64 terms
#2
STUDY
PLAY
Terms in this set (...)
How do you restore a company file from a backup copy?
a. Choose File > Back Up. Then click the Restore from Backup button.
b. Choose File > Utilities > File Operations > Restore.
c. 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.
d. Click the Restore icon on the Home page.
click Next.
a. Choose File > Back Up. Then click the Restore from Backup button.
b. Choose File > Utilities > File Operations > Restore.
c. 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.
d. Click the Restore icon on the Home page.
click Next.
C. 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.
How do you switch to Multi-User Mode?
a. Choose Company > Set Up Users and Passwords > Set Up Users from the
b. Open the data file from a remote location.
c. Choose Edit > Preferences > Multi-User from the menu.
d. Choose File > Switch to Multi-user Mode from the menu.
a. Choose Company > Set Up Users and Passwords > Set Up Users from the
b. Open the data file from a remote location.
c. Choose Edit > Preferences > Multi-User from the menu.
d. Choose File > Switch to Multi-user Mode from the menu.
D. Choose File > Switch to Multi-user Mode from the menu.
If you choose to remove transactions as of a specific date from the "Condense Data" window, what does QuickBooks do?
a. Removes all payroll transactions that occurred on that date. This is a great way to fix the mistakes a new person made on a particular day.
b. Removes all transactions while leaving lists, preferences, and service subscriptions intact.
c. Changes the company's start date.
d. Deletes all transactions, as well as user passwords and access privileges.
a. Removes all payroll transactions that occurred on that date. This is a great way to fix the mistakes a new person made on a particular day.
b. Removes all transactions while leaving lists, preferences, and service subscriptions intact.
c. Changes the company's start date.
d. Deletes all transactions, as well as user passwords and access privileges.
B. Removes all transactions while leaving lists, preferences, and service subscriptions intact.
How do you combine or merge two list entries?
a. Rename the unwanted list entry to match the name of the list entry you want to merge into.
b. Open the list entry you want to get rid of and click Merge.
c. From the bottom of the list, click the Activities menu and select Combine Entries.
d. You cannot combine or merge two list entries.
a. Rename the unwanted list entry to match the name of the list entry you want to merge into.
b. Open the list entry you want to get rid of and click Merge.
c. From the bottom of the list, click the Activities menu and select Combine Entries.
d. You cannot combine or merge two list entries.
C. From the bottom of the list, click the Activities menu and select Combine Entries.
Can you delete a list entry (for example, an item)?
a. Yes, if the list entry is not used in any transactions or is not part of another list entry (for example, a group item).
b. No, if the list entry is used in any transactions or is part of another list entry (for example, a group item).
c. Both A and B are correct.
d. No, you can never delete a list entry.
a. Yes, if the list entry is not used in any transactions or is not part of another list entry (for example, a group item).
b. No, if the list entry is used in any transactions or is part of another list entry (for example, a group item).
c. Both A and B are correct.
d. No, you can never delete a list entry.
C. Both A and B are correct.
Suppose you own a company that repairs bicycles. What item type should you use for "bicycle repair"?
a. Inventory Part
b. Non-inventory Part
c. Other Charge
d. Service
a. Inventory Part
b. Non-inventory Part
c. Other Charge
d. Service
D. Service
Which of the following is NOT an Item Type?
a. Inventory Part
b. Service
c. Non-inventory Part
d. Income
a. Inventory Part
b. Service
c. Non-inventory Part
d. Income
D. Income is an Account type.
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.
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.
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?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part
C. Inventory Assembly
You've just been hired by a bakery that sells delicious cup cakes. When they buy ingredients (flour, eggs, milk, and sugar), they use the Expense tab and assign the
costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item type should you use?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part
costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item type should you use?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part
d
What account (on the Chart of Accounts) is affected when you sell an item?
a. The account you selected when you set up the item.
b. Other Income account.
c. A default sales account set up by QuickBooks.
d. Accounts are not affected by items.
a. The account you selected when you set up the item.
b. Other Income account.
c. A default sales account set up by QuickBooks.
d. Accounts are not affected by items.
A. 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?
a. 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."
b. When you enter the item on a transaction, QuickBooks asks which account to use.
c. You cannot associate two accounts to an item.
d. Items do not affect accounts.
a. 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."
b. When you enter the item on a transaction, QuickBooks asks which account to use.
c. You cannot associate two accounts to an item.
d. Items do not affect accounts.
