the opening balances. d) Enter a separate novice for each open invoice and enter a separate for each unpaid bill.

answer

d) Enter a separate novice for each open invoice and enter a separate for each unpaid bill.

question

Setting up a company file does not include: a) Obtaining a business license. b) Selecting the appropriate chart of accounts for your type of business. c) Adding accounts to the chart of accounts. d) Entering Invoices.

answer

a) Obtaining a business license.

question

A good example of a liability account is: a) Inventory. b) Accounts Receivable. c) Advertising. d) Accounts Payable.

answer

d) Accounts Payable.

question

To ensure the accuracy of the information entered during setup, it is important to: a) Know your Retained Earnings. b) Verify that your Trial Balance matches the one provided by your accountant. c) Start at the beginning of the fiscal period. d) Know everything there is to know about accounting.

answer

b) Verify that your Trial Balance matches the one provided by your accountant.

question

Which of the following tasks does QuickBooks perform automatically at year-end? a) Creates adjusting journal entries to the income and expenses accounts that can be viewed in the General Ledger report b) Identifies expenses that are too high in comparison with prior years c) Adjusts the balance in the Retained Earnings account to reflect the net income or loss for the year d) Automatically backs up the data file

answer

c) Adjusts the balance in the Retained Earnings account to reflect the net income or loss for the year

question

Entering a date in the Closing Date field accomplishes which of the following: a) Determines which date QuickBooks will use to automatically close the year b) Determines which date QuickBooks closes your file c) Locks the data file so that no unauthorized users can add, change, or delete transactions datum on or before closing date d) Prepares a closing entry on that date

answer

c) Locks the data file so that no unauthorized users can add, change, or delete transactions datum on or before closing date

question

Voiding and Deleting transactions both do the following: a) Keep a record of the date, number, and detail of the transaction b) Completely remove all details of the transaction c) Zero out the debits and credits specified by the transaction d) both b and c

answer

c) Zero out the debits and credits specified by the transaction

question

To make an adjustment to Items as well as their associated accounts, create a: a) General Journal Entry b) Fixed Asset c) Zero-Dollar Check d) Memorized Transaction

answer

c) Zero-Dollar Check

question

At the end of the year, you should perform the following: a) Enter depreciation entries b) Perform a physical inventory c) If your business is a partnership, enter a General Journal Entry to distribute net income for the year to each of the partner's capital accounts. If your business is a sole proprietorship, enter a General Journal Entry closing Owner's Draw and Owner's Investments into Owner's Equity d) All of the above

answer

d) All of the above

question

Which statement is true for customer statements? a) provides summary of all accounts receivable activity for a customer b) statement are not available in QB c) Automatically assess and calculate finance charges for overdue accounts without any user intervention d) should only be created and mailed if the overdue balance is over $500

answer

a) provides summary of all accounts receivable activity for a customer

question

What happens when you press F2 in QB

answer

It opens product information window which includes version and company file information

question

If you choose to remove transactions as of a specific date from the "Condense Data" window, what does QB do?

answer

Removes all the transactions while leaving lists, preferences and service subscriptions intact.

question

What item type you use for inventory that you assemble from other items and then sell?

answer

Inventory assembly

question

If you associate a service item with two accounts, how does QB know which account to use on a transaction?

answer

When an item is on sales form it uses a/c under sales information in the item setup and when it is on purchase form, it uses the a/c under purchase information. You can setup tow different a/c to affect sales and purchase forms

question

For a bakery selling cup cakes the ingredients used to make cup cakes (flour, sugar, eggs..) and they use expense tab to assign the COGS. You need to setup an item for cakes. What item should you use?

answer

Non-inventory part

question

You own a company that repairs cars. What item type should you use for car repairs?

answer

Service

question

Which statement is true for items? a) you can use one item to represent different services or goods. b) Items allow you to track your sales in more detail without cluttering your chart of accounts or profit and loss c) to create an invoice d) All of the above

answer

d) All of the above

question

What are the benefits of using items?

answer

You can track actual quantity, saves time by automatically entering price and description on forms, allow to track more detail.

question

Which is not an item type? a) Inventory part b) Service c) Non-Inventory Part d) Incom

answer

d) Income

question

What a/c is affected when you sell an item?

