> > QuickBooks MCQs > Basic QuickBooks MCQs

Basic QuickBooks MCQ

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

From the billable costs uploaded from an Excel workbook

From the billable time entered on timesheets

From you manually entering the line items on the invoice

From the billable time entered on timesheets and/or billable costs entered through checks and bills

Answer

Correct Answer: From the billable time entered on timesheets and/or billable costs entered through checks and bills

Note: This Question is unanswered, help us to find answer for this one

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

Subtracts net profit from an Owner's or Shareholder's Equity account.

Adds net profit to an Owner's or Shareholder's Equity account.

Adds net profit to Stockholder's Equity.

Adds net profit to Retained Earnings.

Answer

Correct Answer: Adds net profit to Retained Earnings.

Note: This Question is unanswered, help us to find answer for this one

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

Create a group that contains all of the components of the widget.

Create an Inventory Part called Widget, and do a journal entry to adjust inventory manually after each production run.

Each time you manufacture a widget, adjust the inventory for each item through the Inventory Adjustments window.

Utilize the Inventory Assembly item type.

Answer

Correct Answer: Each time you manufacture a widget, adjust the inventory for each item through the Inventory Adjustments window.

Note: This Question is unanswered, help us to find answer for this one

4. What happens when you void an invoice?

The invoice number changes to the word Void, and the invoice remains available for reference with a zero balance due.

The invoice is removed, and the next invoice will receive the number of the voided invoice.

The invoice number can't be used again, and the invoice details cannot be viewed.

The invoice number can't be used again, the word Void is added to the memo, and the invoice remains available for reference with a zero balance due.

Answer

Correct Answer: The invoice number can't be used again, the word Void is added to the memo, and the invoice remains available for reference with a zero balance due.

Note: This Question is unanswered, help us to find answer for this one

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

Debit Cash and credit Accounts Payable.

Debit Cash and credit Prepaid Expenses.

Credit Cash and debit Accounts Payable.

Credit Cash and debit Prepaid Expenses.

Answer

Correct Answer: Credit Cash and debit Prepaid Expenses.

Note: This Question is unanswered, help us to find answer for this one

6. What is QuickReport in QuickBooks?

A QuickBooks report in a graphical format

A snapshot of the Profit and Loss report

Any QuickBooks report

A predesigned report that shows more detail about the data you are currently viewing on screen

Answer

Correct Answer: A predesigned report that shows more detail about the data you are currently viewing on screen

Note: This Question is unanswered, help us to find answer for this one

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

Enter the bill.

Create a purchase order.

Have funds in your checking account to cover the payment amount.

Provide an email address for the vendor so you can send payment confirmation.

Answer

Correct Answer: Have funds in your checking account to cover the payment amount.

Note: This Question is unanswered, help us to find answer for this one

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

Record the transaction as entered.

Ask to which account you would like to post the balance.

Not allow you to record the transaction.

Post the difference to an adjustment account.

Answer

Correct Answer: Record the transaction as entered.

Note: This Question is unanswered, help us to find answer for this one

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?

Receive Payments

Invoice

Sales Receipt

Make Deposit

Answer

Correct Answer: Sales Receipt

Note: This Question is unanswered, help us to find answer for this one

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

Click the account to select it, and then click Lists > Chart of Accounts > Make subaccount.

Right-click the account and choose Make subaccount.

In the Edit Account dialog box, select the Subaccount of check box, and then select the parent account in the drop-down list.

You cannot make an account a subaccount once it is part of the Chart of Accounts.

Answer

Correct Answer: In the Edit Account dialog box, select the Subaccount of check box, and then select the parent account in the drop-down list.

Note: This Question is unanswered, help us to find answer for this one

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

Press the F2 key (Windows) or select Help > Product Information (Mac) to display the version information.

Reopen your QuickBooks file and wait for the version to show up on the opening screen.

On the Home Page, select Help and type Version in the search box.

Go to www.quickbooks.com and view your account details.

Answer

Correct Answer: Reopen your QuickBooks file and wait for the version to show up on the opening screen.

Note: This Question is unanswered, help us to find answer for this one

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

QBX

QBW

QBB

QBM

Answer

Correct Answer: QBB

Note: This Question is unanswered, help us to find answer for this one

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

To track the cost of an employee's gross pay by job

To flag when you need more staff for a project

To provide the hours an employee worked on a paycheck

To invoice a customer for time spent on the job

Answer

Correct Answer: To track the cost of an employee's gross pay by job

Note: This Question is unanswered, help us to find answer for this one

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

You do not need to enter your deposit frequencies, as QuickBooks enters that information for you automatically.

The Pay Scheduled Liabilities list in the Payroll Center will be accurate, so all taxes are paid in a timely manner to avoid late payments or penalties.

Most state agencies require this. If deposit frequencies are not set up correctly, a warning will go to the taxing authority.

QuickBooks needs this information to automatically make the payments for you on or before the due date.

Answer

Correct Answer: The Pay Scheduled Liabilities list in the Payroll Center will be accurate, so all taxes are paid in a timely manner to avoid late payments or penalties.

Note: This Question is unanswered, help us to find answer for this one

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

Tax Liability

Sales Reports

Sales Tax

Vendors and Payables

Answer

Correct Answer: Tax Liability

Note: This Question is unanswered, help us to find answer for this one

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?

Accounts

Customer and Vendor Types

Classes

Groups

Answer

Correct Answer: Groups

Note: This Question is unanswered, help us to find answer for this one

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

Click the Automate button when the transaction is on the screen.

Click the Schedule button when the transaction is on the screen.

On the Home Page, click File > Automate Transaction.

Create a memorized transaction.

Answer

Correct Answer: On the Home Page, click File > Automate Transaction.

Note: This Question is unanswered, help us to find answer for this one

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

Jobs

Job Types

Classes

Customer Types

Answer

Correct Answer: Customer Types

Note: This Question is unanswered, help us to find answer for this one

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?

Someone changed or deleted a transaction you cleared on the prior reconciliation.

Someone added a new transaction and backdated it.

Another user changed the beginning balance.

The bank may have transposed a number on a check or deposit.

Answer

Correct Answer: Someone added a new transaction and backdated it.

Note: This Question is unanswered, help us to find answer for this one

20. How can you edit a collection letter?

Click Company > Prepare Letters with Envelopes > Customize Letter Templates.

After opening the letter, click Edit Template at the top of the letter.

Download the letter to Word, edit it in Word, and save it for future use.

You can't. If a stock template doesn't meet your needs, create your own template from scratch.

Answer

Correct Answer: After opening the letter, click Edit Template at the top of the letter.

Note: This Question is unanswered, help us to find answer for this one

21. How do you create a loan in QuickBooks?

Create a Liability account.

Create a Loan account.

Use the Loan Manager.

Select Banking > Create Loan.

Answer

Correct Answer: Select Banking > Create Loan.

Note: This Question is unanswered, help us to find answer for this one

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

The Equity and Asset accounts are involved in every transaction.

Two different classifications of accounts are part of each entry, so you cannot have an entry going to two different asset accounts.

There are at least two accounts involved in each transaction, to include at least one debit and one credit.

An Income or Expense account needs to be part of each transaction.

Answer

Correct Answer: There are at least two accounts involved in each transaction, to include at least one debit and one credit.

Note: This Question is unanswered, help us to find answer for this one

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

Complete the Payroll Setup Interview and add your new employee.

Turn on payroll through your preferences and complete the Payroll Setup Interview.

Answer

Correct Answer: Sign up for a payroll service and complete the Payroll Setup Interview.

Note: This Question is unanswered, help us to find answer for this one

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

Create a memorized group of reports.

Click Batch Reports from the Home Page.

Click Reports > Process Multiple Reports.

You cannot do this in QuickBooks.

Answer

Correct Answer: Click Reports > Process Multiple Reports.

Note: This Question is unanswered, help us to find answer for this one

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

Create a portable file and restore it to the new system.

Export your company file to Excel from the old computer, then copy this file over to your new computer.

Install QuickBooks on the new computer, back up your company file on the old computer, and restore the file to the new system.

Condense the data file on the old computer to the drive space. Back up the file and then restore the condensed data file to the new computer.

Answer

Correct Answer: Export your company file to Excel from the old computer, then copy this file over to your new computer.

Note: This Question is unanswered, help us to find answer for this one

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?

Credit Cash and debit Checking.

Debit Cash and credit Checking.

Credit Checking and debit Undeposited Funds.

Debit Checking and credit Undeposited Funds.

Answer

Correct Answer: Debit Checking and credit Undeposited Funds.

Note: This Question is unanswered, help us to find answer for this one

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?

You are not able to add new accounts if you select the default Chart of Accounts.

Finish the interview and then add the accounts directly to the Chart of Accounts

Click Add New Account during the EasyStep Interview.

Click Edit Account during the EasyStep Interview.

Answer

Correct Answer: Finish the interview and then add the accounts directly to the Chart of Accounts

Note: This Question is unanswered, help us to find answer for this one

28. 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?

Enter

You don't need to enter a start date. QuickBooks automatically assigned the start date when you created the company.

You don't need to enter a start date. QuickBooks will automatically assign it when you begin entering data.

The date on which you plan to begin using QuickBooks.

Answer

Correct Answer: The date on which you plan to begin using QuickBooks.

Note: This Question is unanswered, help us to find answer for this one

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

Payroll Liabilities and Payroll Accruals

Payroll Salary and Payroll Taxes

Payroll Liabilities and Payroll Expenses

Payroll Accruals and Payroll Taxes

Answer

Correct Answer: Payroll Liabilities and Payroll Accruals

Note: This Question is unanswered, help us to find answer for this one

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

Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases.

Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare the check. Print the check for your records, but you do not need to mail it.

Using the Write Checks window, in the No. field, type

Prepare a journal entry to debit the expense account of the purchase and credit Cash.

Answer

Correct Answer: Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare the check. Print the check for your records, but you do not need to mail it.

Note: This Question is unanswered, help us to find answer for this one

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

Sensitive data is safeguarded after the close date, since access is password protected.

After reports have been printed, changes cannot be made to transactions before the closing date without a password.

After the close date, only certain users are allowed to access data for reporting purposes.

It does not allow users to look at data after the period has closed.

Answer

Correct Answer: After reports have been printed, changes cannot be made to transactions before the closing date without a password.

Note: This Question is unanswered, help us to find answer for this one

32. Is it possible to merge two list entries?

Yes. From the bottom of the list, click Activities > Combine List Name, and then select the list entries you would like to merge.

Yes. You can rename the unwanted list entry to match the name of the list entry you would like to merge into.

No. You can delete a list entry, but you cannot merge them.

No. You cannot combine or merge two list entries.

Answer

Correct Answer: Yes. From the bottom of the list, click Activities > Combine List Name, and then select the list entries you would like to merge.

Note: This Question is unanswered, help us to find answer for this one

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

To pay an employee's garnishment, such as child support

To correct the amount due if an error was detected in a payroll check

To add the cost of employee mileage to the payment

To enter late fees, penalties, or interest

Answer

Correct Answer: To enter late fees, penalties, or interest

Note: This Question is unanswered, help us to find answer for this one

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

Company name and Chart of Accounts

Company name, tax ID, and administrator password

Company name

Company name and address

Answer

Correct Answer: Company name

Note: This Question is unanswered, help us to find answer for this one

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

Provide invoices to customers when you are in the field and do not have access to the internet or software.

Create recurring invoices for the same customer that will repeat each month.

Prefill invoices to simplify the billing process for a bookkeeper or external billing service.

Set up multiple customers in a billing group, with the same invoice.

Answer

Correct Answer: Create recurring invoices for the same customer that will repeat each month.

Note: This Question is unanswered, help us to find answer for this one

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

The administrator

The external accountant

No users

All users

Answer

Correct Answer: The administrator

Note: This Question is unanswered, help us to find answer for this one

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

Use the Advanced/Detailed Setup to go through the EasyStep Interview for the oldest company, then click File > Add Additional Business at the end of the interview.

Set up classes for each company within the parent company file. This will allow you to print financial statements for each company.

Purchase a separate QuickBooks license for each company. You will create different icons for each company on your desktop.

Use the Advanced/Detailed Setup to go through the EasyStep Interview for each company, creating a separate company file for each.

Answer

Correct Answer: Set up classes for each company within the parent company file. This will allow you to print financial statements for each company.

Note: This Question is unanswered, help us to find answer for this one

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

Rent

Accounting fees

Legal services

Sales taxes

Answer

Correct Answer: Sales taxes

Note: This Question is unanswered, help us to find answer for this one

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

Sales tax account register

Pay sales tax window

Sales tax liability report

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

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

Prof‌it and Loss

Balance Sheet

Statement of Cash Flow

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

41. Ctrl + I is a keyboard shortcut for:

Items

Insert

Invoice

None of the above

Answer

Correct Answer: Invoice

Note: This Question is unanswered, help us to find answer for this one

42. QuickBooks is driven by which of the following?

Spreadsheets

Templates

Forms

All of the above

Answer

Correct Answer: Forms

Note: This Question is unanswered, help us to find answer for this one

43. When should you enter a customer credit memo?

To offset a clearing account

Trail balance, open balance

Product returns from customer

Inappropriate hours on timesheet

Answer

Correct Answer: Product returns from customer

Note: This Question is unanswered, help us to find answer for this one

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

Expense

Other current assets

Bank

Equity

Answer

Correct Answer: Expense

Note: This Question is unanswered, help us to find answer for this one

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

By entering payments into prepayments

Setting up a liability account to track funds

Detailed customer aging report

None of the above

Answer

Correct Answer: Setting up a liability account to track funds

Note: This Question is unanswered, help us to find answer for this one

46. Which of the following payment options does QuickBooks support?

Down payments

Overpayments

Partial payments

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

47. Which of the following is/are (a) common reason(s) to use a journal entry?

Setting up opening balances

Reassigning accounts

Depreciating assets

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

48. Using items helps a bookkeeper by:

Tracking quantity of goods or services

Saving time by auto f‌illing description

Tracking details in the Chart of Accounts

All of the above

Answer

Correct Answer: Tracking quantity of goods or services

Note: This Question is unanswered, help us to find answer for this one

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

Payment

Service

Item List

Inventory

Answer

Correct Answer: Payment

Note: This Question is unanswered, help us to find answer for this one

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

New Customer and Job

New transaction

Item List

Vendor List

Answer

Correct Answer: New Customer and Job

Note: This Question is unanswered, help us to find answer for this one

51. What is the extension for QuickBooks?

QBB

lFF

XLS

All of the above

Answer

Correct Answer: QBB

Note: This Question is unanswered, help us to find answer for this one

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

Set up sales tax items

QuickBooks sales tax preference

Assign tax codes

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

53. Estimates are created in QuickBooks when:

Sending a billing statement

Customer requests a bid, quote or proposal

Customer has lost an invoice and needs a copy

Customer is paying for goods and services at time of sale

Answer

Correct Answer: Customer requests a bid, quote or proposal

Note: This Question is unanswered, help us to find answer for this one

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

When goods and services are purchased, but paid with check or credit card at the time of the Sale

When goods and services are purchased. but paid with cash at the time of sale

When goods and services are purchased. but Bill does not want to record the sale

When goods and services are purchased. but not paid at the time of the sale

Answer

Correct Answer: When goods and services are purchased, but paid with check or credit card at the time of the Sale

Note: This Question is unanswered, help us to find answer for this one

55. What are the f‌irst two steps to set up payroll in OuickBooks?

Turn on payroll through preferences; and 2) complete the Payroll Setup Interview

Complete the Payroll Setup Interview; and 2) set up employees

Answer

Correct Answer: Sign up for a payroll service; and 2) complete the Payroll Setup Interview

Note: This Question is unanswered, help us to find answer for this one

56. How can you ensure that an invoice detail appears on a customer statement?

Turn on invoice detail in customer statement window

Click on Vendor Credit Memos

Click on Modify transactions in invoice window

None of the above

Answer

Correct Answer: Turn on invoice detail in customer statement window

Note: This Question is unanswered, help us to find answer for this one

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

Invoice billable items

Update a customer's job status

Invoice from an estimate in increments

Convert sales order to an invoice

Answer

Correct Answer: Invoice from an estimate in increments

Note: This Question is unanswered, help us to find answer for this one

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

List -> Products and Services - > New

Inventory —> Group -> Service

Group -> Item List -> New

None of the above

Answer

Correct Answer: List -> Products and Services - > New

Note: This Question is unanswered, help us to find answer for this one

59. Pressing "Y" in the date f‌ield does which of the following?

Changes the last day in the year

Changes the first day in the year

Accepts the transaction

None of the above

Answer

Correct Answer: Changes the first day in the year

Note: This Question is unanswered, help us to find answer for this one

60. What is equity?

What' s owned in the business

Assets minus liabilities

What the business owes

Assets plus liabilities

Answer

Correct Answer: Assets minus liabilities

Note: This Question is unanswered, help us to find answer for this one

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

Report Menu

Report Center

Click report at the bottom of the lists

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

62. 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?

Adjust with a journal entry

Sales tax adjustment box

Print check without adjustment

Adjust when printing the check

Answer

Correct Answer: Sales tax adjustment box

Note: This Question is unanswered, help us to find answer for this one

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

Vendor List

Employee List

Chart of Accounts

Items List

Answer

Correct Answer: Vendor List

Note: This Question is unanswered, help us to find answer for this one

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

Opens a detailed report in that column

Adjusts column width to f‌it data

Column is hidden

None of the above

Answer

Correct Answer: Adjusts column width to f‌it data

Note: This Question is unanswered, help us to find answer for this one

65. Which account does not have an account register?

Opening Balance Equity

Payroll Liabilities

Retained Earnings

Owner's Capital

Answer

Correct Answer: Opening Balance Equity

Note: This Question is unanswered, help us to find answer for this one

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

Double Declining

Last in. first out (LIFO)

Average Cost

First in. f‌irst out (FIFO)

Answer

Correct Answer: First in. f‌irst out (FIFO)

Note: This Question is unanswered, help us to find answer for this one

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

Retain as a credit available

Give a refund

Apply to an invoice

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

68. The keyboard shortcut for Quick Report is:

Shift+Q

Ctrl+Q

Alt+Q

Ctrl+Shift+Q

Answer

Correct Answer: Ctrl+Q

Note: This Question is unanswered, help us to find answer for this one

69. What will be a possible bank reconciliation discrepancy?

Undeposited funds account

Progress invoicing

Reconciliation is on cash basis instead of accrual basis

All of the above

Answer

Correct Answer: Reconciliation is on cash basis instead of accrual basis

Note: This Question is unanswered, help us to find answer for this one

70. 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?