A. 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."
You can set up an item to affect different
accounts (based on whether it's a sale or purchase) by selecting "This service is performed by a sub-contractor or partner."
You can set up an item to affect different
accounts (based on whether it's a sale or purchase) by selecting "This service is performed by a sub-contractor or partner."
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?
a. Debit Memo
b. Credit Memo
c. Customer Return
d. Check or Bill
a. Debit Memo
b. Credit Memo
c. Customer Return
d. Check or Bill
B. Credit Memo
On the Home Page, click Refunds and Credits. This decreases the amount owed by the customer and reverses the sale.
On the Home Page, click Refunds and Credits. This decreases the amount owed by the customer and reverses the sale.
When would you create an estimate in QuickBooks?
a. When you want to send a billing statement
b. When a customer requests a bid, quote, or proposal
c. When a customer loses an invoice and needs a second copy
d. When a customer pays for goods and services at the time of sale
a. When you want to send a billing statement
b. When a customer requests a bid, quote, or proposal
c. When a customer loses an invoice and needs a second copy
d. When a customer pays for goods and services at the time of sale
B. 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?
a. QuickBooks places a "Time/Costs" stamp on the invoice, but you must manually enter the line items on the invoice.
b. From billable time entered on bills and checks.
c. From payroll costs/expenses marked as billable on paychecks.
d. From billable time entered on timesheets and/or billable costs entered on checks and bills.
a. QuickBooks places a "Time/Costs" stamp on the invoice, but you must manually enter the line items on the invoice.
b. From billable time entered on bills and checks.
c. From payroll costs/expenses marked as billable on paychecks.
d. From billable time entered on timesheets and/or billable costs entered on checks and bills.
D. From billable time entered on timesheets and/or billable costs entered on checks and bills.
When you enter an expense, item, or time
and also assign that line to a Customer: Job, QuickBooks displays a billable checkmark. You can uncheck this if you don't want to invoice for the cost.
When you enter an expense, item, or time
and also assign that line to a Customer: Job, QuickBooks displays a billable checkmark. You can uncheck this if you don't want to invoice for the cost.
When should you create an invoice in QuickBooks?
a. When a customer purchases goods or services and pays you in cash at the time of
the sale
b. When a customer purchases goods or services and pays you by check or credit card at the time of the sale
c. When a customer purchases goods or services, but you don't want to record the sale as final
d. When a customer purchases goods or services but does not pay you at the time of the sale
a. When a customer purchases goods or services and pays you in cash at the time of
the sale
b. When a customer purchases goods or services and pays you by check or credit card at the time of the sale
c. When a customer purchases goods or services, but you don't want to record the sale as final
d. When a customer purchases goods or services but does not pay you at the time of the sale
D. When a customer purchases goods or services but does not pay you at the time of the sale
When should you use a Sales Receipt in QuickBooks?
a. To give a customer a receipt for payment of an invoice
b. To record a customer prepayment or deposit
c. To record a customer payment at the time of sale
d. To enter a customer early-payment discount
a. To give a customer a receipt for payment of an invoice
b. To record a customer prepayment or deposit
c. To record a customer payment at the time of sale
d. To enter a customer early-payment discount
C. To record a customer payment at the time of sale
What is the purpose of Progress Invoicing?
a. To invoice items marked as billable
b. To automatically update a customer's job status
c. To invoice from an estimate in increments
d. To convert a sales order to an invoice
a. To invoice items marked as billable
b. To automatically update a customer's job status
c. To invoice from an estimate in increments
d. To convert a sales order to an invoice
C. To invoice from an estimate in increments
When Progress Invoicing is turned on (Preferences) and you create an invoice for a customer with an Estimate, QuickBooks provides 3 choices:
1. Invoice for the entire estimate;
2. Invoice for a percentage of the entire estimate;
3. Invoice for selected items/percentages of each item.
When Progress Invoicing is turned on (Preferences) and you create an invoice for a customer with an Estimate, QuickBooks provides 3 choices:
1. Invoice for the entire estimate;
2. Invoice for a percentage of the entire estimate;
3. Invoice for selected items/percentages of each item.
When you create a statement and select "All open transactions as of statement date," what does QuickBooks show on the statement?
