General QuickBooks MCQs

1. Can we see % of change of balance sheet items from last year to current year?

2. Where does Quickbooks apply a customer's payment, by default, if no invoice number is indicated?

3. Voiding an invoice is the same as deleting it.

4. The employees fill out a W-2s, but the subcontractors fill out W-3's.

5. What is an QuickBooks Accountants Copy?

6. What must be done to add sales tax to an invoice?

7. Shortcut action that results from pressing Ctrl+M?

8. Different formats of importing data in Quick Books?

9. Sales tax is reported to the state annually.

10. To print the trial balance:

11. Sales order can be viewed in report form by using Print Preview Command.

12. Intuit only has 2 templates for your company, and you must pick either Products or Services for your template.

13. When you go to list, Customer & Vendor Profile list, can you change the customer message from here?

14. How do you write off bad debt by using cash basis accounting?

15. True or False: Only the Company Administrator is allowed to turn time tracking off and on.

16. In which formats you can import customer data to customer center?

17. What is one way to make an account inactive?

18. What type of Quickbooks file has an extension of .QBA ?

19. Can Quickbooks generate reports on cash basis?

20. You cannot undo a bank reconciliation once it has been done.

21. 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.

22. Where can you find answers to questions regarding Quickbooks?

23. What is an example of a recurring template?

24. Is it possible to accept credit card payments through a mobile phone and synchronize the transactions with QuickBooks?

25. What will increase the inventory balance?

26. Creating the company file is the last thing you do when you set up your financial records in Quickbooks.

27. You must have a purchase order in place in order to monitor and manage partial order receipt.

28. Are subcontractors paid on an expense report when their work is finished?

29. 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?

30. True or False: QBP preference options control whether or not a decimal point will be required when entering a financial amount.

31. The shortcut to Open Invoices is:

32. What is a Quickbooks Audit Trail?

33. What type of account is undeposited funds?

34. Shortcut action that results from pressing Crtl+T?

35. Can the Profit & Loss report be found in the Chart of Accounts?

36. What expense account is created automatically when you turn multicurrency on?

37. Creating a service or professional invoice works basically the same way as creating a product invoice.

38. What happens if you press T in a date field?

39. With QB's, you must use the Online banking service whether you want to or not.

40. Can a Balance Sheet Standard account report be modified to include all Income and Expense accounts?

41. Can one switch from Peachtree accounting to QuickBooks?

42. You must be in multi-user mode to set a closing date.

43. Under the Report Center there is a reporting category entitled 'Budgets.'

44. Which QuickBooks utility is used to check for data file integrity?

45. How many users can use a company file at the same time?

46. Can a company transmit their payroll tax payments via Quickbooks?

47. What happens if you press + in a date field?

48. When you have an invoice, and you receive payment from the customer, you enter it under Bank Deposit.

49. Sales Receipts are a combination Invoice and Receive Payment.

50. What can you do with a vendor credit?

51. What form do you use to record a sale?

52. 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?

53. You can create a bank using the chart of accounts.

54. What is NOT a Quickbooks Item type?

55. Is a subcontractor considered to be an employee?

56. When setting up Quickbooks for the first time, a grocery retailer would most likely opt for an Accrual based Accounting System over Cash because....?

57. Accountant's Copy working file extension is:

58. You cannot memorize or print multiple reports.

59. Where do you find the 'Open Invoices' report?

60. Shortcut action that results from pressing Ctrl+D

61. What happens if you press M in a date field?

62. A QuickBooks company file can be used by multiple users at the same time.

63. What type of Quickbooks file has an extension of .IIF ?

64. The shortcut to open Chart of Accounts is:

65. The correct accounting equation is assets = liabilities + Owners Equity

66. 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.

67. If you select more than one bill to pay from the same vendor, Quickbooks automatically combines those payments into one check.

68. Can you link quickbooks directly to your bank account?

69. Can you email the income statement and balance sheet reports directly from QuickBooks?

70. Can we generate an outstanding dues report for customer by setting up the limit?

71. Can you accept a credit card payment directly in QuickBooks using your PC or mobile phone?

72. Can Quickbooks maintain an inventory of parts needed to assemble a product, or just the finished products?

73. The navigation bar gives you access to the Quickbooks Centres and Homepage.

74. QuickBooks offers several graphs that can not only show business statistics, but can also show where the information originated from using QuickZoom.

75. Does Quickbooks provide comparison of key business metrics with peers?

76. 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?