Service Bank Charges

Depreciation expense

Interest from your bank

Either a or c

Answer

Correct Answer: Either a or c

Note: This Question is unanswered, help us to find answer for this one

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

Enter a bill, and then use the Write Checks window

Write a check. and then mark it as “pending" until you pay it

Enter a bill. and then use the Pay Bills window

You can't track accounts payable

Answer

Correct Answer: Enter a bill. and then use the Pay Bills window

Note: This Question is unanswered, help us to find answer for this one

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

Payroll item

Tax liabilities

Tax tables

All of the above

Answer

Correct Answer: Tax tables

Note: This Question is unanswered, help us to find answer for this one

73. Which of the following is/are payroll item type(s)?

Paid time off

Retirement benefits

Compensation

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

74. How can you remove an accountant from QuickBooks?

Remove restriction

Cannot be removed

Only administrator can restrict a user

All of the above

Answer

Correct Answer: Remove restriction

Note: This Question is unanswered, help us to find answer for this one

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

Checkmark is shown in the bank account register

Checks are stamped "Cleared"

Both a and b are correct

Neither a nor b is correct

Answer

Correct Answer: Checkmark is shown in the bank account register

Note: This Question is unanswered, help us to find answer for this one

76. 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?

Payments made by customers

Year-end reversing entries

Correcting an invoice

All of the above

Answer

Correct Answer: Year-end reversing entries

Note: This Question is unanswered, help us to find answer for this one

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

Account at the time of setup

Other income account

Default sales account

No accounts are affected

Answer

Correct Answer: Account at the time of setup

Note: This Question is unanswered, help us to find answer for this one

78. Which of the following is the best way to Offset accounts receivable against accounts payable with customers who are vendors?

Create a vendor credit memo to offset the receivable

Create a bank account to Clear the payable and receivable

Create an Other Current Asset account called 'Clearing Account'

None of the Above

Answer

Correct Answer: Create an Other Current Asset account called 'Clearing Account'

Note: This Question is unanswered, help us to find answer for this one

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

$119.89

$500.00

$119.89

$120.00

Answer

Correct Answer: $119.89

Note: This Question is unanswered, help us to find answer for this one

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

Delete the customer invoice

Create a payment to receive against the invoice

Create a credit memo in the customer window and choose credit memos/refunds

Transfer invoice to other expenses

Answer

Correct Answer: Create a credit memo in the customer window and choose credit memos/refunds

Note: This Question is unanswered, help us to find answer for this one

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

QuickBooks Pro

QuickBooks Plus

Enterprise Solutions

QuickBooks Premier

Answer

Correct Answer: Enterprise Solutions

Note: This Question is unanswered, help us to find answer for this one

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

The smallest unit used in business, tracking and selling an item

The smallest unit of measure for an item to be tracked in inventory

The common unit of measure

The largest unit of measure

Answer

Correct Answer: The smallest unit of measure for an item to be tracked in inventory

Note: This Question is unanswered, help us to find answer for this one

83. In what ways does QuickBooks track sales tax?

Through customer location

Through sales tax status

Through non-taxable sales

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

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

Unlimited

Answer

Correct Answer: 7

Note: This Question is unanswered, help us to find answer for this one

85. Which of the following forms should be given to an employee?

1099

1095

W-2

1040

Answer

Correct Answer: W-2

Note: This Question is unanswered, help us to find answer for this one

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

1099

1096

W-2

1040

Answer

Correct Answer: 1099

Note: This Question is unanswered, help us to find answer for this one

87. Which of the following functions can be performed by Administrator?

Merge Entries

Add new users

Memorize reports

Backup data f‌iles

Answer

Correct Answer: Add new users

Note: This Question is unanswered, help us to find answer for this one

88. Name the sections of a Balance Sheet.

Assets, Liabilities and Equity

Statement of Equity

Prof‌it and Loss

Sales Tax Liability

Answer

Correct Answer: Assets, Liabilities and Equity

Note: This Question is unanswered, help us to find answer for this one

89. Which is one of the primary financial statements that summarizes the chart of accounts?

Prof‌it and Loss

Balance Sheet

Statement of Cash Flow

Company Overview

Answer

Correct Answer: Balance Sheet

Note: This Question is unanswered, help us to find answer for this one

90. What does the Year-End Guide display?

Tax Preparation

Employee Tax Preparation

Reclassifying transactions

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

91. What can you do in the report center?

Enter bills, pay bills

Memorize a report

Run most reports in QuickBooks

All of the above

Answer

Correct Answer: Run most reports in QuickBooks

Note: This Question is unanswered, help us to find answer for this one

92. Suppose you work in a company that repairs skateboards. Which of the following item types should you use?

Inventory Part

Service

Non-inventory Part

Income

Answer

Correct Answer: Service

Note: This Question is unanswered, help us to find answer for this one

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

Accounts Payable.

Accounts Receivable.

None. Because purchase orders are non-posting transactions.

Both a and b.

Answer

Correct Answer: None. Because purchase orders are non-posting transactions.

Note: This Question is unanswered, help us to find answer for this one

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

Budget Overview

Balance Sheet

Trial Balance

All of the above

Answer

Correct Answer: Trial Balance

Note: This Question is unanswered, help us to find answer for this one

95. In QuickBooks. the keyboard shortcut for Windows Help is:

cm + F

None of the above

Answer

Correct Answer: F1

Note: This Question is unanswered, help us to find answer for this one

96. How are Memorized reports organized?

Use Excel

Create a report group

Delete reports quarterly to maintain the report list

Only create f‌ive reports

Answer

Correct Answer: Create a report group

Note: This Question is unanswered, help us to find answer for this one

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

Enter Credit Card

Use the transfer feature

Use the write checks window, enter the check and write debit in the check number field

All of the above

Answer

Correct Answer: Use the write checks window, enter the check and write debit in the check number field

Note: This Question is unanswered, help us to find answer for this one

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

Working Trial Balance set to Cash basis

No Account Activity

Debits and Credits Balanced to Zero

None of the above

Answer

Correct Answer: Debits and Credits Balanced to Zero

Note: This Question is unanswered, help us to find answer for this one

99. In QuickBooks. when using the Premier Accountant, what permission should you have to view the Working Trial Balance?

Financial Reporting

Accounting Activities

Year-End Accountant Activities

None of the above

Answer

Correct Answer: None of the above

Note: This Question is unanswered, help us to find answer for this one

100. Which reporting tool can you use to monitor accrual and payments of state and local sales taxes?

Open invoice report

Quick reports

Sales tax liability report

Item list report

Answer

Correct Answer: Item list report

Note: This Question is unanswered, help us to find answer for this one

101. What is the number of custom fields that can be set up for items?

Answer

Correct Answer: 15

Note: This Question is unanswered, help us to find answer for this one

102. Which Of the following reports would you use to recreate deleted transactions?

Transaction by account report

Audit trail report

Adjusting journal entries report

Void/Deleted transaction report

Answer

Correct Answer: Void/Deleted transaction report

Note: This Question is unanswered, help us to find answer for this one

103. How does QuickBooks sort a vendor list?

Numerical

Due date

Number of outstanding invoices

Alphabetical

Answer

Correct Answer: Alphabetical

Note: This Question is unanswered, help us to find answer for this one

104. Which report contains all paycheck and employer payroll expense information?

Payroll summary

Payroll item list

Payroll wage summary

Payroll liability balances

Answer

Correct Answer: Payroll liability balances

Note: This Question is unanswered, help us to find answer for this one

105. How would you create an Accountant

On home page, Click Accountant‘s copy

Go to Accountant and then create Accountant copy

Choose file, send company file and save Accountant copy

Only an Accountant can create a copy

Answer

Correct Answer: Go to Accountant and then create Accountant copy

Note: This Question is unanswered, help us to find answer for this one

106. When paying a vendor through Pay Bills, which accounts are affected and how?

Bank account is credited

Accounts payable is credited and bank account is debited

Cash is debited and expense is credited

Accounts payable is credited and accounts receivable is debited

Answer

Correct Answer: Accounts payable is credited and bank account is debited

Note: This Question is unanswered, help us to find answer for this one

107. In QuickBooks. forms customization tool can perform which of the following?

Copy templates

Export templates

Exchange templates between companies

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

108. Joy owns a beauty salon and she would like to give her clients receipts for service. Which is the fastest and simplest method?

Sales transaction

Invoice

Sales receipt

None of the above

Answer

Correct Answer: Sales receipt

Note: This Question is unanswered, help us to find answer for this one

109. Which accounts are included in the chart of accounts?

Assets

Revenue

Liabilities

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

110. The ending balance in a QuickBooks bank account includes which of the following?

All transactions are entered, except for checks not printed

Only printed checks

All transactions and pending checks to be printed

Bills and deposits

Answer

Correct Answer: All transactions and pending checks to be printed

Note: This Question is unanswered, help us to find answer for this one

111. Which of the following is/are the best backup option(s)?

Manually back up the f‌ile

Automatically back up the f‌ile

Schedule backup

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

112. Which of the following cannot be entered during the setup of a new company?

Trial balance, open balance

Memorized transactions

Customers' balance

113. Tom's consulting year-end process includes sending out collection letters. The bookkeeper needs to modify the template. What is the best approach?

Create a new template

Edit the sub-account f‌irst

Go to prepare letters and then customize letter template

None of the above

Answer

Correct Answer: Go to prepare letters and then customize letter template

Note: This Question is unanswered, help us to find answer for this one

114. What is the best way to prevent users from changing prior period transactions?

QuickBooks automatically denies access

Set access preference to No

Set closing date in the f‌ile and assign a password to the closing period

None of the above

Answer

Correct Answer: Set access preference to No

Note: This Question is unanswered, help us to find answer for this one

115. A donut shop would like to set up two checking accounts for operations and payroll. Which of the following options is/are correct regarding this?

QuickBooks only allows for one checking account

QuickBooks allows for multiple checking accounts

It is possible only if you turn on multiple accounts in the setup interview

Both b and c are correct

Answer

Correct Answer: QuickBooks allows for multiple checking accounts

Note: This Question is unanswered, help us to find answer for this one

116. When can you delete a check from QuickBooks without voiding it?

If you entered a check in QuickBooks but haven‘t printed it yet and the check was never used.

You should NEVER delete a check

After voiding the check, and once paid

None of the above

Answer

Correct Answer: If you entered a check in QuickBooks but haven‘t printed it yet and the check was never used.

Note: This Question is unanswered, help us to find answer for this one

117. Which form tracks customer payments and balances, and is most eff‌icient to send to your customer?

Invoice

Statement

Sales receipt

Sales summary

Answer

Correct Answer: Statement

Note: This Question is unanswered, help us to find answer for this one

118. While printing payroll checks from QuickBooks, what is the preferred check style for a paystub?

Standard

Wallet

Payroll

Voucher

Answer

Correct Answer: Voucher

Note: This Question is unanswered, help us to find answer for this one

119. Who can set up closing date passwords in QuickBooks?

Multi-user

Anyone

Single-user

All of the above

Answer

Correct Answer: Single-user

Note: This Question is unanswered, help us to find answer for this one

120. In order to create a portable data file. the user must be:

Single-user mode

Multi-user mode

Both a and b

Neither a nor b

Answer

Correct Answer: Single-user mode

Note: This Question is unanswered, help us to find answer for this one

121. When posting a journal entry. it's important to remember which of the following?

Save the entry

Only use numbers for the journal number

Review GL accounts before posting

All of the above

Answer

Correct Answer: Save the entry

Note: This Question is unanswered, help us to find answer for this one

122. During the Easy Step Interview. you can turn on and off which of the following features?

Sales Taxes

Progressive Invoicing

Inventory

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

123. Which of the following is NOT an item type?

Inventory Part

Service

Non-inventory Part

Income

Answer

Correct Answer: Income

Note: This Question is unanswered, help us to find answer for this one

124. Which of the following is correct about General Journal entries?

The amount of information you can type in each f‌ield is 25-character limit

Requires a good understanding of debits and credits and should not be used by non-accountants

Only use when customer returns a product that is damaged

Vendor credit memos reduce what you owe to the vendor when using General Journal

Answer

Correct Answer: Requires a good understanding of debits and credits and should not be used by non-accountants

Note: This Question is unanswered, help us to find answer for this one

125. Cooper Bookkeeping Services would like to review their adjusting journals for Construction Company A. Which QuickBooks report would they generate?

Adjusted Trail Balance

Journal Report

Accountant/Report Adjusted Journals

All of the above

Answer

Correct Answer: Accountant/Report Adjusted Journals

Note: This Question is unanswered, help us to find answer for this one

126. Which of the following is correct about Fixed Asset Items?

Use only if you will convert into cash

Will only track how much you paid for an item

You have to calculate depreciation

All of the above

Answer

Correct Answer: You have to calculate depreciation

Note: This Question is unanswered, help us to find answer for this one

127. All of the following are items. Except:

Income

Service

Non-inventory Part

Inventory Part

Answer

Correct Answer: Income

Note: This Question is unanswered, help us to find answer for this one

128. For checks and bills, using the Item tab will allow you to perform which of the following functions?

Track cost for products and services

Track revenue for products and services

Ensure "no item" appears on job reports

None of the above

Answer

Correct Answer: Ensure "no item" appears on job reports

Note: This Question is unanswered, help us to find answer for this one

129. If your business handles products solely based on customer need for a job, how should you track your inventory?

Inventory Part Items

Non-inventory Part Item

DO not track inventory

None of the Above

Answer

Correct Answer: Non-inventory Part Item

Note: This Question is unanswered, help us to find answer for this one

130. What is the standard number system for a chart of accounts?

1 revenue, 2 expenses, 3 assets, 4 liabilities, 5 equity

1 equity, 2 expenses, 3 revenue, 4 liabilities, 5 assets

1 assets, 2 liabilities, 3 equity, 4 revenue, 5 expenses

1 liabilities, 2 assets, 3 expenses, 4 revenue, 5 equity<br>

Answer

Correct Answer: 1 assets, 2 liabilities, 3 equity, 4 revenue, 5 expenses

Note: This Question is unanswered, help us to find answer for this one

131. A client's bank balance is different from the balance shown on the balance sheet. What is the problem?

The register contains post-dated checks

A reconciled transaction was manually unreconciled

A memorized transaction

An NSF check

Answer

Correct Answer: The register contains post-dated checks

Note: This Question is unanswered, help us to find answer for this one

132. Do all vendors need their profiles complete before paying?

Yes, without all of the data, Quickbooks will not allow entry

Yes, without all of the data, Quickbooks will allow entry but not payment

No, Quickbooks will allow payment to be generated, although all the data should be entered

No, there's no reason beyond the payee name to bother entering addresses & contact information

Answer

Correct Answer: No, Quickbooks will allow payment to be generated, although all the data should be entered

Note: This Question is unanswered, help us to find answer for this one

133. Which of the following can be done in the Financial Statement Designer?

Quick Zoom to edit source transactions

Customize Statements to report on net income before and after tax

Export Customized Templates for use with other clients

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

134. Where does the column headings come from in the After-the-Fact Payroll window?

Employee defaults

Payroll items

Employee items

Prior paychecks<br>

Answer

Correct Answer: Payroll items

Note: This Question is unanswered, help us to find answer for this one

135. Which of the following "standard" accounting reports must be created by modifying another report in QuickBooks?

Income statement

Journal entry listing

General ledger

Audit trail

Answer

Correct Answer: Journal entry listing

Note: This Question is unanswered, help us to find answer for this one

136. Which of the following reports shows how a specific month's actual results compare with the budget for that month; how the year-to-date actual results compare with the year-to-date budget; and how much of the annual budget has been achieved?

Budget Overview

Budget Comparison

Profit & Loss Budget Performance

All of the above

Answer

Correct Answer: Profit & Loss Budget Performance

Note: This Question is unanswered, help us to find answer for this one

137. The opening balances of which of the following accounts can be recorded while setting up the chart of accounts?

Bank

Accounts receivable

Accounts payable

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

138. After setup, which report should be run to verify the accounts receivable details as on the opening date?

Open invoices

Profit and loss

Sales by customer summary

Deposit details

Answer

Correct Answer: Open invoices

Note: This Question is unanswered, help us to find answer for this one

139. You hire an employee who will work as a staff member, but also provide outside services to your company unrelated to his/her job. How is this best handled in Quickbooks?

Create an employee and segregate what he/she does as an employee and as a contractor

Create a vendor and enter separate invoices for employee and for contractor

Create 2 vendors, one for employee wages and one for contract work

Create an employee for his/her regular wages, and a Vendor for his/her contract work

Answer

Correct Answer: Create an employee for his/her regular wages, and a Vendor for his/her contract work

Note: This Question is unanswered, help us to find answer for this one

140. Which of the following activities does QuickBooks support?

Track billable versus non-billable time

Track payroll costs by job, class, or type of work

Accumulate sick and vacation pay in hours

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

141. Which of the following cannot be included as a component of an assembly item?

Other Charges items

Inventory Assembly items

Group items

Service items

Answer

Correct Answer: Group items

Note: This Question is unanswered, help us to find answer for this one

142. Why do you need to use the Receive Payments feature in Customers rather than book receipts directly to the bank?

It serves the same purpose as a deposit in Banking

In order for it to reflect on the customer's account

Because of the limited functionality of Quickbooks

Answer

Correct Answer: In order for it to reflect on the customer's account

Note: This Question is unanswered, help us to find answer for this one

143. What does QuickBooks do so that you don't have to restate the financials when voiding a check from a prior period?

Changes the check amount to zero, marks it void, and enters a memo about the related journal entries.

Creates a journal entry dated the same as that of the check.

Creates a reversing journal entry as of the current system date that does not change the prior year's financial statements while allowing you to reconcile the bank account.

All of the above.

Answer

Correct Answer: Creates a reversing journal entry as of the current system date that does not change the prior year's financial statements while allowing you to reconcile the bank account.

Note: This Question is unanswered, help us to find answer for this one

144. Why would one choose to create multiple Jobs under 1 customer rather than just create specific invoices?

It is required in Quickbooks. Quickbooks is  not able to invoice for different items

It gives the user greater abilities such as financial reporting by job, and ability to close specific jobs when complete.

Customers require it

It is legal requirement

Answer

Correct Answer: It gives the user greater abilities such as financial reporting by job, and ability to close specific jobs when complete.

Note: This Question is unanswered, help us to find answer for this one

145. Which of the following describes a method for handling shared payroll expenses?

Link the employee deduction payroll item to an expense account. Then record the employee and employer-paid portions on a regular bill or check.

Add the company-paid portion to the payroll liability check.

