Terms in this set (70)
Which is an example of when to use a non-inventory part?
When you buy and sell an item but do not need to track quantity on hand information.
Which of the following form templates cannot be customized in QuickBooks?
How do you change the text in the header/footer report?
Click the customize button on the report and then click the header/footer tab.
Which of the following CAN be memorized in Quick Books?
The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do?
Record a transaction to show that customer owes you that money but do not update your checking balance until you contact the customer in case they want to pay with a credit card.
Suppose you want to restrict which users can access customer credit numbers.
Give the user access to sales and accounts receivable but do not check the complete credit card numbers
Which of the following statements is TRUE regarding Deposited Funds?
It is an account used to record payments before you make a deposit
Which accounts are affected when you enter time in QuickBooks?
What steps must you compete to use the payroll center to pay payroll liabilities?
Set deposit frequencies.
Name the sections of the Balance Sheet
Assets, Liabilities & Equity.
When you create a new company file, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks?
The day you chose to start the new company file
How do you change the report basis, accrual, vs. cash for just one report?
Click the modify report button on the report and then choose accrual or cash on the display pad
What transaction in QuickBooks should you use if your customer pays when you provide the good or services?
Which of the following is NOT true regarding merging entries?
QuickBooks allows you to merge an expense account with an income account
When you send a Quick books report to Excel, which features allow you to choose what sections of the report to collapse?
What is the purpose of an audit Trail report?
To track any changes and deletions to transactions and track which user makes the change of the deletion
Which of the following statements is true regarding single user and multi user mode?
To use Quick Books in multi user mode each user must have the same version of Quick Books on their computer to have access.
What can you do in the report center?
Run most reports in QuickBooks
Which of the following transactions cannot be memorized?
The Company file you are working on is a mess. You decided to start a new file. At the same time you want to keep all the lists and preferences and just delete the transactions. How do you do this?
Click the file menu, choose utilities, clean up the company data, and then choose default transaction option
The product information widow shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the production information window?
Press the F2 Key
When should you set up a non-inventory items types?
For something you buy but don't sell, something you sell but don't buy, or something you buy and sell but do not need track the quantity on hand.
Which of the following statements is TRUE regarding items?
When you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statement you selected when you set up the item
Which report shows how much you owe for sales tax
Sales Tax Liability
Which of the following is a reason to create a new company file?
To start over when a company file has many error that are beyond repair.
When you enter a purchase order for inventory, which accounts are affected?
None, because purchase orders are non-posting transactions.
After QuickBooks set up a chart of account in the easy step interview, which of the following is TRUE?
It is possible to add more account later
Which of the following is TRUE regarding general journal entries?
General journal entries require a good understanding of debits and credits and should not be used by non-accountants
When can you delete a check from QuickBooks without voiding it?
You enter a check in QuickBooks but haven't printed it yet. You realize the purchase was actually made using a credit. The check was never really used.
What tool do you use to move your logo to a form?
What is the reason for not being able to delete a list entry?
The entry has been used in a transaction.
How do you move list entries to a different location on the list? For example, customers.
Click on the diamond to the left of the name and then drag the name up or down the list
Assume that QuickBooks is now in single user mode. What does this mean?
Only one user can access the data file
How can you open a QuickBooks report in Microsoft Excel?
Click the Export button on the top of any QuickBooks report.
For each functional area of QuickBooks Pro and Premier, is Sales Accounts, Accounts Receivable Purchases, what levels of access can you grant to users?
You can prohibit access, grant full access or grant selective access; these levels apply to specific transactions in the area.
How do you hide subaccounts on a report?
Click the collapse button.
Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?
Enter bill then click credit on top of the bill.
Once the Easy Step interview is complete, how do you change the company information for the business name, address, or phone number?
Select Company, Company information from the menu.
What is the end result of a payroll setup interview
QuickBooks has an accurate record of employees, earning deductions and payroll history and you are ready to create the first paycheck.
You finished entering all the transactions for last year, and just sent a file to the tax preparer. How do you ensure that no one accidently deletes or edits a transaction last year?
Set the closing date and password in the accounting preferences in the company menu.
When you set up a new employee, how do you add a payroll deduction such as medical insurance?
In the new employee window, click the change tab drop down list and select Employment Info, then add the Medical Insurance item below the additions deductions and company contributions.
When should you VOID instead of delete a check?
You used the check number but it will never be cashed.
Which of the following is NOT a billing option when you prepare a progress report?
Invoice for hours entered on time sheet
You accidently entered the same customer twice in the customer center with a slightly different spelling. How do you merge these entries?
Edit the unwanted list entry, change the name you want to merge and click ok, then yes when prompted to merge.
How do you record debit card transactions in QuickBooks?
Use the write checks window, enter the check and write debit in the check number field.
Which is a reason to NOT enter a general journal entry?
To enter transactions in another way instead of suing built in forms.
The bank notifies you that a customers' check you deposited has bounced. The customer does not have sufficient funds to cover the check. What should you NOT do?
Delete the customer payment from the deposit.
You hired a subcontractor to work 40 hours per week. Which list should you add this person to?
When you run a profit and loss on the accrual basis what does QuickBooks include as income?
What is the quickest way to find an invoice from 6 months ago?
Click "Create Invoices" then the "Find" button and enter search criteria.
How do you make an item on the item list inactive?
Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive
List entries may be deleted only when...
There is no balance, it has not been uses and is not linked to anything that has been used
How do you customize a report? The example; change what information in QuickBooks display, change the title, etc.
Click the customize report button on the report
Which of the following statements is true regarding single user and multi user mode?
To use QuickBooks in multi user mode, each user must have the same version of QuickBooks on their computer to access the same company file
You have to set up the item for shipping. What item type should you use?
Which of the following elements on an invoice can you not customize?
The amount of information, number of characters you can type in each field.
Which of the following additions of QuickBooks supports multiusers?
All versions support multiusers
Why would you hide or collapse sub accounts on a report?
To temporarily hide unnecessary detail and hide parent accounts
What should you do after you click Save & Close on Customer Credit Memo?
Choose between retained as an available credit, give a refund or apply to an invoice
Which is NOT shown on the Payroll Summary Report in Quick Books?
Information necessary to complete your state unemployment tax form
Suppose you always all report to show a specific size and color, how do you set standard or preference in QuickBooks so you don't have to customize each report?
Click the edit menu and select preference then click the reports and graphs group to set your report preferences.
Which of the following is possible reason for a bank reconciliation discrepancy?
The beginning balance calculated by QuickBooks does not match last month ending balance.
Workers who require a W2 tax form at the end of the year should be added to which of the following lists?
If you have a customized report that you used each month, which features lets you run the report with updated data each month
What is the primary reason for setting a closing date in QuickBooks?
To restrict users from deleting, editing or adding transactions to last year.
Your new employee earned an annual salary of $40,000. How do you enter this in QuickBooks?
Enter 40,000 in the payroll info window
Which of the following is statements is true regarding entering and paying bills in QuickBooks?
If you use the Enter Bills window to record a bill, do not use the Write Checks window or check register to pay that bill.
How do you use a different forms template when creating a new transaction? (i.e Invoice)
Open the form, click the templates drop down list and select the appropriate form
How would you track customer birth dates in QuickBooks?
Add a custom field to the customer list.
Where can you see a thumbnail sample of each report in Quick books along with a description of what the reports tell you?
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