77. Can we set up the text alerts on phone through QuickBooks.

78. Use of purchase order information?

79. After a QuickBooks report is transferred to Excel, can you make changes to the spreadsheet?

80. What does Ctrl+N do?

81. You must be in single-user mode to set a closing date password.

82. Does QB's offer a way to give a customer discounts?

83. Can a company have multiple credit card accounts?

84. Is it possible to run aging reports of AP and AR at any date or it is always as of current date.

85. Shortcut action that results from pressing Ctrl+J

86. You can use the QuickZoom on any report to see where the original source document came from.

87. You can skip the EasyStep Interview and enter a minimum amount of information to get started.

88. What type of Quickbooks file has an extension of .LMR ?

89. You cannot view the Profit & Loss Statement to the previous year Profit & Loss Statement.

90. Can I install Quickbooks on a Macintosh computer?

91. What, if any, step or steps need to be taken to create a cash flow projection?

92. Shortcut action that results from pressing Ctrl+I

93. Journal entries are automatically posted to general ledger accounts when saved?

94. You cannot customize the chart of accounts.

95. There is a report that will show you when your monthly expense are due.

96. Is it possible to assign the right of master administrator to someone in company?

97. 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.

98. Why is undeposited funds showing a negative value on the balance sheet ?

99. What is an allowance account as related to inventory valuation?

100. Can you install QuickBooks on more than one computer?

101. Can you assign separate rights for each user?

102. What is an appropriate Subaccount to Travel?

103. What is the beginning step to account for a customer's partial payment of an invoice?

104. Pressing CTRL + P orders Quickbooks to ...

105. What company publishes Quickbooks?

106. Which of these actions require being in the single-user mode?

107. A requirement for Quickbooks to handle bills presented in a foreign currency is to turn on the multiple currencies option in Company Preferences.

108. Income Statement lists:

109. Shortcut action that results from pressing Ctrl+F?

110. How can you make your company's data more secure?

111. Can you control what a user can access in quickbooks?

112. Can you have more than 1 checking account in Quickbooks?

113. When making journal entries in QuickBooks, you need to know which account receives the ______ side of the transaction and which account receives the ______ side.

114. Appropriate procedure to account for an order you receive that is only partially filled?

115. Are you able to void invoices once you create them?

116. Does QuickBooks store your company's Tax ID?

117. What is the main tool you can use to monitor the accrual and payment of state and local sales taxes?

118. QuickBooks is good only for simple customer/vendor transactions.

119. Is there a facility for accepting credit card payment?

120. Shortcut action that results from pressing Ctrl+R?

121. You cannot reconcile your credit card accounts in QuickBooks.

122. Which file formats can be used to import Chart of Accounts to QuickBooks?

123. What is a result of closing the books?

124. Is it possible to track fixed assets in Quickbooks?

125. Can you calculate 1099-MISC by using Quickbooks?

126. Can we find the status of a cheque number?

127. What period options are available in Income Statement?

128. Quickbooks allows you to make quarterly payroll deposits?

129. Shortcut to 'Memorize' is

130. Is it possible to import customer data to customer center?

131. Shortcut key for Using Register?

132. Do we get warning for Duplicate billing?

133. What type of Quickbooks file has an extension of .QBB ?

134. Can we create an Invoice automation to bill our customer at regular time interval?

135. Can we generate AP aging report?

136. What is the shortcut action that results from pressing Ctrl+Insert?

137. Journal entries are made in the ..... .

138. What transaction must be created when you receive payment from a customer against an invoice?

139. Which is an appropriate Quickbooks Item on an invoice?

140. Quickbooks allows you to export or send many different types of reports to Excel or send via email, if the company has Internet access.

141. Keyboard shortcut to delete a transaction item?

142. Can we generate statement of cash flow report from Quickbooks?

143. When you reconcile bank statements in Quickbooks, what account do you select to record unexplained differences in book vs. bank balances?

144. Is there a way to limit the access that a person has in Quickbooks?

145. If you find that your quickbooks company doesn't have the purchase order options, what do you do?

146. Is there more than one version of Quickbooks?

147. Can you customize your reports?

148. Can QuickBooks sort outstanding invoices by date?

149. Is it possible to import vendor list to QuickBooks?

150. What type of Quickbooks file has an extension of .AIF ?

151. Do we get activity log for audit trail?

152. Shortcut action that results from pressing Ctrl+A

153. Which reports are used in Financial Statement Designer?

154. When you have to write off an amount due to customer not paying, you just credit the customers account and close the books.

