What is the newest Quickbooks version?
Quickbooks Pro
2012
Quickbooks for Small Business
Quickbooks Pro 2011
Quicbooks Online
Quickbooks 2012
Where is the option to use Quickbooks' Classes?
It is a default on the Customer Type
Company
Preferences
The Help section
A checkbox on each new invoice
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.
False. It must be reported at the end of the month.
True, they are reported on April 15th of the
upcoming year.
True or False: The employees fill out a W-2s, but the subcontractors fill out W-3's.
False. Subcontractors doesn't have to fill out any
form, as they are not employees of the Company.
False. W-2's
& W-3's are for employees only. Subcontractors must fill out the W-9 form.
True, as W-3's are subcontractors way of showing
taxes etc.
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.
What is a Quickbooks Audit Trail?
A report of what changes were made to accounts
before the closing date
A report of what changes were made to accounts
after the closing date
The set of default T accounts that are affected
with each entered transaction
A summary of
transactions and list of who entered them, when and in what file location
Can a Balance Sheet Standard account report be modified to include all Income and Expense accounts?
No
Yes
Can a company transmit their payroll tax payments via Quickbooks?
If you have the internet version.
Yes, but only
using QuickBooks "Assisted" Payroll services.
If the IRS requests it.
Only with the professional version.
True or False: You must be in multi-user mode to set a closing date.
True
False
When you have an invoice, and you receive payment from the customer, you enter it under Bank Deposit.
Yes, it's the quickest way to put money into the
company bank account.
No, you enter it under Sales Receipts.
No, you enter it
under Customers, Receive Payments, where you list the customer name, amount
etc.
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
QuickBooks
offers both these options
These options are only available in the 2012
version
What is a use of purchase order information?
Quantify outstanding commitments
Compare goods received to the goods ordered
All of these
Review vendor delivery performance
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.
True, how else would you account for the money?
There isn't an account for this kind of
transaction.
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.
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
What type of Quickbooks file has an extension of .IIF ?
Accountant's review copy (import file)
Intuit
Interchange Format file
Timer backup file.
Business Planner file
The shortcut to open Chart of Accounts is:
Ctrl + A
Ctrl + 5
Ctrl + J
Ctrl + 4
Ctrl + B
Accountant's Copy working file extension is:
.QBR
.QBM
.QBB
.QBA
Which of the following QuickBooks utilities is used to check for data file integrity?
Rebuild Data
Back Up Data
Verify Data
Restore Data
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?
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.
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.
What happens if you press T in a date field?
Changes the date to the last day in the year
Subtracts one day from the date shown
Replaces the
date shown with today's date
Changes the date to the first day in the year
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, 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.
Yes, you can delete any unused vendors you want, as
long as it hasn't been used more than 10 times.
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.
True or False: You must be in single-user mode to set a closing date password.
True
False
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.
False. You have to use Excel if you want to get
graph info of any kind.
True. You may
have to go through many layers, but you WILL find the original entries to where
the report got its info from..
True, but graphs are only for Sales.
When setting up Quickbooks for the first time, a grocery retailer would most likely opt for an Accrual based Accounting System over Cash because....?
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 offer lengthy credit lines. .
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.
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. The appearance of Stability
gives investors and creditors added confidence.
True or False: You can skip the EasyStep Interview and enter a minimum amount of information to get started.
True
False
What is the shortcut action that results from pressing Ctrl+D
Displays the Customer: Job List window
Displays the Create Invoice window
Displays the Find window
Deletes check,
invoice, transaction, or item from the list
What, if any, step or steps need to be taken to create a cash flow projection?
Determine your beginning cash balance and enter
business expenses
All of these
Review and adjust accounts payable
Project and adjust your cash receipts
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.
Can we generate an outstanding dues report for customer by setting up the limit?
No
Yes, you can see
the outstanding by setting up limits.
We can see whole list irrespective of amount due.
We can customize it by exporting it in Excel.
Is a subcontractor considered to be an employee?
They are considered an expense account.
No, they are
vendors.
Yes, they are employees.
Which item type has information in the Current Availability window?
Inventory Part
Non-inventory Part
Discount
What happens if you press + in a date field?
Adds one day to
the date shown
Replaces the date shown with todayÕs date
Changes the date to the first day in the year
Enters tomorrow's date
True or False: The correct accounting equation is assets = liabilities + Owners Equity
True
False
What form do you use to record a sale?
Purchase Order
Invoice
Bill
Credit Memo
Bill of Lading
What is the standard number system for a chart of accounts?
1 equity, 2 expenses, 3 revenue, 4 liabilities, 5
assets
1 liabilities, 2 assets, 3 expenses, 4 revenue, 5
equity
1 assets, 2
liabilities, 3 equity, 4 revenue, 5 expenses
1 revenue, 2 expenses, 3 assets, 4 liabilities, 5
equity
Can a company have multiple credit card accounts?
Depends on the company
Yes
No
Can we set up the text alerts on phone through QuickBooks.
Yes it is
possible.
You can only go for online version.
You cannot link it with phone.
No
What is the shortcut for Help windows?
F4
F6
F3
F1
F5
True or False: You cannot view the Profit & Loss Statement to the previous year Profit & Loss Statement.
True
False
Can you install QuickBooks on more than one computer?
No
Yes
You hire someone as a 1099 contractor. Which module would you enter the person to track what is paid to him/her?
Vendors
Company
Customers
Employees
What does Ctrl+N do?
Edits an item
Prints a new invoice
Adds a new item
Deletes an item
Duplicates an item
What is NOT a Quickbooks Item type?
Group
Inventory Part
Service
Non-Inventory Part
True or False: Journal entries are automatically posted to general ledger accounts when saved?
False
True
Can you accept a credit card payment directly in QuickBooks using your PC or mobile phone?
No
Yes
Can you link quickbooks directly to your bank account?
No
Yes
What can you do with a vendor credit?
You can keep the credit to use later
You can apply the credit to unpaid bills.
You can request a refund of your money.
All listed
answers are correct.
True or False: You cannot memorize or print multiple reports.
True
False
True or False: A QuickBooks company file can be used by multiple users at the same time.
True
False
True or False: You can create a bank using the chart of accounts.
True
False
True or False: The navigation bar gives you access to the Quickbooks Centres and Homepage.
True
False
True or False: Sales Receipts are a combination Invoice and Receive Payment.
True
False
What expense account is created automatically when you turn multicurrency on?
Other Income/Loss
Realized Gain/Loss
Exchange
Gain/Loss
What is the shortcut action that results from pressing Crtl+T?
Displays the
memorized transaction list
Inserts a line into a list of items or expenses
Undoes your last action Ñ usually
Displays the Write Checks window
Is it possible to accept credit card payments through a mobile phone and synchronize the transactions with QuickBooks?