a. Open transactions as of the statement date
b. All transactions during the specified date range
c. Invoice item details for invoices
d. Customer payments that haven't been deposited
a. Open transactions as of the statement date
b. All transactions during the specified date range
c. Invoice item details for invoices
d. Customer payments that haven't been deposited
A. Open transactions as of the statement date
What do you need to record in QuickBooks when a customer's check bounces (the customer had non-sufficient funds, NSF)?
a. There is less money in the checking account.
b. The customer owes you for the amount of the check (and optionally a bounced check fee).
c. The NSF fee the bank charged you.
d. All of the above.
a. There is less money in the checking account.
b. The customer owes you for the amount of the check (and optionally a bounced check fee).
c. The NSF fee the bank charged you.
d. All of the above.
D. All of the above
You received 5 customer payments in the mail. At the bank you deposit the 5 checks as one deposit. When you record the 5 separate payments in QuickBooks, how do you show that the 5 checks were actually 1 deposit?
a. In the receive payments window, check "deposited with deposit number."
b. Record all the payments in the same Receive Payments window.
c. When you use the Receive Payments window, QuickBooks doesn't deposit the money in your checking account. After you record the 5 payments, click Record
Deposits and select the 5 checks.
d. All of the above
a. In the receive payments window, check "deposited with deposit number."
b. Record all the payments in the same Receive Payments window.
c. When you use the Receive Payments window, QuickBooks doesn't deposit the money in your checking account. After you record the 5 payments, click Record
Deposits and select the 5 checks.
d. All of the above
C. When you use the Receive Payments window, QuickBooks doesn't deposit the money in your checking account. After you record the 5 payments, click Record
Deposits and select the 5 checks
When you record a customer payment, QuickBooks automatically "stores" the payments in the Undeposited Funds account. When you record a deposit, QuickBooks lists the payments in that account that have not yet been deposited.
Deposits and select the 5 checks
When you record a customer payment, QuickBooks automatically "stores" the payments in the Undeposited Funds account. When you record a deposit, QuickBooks lists the payments in that account that have not yet been deposited.
What options do you have after you create a credit memo in QuickBooks?
a. Retain as an available credit
b. Give a refund
c. Apply to an invoice
d. All of the above
a. Retain as an available credit
b. Give a refund
c. Apply to an invoice
d. All of the above
D. All of the above
A credit memo is used when a customer
returns goods or you want to credit them for services you've provided. It "reverses" a sale.
A credit memo is used when a customer
returns goods or you want to credit them for services you've provided. It "reverses" a sale.
When should you NEVER delete a check?
a. You recorded a check but have not printed it yet.
b. You printed a check on blank paper but now realize you don't want to record the check.
c. You accidentally recorded the same check (with the same check number) twice.
d. You printed a check, and the check number has been used.
a. You recorded a check but have not printed it yet.
b. You printed a check on blank paper but now realize you don't want to record the check.
c. You accidentally recorded the same check (with the same check number) twice.
d. You printed a check, and the check number has been used.
D. You printed a check, and the check number has been used
What methods for purchasing can be recorded using the Write Checks window?
a. Debit card purchase
b. Petty cash purchase
c. ATM withdrawal
d. All of the above
a. Debit card purchase
b. Petty cash purchase
c. ATM withdrawal
d. All of the above
D. All of the above
How do you track accounts payable in QuickBooks?
a. Enter a bill, and then use the Write Checks window.
b. Write a check, and then mark it as "pending" until you pay it.
c. Enter a bill, and then use the Pay Bills window.
d. You can't track accounts payable.
a. Enter a bill, and then use the Write Checks window.
b. Write a check, and then mark it as "pending" until you pay it.
c. Enter a bill, and then use the Pay Bills window.
d. You can't track accounts payable.
C. Enter a bill, and then use the Pay Bills window
What transaction/form do you begin with to enter a vendor credit?
a. Vendor Credit
b. Enter Bill
c. Pay Bills window
d. Receive Vendor Credit
a. Vendor Credit
b. Enter Bill
c. Pay Bills window
d. Receive Vendor Credit
B. Enter Bill
What happens to the inventory asset account when you enter a purchase order for inventory?
a. The inventory asset account increases.
b. The inventory asset account decreases.
c. The inventory asset account is not affected. Cost of Goods Sold increases.
d. No accounts are affected.
a. The inventory asset account increases.
b. The inventory asset account decreases.
c. The inventory asset account is not affected. Cost of Goods Sold increases.
d. No accounts are affected.