155. What is the newest Quickbooks version?

156. Income tax reports in Quickbooks include all of the following except:

157. Who can use Quickbooks?

158. Is there more than one way to receive items to your inventory?

159. What is an example of a Non-Posting transaction?

160. Shortcut action that results from pressing Ctrl+Z?

161. When is income recognized when using accrual basis accounting?

162. What is the short cut to find a transaction?

163. Which type of accounting is appropriate to record expenses by writing checks?

164. What happens when you press 'Y' in the date field?

165. How do you set a different price for the same product?

166. What is a substitute for the Assembled Inventory when using Quickbooks Pro?

167. Which is NOT an item category?

168. Which list is not included in Quickbooks?

169. If you forget to setup Payroll in the EasyStep Interview, how to you setup Payroll in QuickBooks?

170. A balance sheet shows you a companies performance for the year.

171. What is a re-order point in Quickbooks?

172. Do Purchase Orders show as an asset account on the balance sheet?

173. What is a reason that the Travel account with two subaccounts cannot be deleted?

174. Best way to make sure that you are prepared for bank reconciliation?

175. How is the 'On Order' column of checkmarks populated on the Inventory Stock Status by Item report?

176. Efficient way to copy the hours as reported the previous week into the current week?

177. Which is NOT an item category?

178. It is not possible to add new or edit existing transactions when your copy of QuickBooks expired.

179. How do you set a closing date in Quickbooks?

180. WHAT IS THE BALANCE SHEET FORMULA?

181. What is a typical function of using Classes?

182. The shortcut to Open Write Checks is:

183. What is a typical reason for merging accounts?

184. Where is the option to use Quickbooks' Classes?

185. What are 'Classes'?

186. Which is true about a memorized transaction?

187. What is the first step in setting up a company file?

188. 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?

189. Can Quickbooks be used for payroll without purchasing a license?

190. What Report will allow you to review your adjusting journal entries?

191. If you receive a check against an invoice, to which account is the payment deposited?

192. Shortcut action that results from pressing Ctrl+Q

193. What are undeposited funds?

194. What is another name for an Owner's Equity report in QuickBooks?

195. How does Quickbooks handle the reduction in inventory of a group list item?

196. If a customer is tax-exempt but the item is classified as taxable, how does Quickbooks apply tax?

197. Does Point of Sale allow transfers of information into Quickbooks?

198. Is Quickbooks a form driving program?

199. How does Quickbooks calculate the number of days aging of accounts receivable?

200. How can you enter a check you write for several different expense accounts?

201. What is NOT an item category?

202. What is a Quickbooks portable file?

203. What is an appropriate approach for an accounts receivable identified as uncollectible if you are on a cash-basis for tax purposes?

204. An inventory adjustment should NOT be used for:

205. Does QuickBooks generate bank reconciliation reports automatically?

206. What is NOT an example of a typical Class type?

207. 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?

208. Which is NOT an item category?

209. What is the appropriate treatment for a check you receive and plan on depositing with other funds?

210. In writing a check in Quickbooks, what is the difference between 'Save & Close' and 'Save & New'?

211. Shortcut action that results from pressing Alt+F4?

212. If you are in a transaction and right-click, what menu appears?

213. Correct method to make changes to the payroll liability balances?

214. What is recommended to enter into the check number field when entering a debit card transaction?

215. You record a credit memo and apply it to what?

216. Which classification is found on the statement of cash flows?

217. What type of Quickbooks file has an extension of .BDB ?

218. Transactions from financial institutions can only be imported into Quickbooks through the Downloaded Transactions option under the Banking menu.

219. In a working trial balance, what does 0.00 in each column indicate?

220. In an inventory report, what cost will show for an item?

221. On what list can a person be included in order to track time?

222. As of 2014, will QuickBooks sync with Evernote?

223. If a customer purchases an item and pays cash, what is the appropriate treatment?

224. What happens when you void a check?

225. When you have undeposited checks, they are listed under Banking in the Assets accounts.

226. As of 2014, will QuickBooks sync with Salesforce?

227. When you Receive Payment, it must be applied to the Undeposited Funds section before you can move it into an account.

228. Where can you order W-2s & Tax Forms?

229. What is the process to change inventory valuation from average cost to LIFO?

230. 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.