You can accept only through QuickBooks online
No, it is not possible.
It is possible but you cannot synchronize the data
with QuickBooks.
Yes, we can do
that with Go payment Application.
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.
True or False: Under the Report Center there is a reporting category entitled "Budgets."
True
False
True or False: Creating the company file is the last thing you do when you set up your financial records in Quickbooks.
True
False
True or False: You must have a purchase order in place in order to monitor and manage partial order receipt.
False
True
Is there more than one way to receive items to your inventory?
Yes. Items can
be received with or with out a bill at the time the items are received.
No. You must pay up front for the item, then you
will get the item(s) you ordered.
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. You can just put the items on the shelf, let
someone know they arrived, and that's all you have to do.
What is one way to make an account inactive?
Right click and
select 'Make Account Inactive'
Ctrl-I to make the account inactive
Add the account to the Inactive Account List
Ctrl-D to delete the account
What type of Quickbooks file has an extension of .QBA ?
Accountant's
review copy (working copy)
Loan Manager Data
Intuit Interchange Format file
Configuration file
What will increase the inventory balance?
Writing Checks
Entering Bills
All of these
Entering Credit Card payment
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.
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.
Yes, the Profit & Loss report is listed under
Capital/Equity account.
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.
Intuit only has 2 templates for your company, and you must pick either Products or Services for your template.
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. You don't need more than 1 way of invoicing
etc, so you can pick either products or services.
True, because QB's doesn't want to confuse you.
True. You have to either sell products, or you can
offer services such as counseling, but that's it.
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.
How do you write off bad debt by using cash basis accounting?
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 rather than recognizing a bad debt as an expense.
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 bad debt expense in another year.
True or False: You cannot undo a bank reconciliation once it has been done.
False
True
Where can you find answers to questions regarding Quickbooks?
Intuit
Quickbook study guides
Youtube
Help tab in the Program itself
All the answers
are correct
What is an example of a recurring template?
By selecting a vendor, Quickbooks fills in the full
transaction
Invoice automation reminders
A scheduled
recurring check template for the same monthly loan payment
Automatically allocating unbilled charges to group
invoices
How many users can use a company file at the same time?
Version
dependent
5
10
7
4
True or False: Only the Company Administrator is allowed to turn time tracking off and on.
True
False
Are subcontractors paid on an expense report when their work is finished?
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.
Yes, because it's the only way to keep the books
balanced.
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 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.
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.
In which formats you can import customer data to customer center?
You need to create QIB format to import data in the
same fields.
You can do it by creating a notepad file.
Only CSV and
Excel files can be imported.
You cannot import data to create customer list.
The shortcut to Open Invoices is:
Ctrl + O
Ctrl + I
Ctrl + A
Ctrl + C
Ctrl + J
What happens when you press 'Y' in the date field?
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 first day in the year
What are different formats of importing data in Quick Books?
IIF , Timer
Activities, Web Connect file & Excel files
Only Web Connect file
IIF & Web Connect File
IIF , Timer Activities, Web Connect file & Data
files
None of above
After a QuickBooks report is transferred to Excel, can you make changes to the spreadsheet?
No, you need do the changes on QuickBooks.
Yes, but only by opening the spreadsheet in the
2010 MSO version.
Yes, just unlock the cells.
Yes, like any
other Excel file.
No, because its a QuickBooks file.
True or False: You cannot customize the chart of accounts.
False
True
Where do you find the 'Open Invoices' report?
Customers &
Receivable
Sales
Accountant & Taxes
Company & Financial
True or False: There is a report that will show you when your monthly expense are due.
True
False
You can use the QuickZoom on any report to see where the original source document came from.
False. QuickZoom works only on Paid Invoices.
True. This is
the best way to quickly find the source document in case any questions arise
concerning the transaction.
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.
False. There are no easy ways to find out where a
document originated from.
Can I install Quickbooks on a Macintosh computer?
Only on operating systems 9.5 or above
Only on operating systems 10.4 or above
Only on the snow-leopard operating system
Yes
No
Can you email the income statement and balance sheet reports directly from QuickBooks?
Yes
No
There is no feature for email.
You can export the data in pdf and then email as an
attachment.
Does QB's offer a way to give a customer discounts?
Yes. But only if the customer deserves to have a
discount.
Yes. Under
Receive Payment, you can record the discount amount .
No. Discounts would mean you will be losing money.
No. You can only write an adjustment for an amount
if you want to give the customer a discount.
What happens if you press M in a date field?
Changes the date to the last day in the month
Changes the date to the first day in the year
Changes the date to the last day in the year
Changes the date
to the first day in the month
What is the shortcut action that results from pressing Ctrl+J
Creates and displays a Quick Report on the selected
transaction
Memorizes a transaction
Displays the Register window
Displays the
Customer: Job List window
Which of the following transactions should not be recorded in the Transfer Funds window?
Money going to or from Account Payable
Money going to or from Sales Tax Payable
All of the
answers are correct.
Money going to or from Account Receivable
What is the shortcut action that results from pressing Ctrl+I
Creates and displays a Quick Report on the selected
transaction
Displays the
Create Invoice window
Memorizes a transaction
Displays the Customer: Job List window
Does QuickBooks store your company's Tax ID?
Yes
No
Are you able to void invoices once you create them?
Yes
No
Can you control what a user can access in quickbooks?
Yes
No
What type of Quickbooks file has an extension of .LMR ?
Business Planner file
Configuration file
Intuit Interchange Format file
Loan Manager
Data
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 - This will allow the bookkeeper to process
employee payroll only for the active employees.
True - the software will allow you to delete
anything.
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?
Sales by
Customer Detail
Profit & Loss Detail by month
Customer Aging
Deposit Detail
What is an appropriate Subaccount to Travel?
All of these
Meals
Airfare
Lodging
To print the trial balance:
Select Report
Center, Accountant & Taxes, Trial Balance
From the Company Section of the Home Page, select
Trial Balance icon
Select Chart of Accounts icon, Print Report
Select Company Center, Print Tral Balance
Can you assign separate rights for each user?
Yes, you can set
up the rights for each user.
Yes, it is possible to a certain extent.
No, you cannot customize it.
Can one switch from Peachtree accounting to QuickBooks?
Yes, but only a QuickBooks developer can do this.
Yes, with a
conversion tool.
No.
Yes, but with programming.
Can you print 1099-Misc forms by using Quickbooks?
No
Yes
When you go to list, Customer & Vendor Profile list, can you change the customer message from here?
Yes
No
What type of account is undeposited funds?
Asset
Liabilities
Expense
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 is the same as a
back-up file.
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.
What must be done to add sales tax to an invoice?
The software always has sales tax on the invoice.
Nothing has to be done.