answer

The account you selected when you set up the item

question

Which of the following payroll services are available with QB?

answer

Basic, Enhanced, Assisted

question

What form you must give to an employee?

answer

W2

question

When printing paychecks, what is the preferred check style to give an employee a paystub?

answer

Voucher style

question

How does entering time for a job affect job cost report?

answer

Entering just time does not affect job cost reports

question

What are the first two steps to set up payroll in QB?

answer

Sign up for a payroll service and complete payroll setup interview

question

What report should you use to help you complete the state unemployment tax form?

answer

Employee state taxes detail

question

How do you track sick or vacation time in QB?

answer

When you set up employee define how QB should accrue time, set up a sick or vacation wage item and pay an employee with sick or vacation wage item

question

Why you must set up deposit frequencies for the taxes or deductions your company has to pay (payroll liabilities)

answer

So that payroll liabilities show up in the pay taxes and other liabilities list in the payroll center

question

When should you use write checks to pay payroll liabilities so your payroll reports are accurate?

answer

You should not, always use pay employees from the employees menu

question

Why payroll info tab is important when setting up a new employee?

answer

Whatever is enter here affects pay check, unless you change the information on the paycheck itself.

question

When do you use the expense tab on a payroll liability check?

answer

To enter late fees, penalties or interest as they don't affect the actual liability

question

How to customize estimates so it looks similar to your customized invoice in QB?

answer

Lists>Templates>select the form you want to duplicate> then click templates button and select duplicate. Then select the type of template you want to create with the same look, in this case, estimate.

question

You customized the invoice but QB is still showing the default invoice . How do you fix it?

answer

On the invoice, click the template drop down arrow and select your customized invoice.

question

What do you do to move the address showing on the top to the bottom of the invoice?

answer

Use the layout designer to move it

question

You print an invoice but some of the information is cut off. How do you fit it to your invoice print?

answer

Use layout designer to make the field wider

question

How to set up multiple users in QB?

answer

Choose company>set up users and passwords>set up users

question

How to edit a collections letter in QB?

answer

Choose company>prepare letters with envelopes>customize letter templates

question

You don't know how a form (e.g invoice) looks when you print it. How can you change it?

answer

Click formatting tab at the top of the form, then click customize data layout.

question

If you have to track a specific information about your customers that QB doesn't track. What is the best way to do it?

answer

Edit a customer and click additional info tab> click define field to create a custom field to track anything you want.

question

How do you customize QB color scheme and adding or removing items from the Home page?

answer

Edit>preferences>desktop view

question

Which of the function can only be performed by the administrator?

answer

Add new users and change their access previleges.

question

How can you make any accounts sub accounts of another account?

answer

Click on the diamond to the left of the account, drag it below the appropriate parent account and release the mouse button. Then click on the diamond again, drag it to the right and release the mouse button. Another way is to go to the chart of accounts, select the account, right click then select edit, it opens the details of the account, check on the sub account box and then select the parent account and save.

question

You have been hired by a company that started in 1911 they have never used quick book. during the easy set up interview what "Startdate" should you use?

answer

the date you want to begin tracking the company's finances in Quickbooks.

question

When setting up a new company through the easy step interview, some company information is optional and some is absolutely required. which if the following pieces of information does quick book require you to enter? a) Company name b) Company Password c)Tax ID d) All of above

answer

A) company name

question

Which of the following is not a backup option in quick book? a)Manually back up the files b) Automatically Backup the data file when closing quickbooks c)schedule an unattended backup d)All of above

answer

d) All of above

question

If you choose to "Romove transactions as of a specific date" from the "Clean up Company data" window, what does Quickbooks do?

answer

Removes all transactions while leaving lists, preferences, and service subscriptions intact

question

What do the diamonds mean on the certain lists(for example the diamond to the left of each customer:Job)?

answer

you can click on the diamond and move the list entry to a different location on the list

question

What is the maximum number of names that can be included on the Names lists in Quickbooks Pro and Premier?

answer

14,500

question

What item type should you use for inventory that you assemble from other items and then sell?

answer

Inventory Assembly

question

Which of the following statements is true concerning items? a) You can use one item to represent different services or goods b)Items allow you to track your sales in more detail without cluttering your Chart of Acocunts or Profit & Loss c) To creat an invoice, you must use an item d) All of above

answer

D) All of above

question

When should you create an invoice in Quickbook?

