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Quickbooks exam

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During the EasyStep Interview, you can turn on and off which features?
Sales taxes, Inventory, Progress Invoicing
(All of the above)
When setting up a new company through the EasyStep Interview, some company information is optional and some is absolutely required. Which of the following
pieces of information does QuickBooks require you to enter?
Company name
How do you set up multiple businesses in QuickBooks (assuming each business files a separate tax return)?
Go through the EasyStep interview for each company to create a separate
company file.
During the EasyStep Interview, how do you setup a new account that is not on the default list of accounts?
You can't add accounts that are not on the QuickBooks default list. Finish the interview and add the accounts directly to the Chart of Accounts.
You've been hired by a company that started in 1911. They've never used QuickBooks. During the EasyStep Interview, what "Start Date" should you use?
The date you want to begin tracking the company's finances in QuickBooks.
How do you restore a company file from a backup copy?
Choose File > Open or Restore Company. Select Restore a backup copy and click Next. Choose Local or Online Backup and click Next. Select the file to restore and click Open. Choose where to restore the file to and click Save.
Which of the following is NOT a backup option in QuickBooks?
a. Manually backup the file.
b. Automatically backup the data file when closing QuickBooks.
c. Schedule an unattended backup
d. (All of the above are QuickBooks backup options.)
Why would you restore a data file from the backup file?
a. You wish to review the company data as it stood at an earlier date.
b. The company data file on your hard drive is damaged and cannot be used.
c. Your computer crashed. You have to restore this from a backup.
d. All of the above.
d. (All of the above.)
How do you switch to Multi-User Mode?
Choose File > Switch to Multi-user Mode from the menu.
When printing paychecks, what is the preferred checkstyle to give an employee a pay stub?
Voucher
When setting up a new employee, what is important about the Payroll Info tab?
Whatever you enter/see in this window affects each paycheck, unless you change
the info
Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)?
So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the
Payroll Center.
What are the first two steps to set up payroll in QuickBooks?
1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview.
When you set up a new Payroll Item using the EZ setup wizard, which is not a
choice?
City/Local Taxes
How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate?
You can't.
Which of the following Payroll Services are available with QuickBooks?
a. Basic
b. Enhanced
c. Assisted
d. All of the above
d. All of the above
How do you track sick or vacation time in QuickBooks?a. When you set up an employee, define how QuickBooks should accrue time.
b. Set up a sick or vacation wage item.
c. Pay an employee with a sick or vacation wage item.
d. All of the above.
d. All of the above.
How does entering time for a job affect job cost reports?
a. QuickBooks adds the cost of that employee's time to the job cost.
b. QuickBooks adds the cost of that employee's "labor burden" to the job cost.
c. A and B.
d. None of the above.
d. None of the above.
When would you use the Expenses tab on a payroll liability check?
To enter late fees/penalties or interest.
What report should you use to help you complete the state unemployment tax form?
Employee State Taxes Detail
What form must you give to an employee?
W-2
What keyboard shortcut allows you to see a total for all four names lists?
F2
During the EasyStep Interview, you can set up a password for which of the following users?
Administrator
If you choose to "Remove Transactions as of a specific date" from the "Clean Up Company Data" window, what does QuickBooks do?
Removes all transactions while leaving lists, preferences, and service
subscriptions intact.
When would you enter a journal entry?
a. To correct errors (if you have a strong accounting background)
b. For year-end adjustments
c. To enter depreciation
d. All of the above
d. All of the above
How do you create an Accountant's Copy?
Choose File > Accountant's Copy > Select Save File or Send to Accountant.
When you start a company or are hired as a bookkeeper, it is important to know
which edition of QuickBooks you are using. What are the major QuickBooks
editions?
QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks
Enterprise Solutions
When entering a journal entry, what happens if the debits don't equal the credits?
QuickBooks will not allow you to record the transaction.
What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer:Job)?
You can click on the diamond and move the list entry to a different location on
the list
If you moved a list entry up or down, what happens when you add a new entry to
the list?
QuickBooks adds new list entries to the top of the list, regardless of alphabetic
order.
QuickBooks adds new list entries to the top of the list, regardless of alphabetic
order.
14,500
How do you combine or merge two list entries?
Rename the unwanted list entry to match the name of the list entry you want to merge into.
22. Can you delete a list entry (for example, an item)?
Yes, if the list entry is not used in any transactions or is not part of another list entry (for example, a group item).
No, if the list entry is used in any transactions or is part of another list entry (for example, a group item).
Suppose you own a company that repairs bicycles. What item type should you use
for "bicycle repair"?
service
Which of the following is NOT an Item Type?
income
Which of the following statements is true concerning items?
a. You can use one item to represent different services or goods.
b. Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss.
c. To create an invoice, you must use an item.
d. All of the above.
d. All of the above.
What are other benefits of using items?
a. You can track the actual quantity of goods or services you sell .
b. They can save you time by automatically entering a description and price on
forms.
c. They allow you to track a lot of detail without cluttering your Chart of Accounts.
d. All of the above.
d. All of the above.
What item type should you use for inventory that you assemble from other items and then sell?
c. Inventory Assembly
What account (on the Chart of Accounts) is affected when you sell an item?
The account you selected when you set up the item.
If you associate a service item with two accounts, how does QuickBooks know which account to use on a transaction?
When the item is on a sales form, QuickBooks uses the account under "Sales Information" in the item setup. When it's on a purchase form, it uses the account
under "Purchase Information."
What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund?
credit memo
When would you create an estimate in QuickBooks?
When a customer requests a bid, quote, or proposal
When you invoice for time and costs, where does QuickBooks get the billable time or costs?
From billable time entered on timesheets and/or billable costs entered on checks and bills.
When should you create an invoice in QuickBooks?
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When you invoice for time and costs, where does QuickBooks get the billable time or costs?
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