Sales Tax must
be activated in the Preferences and a sales tax item to the item list.
Check the box that says - Sales Tax on the invoice
In the customer section go to create invoice and
then add sales tax.
True or False: Voiding an invoice is the same as deleting it.
False
True
Income Statement lists:
All of a company's accounts and their ending
balance
Revenues,
Expenses and Net Income
cash flows from investing activities
Assets, liabilities and Owner's equity
What is an allowance account as related to inventory valuation?
It is based on shrinkage
It is based on a perpetual inventory system
It is a
contra-asset account created to reflect a reduction in inventory value
Is is based on obsolescence
What is the appropriate procedure to account for an order you receive that is only partially filled?
Hold the shipment until the other goods are
received
Pay the whole invoice and Issue an invoice for the
difference
Return the shipment to the vendor
Step through the
receive items process and fill out which and how many items were received
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.
The Undeposited Funds Account was overdrawn.
All the funds were transferred to your bank
account.
Is it possible to assign the right of master administrator to someone in company?
Yes
Yes, but with limited access.
No, it cannot be delegated.
Can you have more than 1 checking account in Quickbooks?
No
Only after 2010
Yes
Depends on the version
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.
True
False
Which type of accounting is appropriate to record expenses by writing checks?
Closing entries
Cash-based
accounting
Tax basis accounting
Accrual accounting
Which of these actions require being in the single-user mode?
Merge or delete accounts and items
Save or open the accountants copy of the company
file
Create an export of the Company file
All of these
What company publishes Quickbooks?
Adobe
Intuit
Microsoft
Apple
Go Daddy
Is it possible to run aging reports of AP and AR at any date or it is always as of current date.
You can always run as of current date.
You can generate them only on the last day of the
month.
It is not possible to generate report with past
date.
It is possible
to run them as on any date.
True or False: You cannot reconcile your credit card accounts in QuickBooks.
False
True
What is the shortcut action that results from pressing Ctrl+F?
Displays the Customer: Job List window
Displays the Create Invoice window
Displays the
Find window
Memorizes a transaction
Is it possible to track fixed assets in Quickbooks?
Not always
Yes
No
How can you make your company's data more secure?
Enable Windows firewall.
Daily and Multiple Back-ups.
Install anti-virus and keep it up to date.
Set-up users and passwords.
All of these
answers.
Which file formats can be used to import Chart of Accounts to QuickBooks?
CSV, XLS and
XLSX formats can be used.
It can be imported through notepad.
Only Excel can be used.
True or False: Sales order can be viewed in report form by using Print Preview Command.
True
False
When is income recognized when using accrual basis accounting?
All of the above.
Accrual basis accounting does not recognize income
until payment has been received.
None of the above.
Accrual basis
accounting recognizes income at the time an invoice is created.
Quickbooks allows you to make quarterly payroll deposits?
No
Yes
Can Quickbooks generate reports on cash basis?
Yes
No
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
How do you set a different price for the same product?
All the answers are correct
Create a price
level list
This option itsn't offered for QuickBooks
Select the option at company preferences
Only retail editon offer this option
True or False: QuickBooks is good only for simple customer/vendor transactions.
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.
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.
What is the beginning step to account for a customer's partial payment of an invoice?
Customers tab, Credit Memo Screen
Customers tab, Invoice List Screen
Customers tab, New Invoice Screen
Customers tab,
Receive Payment Screen
Can we generate AP aging report?
Yes
No
You can only generate debtors aging.
You can create it in Excel after exporting data.
Which of the following statements is true?
You can reference specific line items from a single
sales order of an invoice.
All of the
answers are true.
You can reference multiple sales orders from a
single invoice.
You can create multiple invoices for one sales
order.
Pressing CTRL + P orders Quickbooks to ...
Create a Purchase Order
Print
Create a Price List
Is it possible to import customer data to customer center?
Yes.
No, you need to enter data individually for each
customer.
What is the shortcut key for Using Register?
Ctrl+I
Ctrl+A
Ctrl+J
Ctrl+R
When making journal entries in QuickBooks, you need to know which account receives the ______ side of the transaction and which account receives the ______ side.
positive, negative
left, right
debit, credit
right, wrong
Is there a facility for accepting credit card payment?
No
Only Cash, Cheques and Drafts
Only Cash, Cheques, Drafts and Wire Transfers
Yes
What is the shortcut action that results from pressing Ctrl+R?
Displays the
Register window
Displays the memorized transaction list
Displays the Write Checks window
Undoes your last action, usually
Can you calculate 1099-MISC by using Quickbooks?
Only by using 2012 Quickbooks version
Yes
No
In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes?
Quick reports
Item listing report
Open invoice report
Sales tax
liability report
In QuickBooks, journal entries are made in the ____________.
Payments window
Make General
Journal Entry window
Receive Payment window
Customers window
Can we create an Invoice automation to bill our customer at regular time interval?
Yes, it is
possible through an invoice automation feature.
No you need to bill customers every time you make a
sale transaction.
No it is not possible but you can copy the last
invoice.
What period options are available in Income Statement?
Only YTD data is available.
Only YTD and last quarter is available.
It shows YTD,
last month, last quarter and last year.`
Can we find the status of a cheque number?
You can it only through vendor account.
You can only trace the amount not the cheque
number.
Yes, you can
trace the cheque number.
Do we get warning for Duplicate billing?
No
You need to keep a manual track.
Yes
What is a result of closing the books?
No new transactions can be entered with a data
backdated before the closing date
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
What is the shortcut action that results from pressing Ctrl+Insert?
Inserts a line
into a list of items or expenses
Displays the Find window
Displays the Customer: Job List window
Undoes your last action, usually
Can you customize your reports?
No
Yes
Is there more than one version of Quickbooks?
Yes
No
What is the shortcut action that results from pressing Ctrl+M?
Displays the memorized transaction list
Memorizes a
transaction
Displays the Register window
Creates and displays a Quick Report on the selected
transaction
True or False: QBP preference options control whether or not a decimal point will be required when entering a financial amount.
False
True
What is a substitute for the Assembled Inventory when using Quickbooks Pro?
Subaccounts
Subtotals
Grouped
inventory parts
Non-Inventory Part
What is an example of a Non-Posting transaction?
Creating a
purchase order
Paying the bill for inventory
Entering the bill you receive for inventory
Adding purchased inventory to the asset account
What is a re-order point in Quickbooks?
A recalled transaction when a customer re-orders
product
A recalled transaction that duplicates the prior
order from a vendor
The level of inventory at which you assemble
additional grouped items
The level of
inventory at which you purchase more
In which list do you enter Sales Tax Rates?
Employees list
Customers
Items List
Vendors List
Which of the following activities does QuickBooks Support?