answer

When a customer purchases goods and services but does not pay you at the time of the sale

question

When should you use a Sales Receipt in Quickbook?

answer

To record a customer payment at the time of sale

question

How do you track accounts payable in Quickbook?

answer

Enter a bill, and then use the pay bills window

question

What transaction/form do you begin with to enter a vendor credit?

answer

"Enter bill"

question

When setting up a new employee, what is important about the Payroll info tab?

answer

Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself

question

How do you create a memorized group of reports?

answer

Open the "Memorized report list" then click "memorized report > New group"

question

What is the purpose of sub accounts?

answer

Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those account

question

When you run Financial statements in quick book, what bookkeeping basis can you use to view the report? a) Cash basis b) Accrual Basis c) You can switch the bookkeeping basis if you want d) All of above

answer

D) All of above

question

What are the two main financial statements you can run from the "Company and Financial" category of reports?

answer

Balance Sheet, profit and Loss

question

Suppose your address information appears on the upper left of your invoice and you want to move it to the lower right. How would you do this?

answer

Use the Layout Designer

question

You need to enter the same transaction each month(for example, an insurance payment). how can you automate this process in quick book?

answer

While the transaction is on the screen, choose "edit>Memorize check" (or the name of the transaction)

question

When should you use a sales receipt in QB?

answer

To record a customer payment at the time of sale

question

When should you create an invoice in QB?

answer

When the customer purchases goods or services but does not pay you at the time of purchase.

question

When you invoice for time and costs, where does the QB gets the billable time or costs?

answer

From billable time entered on time sheets and/or billable costs entered on checks and bills.

question

When you create a statement and select "all open transactions as of statement date" what does QB show on statement?

answer

Open transactions as of the statement date

question

What options do you have after you create a credit memo in QB?

answer

Retain as an available credit or give a refund or apply to an invoice

question

What transaction should you enter if a customer returns a damaged products or incase of service, complaints so much you decide to offer a refund?

answer

Issue a credit memo in QB

question

What is the purpose of Progress invoicing?

answer

To invoice from an estimate in increments (when Progress invoicing is turned on from Preferences, you can create invoice from estimates and have 3 choices; 1. invoice for entire estimate, 2. invoice for % of the estimate, 3. invoice for selected items

question

You want to issue 1099 to a contractor for his services. How would you do it?

answer

Step 1. Vendor>edit vendor>additional info tab>check vendor eligible for 1099 and should have TAX ID entered Step 2. Edit>Preferences>Tax:1099>Company preferences>mark yes to the question do you file 1099 Step3. Vendor > Print/efile 1099>1099 Wizar>Get started

question

Which report will not let you enter a range of reporting dates?

answer

Balance Sheet as it is as of date and not for a range of dates

question

Which report is also called income statement?

answer

Profit and Loss

question

Which report shows Company's financial position? a. Balance Sheet b. Chart of Accounts c. Profit and Loss d. Cash Flow

answer

Balance Sheet

question

Adjusting Journal entries are used to record a. Depreciation b. Expired prepaid Expense c. Both a and b d. None

answer

c. Both a and b

question

How to print General Ledger report?

answer

Reports>Accountants & Taxes>General Ledger>Print icon

question

Which report will list the details of transactions by Account?

answer

General Ledger

question

How to post a Journal Entry?

answer

Once you record an entry just click save or next, this will post the JE

question

Can you Edit a posted Journal Entry?

answer

Yes, go to the particular journal, make the changes and then save.

question

Can you drill down to transactions from any QB reports?

answer

Yes, it shows a Zoom magnifier for drilling down by clicking which it takes to the transaction

question

Company Snapshots shows the company's trends and progress in 3 dimensions. Name the three areas/dimensions?

answer

Company, Payment, Customer

question

Can you email a report from QB? If yes, in what format?

answer

Yes, reports can be emailed in either excel or pdf.

question

Your company is running out of checks. Can you order check from QB?

answer

Yes, Banking>Order checks & Envelopes> Order checks

question

How to verify your current payroll set up in QB for errors or missing information?