Both a and b

None of the above

Answer

Correct Answer: Both a and b

Note: This Question is unanswered, help us to find answer for this one

146. If a company's tax form is recorded incorrectly, then where should the corrections be made?

Easy Step Interview

Company Information Window

Preferences

All of the above

Answer

Correct Answer: Company Information Window

Note: This Question is unanswered, help us to find answer for this one

147. Which of the following tasks is not allowed while working in the accountant's copy?

Entering general journal transactions.

Adding new items to the Payroll Item list.

Creating new reports.

Making adjusting entries.

Answer

Correct Answer: Adding new items to the Payroll Item list.

Note: This Question is unanswered, help us to find answer for this one

148. While setting up payroll schedules, which of the following is true?

The IRS bases the tax liability on the pay period end date.

The IRS bases the tax liability on the check date.

The IRS bases the tax liability on the pay period start date.

None of the above.

Answer

Correct Answer: The IRS bases the tax liability on the check date.

Note: This Question is unanswered, help us to find answer for this one

149. Which report would you recommend for clients who want to know which customers made the maximum purchases from them?

Sales by customer detail

Sales by customer summary

Income by customer detail

A/R aging summary

Answer

Correct Answer: Sales by customer summary

Note: This Question is unanswered, help us to find answer for this one

150. How would you best describe the use of the Opening Balance Equity Account during the setup process?

It does not have a role during the setup process

It is used to track asset account balances

It is used as the clearing account for each opening balance entry

It is applicable only if the client uses payroll

Answer

Correct Answer: It is used as the clearing account for each opening balance entry

Note: This Question is unanswered, help us to find answer for this one

151. Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees?

Accountant Edition

Contractor Edition

Professional Services Edition

Retail Edition

Answer

Correct Answer: Retail Edition

Note: This Question is unanswered, help us to find answer for this one

152. Which of the following editions allows toggling among different editions of QuickBooks without having all the editions installed?

Retail Edition

Contractor Edition

Professional Services Edition

Accountant Edition

Answer

Correct Answer: Accountant Edition

Note: This Question is unanswered, help us to find answer for this one

153. Which of the following questions should be asked to determine whether QuickBooks is the right software for a client?

How many items, vendors, and customers does the company track?

Does the company require an inventory method other than the average cost method such as FIFO or LIFO?

How many people should be able to access the company data file simultaneously?

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

154. A base unit in QuickBooks is usually defined as:

the smallest unit of measure used in business while buying, tracking, and selling an item

the smallest unit of measure for an item to be tracked in inventory

the most common unit of measure used in business

the largest unit of measure used in business

Answer

Correct Answer: the smallest unit of measure used in business while buying, tracking, and selling an item

Note: This Question is unanswered, help us to find answer for this one

155. How do you check the version and release number of a QuickBooks for Windows desktop file?

Choose Company Information from the Company menu

Press Ctrl+1

Choose about QuickBooks from the Help menu

Choose Preferences from the Edit menu

Answer

Correct Answer: Press Ctrl+1

Note: This Question is unanswered, help us to find answer for this one

156. Which of the following methods can you use to value inventory in QuickBooks?

Double declining balance

Last in, first out (LIFO)

First in, first out (FIFO)

Average cost

Answer

Correct Answer: Average cost

Note: This Question is unanswered, help us to find answer for this one

157. Collecting accounts receivable depends on what other activity happening first?

A customer being determined as delinquent

A purchase order being issued

An invoice being generated

A quote being generated

Answer

Correct Answer: An invoice being generated

Note: This Question is unanswered, help us to find answer for this one

158. In which list do you enter the sales tax rates?

Vendor list

Sales Tax list

Item list

Sales Tax Payable list

Answer

Correct Answer: Item list

Note: This Question is unanswered, help us to find answer for this one

159. Why would you export a customer list to Excel when you can manage it within Quickbooks?

Working with Excel is easier

The list can always be uploaded back to Quickbooks after editing in Excel

It looks better in Excel

You need to provide the information to someone who does not have Quickbooks and/or you do not want to provide them with the full Quickbooks data file

Answer

Correct Answer: You need to provide the information to someone who does not have Quickbooks and/or you do not want to provide them with the full Quickbooks data file

Note: This Question is unanswered, help us to find answer for this one

160. Why is it important to include the customers' email address in their Customer set up?

So you do not have to keep record in your email program

It enables Quickbooks to email a statement, invoice, credit memo or other document to the customer

It is not possible for you to proceed without an email address in the profile

Answer

Correct Answer: It enables Quickbooks to email a statement, invoice, credit memo or other document to the customer

Note: This Question is unanswered, help us to find answer for this one

161. In which QuickBooks window would you record the amount and payment terms for money that a client owes a vendor?

Enter Bills

Write Checks

Create Purchase Orders

Pay Bills

Answer

Correct Answer: Enter Bills

Note: This Question is unanswered, help us to find answer for this one

162. The option for downloading updates from within QuickBooks is _____.

Share downloads

Update immediately

Update automatically

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

163. If a company wants a quick look at their financial performance for the month, what report would be best to run?

Profit & Loss Detailed

Profit & Loss Standard

Balance Sheet Standard

Profit & Loss by Job Summary

Answer

Correct Answer: Profit & Loss Standard

Note: This Question is unanswered, help us to find answer for this one

164. The Sales Department has asked for your help to do an analysis. They want to see what specific customers are buying. What would be the best starting point?

Customer Aging

Profit & Loss Detail by Month

Sales by Customer Detail

Deposit Details

Answer

Correct Answer: Sales by Customer Detail

Note: This Question is unanswered, help us to find answer for this one

165. What report should be used to check the taxable status of the existing product and service items as well as the rates and agencies associated with the Sales Tax items?

Quick Reports

Open invoice report

Sales tax liability report

Item listing report

Answer

Correct Answer: Item listing report

Note: This Question is unanswered, help us to find answer for this one

166. You run a client's balance sheet on cash basis, but the balance in the Sales Tax Payable account does not change. What can be the cause?

Sales tax preferences are set to accrual

Sales tax was paid using a regular check

Adjustments to Sales Tax Payable were entered as journal entries

Credit memos for taxable items were not properly applied

Answer

Correct Answer: Sales tax preferences are set to accrual

Note: This Question is unanswered, help us to find answer for this one

167. Which of the following needs to happen in order for sales tax to be calculated for a line item on an invoice or sales receipt?

The sales tax code assigned to the line item on the form must be a taxable code.

There must be a taxable code in the Customer Tax Code field on the sales form.

The sales tax rate assigned to the form must be higher than 0%.

All of the above.

Answer

Correct Answer:

All of the above.

Note: This Question is unanswered, help us to find answer for this one

168. If a client miscalculated a fixed tax (like Medicare), how would you correct this discrepancy in After-the-Fact Payroll?

Adjust Federal Withholding

Adjust Social Security

Adjust Net Pay

Answer

Correct Answer: Adjust Federal Withholding

Note: This Question is unanswered, help us to find answer for this one

169. What item type should you set up to track customer down payments?

Deposit item

Discount item

Payment item

Service item

Answer

Correct Answer: Payment item

Note: This Question is unanswered, help us to find answer for this one

170. Which of the following can be used to enter opening balances in QuickBooks?

Journal entries

Forms

Lists

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

171. If a payment has been made out of the wrong bank account but the check has not yet been printed, what is the best way to correct it in Quickbooks?

Go to the transaction in the wrong account, click on it, and change the bank account in the selection box.

Delete the transaction and re-enter it

Print the check, put a stop payment on it at the bank, and shred it

Print the check and mail it to the customer, and let it be figured out in the bank reconciliation process

Answer

Correct Answer: Go to the transaction in the wrong account, click on it, and change the bank account in the selection box.

Note: This Question is unanswered, help us to find answer for this one

172. To which of the following items can units of measure be assigned?

Inventory Part, Inventory Assembly, Non-Inventory Part, and Other Charges

Inventory Part, Inventory Assembly, Non-Inventory Part, Group, and Service

Group, Discount, Subtotal, Inventory, Service, and Inventory Assembly

Payment, Group, Discount, Service, and Other Charges

Answer

Correct Answer: Inventory Part, Inventory Assembly, Non-Inventory Part, Group, and Service

Note: This Question is unanswered, help us to find answer for this one

173. While automatically deducting money for loan repayments from the employee paychecks, what should be checked at the end of each calendar year?

Employee Loans account setup

Loan deduction limit

Loan Repayment item account mapping

All of the above

Answer

Correct Answer: Loan deduction limit

Note: This Question is unanswered, help us to find answer for this one

174. What information needs to be checked before adding a loan to the Loan Manager?

Confirm that the liability accounts and expense accounts to track the loan are set up in the chart of accounts.

Confirm that any accounts necessary for tracking escrow are set up in the chart of accounts.

Confirm that all transactions for the loan liability and interest accounts are up to date.

All of the above.

Answer

Correct Answer: All of the above.

Note: This Question is unanswered, help us to find answer for this one

175. Which item type has information in the Current Availability window?

Discount

Non-Inventory Part

Inventory Part

Answer

Correct Answer: Inventory Part

Note: This Question is unanswered, help us to find answer for this one

176. Under which of these circumstances would a Journal Entry be most appropriate?

When a customer makes a payment

When a holiday bonus is going to be paid to all employees

When an invoice was entered incorrectly and needs to be corrected

When a year end reversing entry is made

Answer

Correct Answer: When a customer makes a payment

Note: This Question is unanswered, help us to find answer for this one

177. How can you track deposits that clients make to vendors?

Track deposits as negative balances in accounts payable

Record the deposit in the Enter Bills window

Neither of the above

Answer

Correct Answer: Track deposits as negative balances in accounts payable

Note: This Question is unanswered, help us to find answer for this one

178. How should sales tax liabilities be adjusted in QuickBooks?

Click the Adjust button in the Pay Sales Tax window to enter the adjustment before creating the checks.

Use sales orders that affect the Sales Tax Payable account.

Show the adjustments in the detail section of the sales tax payment check.

Create sales tax items with negative rates for special adjustments.

Answer

Correct Answer: Click the Adjust button in the Pay Sales Tax window to enter the adjustment before creating the checks.

Note: This Question is unanswered, help us to find answer for this one

179. What field do you need to complete in the Enter Time/Single Activity or Weekly Timesheet windows in order to transfer time to employee paychecks?

Customer Job

Service Item

Payroll Item

Other Charges Item

Answer

Correct Answer: Payroll Item

Note: This Question is unanswered, help us to find answer for this one

180. If a bank reconciliation does not balance even after reviewing the transactions, what is the best option?

Book an adjustment to Misc Expense regardless of the amount in order to force it to balance

Leave it unbalanced and assume it will clear the following month

Tell your supervisor there is an accounting error and someone needs to find it

Unclear all transactions and begin again

Answer

Correct Answer: Unclear all transactions and begin again

Note: This Question is unanswered, help us to find answer for this one

181. Why would a company choose to use account numbers?

To be able to organize their accounts by GL code rather than alphabetically

It is required by GAAP

It can grant access to GL accounts only with an account number

It is required by the IRS

Answer

Correct Answer: To be able to organize their accounts by GL code rather than alphabetically

Note: This Question is unanswered, help us to find answer for this one

182. Which of the following can facilitate payroll setup by having QuickBooks prefill the payroll information that most employees have in common?

Memorized transactions

Employee defaults

Employee center

Employee templates list

Answer

Correct Answer: Employee defaults

Note: This Question is unanswered, help us to find answer for this one

183. Where can you find the User's Guide and the Getting Started Video for the Financial Statement Designer?

QuickBooks Help menu

Financial Statement Designer Help menu

QuickBooks Learning Center

All of the above

Answer

Correct Answer: Financial Statement Designer Help menu

Note: This Question is unanswered, help us to find answer for this one

184. In QuickBooks: Premier Accountant Edition, what permission must the users have in order to view the Working Trial Balance?

Sensitive Financial Reporting

Sensitive Accounting Activities

Year-End Accounting Activities

None of the above

Answer

Correct Answer: Sensitive Financial Reporting

Note: This Question is unanswered, help us to find answer for this one

185. While writing off bad debt, why is it preferable to use a credit memo rather than record the bad debt amount and expense account in the Discount and Credits window?

Using a credit memo lets you to record the sales taxes included in the invoice and adjust the client's sales tax liability.

In the Discount and Credits window, you can only change income accounts.

Recording the bad debt amount in the Discount and Credits window adjusts your client's liability for the sales taxes included in the invoice.

Credit memos use individual items to adjust all of the inventory balances.

Answer

Correct Answer: Using a credit memo lets you to record the sales taxes included in the invoice and adjust the client's sales tax liability.

Note: This Question is unanswered, help us to find answer for this one

186. Which of the following is NOT the parts of tracking a NSF check in QuickBooks?

Finding the deposit that includes the original check, changing the account to accounts receivable, and applying the credit in Receive Payments.

Entering the bank service charge in the account register as of the date it was assessed.

Entering a statement charge in the customers register for the fee you charge for bad checks.

Answer

Correct Answer: Finding the deposit that includes the original check, changing the account to accounts receivable, and applying the credit in Receive Payments.

Note: This Question is unanswered, help us to find answer for this one

187. Which of the following can help you recreate information about deleted transactions by providing debit and credit details for the original transactions?

Audit trail report

Deleted transactions report

Voided/deleted transaction history report

None of the above

Answer

Correct Answer: Voided/deleted transaction history report

Note: This Question is unanswered, help us to find answer for this one

188. Which of the following does the client-ready 941/940 report not show?

Wages

Tax payments

Payroll expenses

Accrued taxes

Answer

Correct Answer: Payroll expenses

Note: This Question is unanswered, help us to find answer for this one

189. In the Working Trial Balance, what does 0.00 for each column indicates?

The Working Trial Balance report basis is set to Cash

There was no activity for that account in the current period

Total debits equal total credits

None of the above

Answer

Correct Answer: Total debits equal total credits

Note: This Question is unanswered, help us to find answer for this one

190. How can you set up QuickBooks: Pro or higher so that time data for salaried employees is transferred to the payroll automatically?

Select the "Use time data to create paycheck" checkbox on the Payroll tab of the employee's record

Set up employee defaults

Use the Select Billable Time and Costs window

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

191. Money is transferred from one bank account to another. What is the best way to handle this transaction?

Banking - Transfer Funds

Journal Entry

AP Debit & Credit memos

Write a check in Quickbooks from the outgoing account and deposit it in the receiving account

Answer

Correct Answer: Banking - Transfer Funds

Note: This Question is unanswered, help us to find answer for this one

192. Which of the following is a step involved in setting up QuickBooks to track 1099 information?

Turn on the Tax: 1099 preference

Link 1099 categories to QuickBooks accounts

Designate which vendors should receive 1099s

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

193. What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax payable amount showing on the Pay Sales Tax window?

The company purchased a large taxable item on credit.

Sales tax was adjusted retroactively when you marked items taxable that a client had mistakenly marked as not taxable.

The client erroneously paid the wrong tax agency.

The client is paying sales tax with regular checks and posting the payment to the sales tax payable account instead of using the Pay Sales Tax window to create the payment.

Answer

Correct Answer: The client is paying sales tax with regular checks and posting the payment to the sales tax payable account instead of using the Pay Sales Tax window to create the payment.

Note: This Question is unanswered, help us to find answer for this one

194. While entering individual historical transactions during setup, which transactions should be entered first?

Bank transactions

Accounts receivable transactions

Accounts payable transactions

Payroll transactions

Answer

Correct Answer: Accounts receivable transactions

Note: This Question is unanswered, help us to find answer for this one

195. Which of the following inventory valuation methods does QuickBooks support?

Average cost

FIFO (first in first out)

LIFO (last in first out)

All of the above

Answer

Correct Answer: Average cost

Note: This Question is unanswered, help us to find answer for this one

196. In which of the following formats does QuickBooks support data import?

Intuit Interchange Format (IIF)

Microsoft Excel (.xls)

Comma-separated value (.csv)

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

197. Which report(s) could you run to see the reversing journal entry QuickBooks makes when voiding a check from a prior period without affecting the prior period financials?

Adjusting journal entries

Transaction journal

Prior period changes

Voided checks

Answer

Correct Answer: Transaction journal

Note: This Question is unanswered, help us to find answer for this one

198. Which of the following statements is true regarding the Fixed Asset Manager?

It is an add-in application available in QuickBooks: Premier Accountant and Enterprise Solutions Accountant Edition.

It calculates depreciation for up to six asset bases.

It posts depreciation journal entries to QuickBooks.

All of the above.

Answer

Correct Answer: All of the above.

Note: This Question is unanswered, help us to find answer for this one

199. Which report would you run to find the net purchases from each vendor regardless of how payments were recorded in QuickBooks?

Inventory valuation summary

Expenses by vendor summary

Unpaid bills detail

Purchases by vendor summary

Answer

Correct Answer: Expenses by vendor summary

Note: This Question is unanswered, help us to find answer for this one

200. What must happen to make the Budgets & Forecasts category of reports most useful?

The month has to be closed

The company needs a year of sales history

A budget and/or forecast has/have to be established

Bank reconciliations must be complete

Answer

Correct Answer: A budget and/or forecast has/have to be established

Note: This Question is unanswered, help us to find answer for this one

201. Which of the following is not a common mistake clients make while recording and depositing payments as identified in this module?

Customer payments not grouped into deposits

Customer payments entered directly in the Receive Payments window

Payments or credits not applied against invoices

Undeposited Funds overlooked while making deposits

Answer

Correct Answer: Customer payments entered directly in the Receive Payments window

Note: This Question is unanswered, help us to find answer for this one

202. Which edition will not support a client's need to combine financial reports from different locations?

QuickBooks Enterprise Solutions: Retail Edition

QuickBooks Enterprise Solutions: Professional Services Edition

QuickBooks Enterprise Solutions: Accountant Edition

QuickBooks: Premier Accountant Edition

Answer

Correct Answer: QuickBooks: Premier Accountant Edition

Note: This Question is unanswered, help us to find answer for this one

203. Which of the following transactions will appear as Accounts Receivable on a cash-basis balance sheet?

Finance charges on overdue invoices

Inventory held on consignment

Payments received as deposits on future projects

Refund checks for inventory returns applied against credit memos

Answer

Correct Answer: Payments received as deposits on future projects

Note: This Question is unanswered, help us to find answer for this one

204. Which of the following statements is true?

You can create the accountant's copy file using QuickBooks Simple Start.

You can use the Premier Accountant Edition to work on the accountant's copy.

Files are created in Enterprise Solutions.

The accountant's copy files are backwards compatible between 2007 and 2008.

The portable company files are backwards compatible between versions 2008 and 2006.