Track Billable Vs Non-Billable time
All of the above
Accumulate sick and vacation pay in hours
Track payroll costs by job, Class, or Type of work
Which list is not included in Quickbooks?
Price Level
Vendor type
Customer type
Job type
Cost Level List
What is a reason that the Travel account with two subaccounts cannot be deleted?
All of these
You can't delete an account with existing
subaccounts
Payroll references the account for compensation
reporting purposes
There is transactional data in the Travel account
A balance sheet shows you a companies performance for the year.
No, It shows the
company's situation with respect to Assets, Liabilities and Owners Equity on
the date listed - usually year end, December 31st, ****.
No, it shows long term assets and owners equity
only for the year in question. The consolidated income statement shows the
performance data.
True
What type of Quickbooks file has an extension of .QBB ?
Configuration file
QuickBooks
backup file
Accountant's review copy (working copy)
Loan Manager Data
True or False: It is not possible to add new or edit existing transactions when your copy of QuickBooks expired.
True
False
What transaction must be created when you receive payment from a customer against an invoice?
Receive Payments
Credit Memo
Make Deposit
Sales Receipt
Which of the following is an appropriate Quickbooks Item on an invoice?
Sales Tax
All of these
Customer Discount
Freight Charges
Which of these is NOT an item category?
Memo
Service
Payment
Inventory Part
What is the shortcut action that results from pressing Ctrl+Z?
Usually undoes
your last action
Deletes check, invoice, transaction, or item from
the list
Inserts a line into a list of items or expenses
Displays the Write Checks window
Which one of these is NOT an item category?
Inventory Part
Service
Account
Non Inventory Part
What is the short cut to find a transaction?
Ctrl T
Ctrl H
Ctrl F
Is it possible to import vendor list to QuickBooks?
Yes
It can be imported through notepad.
It needs to be entered separately.
No
What is the keyboard shortcut to delete a transaction item?
Ctrl + C
Ctrl + U
Ctrl + R
Ctrl + Z
Ctrl + D
Can QuickBooks sort outstanding invoices by date?
No, only by Customer
No, only by Vendor
Yes
If you find that your quickbooks company doesn't have the purchase order options, what do you do?
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
you need to update your QuickBooks with a more
resent one
there is nothing you can do.
Can we generate statement of cash flow report from Quickbooks?
It provides only net cash balance.
No
We can make it in excel.
Yes, it is
available under company reports.
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.
True. But you can't dig deep to find the original
source of where the info came from.
False. QB's doesn't offer E-mail or Excel access.
In Quickbooks Desktop, shortcut to "Memorize" is
Ctrl + R
Ctrl + Z
Ctrl + K
Ctrl + M
Ctrl + E
Do we get activity log for audit trail?
Audit trail is not possible.
No
Yes
There is no log for users.
Is there a way to limit the access that a person has in Quickbooks?
Yes
No
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?
Two sub accounts cannot be set up in the parent
account has a balance
The original balance
Zero
The sum of the
two sub accounts
What is the most efficient way to copy the hours as reported the previous week into the current week?
Ctrl-X, then Ctrl-V
Select the
employee and choose 'Copy last sheet'
Ctrl-C, then Ctrl-V
Download to Excel, complete, and upload
How do you set a closing date in Quickbooks?
Go to File, company and select new company to set
closing date.
In the easy step interview set closing date.
No closing date is set in Quickbooks desktop
versions.
Go under Company
and select closing date
Only online versions of Quickbooks have closing
dates.
What are "Classes"?
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 offer a
straight forward means of segregating your business activities by Profit Center
or Department.
Classes help you to track all your vendors — who
they are, your most recent payment, and what you owe them.
Classes allow you to see activity for different
customers within your company.
How is the vendor list sorted in QuickBooks?
Oldest to newest.
Alphabetically.
By type of vendor.
What is a typical function of using Classes?
Manage overdue Accounts Receivables
Evaluate acquisitions
Assess segment
performance
Develop more precise depreciation schedules
What is the shortcut action that results from pressing Ctrl+A
Displays the
Chart of Accounts window
Displays the Find window
Displays the Create Invoice window
Deletes check, invoice, transaction, or item from
the list
Who can use Quickbooks?
All answers are
correct
Small business
Accountant
Shipping company
Mortgage Broker
What are undeposited funds?
Both
An account where
you keep checks until you take them to the bank.
Undeposited Funds is an account where you keep
checks until you give them to someone else.
What type of Quickbooks file has an extension of .AIF ?
Accountant's
review copy (import file)
Loan Manager Data
Configuration file
Business Planner file
Do Purchase Orders show as an asset account on the balance sheet?
No, it's listed as a short term liability account.
Yes, it's listed under short term asset accounts.
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.
Can Quickbooks be used for payroll without purchasing a license?
Yes
No
Depends on the version
What is a typical reason for merging accounts?
They are
tracking the same thing, just named differently
One account for headquarter expenses, one for
location expenses
An acquisition of another company
To shrink the number of accounts in the chart of
accounts
WHAT IS THE BALANCE SHEET FORMULA?
ASSETS =
LIABILITIES + STOCKHOLDERS EQUITY
ASSETS = LIABILITIES - STOCKHOLDERS EQUITY
ASSETS + LIABILITIES = STOCKHOLDERS EQUITY
Which of these is true about a memorized transaction?
A date is set to automatically process a memorized
transaction
A memorized transaction is a one-time manual copy
None of these
A memorized
transaction can be recalled
When you reconcile bank statements in Quickbooks, what account do you select to record unexplained differences in book vs. bank balances?
Bank service charges (Expense)
Accumulated depreciation (Expense)
Credit card charges (Expense)
Reconciliation
discrepancies (Expense)
Which of the following can you use to value inventory in QuickBooks?
Average cost
First in, First out (FIFO)
Last in, First out (LIFO)
Double declining balance
Where does Quickbooks apply a customer's payment, by default, if no invoice number is indicated?
The most recent invoice
The largest invoice
The oldest
invoice
Which of the following inventory valuation does Quickbooks support?
FIFO
HIFO
Average
LIFT
The shortcut to Open Write Checks is:
Ctrl + Q
Ctrl + W
Ctrl + C
Ctrl + H
Ctrl + K
If you receive a check against an invoice, to which account is the payment deposited?
Nowhere
Undeposited
Funds
Your bank account
All answers are correct
Which of the following editions allows toggling among different editions of QuickBooks without having all the editions installed?
Retail Edition
Contractors Edition
Professional Services Edition
Accountant
Edition
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.
False, you have to re-invoice the customer for the
item(s), along with the bank service charge for the bounced check.
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 other fee
(finance) that they accumulated.
What is the first step in setting up a company file?
Download transactions
Set up inventory
Bring in account balances.
Import the
customer,vendor, and item list.