answer

By running Payroll Check up by going to: Employees>My Payroll Service>Run Payroll Check up

question

How many types of QB files and what are their extensions?

answer

1. Working file-extension .QBW 2. Portable file-extension .QBM 3. Backup file-extension .QBB

question

QB has an option to convert accountants copy transfer file. True or False

answer

True

question

Is it possible to open multiple company files in QB?

answer

Yes, but only if you are using QB Accountants or Enterprise version

question

You can view a transaction on a Calender. True or False

answer

True, the calendar displays transaction on the entered date and the due date

question

QB has a mobile app for smartphone. True or False

answer

True, there are 2 QB apps, QB for windows for desktop application and the other is for QB online

question

Retained Earnings has a register to view transactions. True or False

answer

False, Each asset, liability and Equity account has a register to view or edit transactions except retained Earnings a/c

question

What are the 3 types of QB help available to the users

answer

1. Support resource through QB Help menu 2. QB learning center 3. Certified QB ProAdvisors (independent consultants)

question

How can you add a new job for an existing customer? a. You cannot b. Select the customer>then select Add Job from the new customer drop down menu c. List>Customer jobs>Add new d. Add another line on the Customer invoice

answer

b. Select the customer>then select Add Job from the new customer drop down menu

question

The Undeposited Funds account is a special account that is automatically created by QB. True or False

answer

True, works as a temporary holding a/c where QB tracks monies received

question

How to handle a payment when you don't want to apply the full amount of customer payment to an invoice?

answer

Reduce the amount in the payment column when you are applying the customer payment. Later on you can either issue a credit or refund the amount or apply to future invoice

question

What does new feature Income Tracker of QB 2014 provides?

answer

Provides a fast track of unbilled and upaid sales transactions.

question

The main 2 types of sales report are:

answer

Sales by Customer Summary Sales by Item Report

question

You can also Quick Add a customer or Vendor from Forms. True or False

answer

Yes

question

How to activate Class Tracking in QB?

answer

Edit>Preferences>Accounting Preference>Company Preference>Check use class tracking for transactions

question

QB allows you to attach electronic documents to transactions, such as invoices, Bills. True or false

answer

True, look for the attach File button in the upper hand section of the transaction window in QB

question

Per Item Price Levels is also a QB feature

answer

Yes, but only available in QB Premier and above.

question

Which report can be run to view all checks sorted by check number?

answer

Missing Checks report

question

What accounting behind the scene QB does when you record credit card charges?

answer

It increase Credit Card Payable liability (credits) a/c and increases the expense a/c (debits) shown at the bottom of the window where you entered credit card charges

question

Quick report can quickly give you detailed transaction about account, item, customer, vendor or payee. You can generate a quick report from: a. Chart of Accounts b. Centers c. Lists d. Registers or Forms e. All of the above

answer

e. All of the above

question

How can you track subcontracted services in QB? a. You cannot b. By setting up two sided Service item to track both the income and expense c. By setting up Class d. By creating non-Inventory Item

answer

b. By setting up two sided Service item to track both the income and expense

question

What should you do if you are not able to enter inventory items on a bill? a. Contact QB b. Enter inventory in Expense tab of the Bill c. Activate the inventory function by going to Preferences>Items and Inventory>Company preference>check inventory and purchase orders are active d. You need to upgrade QB

answer

c. Activate the inventory function by going to Preferences>Items and Inventory>Company preference>check inventory and purchase orders are active

question

QB automatically adjust the inventory as a result of physical inventory count. True or false

answer

False, you need to manually adjust the inventory after a physical count

question

Inventory Assembly is a feature of: a. QB Premier b. QB Pro c. QB Accountant d. a and c

answer

d. a and c

question

Employees default feature allows you to: a. pay employees automatically b. calculate taxes automatically c. define defaults for your payroll record d. There is no such feature

answer

c. define defaults for your payroll record so that each time you add a new employee you don't have to enter the same information over and over. Employee Center>Manage employee>change new employee default settings

question

You cannot have account numbers for your accounts in QB. True or False

answer

False, you just need to activate it by going to Preferences>Accounting>Company preferences>check use account numbers box

question

What are the 3 ways to remove an account from Chart of Accounts?

answer

1. Delete the a/c 2. Deactivate the a/c 3. Merge the a/c with another a/c

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