QuickBooks MCQ Questions Answers

1. Where does QuickBooks get the billable time and costs information when you invoice for time and costs?

2. What does QuickBooks do with net profit at the beginning of a new year?

3. Your company manufactures widgets that contain multiple inventory items. What is the best way to manage your inventory?

4. What happens when you void an invoice?

5. After paying a bill in the Pay Bills screen, QuickBooks automatically creates a journal entry behind the scenes that will do what?

6. What is QuickReport in QuickBooks?

7. What must you do before using the Pay Bills option in QuickBooks?

8. When entering a journal entry, the debits do not equal the credits. What will QuickBooks do in this case?

9. A customer pays you in full for your product when they order it. Which form should you use to record this transaction in QuickBooks?

10. After creating your Chart of Accounts, you decide some accounts should be subaccounts. How can you make this change?

11. Your accountant calls and needs to know which version of QuickBooks you are using. What is the easiest way to find out?

12. What type of data file is used to enter data and transactions?

13. Time Tracking in QuickBooks cannot be used to complete which task?

14. Why is it important during payroll setup to enter your deposit frequencies?

15. If you are tracking sales tax in QuickBooks, where will you find the reports needed to pay the taxing authorities?

16. Each partner in a company is compensated based on the net profit of the work they manage. Which QuickBooks feature would you use to track each partner's net profit?

17. Your rent is the same amount each month. What is an easy way to pay this?

18. Which QuickBooks feature would you use to compare the net profit for each project you perform for the same customer?

19. Last month you successfully reconciled your checking account, but when you try to reconcile this month, the beginning balance calculated by QuickBooks is different from the beginning balance according to the bank. What might have happened?

20. How can you edit a collection letter?

21. How do you create a loan in QuickBooks?

22. QuickBooks uses a system called double-entry accounting. What does this mean?

23. You just hired your first employee. What are the first two steps in QuickBooks to set up your payroll?

24. How can you display or print a batch or group of reports quickly?

25. How can you move your QuickBooks Desktop company file, with all of your data, to a new computer?

26. When a customer's deposit is recorded using the Make Deposits window, QuickBooks creates a behind-the-scenes journal entry that will do what?

27. During the Advanced/Detailed Setup process, you notice there are some accounts you would like to add to your Chart of Accounts that are not on the default list. What is the easiest way to accomplish this?

28. What feature lets customers know how long they have to pay you?

29. You are setting up QuickBooks for the first time for a company that was established in 2001. During the Advanced/Detailed Setup, what should you enter as the start date?

30. Which two accounts are typically affected by Payroll Items when using the Payroll feature?

31. How do you record a debit card purchase in QuickBooks?

32. Why is setting a closing date in QuickBooks a good practice?

33. Is it possible to merge two list entries?

34. When would the Expenses tab on a payroll liability check be used?

35. When initially setting up a company through the Advanced/Detailed Setup, which information does QuickBooks require you to enter?

36. In the case of a subscription or monthly fee, what does the batch invoicing process allow you to do?

37. For whom can you create a password during the Advanced/Detailed Setup?

38. What is the easiest way to set up multiple companies, with the same owner, in QuickBooks?

39. You cannot use the Enter Bills > Pay Bills approach to pay what type of bill?

40. sales tax owed can be determined by which report(s)?

41. When closing out the company's book for the year, which report is a must have?

42. Ctrl + I is a keyboard shortcut for:

43. QuickBooks is driven by which of the following?

44. When should you enter a customer credit memo?

45. How should the checking account be set up in QuickBooks?

46. The best method for tracking a customer's prepayments, deposits or down payments in QuickBooks is:

47. Which payment options does QuickBooks support?

48. Which is (a) common reason(s) to use a journal entry?

49. Using items helps a bookkeeper by:

50. When entering a partial payment from a customer, which item should you use?

51. In which window do you enter a new customer?

52. What is the extension for QuickBooks?

53. When invoicing a customer who requires sales tax, which of the following must be done?

54. Estimates are created in QuickBooks when:

55. Bill would like to create an invoice for his customer. When should he process the invoice?

56. First two steps to set up payroll in OuickBooks?

57. How to ensure that an invoice detail appears on a customer statement?

58. Progress Invoicing allows you to do which of the following?

59. To create a service item. which of the following sets Of steps should be followed?

60. Pressing 'Y' in the date f‌ield does which of the following?

61. What is equity?

62. Company B would like to preview a year to date P & L report. Which of the following options should they choose?

63. Lisa is reviewing her company's sales tax liability report and notices a variance between sales tax liability and sales tax payable on the balance sheet. How should she make adjustments to correct the sales tax liability account?

64. Sandy, who is a bookkeeper, needs to setup a Subcontractor item in the Chart of Accounts. Which list should she use?

65. Double clicking the diamond on the report column will trigger which of the following actions?

66. Which account does not have an account register?

67. The Cookie Company would like to value their inventory. Which method in QuickBooks Enterprise should be used?

68. Creating a credit memo in QuickBooks allows you to do which of the following?

69. The keyboard shortcut for Quick Report is:

70. What will be a possible bank reconciliation discrepancy?

71. Suppose you are a bookkeeper with Tom's Consulting Services; he has asked you to perform a month-end bank reconciliation. All transactions have Cleared and balanced with your bank statement; however, there are some minor discrepancies. What could be affecting the variance?

72. The accounts payable manager needs to know which payables are due in QuickBooks. What is the best option?

73. In order for QuickBooks to calculate payroll. which of the following is required?

74. Which are payroll item type(s)?

75. How to remove an accountant from QuickBooks?

76. In QuickBooks, cleared checks can be verified by which of the following?

77. Cooper Bookkeeping Services maintains the books for a Construction Company A. At year end, they are expecting to f‌ix some accounting errors. Which statement will be an appropriate use for a journal entry?

78. What accounts are affected when you sell an item from services or goods?

79. Best way to Offset accounts receivable against accounts payable with customers who are vendors?

80. If an item costs $120.00 and the rounding feature is set to 1.00 minus .11, what will be the price?

81. What is the best way to write off bad debit?

82. Cookie Company LLC has three locations; which edition of QuickBooks should they consider if the company needs to combine financial reports from each location?

83. In QuickBooks, the base item is known as:

84. In what ways does QuickBooks track sales tax?

85. How many users does the Plus version support simultaneously, including accountants?

86. Which form should be given to an employee?

87. Tom is an independent contractor and his annual earnings for 2015 were $ 1500.00. Which tax form should he be receiving from his employer?

88. Which function can be performed by Administrator?

89. Name the sections of a Balance Sheet.

90. Which primary financial statements that summarizes the chart of accounts?

91. What does the Year-End Guide display?

92. What can you do in the report center?

93. Suppose you work in a company that repairs skateboards. Which item type should you use?

94. When you enter a purchase order for inventory, which accounts are affected?

95. Which Year-End report shows all accounts and their balances?

96. The keyboard shortcut for Windows Help is:

97. How are Memorized reports organized?

98. How do you record debit card transactions in QuickBooks?

99. In the Working Trial Balance, 0.00 stands for:

100. When using the Premier Accountant, what permission should you have to view the Working Trial Balance?