Make forms for invoices
If a customer is tax-exempt but the item is classified as taxable, how does Quickbooks apply tax?
None of these
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
How does Quickbooks sort a list, by default?
By the first amount column, smallest to largest
In the order in which it is created
By the first amount column, largest to smallest
Alphabetically
Does Point of Sale allow transfers of information into Quickbooks?
Only with the permission of Quickbooks
Yes
Only some types of information
No
Third party application needed
How does Quickbooks handle the reduction in inventory of a group list item?
Adjusting the quantity on hand
Each component of the group item is increased in
inventory upon the sale of one group unit
Each component
of the group item is reduced in inventory upon the sale of one group unit
With a credit memo
Can we see % of change of balance sheet items from last year to current year?
Yes, you can
compare.
You can export data in excel and make the
comparison.
No
You can do it after customizing the software.
Which reports are used in Financial Statement Designer?
Statement of Cash Flows
Balance Sheet
Income Statement
All of these
Is Quickbooks a form driving program?
no
yes
What Report will allow you to review your adjusting journal entries?
general ledger
Accountant/Report
Adjusted Journal entries
What is the shortcut action that results from pressing Ctrl+Q
Quits the transaction
Displays the memorized transaction list
Creates and
displays a Quick Report on the selected transaction
Displays the Register window
What is NOT an item category?
Depreciation
Service
Inventory Part
Payment
How can you enter a check you write for several different expense accounts?
Ctrl S in the
account box
Ctrl Q
What is an appropriate approach for an accounts receivable identified as uncollectible if you are on a cash-basis for tax purposes?
Create an invoice and receive a payment against it
Create a journal entry and increase cash, decrease
inventory
Create a sales receipt
Create a credit
memo and apply the credit to the open invoice
An inventory adjustment should NOT be used for:
Breakage
Obsolescence
Ongoing
purchases
Theft
Does QuickBooks generate bank reconciliation reports automatically?
No
You can export the data from general ledger and do
the reconciliation manually.
Yes, it provides
all the accounts which are reconciled.
What is a Quickbooks portable file?
A Company file
compressed for transfer between computers
A data file that is exportable
The Company file created after the closing date to
transfer to the Accountant
A data file that is importable
What is the appropriate treatment for a check you receive and plan on depositing with other funds?
Select 'Group
with other undeposited funds'
Issue a sales receipt
Create an invoice and receive a payment against it
Select the account to deposit into
How does Quickbooks calculate the number of days aging of accounts receivable?
Based on the day the invoice was created
Based on the delivery date of the goods
Based on the due
date on the invoice
Based on the shipment date
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?
Yes. It shows as current assets and can be adjusted
using a register for that account.
No. Inventory is an Equity account and is handled
the same as Profit and Loss accounts.
No. Inventory is
entered in Receive inventory and can be adjusted using Adjust Qty on Hand icon.
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.
Income tax reports in Quickbooks include all of the following except:
Income tax Detail report
Income Tax Preparation report
All of the
choices are correct
Income Tax Summary report
What is the correct method to make changes to the payroll liability balances?
In the payroll module, create a custom liability
check or deposit a refund of liabilities.
Use 'modify payroll liabilities' in the payroll
module.
Use 'adjust
payroll liabilities' in the payroll module.
Adjust the paychecks directly.
Simply create an adjusting journal entry.
In writing a check in Quickbooks, what is the difference between "Save & Close" and "Save & New"?
By choosing "Save and New" a new purchase
order is opened for that vendor
By closing, the invoice is closed out
By choosing "Save and New" a new invoice
is created for that vendor
By closing, the
check writing function is closed
Which of the following is NOT an item category?
Sales Tax Group
Account
Sales Tax
Discount
What is the shortcut action that results from pressing Alt+F4?
Displays the Create Invoice window
Exit Quick-book
Window.
Displays the Find window
Deletes check, invoice, transaction, or item from
the list
Displays the Chart of Accounts window
True or False: The general ledger and trial balance reports contain redundant information.
False
True
What is recommended to enter into the check number field when entering a debit card transaction?
The next unused check number
A number that is greatly higher than the latest
check number
A non-numeric
field flagging the transaction as a debit card transaction
Debit card transactions should not be recorded in
the Write Checks screen
If you are in a transaction and right-click, what menu appears?
Item list options
It depends on
the transaction
Copy, Paste, Delete
Clear, Void, Erase
What is NOT an example of a typical Class type?
Store Size
Location
Department
Cash
True or False: Transactions from financial institutions can only be imported into Quickbooks through the Downloaded Transactions option under the Banking menu.
True
False
What type of Quickbooks file has an extension of .BDB ?
Accountant's review copy (working copy)
Accountant's review copy (import file)
Intuit Interchange Format file
Timer backup
file.
In a working trial balance, what does 0.00 in each column indicate?
The account is marked dormant.
There was no
activity in a specific account.
It means nothing.
Total Debits and Credits during the period are
equal.
When you Receive Payment, it must be applied to the Undeposited Funds section before you can move it into an account.
True
False
In an inventory report, what cost will show for an item?
The average real
cost
The cost as based on First-in-First-Out
The cost as based on Last-in-First-Out
The purchase price shown in the information
schedule
If a customer purchases an item and pays cash, what is the appropriate treatment?
Create a sales
receipt
None of these
Create a journal entry and increase cash, decrease
inventory
Create an invoice and receive a payment against it
On what list can a person be included in order to track time?
All of these
Other names list
Employee List
Vendor List
If a company's information is recorded incorrectly, then where should the corrections be made?
Company
Information Window
Preferences
Easy step interview
All of the above
What is the process to change inventory valuation from average cost to LIFO?
It must be changed in the Accountants copy of the
Company file
In the Quick Interview process
In the Company Tab, Preferences screen
Quickbooks only
supports average cost valuation
What happens when you void a check?
The amount is zeroed as of today's date.
The amount is
zeroed as of the original check date.
A credit is created against the check using today's
date.
A credit is created against the check using the
original check date.
What type of Quickbooks file has an extension of .QBW ?
QuickBooks for
Windows company file
QuickBooks Portable Company File (for version 2006
and above).
QuickBooks backup file
Web Connect file.
Which tax form would you select for a corporation?
Form1065
Form 1120
Form 1133
Form1040
What are two elements required to create a Sales Tax item?
The level of an Inventory Assembly component at
which you order more
The name of the taxing agency and the address to
send remittance
The percent rate
and the taxing agency
The local and state tax rates
What is required to merge accounts?
Accounts can only be merged in the Accountants
working copy file
You must be in
Single-User mode
All account transactions must be prior to the
latest closing date
You must have Quickbooks Enterprise
Can I install Quickbooks on Linux?
A Linux computer
can only be used as a database server to store shared company data files.
Yes.