D. No accounts are affected
Which form should you use to enter petty cash expenditures?
a. Enter Petty Cash
b. Money Out
c. Enter Credit Card Charges
d. Write Checks or use check register
a. Enter Petty Cash
b. Money Out
c. Enter Credit Card Charges
d. Write Checks or use check register
D. Write Checks or use check register
Make sure that the bank account is a Petty
Cash account that you set up (not your actual checking account).
Make sure that the bank account is a Petty
Cash account that you set up (not your actual checking account).
When reconciling your bank account in QuickBooks, what must the beginning balance match?
a. The beginning balance should always equal the net amount of all uncleared bank transactions.
b. It should always match the opening balance on the paper bank statement.
c. It should always match the original account opening balance when the account was created.
d. The beginning balance should always be zero.
a. The beginning balance should always equal the net amount of all uncleared bank transactions.
b. It should always match the opening balance on the paper bank statement.
c. It should always match the original account opening balance when the account was created.
d. The beginning balance should always be zero.
B. It should always match the opening balance on the paper bank statement
What is a reason to use the Items tab when entering a bill?
a. To track expenses.
b. To assign a cost to a job or purchase inventory.
c. To track freight charges.
d. There is not an Items tab on the Enter Bills form.
a. To track expenses.
b. To assign a cost to a job or purchase inventory.
c. To track freight charges.
d. There is not an Items tab on the Enter Bills form.
B. To assign a cost to a job or purchase inventory
To have accurate job cost reports in the
"Jobs, Time, and Mileage" category, QuickBooks requires item information on any job-related expense. You must also enter inventory items when you purchase them so QuickBooks can keep track of the quantity on hand.
To have accurate job cost reports in the
"Jobs, Time, and Mileage" category, QuickBooks requires item information on any job-related expense. You must also enter inventory items when you purchase them so QuickBooks can keep track of the quantity on hand.
How do you set up QuickBooks to automatically use discounts and credits?
a. QuickBooks cannot be set up to automatically use discounts and credits.
b. Choose Edit > Preferences > Discounts & Credits.
c. Memorize a bill and select the box next to Automatically use discounts and credits
d. Choose Edit > Preferences > Bills > Company Preferences, and then select to automatically use discounts or credits.
a. QuickBooks cannot be set up to automatically use discounts and credits.
b. Choose Edit > Preferences > Discounts & Credits.
c. Memorize a bill and select the box next to Automatically use discounts and credits
d. Choose Edit > Preferences > Bills > Company Preferences, and then select to automatically use discounts or credits.
D. Choose Edit > Preferences > Bills > Company Preferences, and then select to automatically use discounts or credits
Use this preference to automatically take early pay discounts and/or to automatically apply a specific vendor's credit to pay that vendor's bill. This preference ensures you don't forget to take the discounts and credits you have.
Use this preference to automatically take early pay discounts and/or to automatically apply a specific vendor's credit to pay that vendor's bill. This preference ensures you don't forget to take the discounts and credits you have.
How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate?
a. You can't.
b. On the Write Checks window, click the Items tab and enter the Payroll Items you are paying.
c. On the Write Checks window, click the Payroll Items tab and enter the Payroll Items you are paying.
d. Select the Payroll Liability checkbox on the Write Checks window.
a. You can't.
b. On the Write Checks window, click the Items tab and enter the Payroll Items you are paying.
c. On the Write Checks window, click the Payroll Items tab and enter the Payroll Items you are paying.
d. Select the Payroll Liability checkbox on the Write Checks window.
A. You can't.
You can't enter Payroll Items on the Write
Checks window. This means your payroll reports would be wrong because they are based on Payroll Items. You should select the payments you want to make from the Pay Scheduled Liabilities list in the Payroll Center. Then click View/Pay.
You can't enter Payroll Items on the Write
Checks window. This means your payroll reports would be wrong because they are based on Payroll Items. You should select the payments you want to make from the Pay Scheduled Liabilities list in the Payroll Center. Then click View/Pay.
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.
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?
a. Never. QuickBooks automatically uses payroll items to show what you are paying.
b. To enter late fees/penalties or interest.
c. There is no Expenses tab on a payroll liability check.
d. To pay an employee's garnishment.
a. Never. QuickBooks automatically uses payroll items to show what you are paying.
b. To enter late fees/penalties or interest.
c. There is no Expenses tab on a payroll liability check.
d. To pay an employee's garnishment.