Answer

Correct Answer: Files are created in Enterprise Solutions.

Note: This Question is unanswered, help us to find answer for this one

205. Which of the following transactions should not be recorded in the Transfer Funds window?

Money going to or from Sales Tax Payable

Money going to or from Accounts Receivable

Money going to or from Accounts Payable

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

206. Which of the following resources can be used to find manual changes of reconciled status in bank account entries?

Audit trail report

Transaction history report

Find feature

Answer

Correct Answer: Audit trail report

Note: This Question is unanswered, help us to find answer for this one

207. Which of the following functions does the QuickBooks items perform?

Calculating amounts on sales forms

Allowing you to create a customized chart of accounts

Linking sales and purchase transactions to the chart of accounts

Allocating paychecks to customers' jobs

Answer

Correct Answer: Allowing you to create a customized chart of accounts

Note: This Question is unanswered, help us to find answer for this one

208. Which of the following reports can be used to find checks in numeric order?

Cash disbursement journal report

Missing checks report

Transaction journal report

Answer

Correct Answer: Missing checks report

Note: This Question is unanswered, help us to find answer for this one

209. You hire someone as a 1099 contractor. Which module would you enter the person to track what is paid to him/her?

Vendors

Employees

Customers

Company

Answer

Correct Answer: Vendors

Note: This Question is unanswered, help us to find answer for this one

210. What does using the Item tab on checks and bills allow you to do?

Track costs for products and services as well as Customer Job profitability

Track revenue for products and services as well as Customer Job profitability

Ensure that the line "no item" appears on job profitability reports

None of the above

Answer

Correct Answer: Track costs for products and services as well as Customer Job profitability

Note: This Question is unanswered, help us to find answer for this one

211. What report would an auditor want to see?

Balance Sheet

Profit & Loss

Cash Flow Statement

All of the above

Answer

Correct Answer: All of the above

Note: This Question is unanswered, help us to find answer for this one

212. Your company receives a miscellaneous check as a rebate on office supplies purchased. How would this be entered in Quickbooks?

Create a customer, an invoice, then as a receipt of payment for that customer

Using Banking - Make deposits with the item booked to Miscellaneous Revenue

Make a Journal Entry

Add to employee check who purchased the supplies

Answer

Correct Answer: Using Banking - Make deposits with the item booked to Miscellaneous Revenue

Note: This Question is unanswered, help us to find answer for this one

213. If you enter a deposit as a payment in the chart of accounts can you fix the entry?

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

214. If you issue a credit memo to a customer for a defective product, how does Quickbooks handle the inventory account?

Because it was defective, Quickbooks assumes you return it to the manufacturer for a refund

Quickbooks books it as an inventory expense due to damage.

All appropriate inventory changes must be made manually.

Quickbooks assumes the inventory is returned to stock.

Answer

Correct Answer: Quickbooks assumes the inventory is returned to stock.

Note: This Question is unanswered, help us to find answer for this one

215. True or False: The option to buy an additional license is available on Quickbooks Premier 5-pack license installations.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

216. What is the option for entering different types of Price Level list items?

Percentage above or below the item price

All of these

Fixed price amounts

A dollar amount above or below the item price

Answer

Correct Answer: Percentage above or below the item price

Note: This Question is unanswered, help us to find answer for this one

217. If you open a list and reorder it, how do you tell Quickbooks to save that order?

It is not necessary as Quickbooks will open the list in the same order as it was last closed

Answer 'No' to the dialog box that asks you if you want to revert to the original order when you next open the list

Answer 'Yes' to the dialog box that asks you if you want to save the new order when you go to close

None of these

Answer

Correct Answer: It is not necessary as Quickbooks will open the list in the same order as it was last closed

Note: This Question is unanswered, help us to find answer for this one

218. What is the shortcut to last day of the current week and last day of subsequent weeks?

Press k

Press h

Press m

Press t

Press w

Answer

Correct Answer: Press k

Note: This Question is unanswered, help us to find answer for this one

219. True or False: Quickbooks asks to to make a backup on the company file every time you close the program.

True.

False.

Answer

Correct Answer: False.

Note: This Question is unanswered, help us to find answer for this one

220. Selecting "Company>>Journal" on the main menu will show posted journal entries for the current company?

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

221. In a date field press R

Changes the date to the first day in the month

Changes the date to the last day in the year

Changes the date to the last day in the month

Answer

Correct Answer: Changes the date to the last day in the year

Note: This Question is unanswered, help us to find answer for this one

222. Where can custom words be deleted from the Spell Check dictionary?

In the spelling section of User Preferences.

In the Edit menu, under Dictionary.

Custom words cannot be deleted from the dictionary.

In Spell Check, while it is running.

Answer

Correct Answer: In the spelling section of User Preferences.

Note: This Question is unanswered, help us to find answer for this one

223. In Quickbooks 2011 can you open more than one Quickbooks file at the same time?

Yes

Only with Quickbooks Premier 2011

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

224. Which of the following transaction cannot be recorded as journal entry?

Inventory

A bank transaction

Balance(s) or accounts

Fixed Assets

Answer

Correct Answer: A bank transaction

Note: This Question is unanswered, help us to find answer for this one

225. Where do you modify the options for Job Status in the Job Tracking functionality?

Reports Tab - Transaction Detail by Account screen

Reports Tab - Tracking screen

Company tab. Preferences screen

Customer tab, Customer Center screen

Answer

Correct Answer: Company tab. Preferences screen

Note: This Question is unanswered, help us to find answer for this one

226. Which of the following option is available in the advanced tab of Export option?

Line Numbers

Rows

Column Headings

Colors

Answer

Correct Answer: Colors

Note: This Question is unanswered, help us to find answer for this one

227. What is an example of Multiple Units of Measure?

State Tax and Local Tax

Metric and Imperial

Fabric Bolts and Fabric Yards

Canadian and US Dollars

Answer

Correct Answer: Fabric Bolts and Fabric Yards

Note: This Question is unanswered, help us to find answer for this one

228. What account does shipping cost on purchased goods typically appear?

Shipping Expense

Inventory cost

Selling, General & Administrative

Offset to Income

Answer

Correct Answer: Inventory cost

Note: This Question is unanswered, help us to find answer for this one

229. What is the shortcut action that results from pressing Crtl+C

Displays the Chart of Accounts window

Undoes your last action Ñ usually

Displays the Write Checks window

Inserts a line into a list of items or expenses

Answer

Correct Answer: Displays the Write Checks window

Note: This Question is unanswered, help us to find answer for this one

230. How do you report on account history on two accounts that have been merged?

Reports Tab - Transaction Detail by Account screen

Reports Tab - Recent Transactions

Reports Tab - Customer Balance Data screen

That is not possible in Quickbooks

Answer

Correct Answer: That is not possible in Quickbooks

Note: This Question is unanswered, help us to find answer for this one

231. Which of the following cannot be recorded by using a journal entry?

Fixed assets

Inventory quantities

Bank account transactions

Lines of credit

Answer

Correct Answer: Fixed assets

Note: This Question is unanswered, help us to find answer for this one

232. I have multiple versions of QuickBooks, can I merge or combine the company files?

No, QuickBooks company files cannot be merged or combined.

Yes, QuickBooks company files can be merged or combined.

Yes, but you must covert all current files using a file converter.

Yes, but you must download a secondary file transfer tool.

Answer

Correct Answer: No, QuickBooks company files cannot be merged or combined.

Note: This Question is unanswered, help us to find answer for this one

233. Can 2 versions of Quickbooks be merged together?

If the version is the same

Yes, if it is the same format

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

234. True or False: Creating a Purchase Order is a required first step in the inventory accounting process

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

235. What is the shortcut to see the properties of the current QuickBooks file?

Ctrl+R

Ctrl+P

Answer

Correct Answer: F2

Note: This Question is unanswered, help us to find answer for this one

236. True or False ? An accountant can create new transactions regardless of it being after the dividing date

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

237. What should you do if you will likely sell a service only once?

Set up a "catch all" item

Set it up as an individual service item and make it inactive after the sale

Do not use items when invoicing the customer, just type description and price in the notes area

Click the "one-time use" button in the new item window

Answer

Correct Answer: Set it up as an individual service item and make it inactive after the sale

Note: This Question is unanswered, help us to find answer for this one

238. Can an unlimited amount of people make changes to Quickbooks in a company?

This is determined by the company

Depends on the version

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

239. What type of Quickbooks file has an extension of .QBX ?

QuickBooks for Windows company file

Web Connect file.

Accountant's review copy (export file)

QuickBooks Portable Company File (for version 2006 and above).

Answer

Correct Answer: Accountant's review copy (export file)

Note: This Question is unanswered, help us to find answer for this one

240. What type of Quickbooks file has an extension of .BPW ?

Accountant's review copy (import file)

QuickBooks backup file

Timer backup file.

Business Planner file

Answer

Correct Answer: Business Planner file

Note: This Question is unanswered, help us to find answer for this one

241. True or False: When you have inventory items, QB's automatically uses the Average Cost, but you can change it to LIFO or FIFO.

True. The inventory value is determined by dividing the total value of inventory by the total number of inventor items.

False, you don't have a choice of Inventory Valuations.

True, but you can only use LIFO or FIFO if you have QB's permission.

Answer

Correct Answer: True. The inventory value is determined by dividing the total value of inventory by the total number of inventor items.

Note: This Question is unanswered, help us to find answer for this one

242. Can QuickBooks use both accrual and cash basis accounting at the same time?

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

243. What is the keyboard shortcut to open a window to enter credit card charges?

Alt+B - H

Ctrl+Shift+C

Ctrl+C

Alt+B - C

Ctrl+C - C

Answer

Correct Answer: Alt+B - H

Note: This Question is unanswered, help us to find answer for this one

244. What versions of Quickbooks include the Inventory Assembly option?

Quickbooks Enterprise only

Quickbooks Pro, Premier and Enterprise

Quickbooks Premier and Enterprise

Quickbooks Pro for Retail

Answer

Correct Answer: Quickbooks Premier and Enterprise

Note: This Question is unanswered, help us to find answer for this one

245. After inventory has been set up, what is a typical adjustment?

Adjust value based on depreciation schedules

Adjust value based on currency changes

Adjust valuation due to market changes

Adjust values based on market projections

Answer

Correct Answer: Adjust valuation due to market changes

Note: This Question is unanswered, help us to find answer for this one

246. What is the keyboard shortcut to zoom in on the reports in Quickbooks?

Ctrl + Up Arrow

Ctrl + Down Arrow

Ctrl + Z

Press Enter

Ctrl + Enter

Answer

Correct Answer: Press Enter

Note: This Question is unanswered, help us to find answer for this one

247. True or False: The general ledger and trial balance reports contain some of the same information.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

248. How will a second subtotal inserted in an invoice calculate?

It will calculate all line items after the preceding blank line

It will calculate all line items after the first subtotal

It will calculate all lines in the invoice, excluding the subtotal

It will calculate the first subtotal plus all following lines

Answer

Correct Answer: It will calculate all line items after the first subtotal

Note: This Question is unanswered, help us to find answer for this one

249. For which of the following reports can you use the Financial Statement Designer to filter account balances by Customer: Job?

Statement of Cash Flows

All of the above

Income Statement

Balance Sheet Standard

Answer

Correct Answer: Balance Sheet Standard

Note: This Question is unanswered, help us to find answer for this one

250. If the customer changes his name, when you enter it on an invoice, the name doesn't change in the Customer Profile List.

It changes only if you go to the Customer Profile List and enter it manually.

False, it does automatically update the customers name.

The name changes only if you go to the Vendor Profile List and enter it manually.

Answer

Correct Answer: False, it does automatically update the customers name.

Note: This Question is unanswered, help us to find answer for this one

251. When making changes to a transaction in the register view, what keyboard shortcut records the transaction?

Alt-D

Alt-R

Ctrl-R

Ctrl-D

Ctrl-Shift-R

Answer

Correct Answer: Alt-D

Note: This Question is unanswered, help us to find answer for this one

252. True or False: When you reconcile a credit card, you use the same procedure you use when you reconcile your bank account, using the Bank Reconciliation icon.

False, you need to go to the Liabilities and reconcile your credit account from there.

False, you have to go the Chart of Accounts, click the credit card name, Activities at the bottom of the list & Reconcile Credit Cards.

True, they are considered one and the same as far as the reconcile procedures go.

Answer

Correct Answer: False, you have to go the Chart of Accounts, click the credit card name, Activities at the bottom of the list & Reconcile Credit Cards.

Note: This Question is unanswered, help us to find answer for this one

253. Where do you find the Preferences?

File Menu

Company Menu

Edit Menu

View Menu

Help Menu

Answer

Correct Answer: Edit Menu

Note: This Question is unanswered, help us to find answer for this one

254. Where does information input into the memo box on a new invoice show to the customer?

In the lower right corner of the invoice

It does not, it is an internal reference

On the packing slip

On a separate page

Answer

Correct Answer: It does not, it is an internal reference

Note: This Question is unanswered, help us to find answer for this one

255. What is an example of an appropriate type of Sub-items?

Various colors of an item

An assembly item

Discount on a group of items

Classes

Answer

Correct Answer: Various colors of an item

Note: This Question is unanswered, help us to find answer for this one

256. If a salesperson takes a 'draw' rather than a salary, where should they be included?

Other names list

A credit memo should be issued to them at each draw

Vendor List

Employee List

Answer

Correct Answer: Other names list

Note: This Question is unanswered, help us to find answer for this one

257. At initial setup, what is NOT a field that must be completed for New Items?

Total Value

Vendor

Date Fields

Quantity on Hand

Answer

Correct Answer: Vendor

Note: This Question is unanswered, help us to find answer for this one

258. What is the automatic Quickbooks help prompt?

The Quickbooks Paperclip

Question mark

The Quickbooks Coach

QueBert in QB

Answer

Correct Answer: The Quickbooks Coach

Note: This Question is unanswered, help us to find answer for this one

259. What is the keyboard shortcut to insert a blank account line on the expenses tab of a check?

Ctrl+I

Ctrl+Shift+I

Ctrl+Shift+Ins

Shift+Ins

Ctrl+Ins

Answer

Correct Answer: Ctrl+Ins

Note: This Question is unanswered, help us to find answer for this one

260. How can you quickly view the history of Accounts Receivables and Accounts Payable?

Ctrl + H

Ctrl + A

Ctrl + V

Ctrl + Enter

Ctrl + Alt + V

Answer

Correct Answer: Ctrl + H

Note: This Question is unanswered, help us to find answer for this one

261. What is the maximum number of deposits in a make deposit screen?

There is no limit

100

500

Answer

Correct Answer: 500

Note: This Question is unanswered, help us to find answer for this one

262. What are the default choices for Customer Type?

Product Customer & Job Customer

Corporate & Referral

Taxable & Non-Taxable

Cash & Other

Answer

Correct Answer: Corporate & Referral

Note: This Question is unanswered, help us to find answer for this one

263. What is the keyboard shortcut to display the Transaction Journal?

Ctrl + S

Ctrl + D

Ctrl + T

Ctrl + J

Ctrl + Y

Answer

Correct Answer: Ctrl + Y

Note: This Question is unanswered, help us to find answer for this one

264. For quick move from last record to first record during book keeping transactions, press...

Ctrl + Left Arrow

Ctrl + Page Up

Ctrl + Page Down

Page Up

Shift Tab

Answer

Correct Answer: Page Up

Note: This Question is unanswered, help us to find answer for this one

265. Which keyboard strokes open a window to transfer funds between accounts?

Alt+T

Ctrl+B - T

Ctrl+T

Alt+B - T

Ctrl+Shift+T

Answer

Correct Answer: Alt+B - T

Note: This Question is unanswered, help us to find answer for this one

266. Which of these is true about a duplicated transaction?

A list of duplicated transactions is automatically maintained

Duplicating is a one-time manual copy

Reminders for duplication are delivered monthly

Duplicated bills can be recalled

Answer

Correct Answer: Duplicating is a one-time manual copy

Note: This Question is unanswered, help us to find answer for this one

267. What is the maximum number of rows allowed to be imported into Quickbooks from an Excel data file?

750

There is no limit

500

1,000

Answer

Correct Answer: 1,000

Note: This Question is unanswered, help us to find answer for this one

268. _______ is NOT an item category:

Freight

Payment

Service

Inventory Part

Answer

Correct Answer: Freight

Note: This Question is unanswered, help us to find answer for this one

269. Adjusting journal entries are used to record what?

Depreciation expense and expired prepaid expenses.

Future estimated litigation costs

Appreciation and Depreciation Costs

All of these

Answer

Correct Answer: Depreciation expense and expired prepaid expenses.

Note: This Question is unanswered, help us to find answer for this one

270. True or False: At year end the depreciation account should not be closed to the profit and loss report.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

271. What is the web address of the QuickBooks online version?

www.intuit.com

www.quickbooks.online.com

online.quickbooks.com

www.quickbooksonlineversion.com

Answer

Correct Answer: www.intuit.com

Note: This Question is unanswered, help us to find answer for this one

272. How do you specify if a discount should be applied to a total with or without sales tax included?

In Company Preferences

All of these are options

Tax code drop-down list

As part of the initial Company Interview

Answer

Correct Answer: Tax code drop-down list

Note: This Question is unanswered, help us to find answer for this one

273. What is an appropriate way to handle a reimbursable expense?

Invoice the reimbursing party

Book it as income to offset the expense

Book the expense with a negative amount

Create a credit memo

Answer

Correct Answer: Book it as income to offset the expense

Note: This Question is unanswered, help us to find answer for this one

274. The primary purpose for setting a Closing Date password is:

Ensure that only the accountant's copy can have transactions changed that are prior to the closing date

To have Quickbooks prompt you when you attempt to make a change to a transaction prior to the closing date.

To allow the reversing entries to be made to close the books

To lock down all transactions and not allow changes prior to the closing date

Answer

Correct Answer: To have Quickbooks prompt you when you attempt to make a change to a transaction prior to the closing date.

Note: This Question is unanswered, help us to find answer for this one

275. How can you report on text that is contained in a Custom field?

Indicate on the Custom Field List

Quickbooks does not have this capability

Company tab. Preferences screen

Reports Tab - Custom Reports

Answer

Correct Answer: Quickbooks does not have this capability

Note: This Question is unanswered, help us to find answer for this one

276. How does Quickbooks calculate the percentage discount Item?

As a percent of the total of all items listed prior to the percentage discount

Calculated manually on individual invoices

As a percent of the line item directly above it

As indicated on the percent discount sub-item for the product

Answer

Correct Answer: As a percent of the line item directly above it

Note: This Question is unanswered, help us to find answer for this one

277. What type of Quickbooks file has an extension of .INI ?

Timer backup file.