You record a credit memo and apply it to what?
item list
invoice
bill
purchase order
account register
When is an income account transaction non-taxable?
When it is a
transaction deemed wholesale
When it is a transaction deemed retail
When the transaction is point-of-sale
When the transaction is an inventory purchase
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.
How can you show items that you have formerly made inactive?
Select the
"Include Inactive" checkbox
Uncheck the "Inactive" box on the master
Item List
View the "Inactive Summary" report
Under the Company Preferences tab, check the
"Show All" box next to the list on the Items List tab
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
Can you enter the checks you write in your chart of accounts?
Yes
No
True or False: When you have undeposited checks, they are listed under Banking in the Assets accounts.
True, as they are part of banking.
False, they are entered under Cash in the assets
accounts.
False.
Undeposited checks are listed under Other Current Assets.
In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?
Other Charges item
Subcontractor Item
Subtotal item
Service Item
Where can you order W-2s & Tax Forms?
Vendors Menu
Employees Menu
Reports Menu
Lists Menu
Company Menu
In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?
Subtotal Item
Other Charges Item
Subcontractor Item
Service Item
Which of the following classifications is found on the statement of cash flows?
Cash flows from
investing activities
Cash flows from purchasing activities
Cash flows from selling activities
Cash flows from owner's facilities
How can you see who last modified a transaction?
All methods are
correct.
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."
While a transaction is selected, create a
Transaction Journal report and modify it to include the column "Last
modified by."
How do you apply a vendor credit to a bill?
The credit will appear in the pay bills module and
you just check it as you would a bill.
Open the bill and click "Apply Credits."
In the vendor center, right-click the bill and
select "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.
When are physical counts recorded in Quickbooks typically updated?
At the end of a quarter
After a physical
count is made
At the end of the year
On an ongoing basis if perpetual inventory is
implemented
Does a retail shop that only sells consigned goods hold inventory?
Yes
No
Once you merge an item, then find out you didn't want to merge it, can you reverse the merge?
No. Once a merge
has been done, it can't be reversed.
No. You must HIDE the wrong name and start a whole
new entry for that person, along with any/all transactions for them.
Yes. Everything is possible in QB's.
True or False: Defining a group of items is equivalent to creating sub-items.
True
False
What is not a transaction that takes place in the inventory management function?
Entering the bill you receive for inventory
Paying the bill for inventory
Adding purchased inventory to the asset account
Taking physical
inventory
To automatically manage recurring Accounts Payable:
Set up "Checks to Run" on the payment
date
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
True or False: Vendors compensation for sales tax should be listed in quickbooks as an expense account.
True
False
What is the default first sort order for the Chart of Accounts?
Alphabetical
In order as appearing on the Income Statement
In order as appearing on the Balance Sheet
By Account Type
How many users does the desktop Pro version of Quickbooks support?
30
5
3
7
How can you reprint a employees pay stub once it has been printed?
File/Print
Forms/Pay Stubs
Report/Employees & Payroll/Pay Stubs
When you record a cash sale, where does Quickbooks apply the payment?
Undeposited
funds
The selected bank account
Petty cash
Income
Managing Change Orders is a function of the industry specific Quickbooks:
Manufacturer & Wholesaler
Retail
General Business
Contractor
What action is automatic within Quickbooks at the re-order point?
A recalled transaction creates a purchase order
A reminder is
sent to the reminder list
A recalled transaction creates a write-a-check
transaction
A screen warning is displayed that must be
acknowledged by the user
How do you delete a record row?
Press Del
Press Ctrl + D
Press Ctrl + Del
Backspace
What does pressing H in a date field accomplish?
Changes the date to the first day in the month
Changes the date to the first day in the year
Changes the date to the last day in the year
Changes the date
to the last day in the month
Where can you find a detailed report of vendors balance?
In the vendors reports
In the customers balance details
All of the answers are correct
In the vendors
balance detail
Where do you find the memorized transactions?
Company Menu
Edit Menu
Favorites Menu
File Menu
List Menu
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.
What is the keyboard shortcut to open the Customer Center?
Ctrl+A
Ctrl+I
Ctrl+J
Ctrl+T
True or False: Clearing the opening date reopens the closed accounting period.
True
False
Can you use a mobile device to record transactions into Quickbooks?
Only with a
third party app
No
Only with Quicken Mobile
How can you start Quickbooks without a company file?
Press Ctrl
(while opening)
Press Ctrl + Enter
Press Alt (while opening)
Press Esc or Ctrl + F4
What type of Quickbooks file has an extension of .QBM ?
Accountant's review copy (working copy)
QuickBooks
Portable Company File (for version 2006 and above).
QuickBooks backup file
Loan Manager Data
How can you see what was posted after the period was closed (and a password was entered)?
Download a .qii data file into Excel
The Audit Trail
The Close Period
Exception Report
The Accountant's Audit Report
What amount is shown for Cost of Goods sold?
The cost of that specific item
The average real
cost
The average real price
A Cost of Goods sold percentage set up on the item
list
What type of Quickbooks file has an extension of .QBO ?
QuickBooks Portable Company File (for version 2006
and above).
Accountant's review copy (working copy)
Web Connect
file.
QuickBooks backup file
The proper format required for an imported file can be found:
Using the Quickbooks Coach
By exporting the
data file from Quickbooks to Excel and using that as a template
In the Reports section, Import Screen
In the help section
In order to get which of the following reports must we use items to track both income and expenses?
Profit & Loss by Job Report
Income Tax Details report
General Ledger Report
Item
Profitability Report
Which of the following inventory valuation methods does QuickBooks Support?
LIFO
All of the above
Average cost
FIFO
True or False: If you pay a bill upon receipt by writing a check there is no reason to Enter a Bill.
True
False
When writing checks, if you do not indicate a specific bank account, what does Quickbooks use as a default?
The most
recently used account
The account that was most recently used to pay the
same vendor
The first account that was set up in Quickbooks
The account indicated as the default account in the
setup interview
What kind of information can you transfer from Quickbooks to Salesforce?
Returns
Just the
information required, at the customization third party
Sales
Vendors
Which of the menus provides the option to print the Income Statement?
Reports Menu
Report Center
None of the menus listed provide that option
Lists Menu
Reports and
Lists Menu
What is Quickbooks default transaction when inventory is received before the invoice?
No action, Quickbooks credits Accounts Payable when
the invoice arrives
Accounts Payable
is credited
No action, Quickbooks debits Accounts Payable when
the invoice arrives
Accounts Payable is debited
What will display when you press CTRL-Y from any form amount entered?
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
It will display a dialog box asking if you are sure
you want to close and save the transaction
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
Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees?
Retail Edition
Professional Services Edition
Contractor Edition
Accountant Edition
What is a sales tax group?