231. What are two elements required to create a Sales Tax item?

232. What type of Quickbooks file has an extension of .QBW ?

233. What is required to merge accounts?

234. When is an income account transaction non-taxable?

235. Can I install Quickbooks on Linux?

236. Which tax form would you select for a corporation?

237. What amount is shown for Cost of Goods sold?

238. How can you show items that you have formerly made inactive?

239. In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?

240. Once you merge an item, then find out you didn't want to merge it, can you reverse the merge?

241. How can you see who last modified a transaction?

242. When are physical counts recorded in Quickbooks typically updated?

243. How do you delete a record row?

244. What is the default first sort order for the Chart of Accounts?

245. When you use Enter Bills, you must use Pay Bills when you receive payment.

246. When creating an invoice, what does the red circle on the right of an invoice line do upon clicking?

247. Can you enter the checks you write in your chart of accounts?

248. How do you apply a vendor credit to a bill?

249. When you record a cash sale, where does Quickbooks apply the payment?

250. The proper format required for an imported file can be found:

251. Defining a group of items is equivalent to creating sub-items.

252. To automatically manage recurring Accounts Payable:

253. What is not a transaction that takes place in the inventory management function?

254. How many users does the desktop Pro version of Quickbooks support?

255. Vendors compensation for sales tax should be listed in quickbooks as an expense account.

256. What does pressing H in a date field accomplish?

257. What information can you transfer from Quickbooks to Salesforce?

258. Does a retail shop that only sells consigned goods hold inventory?

259. Keyboard shortcut to open a split transaction in register press?

260. Where do you find the memorized transactions?

261. What is NOT a tax form status event?

262. What action is automatic within Quickbooks at the re-order point?

263. How can you start Quickbooks without a company file?

264. Managing Change Orders is a function of the industry specific Quickbooks:

265. Where can you find a detailed report of vendors balance?

266. Can you use a mobile device to record transactions into Quickbooks?

267. Clearing the opening date reopens the closed accounting period.

268. In a date field press _

269. What type of Quickbooks file has an extension of .QBM ?

270. How to see what was posted after the period was closed (and a password was entered)?

271. How to reprint a employees pay stub once it has been printed?

272. How do you view transactions in a Retained Earnings report?

273. What type of Quickbooks file has an extension of .QBO ?

274. In order to get which of the following reports must we use items to track both income and expenses?

275. If you pay a bill upon receipt by writing a check there is no reason to Enter a Bill.

276. When writing checks, if you do not indicate a specific bank account, what does Quickbooks use as a default?

277. How can you transfer data from Oracle to Quickbooks?

278. What is Quickbooks default transaction when inventory is received before the invoice?

279. What is one option NOT offered by Quickbooks Pro?

280. Which menu provides the option to print the Income Statement?

281. The shortcut to open Customer Center is:

282. 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?

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

284. What is a Bill of Materials in Quickbooks?

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

286. What is a sales tax group?

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

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

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

290. What is the 'Limit' field in the Customer list?

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

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

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

294. How does Quickbooks calculate the percentage discount Item?

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

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

297. Appropriate way to handle a reimbursable expense?

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

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

300. At year end the depreciation account should not be closed to the profit and loss report.

301. Adjusting journal entries are used to record what?

302. _______ is NOT an item category:

303. Maximum number of rows allowed to be imported into Quickbooks from an Excel data file?

304. Which is true about a duplicated transaction?

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

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

307. Keyboard shortcut to display the Transaction Journal?

308. Default choices for Customer Type?

309. Maximum number of deposits in a make deposit screen?

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

311. Keyboard shortcut to insert a blank account line on the expenses tab of a check?

312. What is the automatic Quickbooks help prompt?

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

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

315. Example of an appropriate type of Sub-items?

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

317. Where do you find the Preferences?

318. When you reconcile a credit card, you use the same procedure you use when you reconcile your bank account, using the Bank Reconciliation icon.

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

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

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

322. What is a Build Point in Quickbooks?

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

324. The general ledger and trial balance reports contain some of the same information.

325. Keyboard shortcut to zoom in on the reports in Quickbooks?

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

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

328. Keyboard shortcut to open a window to enter credit card charges?

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

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

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

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

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

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

335. An accountant can create new transactions regardless of it being after the dividing date

336. Shortcut to see the properties of the current QuickBooks file?

337. Creating a Purchase Order is a required first step in the inventory accounting process

338. Can 2 versions of Quickbooks be merged together?

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

340. Which cannot be recorded by using a journal entry?

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

342. Shortcut action that results from pressing Crtl+C

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

344. Example of Multiple Units of Measure?

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

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

347. Which transaction cannot be recorded as journal entry?

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

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

350. In a date field press R

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

352. Quickbooks ask to to make a backup on the company file every time you close the program.

353. Shortcut to last day of the current week and last day of subsequent weeks?

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

355. Option for entering different types of Price Level list items?

356. The option to buy an additional license is available on Quickbooks Premier 5-pack license installations.

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

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

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

360. What report would an auditor want to see?

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

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

363. Which report can be used to find checks in numeric order?

364. Which function does the QuickBooks items perform?

365. Which resource can be used to find manual changes of reconciled status in bank account entries?

366. Which transaction should not be recorded in the Transfer Funds window?

367. Which of the following statements is true?

368. Which transaction will appear as Accounts Receivable on a cash-basis balance sheet?

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

370. Which one is not a common mistake clients make while recording and depositing payments as identified in this module?