Intuit Interchange Format file

Configuration file

Business Planner file

Answer

Correct Answer: Configuration file

Note: This Question is unanswered, help us to find answer for this one

278. A blue dot next to an account in the Chart of Accounts window means...

that this account is a checking account.

that this account is setup for online transactions.

that this account has been disabled.

that this account is overdrawn.

that this account has pending transactions for review.

Answer

Correct Answer: that this account is setup for online transactions.

Note: This Question is unanswered, help us to find answer for this one

279. What command button's allow you to scroll through receipts you have printed by not printed?

Forward & Back

Review All

Print Preview

Next & Previous

Answer

Correct Answer: Next & Previous

Note: This Question is unanswered, help us to find answer for this one

280. What is the "Limit" field in the Customer list?

None of these

The amount of credit still available to a Customer

The dollar amount of the Customer's credit

If checked, the Customer can not have another invoice opened until satisfying what is outstanding

Answer

Correct Answer: The dollar amount of the Customer's credit

Note: This Question is unanswered, help us to find answer for this one

281. How can you transfer data from Quickbooks to Salesforce?

Third party plug

Select the function on reports tab

Transfer the information to Excel and Excel to Salesforce

With QuickBooks Enterprise Version

With QuickBooks Pro Version

Answer

Correct Answer: Third party plug

Note: This Question is unanswered, help us to find answer for this one

282. What is an example of an appropriate use of Payment item on an invoice?

Deposit received prior to invoice

Due on Receipt of Payment

In-kind donation

Percentage discount

Answer

Correct Answer: Deposit received prior to invoice

Note: This Question is unanswered, help us to find answer for this one

283. What is the file extension for a Quickbooks backup file?

.qbb

.qbo

.qwc

.qif

.qbmb

Answer

Correct Answer: .qbmb

Note: This Question is unanswered, help us to find answer for this one

284. What is a sales tax group?

A grouping of customers that have the same tax profile

None of these

A group of product items that are subject to sales tax

A sum of all taxing entities' taxing rates

Answer

Correct Answer: A sum of all taxing entities' taxing rates

Note: This Question is unanswered, help us to find answer for this one

285. To which of the following items you cannot assign the units of measure?

Discount

Group

Service

Inventory assembly

Answer

Correct Answer: Discount

Note: This Question is unanswered, help us to find answer for this one

286. What is a Bill of Materials in Quickbooks?

An invoice to a customer for materials

A non-inventory list

The level of inventory at which you assemble additional grouped items

Component items and quantities to create an invoice assembly

Answer

Correct Answer: Component items and quantities to create an invoice assembly

Note: This Question is unanswered, help us to find answer for this one

287. What will display when you press CTRL-Y from any form amount entered?

It will display a dialog box asking if you are sure you want to close and save the transaction

The back-end Journal entries in debits and credits (T -accounts)

It will display a dialog box asking if you are sure you want to delete the transaction

It will enter the date end of the current year

Answer

Correct Answer: The back-end Journal entries in debits and credits (T -accounts)

Note: This Question is unanswered, help us to find answer for this one

288. Once your company is set up as a contract agency, you want to change the company to be a boutique. Can you just change all the company info and continue on the way you were, but with customers?

No. You can keep the company ID number, but you only need to change the company name.

Yes, that way you don't have to put up with all the trouble of starting up a new company name etc.

No. You must open and start a brand new company, new company ID etc.

Answer

Correct Answer: No. You must open and start a brand new company, new company ID etc.

Note: This Question is unanswered, help us to find answer for this one

289. The shortcut to open Customer Center is:

Ctrl + N

Ctrl + C

Ctrl + J

Ctrl + W

Ctrl + M

Answer

Correct Answer: Ctrl + J

Note: This Question is unanswered, help us to find answer for this one

290. Which of the menus provides the option to print the Income Statement?

Reports and Lists Menu

Lists Menu

Report Center

None of the menus listed provide that option

Reports Menu

Answer

Correct Answer: Reports and Lists Menu

Note: This Question is unanswered, help us to find answer for this one

291. What is one option NOT offered by Quickbooks Pro?

A portable Company File

Classes

Inventory Assembly

Data import from previous Quickbooks versions

Answer

Correct Answer: Inventory Assembly

Note: This Question is unanswered, help us to find answer for this one

292. What is Quickbooks default transaction when inventory is received before the invoice?

No action, Quickbooks credits Accounts Payable when the invoice arrives

No action, Quickbooks debits Accounts Payable when the invoice arrives

Accounts Payable is debited

Accounts Payable is credited

Answer

Correct Answer: Accounts Payable is credited

Note: This Question is unanswered, help us to find answer for this one

293. How can you transfer data from Oracle to Quickbooks?

Third party plug

Creating a Excel file and transferring that to Oracle

Mapping to Quickbooks

Select the function on the menu

Answer

Correct Answer: Third party plug

Note: This Question is unanswered, help us to find answer for this one

294. When writing checks, if you do not indicate a specific bank account, what does Quickbooks use as a default?

The first account that was set up in Quickbooks

The account indicated as the default account in the setup interview

The account that was most recently used to pay the same vendor

The most recently used account

Answer

Correct Answer: The most recently used account

Note: This Question is unanswered, help us to find answer for this one

295. True or False: If you pay a bill upon receipt by writing a check there is no reason to Enter a Bill.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

296. In order to get which of the following reports must we use items to track both income and expenses?

Item Profitability Report

General Ledger Report

Profit & Loss by Job Report

Income Tax Details report

Answer

Correct Answer: Item Profitability Report

Note: This Question is unanswered, help us to find answer for this one

297. What type of Quickbooks file has an extension of .QBO ?

Accountant's review copy (working copy)

QuickBooks backup file

Web Connect file.

QuickBooks Portable Company File (for version 2006 and above).

Answer

Correct Answer: Web Connect file.

Note: This Question is unanswered, help us to find answer for this one

298. How do you view transactions in a Retained Earnings report?

Reports ->Accountant Statements ->Retained Earnings

Company Menu ->Chart of Accounts ->QuickZoom.

Company Menu ->Owner's Screen ->Retained Earnings

Reports ->Owner's Documents ->Owner's Statements

Answer

Correct Answer: Company Menu ->Chart of Accounts ->QuickZoom.

Note: This Question is unanswered, help us to find answer for this one

299. How can you reprint a employees pay stub once it has been printed?

Report/Employees & Payroll/Pay Stubs

File/Print Forms/Pay Stubs

Answer

Correct Answer: File/Print Forms/Pay Stubs

Note: This Question is unanswered, help us to find answer for this one

300. How can you see what was posted after the period was closed (and a password was entered)?

The Accountant's Audit Report

The Close Period Exception Report

Download a .qii data file into Excel

The Audit Trail

Answer

Correct Answer: The Close Period Exception Report

Note: This Question is unanswered, help us to find answer for this one

301. What type of Quickbooks file has an extension of .QBM ?

Loan Manager Data

QuickBooks backup file

Accountant's review copy (working copy)

QuickBooks Portable Company File (for version 2006 and above).

Answer

Correct Answer: QuickBooks Portable Company File (for version 2006 and above).

Note: This Question is unanswered, help us to find answer for this one

302. In a date field press _

Enters yesterday's date

Subtracts one day from the date shown

Changes the date to the last day in the year

Answer

Correct Answer: Subtracts one day from the date shown

Note: This Question is unanswered, help us to find answer for this one

303. True or False: Clearing the opening date reopens the closed accounting period.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

304. Can you use a mobile device to record transactions into Quickbooks?

Only with Quicken Mobile

Only with a third party app

Answer

Correct Answer: Only with a third party app

Note: This Question is unanswered, help us to find answer for this one

305. Where can you find a detailed report of vendors balance?

In the vendors reports

All of the answers are correct

In the vendors balance detail

In the customers balance details

Answer

Correct Answer: In the vendors balance detail

Note: This Question is unanswered, help us to find answer for this one

306. Managing Change Orders is a function of the industry specific Quickbooks:

Retail

Manufacturer & Wholesaler

Contractor

General Business

Answer

Correct Answer: Contractor

Note: This Question is unanswered, help us to find answer for this one

307. How can you start Quickbooks without a company file?

Press Ctrl + Enter

Press Esc or Ctrl + F4

Press Alt (while opening)

Press Ctrl (while opening)

Answer

Correct Answer: Press Ctrl (while opening)

Note: This Question is unanswered, help us to find answer for this one

308. What action is automatic within Quickbooks at the re-order point?

A recalled transaction creates a write-a-check transaction

A recalled transaction creates a purchase order

A screen warning is displayed that must be acknowledged by the user

A reminder is sent to the reminder list

Answer

Correct Answer: A reminder is sent to the reminder list

Note: This Question is unanswered, help us to find answer for this one

309. What is NOT a tax form status event?

Submitted to Agency

Saved

Voided

Agency Rejected

Answer

Correct Answer: Voided

Note: This Question is unanswered, help us to find answer for this one

310. Where do you find the memorized transactions?

List Menu

Company Menu

Favorites Menu

File Menu

Edit Menu

Answer

Correct Answer: List Menu

Note: This Question is unanswered, help us to find answer for this one

311. What is the keyboard shortcut to open a split transaction in register press?

Ctrl + A

Ctrl + R

Ctrl + J

Ctrl + Y

Ctrl + O

Answer

Correct Answer: Ctrl + R

Note: This Question is unanswered, help us to find answer for this one

312. Does a retail shop that only sells consigned goods hold inventory?

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

313. What kind of information can you transfer from Quickbooks to Salesforce?

Vendors

Just the information required, at the customization third party

Sales

Returns

Answer

Correct Answer: Just the information required, at the customization third party

Note: This Question is unanswered, help us to find answer for this one

314. What does pressing H in a date field accomplish?

Changes the date to the last day in the month

Changes the date to the last day in the year

Changes the date to the first day in the month

Changes the date to the first day in the year

Answer

Correct Answer: Changes the date to the last day in the month

Note: This Question is unanswered, help us to find answer for this one

315. True or False: Vendors compensation for sales tax should be listed in quickbooks as an expense account.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

316. How many users does the desktop Pro version of Quickbooks support?

Answer

Correct Answer: 3

Note: This Question is unanswered, help us to find answer for this one

317. What is not a transaction that takes place in the inventory management function?

Adding purchased inventory to the asset account

Entering the bill you receive for inventory

Taking physical inventory

Paying the bill for inventory

Answer

Correct Answer: Taking physical inventory

Note: This Question is unanswered, help us to find answer for this one

318. To automatically manage recurring Accounts Payable:

Set up a duplicate transaction

Set up a reminder for Bills to pay and set the number of lead time days to notify

Set up a recurring transaction

Set up "Checks to Run" on the payment date

Answer

Correct Answer: Set up a reminder for Bills to pay and set the number of lead time days to notify

Note: This Question is unanswered, help us to find answer for this one

319. True or False: Defining a group of items is equivalent to creating sub-items.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

320. The proper format required for an imported file can be found:

In the help section

In the Reports section, Import Screen

By exporting the data file from Quickbooks to Excel and using that as a template

Using the Quickbooks Coach

Answer

Correct Answer: By exporting the data file from Quickbooks to Excel and using that as a template

Note: This Question is unanswered, help us to find answer for this one

321. When you record a cash sale, where does Quickbooks apply the payment?

The selected bank account

Income

Undeposited funds

Petty cash

Answer

Correct Answer: Undeposited funds

Note: This Question is unanswered, help us to find answer for this one

322. How do you apply a vendor credit to a bill?

Open the bill and click "Apply Credits."

In the pay bills module, check the bill to which the credit is to be applied, click "Set Credits" and select the credit(s) to be applied.

In the vendor center, right-click the bill and select "Apply Credits."

The credit will appear in the pay bills module and you just check it as you would a bill.

Answer

Correct Answer: In the pay bills module, check the bill to which the credit is to be applied, click "Set Credits" and select the credit(s) to be applied.

Note: This Question is unanswered, help us to find answer for this one

323. Can you enter the checks you write in your chart of accounts?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

324. When creating an invoice, what does the red circle on the right of an invoice line do upon clicking?

Deletes the line

Adds a new line below

Confirms the item is in stock

Confirms the customer

Answer

Correct Answer: Deletes the line

Note: This Question is unanswered, help us to find answer for this one

325. True or False: When you use Enter Bills, you must use Pay Bills when you receive payment.

True, this way the A/P for this entry will be cleared out.

False, you must enter it under Bank Deposit when receiving payment.

Answer

Correct Answer: True, this way the A/P for this entry will be cleared out.

Note: This Question is unanswered, help us to find answer for this one

326. What is the default first sort order for the Chart of Accounts?

In order as appearing on the Balance Sheet

Alphabetical

By Account Type

In order as appearing on the Income Statement

Answer

Correct Answer: By Account Type

Note: This Question is unanswered, help us to find answer for this one

327. How do you delete a record row?

Backspace

Press Del

Press Ctrl + Del

Press Ctrl + D

Answer

Correct Answer: Press Ctrl + Del

Note: This Question is unanswered, help us to find answer for this one

328. When are physical counts recorded in Quickbooks typically updated?

At the end of the year

After a physical count is made

At the end of a quarter

On an ongoing basis if perpetual inventory is implemented

Answer

Correct Answer: After a physical count is made

Note: This Question is unanswered, help us to find answer for this one

329. How can you see who last modified a transaction?

Create an Audit Trail Report for the transaction in question.

In the vendor & customer centers, right-click the transaction, select "View Transaction Journal", and modify the report to include the column "Last modified by."

All methods are correct.

While a transaction is selected, create a Transaction Journal report and modify it to include the column "Last modified by."

Answer

Correct Answer: All methods are correct.

Note: This Question is unanswered, help us to find answer for this one

330. Once you merge an item, then find out you didn't want to merge it, can you reverse the merge?

Yes. Everything is possible in QB's.

No. You must HIDE the wrong name and start a whole new entry for that person, along with any/all transactions for them.

No. Once a merge has been done, it can't be reversed.

Answer

Correct Answer: No. Once a merge has been done, it can't be reversed.

Note: This Question is unanswered, help us to find answer for this one

331. In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?

Service Item

Subtotal Item

Subcontractor Item

Other Charges Item

Answer

Correct Answer: Service Item

Note: This Question is unanswered, help us to find answer for this one

332. How can you show items that you have formerly made inactive?

Under the Company Preferences tab, check the "Show All" box next to the list on the Items List tab

Select the "Include Inactive" checkbox

Uncheck the "Inactive" box on the master Item List

View the "Inactive Summary" report

Answer

Correct Answer: Select the "Include Inactive" checkbox

Note: This Question is unanswered, help us to find answer for this one

333. What amount is shown for Cost of Goods sold?

The average real cost

A Cost of Goods sold percentage set up on the item list

The cost of that specific item

The average real price

Answer

Correct Answer: The average real cost

Note: This Question is unanswered, help us to find answer for this one

334. Which tax form would you select for a corporation?

Form1040

Form 1120

Form 1133

Form1065

Answer

Correct Answer: Form 1120

Note: This Question is unanswered, help us to find answer for this one

335. Can I install Quickbooks on Linux?

Yes.

A Linux computer can only be used as a database server to store shared company data files.

Answer

Correct Answer: A Linux computer can only be used as a database server to store shared company data files.

Note: This Question is unanswered, help us to find answer for this one

336. When is an income account transaction non-taxable?

When the transaction is point-of-sale

When it is a transaction deemed retail

When it is a transaction deemed wholesale

When the transaction is an inventory purchase

Answer

Correct Answer: When it is a transaction deemed wholesale

Note: This Question is unanswered, help us to find answer for this one

337. What is required to merge accounts?

Accounts can only be merged in the Accountants working copy file

All account transactions must be prior to the latest closing date

You must have Quickbooks Enterprise

You must be in Single-User mode

Answer

Correct Answer: You must be in Single-User mode

Note: This Question is unanswered, help us to find answer for this one

338. What type of Quickbooks file has an extension of .QBW ?

QuickBooks for Windows company file

QuickBooks backup file

QuickBooks Portable Company File (for version 2006 and above).

Web Connect file.

Answer

Correct Answer: QuickBooks for Windows company file

Note: This Question is unanswered, help us to find answer for this one

339. What are two elements required to create a Sales Tax item?

The percent rate and the taxing agency

The name of the taxing agency and the address to send remittance

The level of an Inventory Assembly component at which you order more

The local and state tax rates

Answer

Correct Answer: The percent rate and the taxing agency

Note: This Question is unanswered, help us to find answer for this one

340. True or False: You have to have basic customer info (name, etc) entered on the Customer List BEFORE you can enter an invoice or P/O against that customer.

True, all customers must be listed in the Customer List before they can be used on an invoice etc.

False, you can enter customer names "on the fly" and have the option to fill in the info or save it to fill in the info later.

Answer

Correct Answer: False, you can enter customer names "on the fly" and have the option to fill in the info or save it to fill in the info later.

Note: This Question is unanswered, help us to find answer for this one

341. What is the process to change inventory valuation from average cost to LIFO?

In the Quick Interview process

In the Company Tab, Preferences screen

It must be changed in the Accountants copy of the Company file

Quickbooks only supports average cost valuation

Answer

Correct Answer: Quickbooks only supports average cost valuation

Note: This Question is unanswered, help us to find answer for this one

342. Where can you order W-2s & Tax Forms?

Reports Menu

Vendors Menu

Company Menu

Employees Menu

Lists Menu

Answer

Correct Answer: Employees Menu

Note: This Question is unanswered, help us to find answer for this one

343. When you Receive Payment, it must be applied to the Undeposited Funds section before you can move it into an account.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

344. As of 2014, will QuickBooks sync with Salesforce?

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

345. True or False: When you have undeposited checks, they are listed under Banking in the Assets accounts.

False. Undeposited checks are listed under Other Current Assets.

True, as they are part of banking.

False, they are entered under Cash in the assets accounts.

Answer

Correct Answer: False. Undeposited checks are listed under Other Current Assets.

Note: This Question is unanswered, help us to find answer for this one

346. What happens when you void a check?

The amount is zeroed as of the original check date.

A credit is created against the check using the original check date.

The amount is zeroed as of today's date.

A credit is created against the check using today's date.

Answer

Correct Answer: The amount is zeroed as of the original check date.