A group of product items that are subject to sales
tax
A grouping of customers that have the same tax
profile
None of these
A sum of all
taxing entities' taxing rates
What is the 'Limit' field in the Customer list?
The amount of credit still available to a Customer
The dollar
amount of the Customer's credit
None of these
If checked, the Customer can not have another
invoice opened until satisfying what is outstanding
What is NOT a tax form status event?
Submitted to Agency
Saved
Agency Rejected
Voided
What is the file extension for a Quickbooks backup file?
.qbmb
.qbo
.qif
.qbb
.qwc
What is one option NOT offered by Quickbooks Pro?
Classes
A portable Company File
Data import from previous Quickbooks versions
Inventory
Assembly
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 must
open and start a brand new company, new company ID etc.
Yes, that way you don't have to put up with all the
trouble of starting up a new company name etc.
No. You can keep the company ID number, but you
only need to change the company name.
What type of Quickbooks file has an extension of .INI ?
Business Planner file
Timer backup file.
Intuit Interchange Format file
Configuration
file
To which of the following items you cannot assign the units of measure?
Discount
Service
Group
Inventory assembly
How can you transfer data from Oracle to Quickbooks?
Creating a Excel file and transferring that to
Oracle
Mapping to Quickbooks
Select the function on the menu
Third party plug
What command button(s allow you to scroll through receipts you have printed by not printed?
Review All
Print Preview
Forward & Back
Next &
Previous
How does Quickbooks calculate the percentage discount Item?
As a percent of
the line item directly above it
As indicated on the percent discount sub-item for
the product
Calculated manually on individual invoices
As a percent of the total of all items listed prior
to the percentage discount
A blue dot next to an account in the Chart of Accounts window means...
that this account has been disabled.
that this
account is setup for online transactions.
that this account is a checking account.
that this account has pending transactions for
review.
that this account is overdrawn.
What is a Bill of Materials in Quickbooks?
A non-inventory list
Component items
and quantities to create an invoice assembly
An invoice to a customer for materials
The level of inventory at which you assemble
additional grouped items
What is an example of an appropriate use of Payment item on an invoice?
In-kind donation
Percentage discount
Due on Receipt of Payment
Deposit received
prior to invoice
How do you specify if a discount should be applied to a total with or without sales tax included?
Tax code
drop-down list
All of these are options
As part of the initial Company Interview
In Company Preferences
What is the keyboard shortcut to open a split transaction in register press?
Ctrl + R
Ctrl + A
Ctrl + J
Ctrl + O
Ctrl + Y
Adjusting journal entries are used to record what?
All of these
Appreciation and Depreciation Costs
Depreciation
expense and expired prepaid expenses.
Future estimated litigation costs
What is an appropriate way to handle a reimbursable expense?
Invoice the reimbursing party
Book the expense with a negative amount
Book it as
income to offset the expense
Create a credit memo
Which keyboard strokes open a window to transfer funds between accounts?
Ctrl+B - T
Alt+B - T
Ctrl+T
Alt+T
Ctrl+Shift+T
How can you report on text that is contained in a Custom field?
Reports Tab - Custom Reports
Indicate on the Custom Field List
Quickbooks does
not have this capability
Company tab. Preferences screen
What are the default choices for Customer Type?
Corporate &
Referral
Cash & Other
Taxable & Non-Taxable
Product Customer & Job Customer
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
The shortcut to open Customer Center is:
Ctrl + M
Ctrl + N
Ctrl + J
Ctrl + C
Ctrl + W
What is the maximum number of deposits in a make deposit screen?
100
50
500
There is no limit
Which of these is true about a duplicated transaction?
A list of duplicated transactions is automatically
maintained
Duplicated bills can be recalled
Duplicating is a
one-time manual copy
Reminders for duplication are delivered monthly
Which of the following balance sheet accounts doesn't have an account register?
Owner's capital
Payroll Liabilities
Retained
earnings
Opening Balance Equity
For quick move from last record to first record during book keeping transactions, press...
Ctrl + Left Arrow
Shift Tab
Ctrl + Page Down
Page Up
Ctrl + Page Up
At initial setup, what is NOT a field that must be completed for New Items?
Vendor
Quantity on Hand
Total Value
Date Fields
The primary purpose for setting a Closing Date password is:
To lock down all transactions and not allow changes
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.
Ensure that only the accountant's copy can have
transactions changed that are prior to the closing date
To allow the reversing entries to be made to close
the books
What is the keyboard shortcut to display the Transaction Journal?
Ctrl + T
Ctrl + S
Ctrl + D
Ctrl + Y
Ctrl + J
What is the web address of the QuickBooks online version?
www.quickbooksonlineversion.com
www.intuit.com
online.quickbooks.com
www.quickbooks.online.com
_______ is NOT an item category:
Service
Inventory Part
Payment
Freight
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
Employee List
Vendor List
How can you transfer data from Quickbooks to Salesforce?
With QuickBooks Enterprise Version
Third party plug
Select the function on reports tab
Transfer the information to Excel and Excel to
Salesforce
With QuickBooks Pro Version
The option for downloading updates from within QuickBooks is...
Update
Automatically
Share downloads
All of these
Update immediately
Which of the following cannot be included as a component of an assembly item?
Group Items
Other Charges Items
Inventory Assembly items
Service Items
When making changes to a transaction in the register view, what keyboard shortcut records the transaction?
Alt-D
Ctrl-R
Alt-R
Ctrl-Shift-R
Ctrl-D
For which of the following reports can you use the Financial Statement Designer to filter account balances by Customer: Job?
All of the above
Balance Sheet
Standard
Income Statement
Statement of Cash Flows
What is the keyboard shortcut to insert a blank account line on the expenses tab of a check?
Ctrl+Shift+Ins
Ctrl+I
Ctrl+Shift+I
Shift+Ins
Ctrl+Ins
While entering individual historical transactions during setup, which transactions should be entered first?
Accounts Receivable transactions
Bank Transactions
Payroll Transactions
Accounts Payable
transactions
Where do you find the Preferences?
Help Menu
File Menu
Edit Menu
Company Menu
View Menu
While setting up the chart of accounts, which of the following accounts can have their open balances recorded?
Accounts Payable
Accounts Receivable
All of the above
Bank
If the customer changes his name, when you enter it on an invoice, the name doesn't change in the Customer Profile List.
False, it does
automatically update the customers name.
It changes only if you go to the Customer Profile
List and enter it manually.
The name changes only if you go to the Vendor
Profile List and enter it manually.
True or False: At year end the depreciation account should not be closed to the profit and loss report.
True
False
How can you quickly view the history of Accounts Receivables and Accounts Payable?
Ctrl + A
Ctrl + V
Ctrl + Alt + V
Ctrl + Enter
Ctrl + H
Where does information input into the memo box on a new invoice show to the customer?