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

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

373. Which is true regarding the Fixed Asset Manager?

374. 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?

375. In which format does QuickBooks support data import?

376. Which inventory valuation method does QuickBooks support?

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

378. 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?

379. Which step involved in setting up QuickBooks to track 1099 information?

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

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

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

383. Which one does the client-ready 941/940 report not show?

384. Which helps you recreate information about deleted transactions by providing debit and credit details for the original transactions?

385. Which is NOT the part of tracking a NSF check in QuickBooks?

386. 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?

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

388. Where to find the User's Guide and the Getting Started Video for the Financial Statement Designer?

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

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

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

392. 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?

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

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

395. Under which circumstance would a Journal Entry be most appropriate?

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

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

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

399. To which item can units of measure be assigned?

400. 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?

401. Which can be used to enter opening balances in QuickBooks?

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

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

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

405. 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?

406. 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?

407. 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?

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

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

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

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

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

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

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

415. Which method can you use to value inventory in QuickBooks?

416. How to check the version and release number of a QuickBooks for Windows desktop file?

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

418. Which question should be asked to determine whether QuickBooks is the right software for a client?

419. Which edition allows toggling among different editions of QuickBooks without having all the editions installed?

420. Which Premier edition doesn't allow setting up of billing rate levels for different employees?

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

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

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

424. Which task is not allowed while working in the accountant's copy?

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

426. Which describes a method for handling shared payroll expenses?

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

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

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

430. Which cannot be included as a component of an assembly item?

431. Which activity does QuickBooks support?

432. 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?

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

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

435. Which report 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?

436. Which 'standard' accounting report must be created by modifying another report in QuickBooks?

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

438. Which can be done in the Financial Statement Designer?

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

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

441. Standard number system for a chart of accounts?

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

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

444. All of the following are items. Except:

445. You've just been hired by a seamstress who sells baby clothes. When they buy materials (fabric, buttons, lace. and thread), they use the Expense tab and assign the costs to a Cost of Goods Sold account. If you need to set up an item for baby clothes, what item type should you use?

446. Which is correct about Fixed Asset Items?

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

448. Which is correct about General Journal entries?

449. Which one is NOT an item type?

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

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

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

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

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

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

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

457. 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?

458. Best way to prevent users from changing prior period transactions?

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

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

461. Which are the best backup option(s)?

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

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

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

465. Forms customization tool can perform which of the following?

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

467. How to create an Accountant's copy?

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

469. How does QuickBooks sort a vendor list?

470. Which report would you use to recreate deleted transactions?

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

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

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

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

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

476. How are Memorized reports organized?

477. The keyboard shortcut for Windows Help is:

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

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

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

481. What can you do in the report center?

482. What does the Year-End Guide display?

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

484. Name the sections of a Balance Sheet.

485. Which function can be performed by Administrator?

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

487. Which form should be given to an employee?

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

489. In what ways does QuickBooks track sales tax?

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

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

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

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

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

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

496. 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?

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

498. How to remove an accountant from QuickBooks?

499. Which are payroll item type(s)?

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

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

502. 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?

503. What will be a possible bank reconciliation discrepancy?

504. The keyboard shortcut for Quick Report is:

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

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

507. Which account does not have an account register?

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

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

510. 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?

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

512. What is equity?

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

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

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

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

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

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

519. Estimates are created in QuickBooks when:

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

521. What is the extension for QuickBooks?

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

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

524. Using items helps a bookkeeper by:

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

526. Which payment options does QuickBooks support?

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

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

529. When should you enter a customer credit memo?

530. QuickBooks is driven by which of the following?

531. Ctrl + I is a keyboard shortcut for:

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

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

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

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

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

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

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

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

540. Is it possible to merge two list entries?

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

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

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

544. 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?

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

546. 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?

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

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

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

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

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

552. How do you create a loan in QuickBooks?

553. How can you edit a collection letter?

554. 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?

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

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

557. 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?

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

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

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

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

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

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

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

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

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

567. What is QuickReport in QuickBooks?

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

569. What happens when you void an invoice?

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

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

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