Note: This Question is unanswered, help us to find answer for this one

347. If a customer purchases an item and pays cash, what is the appropriate treatment?

Create an invoice and receive a payment against it

Create a journal entry and increase cash, decrease inventory

None of these

Create a sales receipt

Answer

Correct Answer: Create a sales receipt

Note: This Question is unanswered, help us to find answer for this one

348. As of 2014, will QuickBooks sync with Evernote?

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

349. On what list can a person be included in order to track time?

Employee List

Other names list

All of these

Vendor List

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

350. In an inventory report, what cost will show for an item?

The purchase price shown in the information schedule

The average real cost

The cost as based on First-in-First-Out

The cost as based on Last-in-First-Out

Answer

Correct Answer: The average real cost

Note: This Question is unanswered, help us to find answer for this one

351. In a working trial balance, what does 0.00 in each column indicate?

There was no activity in a specific account.

Total Debits and Credits during the period are equal.

It means nothing.

The account is marked dormant.

Answer

Correct Answer: There was no activity in a specific account.

Note: This Question is unanswered, help us to find answer for this one

352. True or False: Transactions from financial institutions can only be imported into Quickbooks through the Downloaded Transactions option under the Banking menu.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

353. What type of Quickbooks file has an extension of .BDB ?

Accountant's review copy (import file)

Accountant's review copy (working copy)

Timer backup file.

Intuit Interchange Format file

Answer

Correct Answer: Timer backup file.

Note: This Question is unanswered, help us to find answer for this one

354. Which of the following classifications is found on the statement of cash flows?

Cash flows from owner's facilities

Cash flows from purchasing activities

Cash flows from investing activities

Cash flows from selling activities

Answer

Correct Answer: Cash flows from investing activities

Note: This Question is unanswered, help us to find answer for this one

355. You record a credit memo and apply it to what?

invoice

bill

purchase order

account register

item list

Answer

Correct Answer: invoice

Note: This Question is unanswered, help us to find answer for this one

356. What is recommended to enter into the check number field when entering a debit card transaction?

A number that is greatly higher than the latest check number

Debit card transactions should not be recorded in the Write Checks screen

A non-numeric field flagging the transaction as a debit card transaction

The next unused check number

Answer

Correct Answer: A non-numeric field flagging the transaction as a debit card transaction

Note: This Question is unanswered, help us to find answer for this one

357. What is the correct method to make changes to the payroll liability balances?

Simply create an adjusting journal entry.

Adjust the paychecks directly.

Use 'adjust payroll liabilities' in the payroll module.

In the payroll module, create a custom liability check or deposit a refund of liabilities.

Use 'modify payroll liabilities' in the payroll module.

Answer

Correct Answer: Use 'adjust payroll liabilities' in the payroll module.

Note: This Question is unanswered, help us to find answer for this one

358. If you are in a transaction and right-click, what menu appears?

It depends on the transaction

Item list options

Copy, Paste, Delete

Clear, Void, Erase

Answer

Correct Answer: It depends on the transaction

Note: This Question is unanswered, help us to find answer for this one

359. What is the shortcut action that results from pressing Alt+F4?

Deletes check, invoice, transaction, or item from the list

Exit Quick-book Window.

Displays the Create Invoice window

Displays the Find window

Displays the Chart of Accounts window

Answer

Correct Answer: Exit Quick-book Window.

Note: This Question is unanswered, help us to find answer for this one

360. In writing a check in Quickbooks, what is the difference between "Save & Close" and "Save & New"?

By choosing "Save and New" a new invoice is created for that vendor

By choosing "Save and New" a new purchase order is opened for that vendor

By closing, the invoice is closed out

By closing, the check writing function is closed

Answer

Correct Answer: By closing, the check writing function is closed

Note: This Question is unanswered, help us to find answer for this one

361. What is the appropriate treatment for a check you receive and plan on depositing with other funds?

Issue a sales receipt

Select 'Group with other undeposited funds'

Create an invoice and receive a payment against it

Select the account to deposit into

Answer

Correct Answer: Select 'Group with other undeposited funds'

Note: This Question is unanswered, help us to find answer for this one

362. Which of the following is NOT an item category?

Sales Tax Group

Sales Tax

Discount

Account

Answer

Correct Answer: Account

Note: This Question is unanswered, help us to find answer for this one

363. Do you enter inventory items using the Chart of Accounts, under assets? And can the quantity be adjusted by just adding/subtracting from this account?

No. Inventory is entered in Receive inventory and can be adjusted using Adjust Qty on Hand icon.

No. Inventory is an Equity account and is handled the same as Profit and Loss accounts.

Yes. Inventory items are assets on the Chart of Accounts and can be adjusted just by going in and adjusting the amount changing the amount to what ever you want.

Yes. It shows as current assets and can be adjusted using a register for that account.

Answer

Correct Answer: No. Inventory is entered in Receive inventory and can be adjusted using Adjust Qty on Hand icon.

Note: This Question is unanswered, help us to find answer for this one

364. What is NOT an example of a typical Class type?

Department

Store Size

Location

Cash

Answer

Correct Answer: Cash

Note: This Question is unanswered, help us to find answer for this one

365. Does QuickBooks generate bank reconciliation reports automatically?

Yes, it provides all the accounts which are reconciled.

You can export the data from general ledger and do the reconciliation manually.

Answer

Correct Answer: Yes, it provides all the accounts which are reconciled.

Note: This Question is unanswered, help us to find answer for this one

366. An inventory adjustment should NOT be used for:

Breakage

Ongoing purchases

Theft

Obsolescence

Answer

Correct Answer: Ongoing purchases

Note: This Question is unanswered, help us to find answer for this one

367. What is an appropriate approach for an accounts receivable identified as uncollectible if you are on a cash-basis for tax purposes?

Create a sales receipt

Create a credit memo and apply the credit to the open invoice

Create an invoice and receive a payment against it

Create a journal entry and increase cash, decrease inventory

Answer

Correct Answer: Create a credit memo and apply the credit to the open invoice

Note: This Question is unanswered, help us to find answer for this one

368. What is a Quickbooks portable file?

A data file that is importable

A data file that is exportable

A Company file compressed for transfer between computers

The Company file created after the closing date to transfer to the Accountant

Answer

Correct Answer: A Company file compressed for transfer between computers

Note: This Question is unanswered, help us to find answer for this one

369. What is NOT an item category?

Payment

Service

Inventory Part

Depreciation

Answer

Correct Answer: Depreciation

Note: This Question is unanswered, help us to find answer for this one

370. How can you enter a check you write for several different expense accounts?

Ctrl S in the account box

Ctrl Q

Answer

Correct Answer: Ctrl S in the account box

Note: This Question is unanswered, help us to find answer for this one

371. How does Quickbooks calculate the number of days aging of accounts receivable?

Based on the delivery date of the goods

Based on the shipment date

Based on the day the invoice was created

Based on the due date on the invoice

Answer

Correct Answer: Based on the due date on the invoice

Note: This Question is unanswered, help us to find answer for this one

372. Is Quickbooks a form driving program?

yes

Answer

Correct Answer: yes

Note: This Question is unanswered, help us to find answer for this one

373. Does Point of Sale allow transfers of information into Quickbooks?

Third party application needed

Yes

Only with the permission of Quickbooks

Only some types of information

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

374. If a customer is tax-exempt but the item is classified as taxable, how does Quickbooks apply tax?

The customer is charged the tax

A dialog box asks the user to indicate the correct format

The customer's status overrides the item's tax category

None of these

Answer

Correct Answer: The customer's status overrides the item's tax category

Note: This Question is unanswered, help us to find answer for this one

375. How does Quickbooks handle the reduction in inventory of a group list item?

Each component of the group item is reduced in inventory upon the sale of one group unit

With a credit memo

Each component of the group item is increased in inventory upon the sale of one group unit

Adjusting the quantity on hand

Answer

Correct Answer: Each component of the group item is reduced in inventory upon the sale of one group unit

Note: This Question is unanswered, help us to find answer for this one

376. What is another name for an Owner's Equity report in QuickBooks?

Retained Profit Report

Retained Earnings

Owner's Earnings

Owner's Earnings Statement

Answer

Correct Answer: Retained Earnings

Note: This Question is unanswered, help us to find answer for this one

377. What are undeposited funds?

An account where you keep checks until you take them to the bank.

Both

Undeposited Funds is an account where you keep checks until you give them to someone else.

Answer

Correct Answer: An account where you keep checks until you take them to the bank.

Note: This Question is unanswered, help us to find answer for this one

378. What is the shortcut action that results from pressing Ctrl+Q

Displays the Register window

Quits the transaction

Creates and displays a Quick Report on the selected transaction

Displays the memorized transaction list

Answer

Correct Answer: Creates and displays a Quick Report on the selected transaction

Note: This Question is unanswered, help us to find answer for this one

379. If you receive a check against an invoice, to which account is the payment deposited?

All answers are correct

Your bank account

Nowhere

Undeposited Funds

Answer

Correct Answer: Undeposited Funds

Note: This Question is unanswered, help us to find answer for this one

380. What Report will allow you to review your adjusting journal entries?

general ledger

Accountant/Report Adjusted Journal entries

Answer

Correct Answer: Accountant/Report Adjusted Journal entries

Note: This Question is unanswered, help us to find answer for this one

381. Can Quickbooks be used for payroll without purchasing a license?

Depends on the version

Yes

Answer

Correct Answer: No

Note: This Question is unanswered, help us to find answer for this one

382. If you set up two sub-accounts for inventory when the inventory account has a balance, what should the inventory account balance be after the sub-account set up?

The sum of the two sub accounts

Two sub accounts cannot be set up in the parent account has a balance

Zero

The original balance

Answer

Correct Answer: The sum of the two sub accounts

Note: This Question is unanswered, help us to find answer for this one

383. What is the first step in setting up a company file?

Make forms for invoices

Set up inventory

Import the customer,vendor, and item list.

Bring in account balances.

Download transactions

Answer

Correct Answer: Import the customer,vendor, and item list.

Note: This Question is unanswered, help us to find answer for this one

384. Which of these is true about a memorized transaction?

A memorized transaction is a one-time manual copy

A date is set to automatically process a memorized transaction

None of these

A memorized transaction can be recalled

Answer

Correct Answer: A memorized transaction can be recalled

Note: This Question is unanswered, help us to find answer for this one

385. What are "Classes"?

Classes help you to track all your vendors — who they are, your most recent payment, and what you owe them.

Classes offer a straight forward means of segregating your business activities by Profit Center or Department.

Classes allows you to see where you stand in your industry, create a business plan, create forecasts, and see where you need to improve.

Classes allow you to see activity for different customers within your company.

Answer

Correct Answer: Classes offer a straight forward means of segregating your business activities by Profit Center or Department.

Note: This Question is unanswered, help us to find answer for this one

386. Where is the option to use Quickbooks' Classes?

It is a default on the Customer Type

A checkbox on each new invoice

Company Preferences

The Help section

Answer

Correct Answer: Company Preferences

Note: This Question is unanswered, help us to find answer for this one

387. What is a typical reason for merging accounts?

To shrink the number of accounts in the chart of accounts

They are tracking the same thing, just named differently

An acquisition of another company

One account for headquarter expenses, one for location expenses

Answer

Correct Answer: They are tracking the same thing, just named differently

Note: This Question is unanswered, help us to find answer for this one

388. The shortcut to Open Write Checks is:

Ctrl + K

Ctrl + Q

Ctrl + W

Ctrl + C

Ctrl + H

Answer

Correct Answer: Ctrl + W

Note: This Question is unanswered, help us to find answer for this one

389. What is a typical function of using Classes?

Assess segment performance

Develop more precise depreciation schedules

Manage overdue Accounts Receivables

Evaluate acquisitions

Answer

Correct Answer: Assess segment performance

Note: This Question is unanswered, help us to find answer for this one

390. WHAT IS THE BALANCE SHEET FORMULA?

ASSETS + LIABILITIES = STOCKHOLDERS EQUITY

ASSETS = LIABILITIES + STOCKHOLDERS EQUITY

ASSETS = LIABILITIES - STOCKHOLDERS EQUITY

Answer

Correct Answer: ASSETS = LIABILITIES + STOCKHOLDERS EQUITY

Note: This Question is unanswered, help us to find answer for this one

391. How do you set a closing date in Quickbooks?

In the easy step interview set closing date.

Only online versions of Quickbooks have closing dates.

No closing date is set in Quickbooks desktop versions.

Go under Company and select closing date

Go to File, company and select new company to set closing date.

Answer

Correct Answer: Go under Company and select closing date

Note: This Question is unanswered, help us to find answer for this one

392. True or False: It is not possible to add new or edit existing transactions when your copy of QuickBooks expired.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

393. Which one of these is NOT an item category?

Non Inventory Part

Inventory Part

Account

Service

Answer

Correct Answer: Account

Note: This Question is unanswered, help us to find answer for this one

394. What is the most efficient way to copy the hours as reported the previous week into the current week?

Download to Excel, complete, and upload

Select the employee and choose 'Copy last sheet'

Ctrl-X, then Ctrl-V

Ctrl-C, then Ctrl-V

Answer

Correct Answer: Select the employee and choose 'Copy last sheet'

Note: This Question is unanswered, help us to find answer for this one

395. How is the 'On Order' column of checkmarks populated on the Inventory Stock Status by Item report?

It reflects open purchase orders

It is based on a perpetual inventory system

It reflects open credit memos

It reflects outstanding estimates

Answer

Correct Answer: It reflects open purchase orders

Note: This Question is unanswered, help us to find answer for this one

396. What is the best way to make sure that you are prepared for bank reconciliation?

Double check to make sure you have all of your receipts entered.

Close the books for the period to make sure you have everything set.

Make sure your receipts are in alphabetical order.

Answer

Correct Answer: Double check to make sure you have all of your receipts entered.

Note: This Question is unanswered, help us to find answer for this one

397. What is a reason that the Travel account with two subaccounts cannot be deleted?

There is transactional data in the Travel account

Payroll references the account for compensation reporting purposes

All of these

You can't delete an account with existing subaccounts

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

398. Do Purchase Orders show as an asset account on the balance sheet?

QuickBooks creates this account the first time you create a purchase order. This is a non-posting account that does not affect your balance sheet or income statement.

Yes, it's listed under short term asset accounts.

No, it's listed as a short term liability account.

Answer

Correct Answer: QuickBooks creates this account the first time you create a purchase order. This is a non-posting account that does not affect your balance sheet or income statement.

Note: This Question is unanswered, help us to find answer for this one

399. What is a re-order point in Quickbooks?

A recalled transaction when a customer re-orders product

The level of inventory at which you purchase more

The level of inventory at which you assemble additional grouped items

A recalled transaction that duplicates the prior order from a vendor

Answer

Correct Answer: The level of inventory at which you purchase more

Note: This Question is unanswered, help us to find answer for this one

400. A balance sheet shows you a companies performance for the year.

No, it shows long term assets and owners equity only for the year in question. The consolidated income statement shows the performance data.

No, It shows the company's situation with respect to Assets, Liabilities and Owners Equity on the date listed - usually year end, December 31st, ****.

True

Answer

Correct Answer: No, It shows the company's situation with respect to Assets, Liabilities and Owners Equity on the date listed - usually year end, December 31st, ****.

Note: This Question is unanswered, help us to find answer for this one

401. If you forget to setup Payroll in the EasyStep Interview, how to you setup Payroll in QuickBooks?

Employees Menu -> Payroll Setup

Edit Menu ->Preferences ->Payroll And Employees

Employee List

Employee Report ->Edit ->Payroll

Answer

Correct Answer: Employees Menu -> Payroll Setup

Note: This Question is unanswered, help us to find answer for this one

402. Which list is not included in Quickbooks?

Cost Level List

Customer type

Vendor type

Price Level

Job type

Answer

Correct Answer: Cost Level List

Note: This Question is unanswered, help us to find answer for this one

403. Which of these is NOT an item category?

Memo

Service

Inventory Part

Payment

Answer

Correct Answer: Memo

Note: This Question is unanswered, help us to find answer for this one

404. What is a substitute for the Assembled Inventory when using Quickbooks Pro?

Subaccounts

Subtotals

Non-Inventory Part

Grouped inventory parts

Answer

Correct Answer: Grouped inventory parts

Note: This Question is unanswered, help us to find answer for this one

405. How do you set a different price for the same product?

This option itsn't offered for QuickBooks

All the answers are correct

Create a price level list

Select the option at company preferences

Only retail editon offer this option

Answer

Correct Answer: Create a price level list

Note: This Question is unanswered, help us to find answer for this one

406. What happens when you press 'Y' in the date field?

Changes the date to the last day in the year

Changes the date to the first day in the year

Changes the date to the first day in the month

Answer

Correct Answer: Changes the date to the first day in the year

Note: This Question is unanswered, help us to find answer for this one

407. Which type of accounting is appropriate to record expenses by writing checks?

Tax basis accounting

Closing entries

Cash-based accounting

Accrual accounting

Answer

Correct Answer: Cash-based accounting

Note: This Question is unanswered, help us to find answer for this one

408. What is the short cut to find a transaction?

Ctrl T

Ctrl F

Ctrl H

Answer

Correct Answer: Ctrl F

Note: This Question is unanswered, help us to find answer for this one

409. When is income recognized when using accrual basis accounting?

All of the above.

None of the above.

Accrual basis accounting recognizes income at the time an invoice is created.

Accrual basis accounting does not recognize income until payment has been received.

Answer

Correct Answer: Accrual basis accounting recognizes income at the time an invoice is created.

Note: This Question is unanswered, help us to find answer for this one

410. What is the shortcut action that results from pressing Ctrl+Z?

Inserts a line into a list of items or expenses

Deletes check, invoice, transaction, or item from the list

Usually undoes your last action

Displays the Write Checks window

Answer

Correct Answer: Usually undoes your last action

Note: This Question is unanswered, help us to find answer for this one

411. What is an example of a Non-Posting transaction?

Adding purchased inventory to the asset account

Entering the bill you receive for inventory

Paying the bill for inventory

Creating a purchase order

Answer

Correct Answer: Creating a purchase order

Note: This Question is unanswered, help us to find answer for this one

412. Is there more than one way to receive items to your inventory?

No. You must pay up front for the item, then you will get the item(s) you ordered.

Yes. You can just put the items on the shelf, let someone know they arrived, and that's all you have to do.

a) yes, Items can be received with a bill b) no, bill should be received first and paid c) Yes. Items can be received with or with out a bill at the time the items are received. d)

No. You get the item with the bill and that's all she wrote.

Yes. Items can be received with or with out a bill at the time the items are received.

Answer

Correct Answer: Yes. Items can be received with or with out a bill at the time the items are received.