It does not, it
is an internal reference
On a separate page
On the packing slip
In the lower right corner of the invoice
What is the automatic Quickbooks help prompt?
QueBert in QB
Question mark
The Quickbooks
Coach
The Quickbooks Paperclip
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.
True, they are considered one and the same as far
as the reconcile procedures go.
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.
What is an example of an appropriate type of Sub-items?
Various colors
of an item
An assembly item
Classes
Discount on a group of items
What is the keyboard shortcut to zoom in on the reports in Quickbooks?
Ctrl + Z
Ctrl + Up Arrow
Ctrl + Down Arrow
Press Enter
Ctrl + Enter
After inventory has been set up, what is a typical adjustment?
Adjust values based on market projections
Adjust value based on currency changes
Adjust valuation
due to market changes
Adjust value based on depreciation schedules
Which of the following is the method you can use to track customer prepayments, deposits or retainers in QuickBooks?
Both of the above
Entering payments in the Prepayments window.
Setting up a
separate liability account to track the funds.
How will a second subtotal inserted in an invoice calculate?
It will calculate all lines in the invoice,
excluding the subtotal
It will calculate all line items after the
preceding blank line
It will
calculate all line items after the first subtotal
It will calculate the first subtotal plus all
following lines
What is the keyboard shortcut to open a window to enter credit card charges?
Alt+B - C
Alt+B - H
Ctrl+C - C
Ctrl+Shift+C
Ctrl+C
What is a Build Point in Quickbooks?
A Construction Preference Percent Completion level
The level of
Inventory assemblies at which you create more
The level of an Inventory Assembly component at
which you order more
The level of inventory at which you purchase more
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, but you can only use LIFO or FIFO if you have
QB's permission.
False, you don't have a choice of Inventory
Valuations.
True. The
inventory value is determined by dividing the total value of inventory by the
total number of inventor items.
True or False: The general ledger and trial balance reports contain some of the same information.
False
True
Can QuickBooks use both accrual and cash basis accounting at the same time?
Yes
No
What should you do if you will likely sell a service only once?
Do not use items when invoicing the customer, just
type description and price in the notes area
Set it up as an
individual service item and make it inactive after the sale
Set up a "catch all" item
Click the "one-time use" button in the
new item window
What type of Quickbooks file has an extension of .QBX ?
QuickBooks Portable Company File (for version 2006
and above).
Web Connect file.
QuickBooks for Windows company file
Accountant's
review copy (export file)
Which of the following can be done in the Financial Statement Designer?
Quick Zoom to
edit source transactions
All of the answers are correct
Export Customized Templates for use with other
clients
Customize Statements to report on net income before
and after tax
True or False: Creating a Purchase Order is a required first step in the inventory accounting process
False
True
Can an unlimited amount of people make changes to Quickbooks in a company?
This is determined by the company
Depends on the version
No
Yes
Which of the following cannot be recorded by using a journal entry?
Fixed assets
Bank account transactions
Lines of credit
Inventory quantities
What is the shortcut to see the properties of the current QuickBooks file?
Ctrl+P
F3
F4
F2
Ctrl+R
What versions of Quickbooks include the Inventory Assembly option?
Quickbooks
Premier and Enterprise
Quickbooks Pro, Premier and Enterprise
Quickbooks Enterprise only
Quickbooks Pro for Retail
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.
Which report(s) could you run to see the reversing journal entry QuickBooks makes when voiding a check from a prior period without affecting prior period financials?
Vendor returns details
Prior period changes
Voided Checks
Adjusting journal entries
What type of Quickbooks file has an extension of .BPW ?
QuickBooks backup file
Accountant's review copy (import file)
Business Planner
file
Timer backup file.
True or False ? An accountant can create new transactions regardless of it being after the dividing date
True
False
Can 2 versions of Quickbooks be merged together?
If the version is the same
No
Yes, if it is the same format
Which of the following option is available in the advanced tab of Export option?
Line Numbers
Colors
Rows
Column Headings
Which of the following transaction cannot be recorded as journal entry?
Fixed Assets
A bank
transaction
Inventory
Balance(s) or accounts
What account does shipping cost on purchased goods typically appear?
Selling, General & Administrative
Offset to Income
Shipping Expense
Inventory cost
Where do you modify the options for Job Status in the Job Tracking functionality?
Customer tab, Customer Center screen
Company tab.
Preferences screen
Reports Tab - Transaction Detail by Account screen
Reports Tab - Tracking screen
How do you report on account history on two accounts that have been merged?
Reports Tab - Transaction Detail by Account screen
Reports Tab - Customer Balance Data screen
Reports Tab - Recent Transactions
That is not
possible in Quickbooks
What is an example of Multiple Units of Measure?
Fabric Bolts and
Fabric Yards
State Tax and Local Tax
Metric and Imperial
Canadian and US Dollars
What is the shortcut action that results from pressing Crtl+C
Displays the
Write Checks window
Undoes your last action Ñ usually
Inserts a line into a list of items or expenses
Displays the Chart of Accounts window
In Quickbooks 2011 can you open more than one Quickbooks file at the same time?
Yes
Only with Quickbooks Premier 2011
No
Which of the following inventory valuation methods does Quickbooks support?
Average Cost
LIFO (Last in first out)
All of the above
FIFO (first in first out)
What is the option for entering different types of Price Level list items?
A dollar amount above or below the item price
Percentage above
or below the item price
All of these
Fixed price amounts
In a date field press R
Changes the date to the last day in the month
Changes the date to the first day in the month
Changes the date
to the last day in the year
Where can custom words be deleted from the Spell Check dictionary?
In Spell Check, while it is running.
In the spelling
section of User Preferences.
Custom words cannot be deleted from the dictionary.
In the Edit menu, under Dictionary.
Which of the following reports can be used to find checks in numeric order?
Cash disbursement journal report
Missing checks
report
Transaction journal report
To which of the following items you cannot assign the units of measure?
Group
Service
Discount
Inventory Assembly
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
Selecting "Company>>Journal" on the main menu will show posted journal entries for the current company?
False
True
True or False: Quickbooks asks to to make a backup on the company file every time you close the program.
False.
True.
True or False: The option to buy an additional license is available on Quickbooks Premier 5-pack license installations.
False
True
If you issue a credit memo to a customer for a defective product, how does Quickbooks handle the inventory account?
Quickbooks books it as an inventory expense due to
damage.
Because it was defective, Quickbooks assumes you
return it to the manufacturer for a refund
All appropriate inventory changes must be made
manually.
Quickbooks
assumes the inventory is returned to stock.
What is the shortcut to last day of the current week and last day of subsequent weeks?
Press t
Press h
Press w
Press m
Press k
If you enter a deposit as a payment in the chart of accounts can you fix the entry?
Yes
No