Note: This Question is unanswered, help us to find answer for this one

413. Who can use Quickbooks?

Small business

Accountant

Mortgage Broker

Shipping company

All answers are correct

Answer

Correct Answer: All answers are correct

Note: This Question is unanswered, help us to find answer for this one

414. Income tax reports in Quickbooks include all of the following except:

Income tax Detail report

Income Tax Summary report

All of the choices are correct

Income Tax Preparation report

Answer

Correct Answer: All of the choices are correct

Note: This Question is unanswered, help us to find answer for this one

415. What is the newest Quickbooks version?

Quickbooks Pro 2011

Quickbooks Pro 2012

Quicbooks Online

Quickbooks 2012

Quickbooks for Small Business

Answer

Correct Answer: Quickbooks Pro 2012

Note: This Question is unanswered, help us to find answer for this one

416. True or False: When you have to write off an amount due to customer not paying, you just credit the customers account and close the books.

True, that way it won't sit on your books at month end.

False. You must record this as a bad debt in the A/R register for that customer, you must record the bank service charge for that customer, and you can send a statement to that customer that includes the Bank Service Charge, the original charge and any o

False, you have to re-invoice the customer for the item(s), along with the bank service charge for the bounced check.

Answer

Correct Answer: False. You must record this as a bad debt in the A/R register for that customer, you must record the bank service charge for that customer, and you can send a statement to that customer that includes the Bank Service Charge, the original charge and any o

Note: This Question is unanswered, help us to find answer for this one

417. Which reports are used in Financial Statement Designer?

Statement of Cash Flows

All of these

Balance Sheet

Income Statement

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

418. What is the shortcut action that results from pressing Ctrl+A

Deletes check, invoice, transaction, or item from the list

Displays the Find window

Displays the Create Invoice window

Displays the Chart of Accounts window

Answer

Correct Answer: Displays the Chart of Accounts window

Note: This Question is unanswered, help us to find answer for this one

419. Do we get activity log for audit trail?

There is no log for users.

Yes

Audit trail is not possible.

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

420. What type of Quickbooks file has an extension of .AIF ?

Business Planner file

Accountant's review copy (import file)

Configuration file

Loan Manager Data

Answer

Correct Answer: Accountant's review copy (import file)

Note: This Question is unanswered, help us to find answer for this one

421. Is it possible to import vendor list to QuickBooks?

Yes

It needs to be entered separately.

It can be imported through notepad.

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

422. Can QuickBooks sort outstanding invoices by date?

No, only by Customer

Yes

No, only by Vendor

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

423. Can you customize your reports?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

424. Is there more than one version of Quickbooks?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

425. If you find that your quickbooks company doesn't have the purchase order options, what do you do?

you need to update your QuickBooks with a more resent one

You go to Edit, thenPreference, choose inventory and check "make inventory and purchase orders" active.

you can do the interview again and have it done there

there is nothing you can do.

Answer

Correct Answer: You go to Edit, thenPreference, choose inventory and check "make inventory and purchase orders" active.

Note: This Question is unanswered, help us to find answer for this one

426. Is there a way to limit the access that a person has in Quickbooks?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

427. When you reconcile bank statements in Quickbooks, what account do you select to record unexplained differences in book vs. bank balances?

Reconciliation discrepancies (Expense)

Credit card charges (Expense)

Bank service charges (Expense)

Accumulated depreciation (Expense)

Answer

Correct Answer: Reconciliation discrepancies (Expense)

Note: This Question is unanswered, help us to find answer for this one

428. Can we generate statement of cash flow report from Quickbooks?

Yes, it is available under company reports.

It provides only net cash balance.

We can make it in excel.

Answer

Correct Answer: Yes, it is available under company reports.

Note: This Question is unanswered, help us to find answer for this one

429. What is the keyboard shortcut to delete a transaction item?

Ctrl + D

Ctrl + C

Ctrl + R

Ctrl + U

Ctrl + Z

Answer

Correct Answer: Ctrl + D

Note: This Question is unanswered, help us to find answer for this one

430. True or False: Quickbooks allows you to export or send many different types of reports to Excel or send via email, if the company has Internet access.

True. QB's has a wide variety of reports it offers, so the company can view their status at any time.

False. QB's doesn't offer E-mail or Excel access.

True. But you can't dig deep to find the original source of where the info came from.

Answer

Correct Answer: True. QB's has a wide variety of reports it offers, so the company can view their status at any time.

Note: This Question is unanswered, help us to find answer for this one

431. Which of the following is an appropriate Quickbooks Item on an invoice?

All of these

Customer Discount

Freight Charges

Sales Tax

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

432. What transaction must be created when you receive payment from a customer against an invoice?

Credit Memo

Receive Payments

Make Deposit

Sales Receipt

Answer

Correct Answer: Receive Payments

Note: This Question is unanswered, help us to find answer for this one

433. In QuickBooks, journal entries are made in the ____________.

Payments window

Make General Journal Entry window

Customers window

Receive Payment window

Answer

Correct Answer: Make General Journal Entry window

Note: This Question is unanswered, help us to find answer for this one

434. What is the shortcut action that results from pressing Ctrl+Insert?

Undoes your last action, usually

Inserts a line into a list of items or expenses

Displays the Find window

Displays the Customer: Job List window

Answer

Correct Answer: Inserts a line into a list of items or expenses

Note: This Question is unanswered, help us to find answer for this one

435. Can we generate AP aging report?

You can create it in Excel after exporting data.

Yes

You can only generate debtors aging.

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

436. Can we create an Invoice automation to bill our customer at regular time interval?

No you need to bill customers every time you make a sale transaction.

Yes, it is possible through an invoice automation feature.

No it is not possible but you can copy the last invoice.

Answer

Correct Answer: Yes, it is possible through an invoice automation feature.

Note: This Question is unanswered, help us to find answer for this one

437. Do we get warning for Duplicate billing?

You need to keep a manual track.

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

438. What is the shortcut key for Using Register?

Ctrl+J

Ctrl+A

Ctrl+R

Ctrl+I

Answer

Correct Answer: Ctrl+R

Note: This Question is unanswered, help us to find answer for this one

439. Is it possible to import customer data to customer center?

Yes.

No, you need to enter data individually for each customer.

Answer

Correct Answer: Yes.

Note: This Question is unanswered, help us to find answer for this one

440. In Quickbooks Desktop, shortcut to "Memorize" is

Ctrl + E

Ctrl + M

Ctrl + Z

Ctrl + K

Ctrl + R

Answer

Correct Answer: Ctrl + M

Note: This Question is unanswered, help us to find answer for this one

441. Quickbooks allows you to make quarterly payroll deposits?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

442. What period options are available in Income Statement?

It shows YTD, last month, last quarter and last year.`

Only YTD data is available.

Only YTD and last quarter is available.

Answer

Correct Answer: It shows YTD, last month, last quarter and last year.`

Note: This Question is unanswered, help us to find answer for this one

443. Can we find the status of a cheque number?

Yes, you can trace the cheque number.

You can only trace the amount not the cheque number.

You can it only through vendor account.

Answer

Correct Answer: Yes, you can trace the cheque number.

Note: This Question is unanswered, help us to find answer for this one

444. Can you calculate 1099-MISC by using Quickbooks?

Only by using 2012 Quickbooks version

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

445. Is it possible to track fixed assets in Quickbooks?

Not always

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

446. What is a result of closing the books?

No changes can be made to transactions completed prior to the closing date

The accountants Company copy can be created after the closing date

All of these

No new transactions can be entered with a data backdated before the closing date

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

447. Which file formats can be used to import Chart of Accounts to QuickBooks?

Only Excel can be used.

It can be imported through notepad.

CSV, XLS and XLSX formats can be used.

Answer

Correct Answer: CSV, XLS and XLSX formats can be used.

Note: This Question is unanswered, help us to find answer for this one

448. True or False: You cannot reconcile your credit card accounts in QuickBooks.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

449. What is the shortcut action that results from pressing Ctrl+R?

Undoes your last action, usually

Displays the Register window

Displays the Write Checks window

Displays the memorized transaction list

Answer

Correct Answer: Displays the Register window

Note: This Question is unanswered, help us to find answer for this one

450. Is there a facility for accepting credit card payment?

Yes

Only Cash, Cheques and Drafts

Only Cash, Cheques, Drafts and Wire Transfers

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

451. True or False: QuickBooks is good only for simple customer/vendor transactions.

False. QB's is set up to handle all forms of bookkeeping needed to run a business successfully.

True. For complex transactions, you have to rely on Excel or other accounting programs.

False. QB's can also do basic balance sheet accounting, but nothing really complicated.

True. As long as you don't exceed 200 customers or 200 vendors.

Answer

Correct Answer: False. QB's is set up to handle all forms of bookkeeping needed to run a business successfully.

Note: This Question is unanswered, help us to find answer for this one

452. In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes?

Open invoice report

Sales tax liability report

Quick reports

Item listing report

Answer

Correct Answer: Sales tax liability report

Note: This Question is unanswered, help us to find answer for this one

453. Does QuickBooks store your company's Tax ID?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

454. Are you able to void invoices once you create them?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

455. What is the appropriate procedure to account for an order you receive that is only partially filled?

Return the shipment to the vendor

Step through the receive items process and fill out which and how many items were received

Pay the whole invoice and Issue an invoice for the difference

Hold the shipment until the other goods are received

Answer

Correct Answer: Step through the receive items process and fill out which and how many items were received

Note: This Question is unanswered, help us to find answer for this one

456. When making journal entries in QuickBooks, you need to know which account receives the side of the transaction and which account receives the side.

left, right

debit, credit

positive, negative

right, wrong

Answer

Correct Answer: debit, credit

Note: This Question is unanswered, help us to find answer for this one

457. Can you have more than 1 checking account in Quickbooks?

Only after 2010

Yes

Depends on the version

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

458. Can you control what a user can access in quickbooks?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

459. How can you make your company's data more secure?

Daily and Multiple Back-ups.

Install anti-virus and keep it up to date.

All of these answers.

Set-up users and passwords.

Enable Windows firewall.

Answer

Correct Answer: All of these answers.

Note: This Question is unanswered, help us to find answer for this one

460. What is the shortcut action that results from pressing Ctrl+F?

Memorizes a transaction

Displays the Find window

Displays the Create Invoice window

Displays the Customer: Job List window

Answer

Correct Answer: Displays the Find window

Note: This Question is unanswered, help us to find answer for this one

461. Income Statement lists:

Revenues, Expenses and Net Income

All of a company's accounts and their ending balance

Assets, liabilities and Owner's equity

cash flows from investing activities

Answer

Correct Answer: Revenues, Expenses and Net Income

Note: This Question is unanswered, help us to find answer for this one

462. True or False: A requirement for Quickbooks to handle bills presented in a foreign currency is to turn on the multiple currencies option in Company Preferences.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

463. Which of these actions require being in the single-user mode?

Merge or delete accounts and items

Create an export of the Company file

All of these

Save or open the accountants copy of the company file

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

464. What company publishes Quickbooks?

Microsoft

Apple

Intuit

Adobe

Go Daddy

Answer

Correct Answer: Intuit

Note: This Question is unanswered, help us to find answer for this one

465. Pressing CTRL + P orders Quickbooks to ...

Create a Price List

Create a Purchase Order

Answer

Correct Answer: Print

Note: This Question is unanswered, help us to find answer for this one

466. What is the beginning step to account for a customer's partial payment of an invoice?

Customers tab, Credit Memo Screen

Customers tab, Receive Payment Screen

Customers tab, Invoice List Screen

Customers tab, New Invoice Screen

Answer

Correct Answer: Customers tab, Receive Payment Screen

Note: This Question is unanswered, help us to find answer for this one

467. What is an appropriate Subaccount to Travel?

Airfare

Lodging

Meals

All of these

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

468. Can you assign separate rights for each user?

Yes, it is possible to a certain extent.

Yes, you can set up the rights for each user.

No, you cannot customize it.

Answer

Correct Answer: Yes, you can set up the rights for each user.

Note: This Question is unanswered, help us to find answer for this one

469. Can you install QuickBooks on more than one computer?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

470. What is an allowance account as related to inventory valuation?

It is based on a perpetual inventory system

It is based on shrinkage

It is a contra-asset account created to reflect a reduction in inventory value

Is is based on obsolescence

Answer

Correct Answer: It is a contra-asset account created to reflect a reduction in inventory value

Note: This Question is unanswered, help us to find answer for this one

471. Why is undeposited funds showing a negative value on the balance sheet ?

Undeposited funds can show a negative value on the balance sheet if a payment is deposited with a date that pre-dates the payment.

No checks to deposit.

All the funds were transferred to your bank account.

The Undeposited Funds Account was overdrawn.

Answer

Correct Answer: Undeposited funds can show a negative value on the balance sheet if a payment is deposited with a date that pre-dates the payment.

Note: This Question is unanswered, help us to find answer for this one

472. True or False: If an employee is on leave of absense or terminated and you don't want their name showing up on the employee list you can delete the name out of the list until they return back to work.

False. Once an entry is made against an employee, it can't be deleted, but it CAN be inactivated, until you want it to show back on the list when they return.

True - the software will allow you to delete anything.

True - This will allow the bookkeeper to process employee payroll only for the active employees.

Answer

Correct Answer: False. Once an entry is made against an employee, it can't be deleted, but it CAN be inactivated, until you want it to show back on the list when they return.

Note: This Question is unanswered, help us to find answer for this one

473. Is it possible to assign the right of master administrator to someone in company?

Yes, but with limited access.

No, it cannot be delegated.

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

474. True or False: There is a report that will show you when your monthly expense are due.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

475. True or False: You cannot customize the chart of accounts.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

476. True or False: Journal entries are automatically posted to general ledger accounts when saved?

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

477. What is the shortcut action that results from pressing Ctrl+I

Memorizes a transaction

Displays the Create Invoice window

Displays the Customer: Job List window

Creates and displays a Quick Report on the selected transaction

Answer

Correct Answer: Displays the Create Invoice window

Note: This Question is unanswered, help us to find answer for this one

478. What, if any, step or steps need to be taken to create a cash flow projection?

All of these

Project and adjust your cash receipts

Determine your beginning cash balance and enter business expenses

Review and adjust accounts payable

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

479. Can I install Quickbooks on a Macintosh computer?

Only on the snow-leopard operating system

Yes

Only on operating systems 10.4 or above

Only on operating systems 9.5 or above

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

480. True or False: You cannot view the Profit & Loss Statement to the previous year Profit & Loss Statement.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

481. What type of Quickbooks file has an extension of .LMR ?

Business Planner file

Loan Manager Data

Intuit Interchange Format file

Configuration file

Answer

Correct Answer: Loan Manager Data

Note: This Question is unanswered, help us to find answer for this one

482. True or False: You can skip the EasyStep Interview and enter a minimum amount of information to get started.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

483. You can use the QuickZoom on any report to see where the original source document came from.

False. There are no easy ways to find out where a document originated from.

False. QuickZoom works only on Paid Invoices.

True, but it will take a long time. It will be easier to find the invoice by going through the Customer/Vender list, to find what you are looking for.

True. This is the best way to quickly find the source document in case any questions arise concerning the transaction.

Answer

Correct Answer: True. This is the best way to quickly find the source document in case any questions arise concerning the transaction.

Note: This Question is unanswered, help us to find answer for this one

484. What is the shortcut action that results from pressing Ctrl+J

Creates and displays a Quick Report on the selected transaction

Displays the Customer: Job List window

Displays the Register window

Memorizes a transaction

Answer

Correct Answer: Displays the Customer: Job List window

Note: This Question is unanswered, help us to find answer for this one

485. Is it possible to run aging reports of AP and AR at any date or it is always as of current date.

It is not possible to generate report with past date.

You can generate them only on the last day of the month.

It is possible to run them as on any date.

You can always run as of current date.

Answer

Correct Answer: It is possible to run them as on any date.

Note: This Question is unanswered, help us to find answer for this one

486. Can a company have multiple credit card accounts?

Depends on the company

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

487. Does QB's offer a way to give a customer discounts?

Yes. But only if the customer deserves to have a discount.

No. You can only write an adjustment for an amount if you want to give the customer a discount.

No. Discounts would mean you will be losing money.

Yes. Under Receive Payment, you can record the discount amount .

Answer

Correct Answer: Yes. Under Receive Payment, you can record the discount amount .

Note: This Question is unanswered, help us to find answer for this one

488. True or False: You must be in single-user mode to set a closing date password.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

489. What does Ctrl+N do?

Edits an item

Duplicates an item

Adds a new item

Prints a new invoice

Deletes an item

Answer

Correct Answer: Adds a new item

Note: This Question is unanswered, help us to find answer for this one

490. After a QuickBooks report is transferred to Excel, can you make changes to the spreadsheet?

Yes, just unlock the cells.

Yes, like any other Excel file.

Yes, but only by opening the spreadsheet in the 2010 MSO version.

No, you need do the changes on QuickBooks.

No, because its a QuickBooks file.

Answer

Correct Answer: Yes, like any other Excel file.

Note: This Question is unanswered, help us to find answer for this one

491. What is a use of purchase order information?

Compare goods received to the goods ordered

Review vendor delivery performance

All of these

Quantify outstanding commitments

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

492. Can we set up the text alerts on phone through QuickBooks.

You cannot link it with phone.

You can only go for online version.

Yes it is possible.

Answer

Correct Answer: Yes it is possible.

Note: This Question is unanswered, help us to find answer for this one

493. If a name was entered incorrectly, and you have activity on that name, can you delete it and start all over again using the correct name?

No. You can change the name or merge the info under the new name, but once any transaction is made, the name etc, can't be deleted.

True. Hide it and start over.

True. There's nothing you can do with mistakes on names except to delete them and start over again.

Answer

Correct Answer: No. You can change the name or merge the info under the new name, but once any transaction is made, the name etc, can't be deleted.

Note: This Question is unanswered, help us to find answer for this one

494. Does Quickbooks provide comparison of key business metrics with peers?

Yes, it is part of the "Trends" feature.

No, you cannot compare data with peers.

Answer

Correct Answer: Yes, it is part of the "Trends" feature.

Note: This Question is unanswered, help us to find answer for this one

495. True or False: QuickBooks offers several graphs that can not only show business statistics, but can also show where the information originated from using QuickZoom.

True. You may have to go through many layers, but you WILL find the original entries to where the report got its info from..

False. You have to use Excel if you want to get graph info of any kind.

True, but graphs are only for Sales.

Answer

Correct Answer: True. You may have to go through many layers, but you WILL find the original entries to where the report got its info from..

Note: This Question is unanswered, help us to find answer for this one

496. True or False: The navigation bar gives you access to the Quickbooks Centres and Homepage.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

497. Can Quickbooks maintain an inventory of parts needed to assemble a product, or just the finished products?

Only with advance inventory version

Just for finished products

These options are only available in the 2012 version

QuickBooks offers both these options

Answer

Correct Answer: QuickBooks offers both these options

Note: This Question is unanswered, help us to find answer for this one

498. Can you accept a credit card payment directly in QuickBooks using your PC or mobile phone?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

499. Can we generate an outstanding dues report for customer by setting up the limit?

Yes, you can see the outstanding by setting up limits.

We can customize it by exporting it in Excel.

We can see whole list irrespective of amount due.

Answer

Correct Answer: Yes, you can see the outstanding by setting up limits.

Note: This Question is unanswered, help us to find answer for this one

500. Can you email the income statement and balance sheet reports directly from QuickBooks?

There is no feature for email.

Yes

You can export the data in pdf and then email as an attachment.

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

501. Can you link quickbooks directly to your bank account?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

502. True or False: If you select more than one bill to pay from the same vendor, Quickbooks automatically combines those payments into one check.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

503. True or False: When you have a fair, and you are selling items there to customers that you don't want to enter on your customer list, as you may not see them again, you can enter them under miscellaneous customer account.

False. Enter the sale as a Sales Receipt where you have an option to enter their name or just enter in the dollar amount of the sales received for the customer.

There isn't an account for this kind of transaction.

True, how else would you account for the money?

Answer

Correct Answer: False. Enter the sale as a Sales Receipt where you have an option to enter their name or just enter in the dollar amount of the sales received for the customer.

Note: This Question is unanswered, help us to find answer for this one

504. True or False: The correct accounting equation is assets = liabilities + Owners Equity

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

505. The shortcut to open Chart of Accounts is:

Ctrl + 4

Ctrl + A

Ctrl + J

Ctrl + B

Ctrl + 5

Answer

Correct Answer: Ctrl + A

Note: This Question is unanswered, help us to find answer for this one

506. What type of Quickbooks file has an extension of .IIF ?

Intuit Interchange Format file

Timer backup file.

Accountant's review copy (import file)

Business Planner file

Answer

Correct Answer: Intuit Interchange Format file

Note: This Question is unanswered, help us to find answer for this one

507. True or False: A QuickBooks company file can be used by multiple users at the same time.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

508. What happens if you press M in a date field?

Changes the date to the first day in the year

Changes the date to the last day in the month

Changes the date to the last day in the year

Changes the date to the first day in the month

Answer

Correct Answer: Changes the date to the first day in the month

Note: This Question is unanswered, help us to find answer for this one

509. What is the shortcut action that results from pressing Ctrl+D

Displays the Customer: Job List window

Deletes check, invoice, transaction, or item from the list

Displays the Create Invoice window

Displays the Find window

Answer

Correct Answer: Deletes check, invoice, transaction, or item from the list

Note: This Question is unanswered, help us to find answer for this one

510. Where do you find the 'Open Invoices' report?

Sales

Customers & Receivable

Accountant & Taxes

Company & Financial

Answer

Correct Answer: Customers & Receivable

Note: This Question is unanswered, help us to find answer for this one

511. True or False: You cannot memorize or print multiple reports.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

512. Accountant's Copy working file extension is:

.QBR

.QBB

.QBM

.QBA

Answer

Correct Answer: .QBA

Note: This Question is unanswered, help us to find answer for this one

513. When setting up Quickbooks for the first time, a grocery retailer would most likely opt for an Accrual based Accounting System over Cash because....?

It doesn't matter really and most choose accrual for tax purposes because the balance sheets would reflect the same picture at year end after adjustment entries are made.

Accrual based accounting recognizes revenue when it is earned not when cash is received giving management a better idea of profits and sales performance.. This helps identify expenses for high-volume retailers with large inventories and many vendors who o

They wouldn't. Cash Based Accounting is less efficient, but easier to adjust too and allows retailers leeway when it comes to inventory adjustment entries and expense recognitions. Plus it helps hide surges in sales and losses by spreading them out.

Answer

Correct Answer: Accrual based accounting recognizes revenue when it is earned not when cash is received giving management a better idea of profits and sales performance.. This helps identify expenses for high-volume retailers with large inventories and many vendors who o

Note: This Question is unanswered, help us to find answer for this one

514. Is a subcontractor considered to be an employee?

Yes, they are employees.

No, they are vendors.

They are considered an expense account.

Answer

Correct Answer: No, they are vendors.

Note: This Question is unanswered, help us to find answer for this one

515. What is NOT a Quickbooks Item type?

Inventory Part

Non-Inventory Part

Group

Service

Answer

Correct Answer: Group

Note: This Question is unanswered, help us to find answer for this one

516. True or False: You can create a bank using the chart of accounts.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

517. If you entered charges against a customer, but you no longer use that vendor, can you just delete this vendor name out of the vendor list?

Yes, you can delete any unused vendors you want, as long as it hasn't been used more than 10 times.

Yes, it doesn't matter how many times you used that vendor, if you don't want to use them any more, just delete them from the Vendor List.

No, if you enter even 1 entry against a vendor, you can not delete the vendor name, but you CAN hide it so the vendor name no longer shows on the Vender List.

Answer

Correct Answer: No, if you enter even 1 entry against a vendor, you can not delete the vendor name, but you CAN hide it so the vendor name no longer shows on the Vender List.

Note: This Question is unanswered, help us to find answer for this one

518. What form do you use to record a sale?

Credit Memo

Invoice

Bill of Lading

Bill

Purchase Order

Answer

Correct Answer: Invoice

Note: This Question is unanswered, help us to find answer for this one

519. What can you do with a vendor credit?

All listed answers are correct.

You can keep the credit to use later

You can request a refund of your money.

You can apply the credit to unpaid bills.

Answer

Correct Answer: All listed answers are correct.

Note: This Question is unanswered, help us to find answer for this one

520. True or False: Sales Receipts are a combination Invoice and Receive Payment.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

521. When you have an invoice, and you receive payment from the customer, you enter it under Bank Deposit.

No, you enter it under Sales Receipts.

Yes, it's the quickest way to put money into the company bank account.

No, you enter it under Customers, Receive Payments, where you list the customer name, amount etc.

Answer

Correct Answer: No, you enter it under Customers, Receive Payments, where you list the customer name, amount etc.

Note: This Question is unanswered, help us to find answer for this one

522. What happens if you press + in a date field?

Replaces the date shown with todayÕs date

Adds one day to the date shown

Enters tomorrow's date

Changes the date to the first day in the year

Answer

Correct Answer: Adds one day to the date shown

Note: This Question is unanswered, help us to find answer for this one

523. Can a company transmit their payroll tax payments via Quickbooks?

If the IRS requests it.

Yes, but only using QuickBooks "Assisted" Payroll services.

If you have the internet version.

Only with the professional version.

Answer

Correct Answer: Yes, but only using QuickBooks "Assisted" Payroll services.

Note: This Question is unanswered, help us to find answer for this one

524. How many users can use a company file at the same time?

Version dependent

Answer

Correct Answer: Version dependent

Note: This Question is unanswered, help us to find answer for this one

525. Which of the following QuickBooks utilities is used to check for data file integrity?

Verify Data

Restore Data

Rebuild Data

Back Up Data

Answer

Correct Answer: Verify Data

Note: This Question is unanswered, help us to find answer for this one

526. True or False: Under the Report Center there is a reporting category entitled "Budgets."

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

527. True or False: You must be in multi-user mode to set a closing date.

False

True

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

528. Can one switch from Peachtree accounting to QuickBooks?

Yes, but with programming.

No.

Yes, but only a QuickBooks developer can do this.

Yes, with a conversion tool.

Answer

Correct Answer: Yes, with a conversion tool.

Note: This Question is unanswered, help us to find answer for this one

529. Can a Balance Sheet Standard account report be modified to include all Income and Expense accounts?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

530. True or False: With QB's, you must use the Online banking service whether you want to or not.

False. In fact, you have better control and protection keeping your account private and NOT do business online.

True. That way the bank gets paid for you using their online service.

Answer

Correct Answer: False. In fact, you have better control and protection keeping your account private and NOT do business online.

Note: This Question is unanswered, help us to find answer for this one

531. What happens if you press T in a date field?

Subtracts one day from the date shown

Changes the date to the first day in the year

Changes the date to the last day in the year

Replaces the date shown with today's date

Answer

Correct Answer: Replaces the date shown with today's date

Note: This Question is unanswered, help us to find answer for this one

532. True or False: Creating a service or professional invoice works basically the same way as creating a product invoice.

True: You just fill in fewer fields.

False: They they are nothing alike.

Answer

Correct Answer: True: You just fill in fewer fields.

Note: This Question is unanswered, help us to find answer for this one

533. What expense account is created automatically when you turn multicurrency on?

Exchange Gain/Loss

Realized Gain/Loss

Other Income/Loss

Answer

Correct Answer: Exchange Gain/Loss

Note: This Question is unanswered, help us to find answer for this one

534. Can the Profit & Loss report be found in the Chart of Accounts?

Yes, it shows under a liability if its a loss and an asset if its a profit.

No, the Profit & Loss report can be found under Reports. It's not an account that affects the Balance Sheet, so it will NEVER show on the Chart of Accounts.

Yes, the Profit & Loss report is listed under Capital/Equity account.

Answer

Correct Answer: No, the Profit & Loss report can be found under Reports. It's not an account that affects the Balance Sheet, so it will NEVER show on the Chart of Accounts.

Note: This Question is unanswered, help us to find answer for this one

535. What is the shortcut action that results from pressing Crtl+T?

Displays the Write Checks window

Displays the memorized transaction list

Inserts a line into a list of items or expenses

Undoes your last action Ñ usually

Answer

Correct Answer: Displays the memorized transaction list

Note: This Question is unanswered, help us to find answer for this one

536. What type of account is undeposited funds?

Asset

Expense

Liabilities

Answer

Correct Answer: Asset

Note: This Question is unanswered, help us to find answer for this one

537. What is a Quickbooks Audit Trail?

The set of default T accounts that are affected with each entered transaction

A report of what changes were made to accounts before the closing date

A summary of transactions and list of who entered them, when and in what file location

A report of what changes were made to accounts after the closing date

Answer

Correct Answer: A summary of transactions and list of who entered them, when and in what file location

Note: This Question is unanswered, help us to find answer for this one

538. The shortcut to Open Invoices is:

Ctrl + I

Ctrl + J

Ctrl + C

Ctrl + O

Ctrl + A

Answer

Correct Answer: Ctrl + I

Note: This Question is unanswered, help us to find answer for this one

539. True or False: QBP preference options control whether or not a decimal point will be required when entering a financial amount.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

540. If you hire someone and they don't have their W-4 filled out, can they still work on the day you wanted them too?

No. You need all the info NOW, before they can even start work.

Yes. the W-4 info can be filled in at a later date, but not TOO much later from when the employee is employed.

Yes. But they can only work a couple hours daily until they get their form filled and turned in.

Answer

Correct Answer: Yes. the W-4 info can be filled in at a later date, but not TOO much later from when the employee is employed.

Note: This Question is unanswered, help us to find answer for this one

541. Are subcontractors paid on an expense report when their work is finished?

Yes, because it's the only way to keep the books balanced.

No, they are vendors and are treated like any other vendor account.

No, they are paid by check per each days job that is done.

Answer

Correct Answer: No, they are vendors and are treated like any other vendor account.

Note: This Question is unanswered, help us to find answer for this one

542. True or False: You must have a purchase order in place in order to monitor and manage partial order receipt.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

543. True or False: Creating the company file is the last thing you do when you set up your financial records in Quickbooks.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

544. What will increase the inventory balance?

Entering Credit Card payment

All of these

Entering Bills

Writing Checks

Answer

Correct Answer: All of these

Note: This Question is unanswered, help us to find answer for this one

545. Is it possible to accept credit card payments through a mobile phone and synchronize the transactions with QuickBooks?

It is possible but you cannot synchronize the data with QuickBooks.

You can accept only through QuickBooks online

No, it is not possible.

Yes, we can do that with Go payment Application.

Answer

Correct Answer: Yes, we can do that with Go payment Application.

Note: This Question is unanswered, help us to find answer for this one

546. What is an example of a recurring template?

Automatically allocating unbilled charges to group invoices

A scheduled recurring check template for the same monthly loan payment

Invoice automation reminders

By selecting a vendor, Quickbooks fills in the full transaction

Answer

Correct Answer: A scheduled recurring check template for the same monthly loan payment

Note: This Question is unanswered, help us to find answer for this one

547. Where can you find answers to questions regarding Quickbooks?

All the answers are correct

Help tab in the Program itself

Quickbook study guides

Youtube

Intuit

Answer

Correct Answer: All the answers are correct

Note: This Question is unanswered, help us to find answer for this one

548. True or False: If you wanted to add or change the terms on an invoice that wasn't originally set up for that customer, you have to go to the Customer Profile and change it there before you can enter it on the invoice.

False, you can enter any terms on an invoice and QuickBooks will ask if you want to update the Customer Profile with the new terms for this customer.

False, you have to go to the Vender Profile list to change the terms on an invoice.

True, you can't change the terms without changing the Customer Profile first.

Answer

Correct Answer: False, you can enter any terms on an invoice and QuickBooks will ask if you want to update the Customer Profile with the new terms for this customer.

Note: This Question is unanswered, help us to find answer for this one

549. True or False: You cannot undo a bank reconciliation once it has been done.

True

False

Answer

Correct Answer: False

Note: This Question is unanswered, help us to find answer for this one

550. Can Quickbooks generate reports on cash basis?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

551. What type of Quickbooks file has an extension of .QBA ?

Accountant's review copy (working copy)

Configuration file

Intuit Interchange Format file

Loan Manager Data

Answer

Correct Answer: Accountant's review copy (working copy)

Note: This Question is unanswered, help us to find answer for this one

552. What is one way to make an account inactive?

Right click and select 'Make Account Inactive'

Ctrl-I to make the account inactive

Ctrl-D to delete the account

Add the account to the Inactive Account List

Answer

Correct Answer: Right click and select 'Make Account Inactive'

Note: This Question is unanswered, help us to find answer for this one

553. In which formats you can import customer data to customer center?

You cannot import data to create customer list.

You need to create QIB format to import data in the same fields.

Only CSV and Excel files can be imported.

You can do it by creating a notepad file.

Answer

Correct Answer: Only CSV and Excel files can be imported.

Note: This Question is unanswered, help us to find answer for this one

554. True or False: Only the Company Administrator is allowed to turn time tracking off and on.

False

True

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

555. How do you write off bad debt by using cash basis accounting?

Cash basis accounting recognizes income at the time an invoice is created and therefore when an invoice is deemed as noncollectable it is written off the books as a “bad debt expense”. The income may have been recognized in one year and written off as a b

Cash basis accounting does not recognize income until payment has been received. To have a bad debt expense you first have to recognize income. On cash basis accounting an invoice deemed as noncollectable is removed from your P&L by reducing gross income

Answer

Correct Answer: Cash basis accounting does not recognize income until payment has been received. To have a bad debt expense you first have to recognize income. On cash basis accounting an invoice deemed as noncollectable is removed from your P&L by reducing gross income

Note: This Question is unanswered, help us to find answer for this one

556. When you go to list, Customer & Vendor Profile list, can you change the customer message from here?

Yes

Answer

Correct Answer: Yes

Note: This Question is unanswered, help us to find answer for this one

557. Intuit only has 2 templates for your company, and you must pick either Products or Services for your template.

True. You don't need more than 1 way of invoicing etc, so you can pick either products or services.

False. Intuit also offers Packing Slip template, but you can't use services or products, so you have to choose wisely which 1 you want to use.

True, because QB's doesn't want to confuse you.

False. Intuit offers at least 9 different templates you can choose from, with an option to create your own if you don't find one that suits you.

True. You have to either sell products, or you can offer services such as counseling, but that's it.

Answer

Correct Answer: False. Intuit offers at least 9 different templates you can choose from, with an option to create your own if you don't find one that suits you.

Note: This Question is unanswered, help us to find answer for this one

558. True or False: Sales order can be viewed in report form by using Print Preview Command.

True

False

Answer

Correct Answer: True

Note: This Question is unanswered, help us to find answer for this one

559. To print the trial balance:

Select Chart of Accounts icon, Print Report

Select Report Center, Accountant & Taxes, Trial Balance

Select Company Center, Print Tral Balance

From the Company Section of the Home Page, select Trial Balance icon

Answer

Correct Answer: Select Report Center, Accountant & Taxes, Trial Balance

Note: This Question is unanswered, help us to find answer for this one

560. True or False: Sales tax is reported to the state annually.

False. It depends on the amount of income a company makes per month. Some report monthly, quarterly or annually.

True, they are reported on April 15th of the upcoming year.

False. It must be reported at the end of the month.

Answer

Correct Answer: False. It depends on the amount of income a company makes per month. Some report monthly, quarterly or annually.

Note: This Question is unanswered, help us to find answer for this one

561. What are different formats of importing data in Quick Books?

IIF & Web Connect File

IIF , Timer Activities, Web Connect file & Data files

IIF , Timer Activities, Web Connect file & Excel files

Only Web Connect file

None of above

Answer

Correct Answer: IIF , Timer Activities, Web Connect file & Excel files

Note: This Question is unanswered, help us to find answer for this one

562. What is the shortcut action that results from pressing Ctrl+M?

Memorizes a transaction

Displays the memorized transaction list

Creates and displays a Quick Report on the selected transaction

Displays the Register window

Answer

Correct Answer: Memorizes a transaction

Note: This Question is unanswered, help us to find answer for this one

563. What must be done to add sales tax to an invoice?

In the customer section go to create invoice and then add sales tax.

Sales Tax must be activated in the Preferences and a sales tax item to the item list.

The software always has sales tax on the invoice. Nothing has to be done.

Check the box that says - Sales Tax on the invoice

Answer

Correct Answer: Sales Tax must be activated in the Preferences and a sales tax item to the item list.

Note: This Question is unanswered, help us to find answer for this one

564. What is an QuickBooks Accountants Copy?

Its a Quickbooks data file that allows the accountant prepare the client's tax return using the QuickBooks data.

Its a Quickbooks data file that allows the accountant to add and make changes to a client's data file and then send the file back to the client so that the changes can be merged with the client's data file.

Its a Quickbooks data file that allows the accountant to see the activity but not to make any changes.

Its a Quickbooks data file that is the same as a back-up file.

Answer

Correct Answer: Its a Quickbooks data file that allows the accountant to add and make changes to a client's data file and then send the file back to the client so that the changes can be merged with the client's data file.

Note: This Question is unanswered, help us to find answer for this one