B. To enter late fees/penalties or interest.
Use an expense account to ensure that late
fees/penalties don't affect the actual taxes you are paying.
Use an expense account to ensure that late
fees/penalties don't affect the actual taxes you are paying.
Which of the following is a way to access a report in QuickBooks?
a. From the Reports menu
b. From the Report Center
c. By clicking Reports at the bottom of lists
d. All of the above
a. From the Reports menu
b. From the Report Center
c. By clicking Reports at the bottom of lists
d. All of the above
D. All of the above
When you send a QuickBooks report to Excel, which feature allows you to have a drop-down list for each column to allow filtering?
a. Advanced Collapse
b. Auto Outline
c. Advanced Expand
d. Auto Filter
a. Advanced Collapse
b. Auto Outline
c. Advanced Expand
d. Auto Filter
D. Auto Filter
To do this, open a report and click Export.
Then click the Advanced tab. Below "Turn on the following features for this report," select Auto Filtering.
To do this, open a report and click Export.
Then click the Advanced tab. Below "Turn on the following features for this report," select Auto Filtering.
How do you create a memorized group of reports?
a. Click the Report Center icon. Then click the Create New Report Group button.
b. Open the Memorized Report List and then click Memorized Report > New Group.
c. Choose File > Reports > Memorized Reports > Create Group.
d. Open the Group Reports List and then click Groups > New Group.
a. Click the Report Center icon. Then click the Create New Report Group button.
b. Open the Memorized Report List and then click Memorized Report > New Group.
c. Choose File > Reports > Memorized Reports > Create Group.
d. Open the Group Reports List and then click Groups > New Group.
B. Open the Memorized Report List and then click Memorized Report > New Group.
What is the purpose of subaccounts?
a. Track departments or locations efficiently
b. Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those accounts
c. To show different Account Types together in one section of a report
d. None of the above
a. Track departments or locations efficiently
b. Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those accounts
c. To show different Account Types together in one section of a report
d. None of the above
B. Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those accounts
You can have a "parent" account (for
example, Insurance) with subaccounts below it (for example, Car Insurance). You can even have a subaccount of a subaccount (up to 5 levels). When you run a report, click "Collapse" to hide subaccounts and only display "parent" accounts.
You can have a "parent" account (for
example, Insurance) with subaccounts below it (for example, Car Insurance). You can even have a subaccount of a subaccount (up to 5 levels). When you run a report, click "Collapse" to hide subaccounts and only display "parent" accounts.
What is the easiest way to organize your memorized reports?
a. Track your memorized reports in Excel.
b. Create a report group.
c. Delete reports from your Memorized Report List quarterly to keep the list manageable.
d. You are only allowed to create 5 memorized reports, so there is no need to organize your reports.
a. Track your memorized reports in Excel.
b. Create a report group.
c. Delete reports from your Memorized Report List quarterly to keep the list manageable.
d. You are only allowed to create 5 memorized reports, so there is no need to organize your reports.
B. Create a report group.
How do you create a memorized group of reports?
a. Click the Report Center icon. Then click the Create New Report Group button.
b. Open the Memorized Report List and then click Memorized Report > New Group.
c. Choose File > Reports > Memorized Reports > Create Group.
d. Open the Group Reports List and then click Groups > New Group.
a. Click the Report Center icon. Then click the Create New Report Group button.
b. Open the Memorized Report List and then click Memorized Report > New Group.
c. Choose File > Reports > Memorized Reports > Create Group.
d. Open the Group Reports List and then click Groups > New Group.
B. Open the Memorized Report List and then click Memorized Report > New Group.
Open the Memorize Report List from the
Report Center or Report menu. This lets you group similar reports together.
Open the Memorize Report List from the
Report Center or Report menu. This lets you group similar reports together.
How do you display or print a batch/group of reports quickly?
a. The only way is to create a memorized group of reports.
b. Choose Reports > Process Multiple Reports.
c. You can't do this in QuickBooks.
d. On the Home Page, click Batch Reports.
a. The only way is to create a memorized group of reports.
b. Choose Reports > Process Multiple Reports.
c. You can't do this in QuickBooks.
d. On the Home Page, click Batch Reports.
B. Choose Reports > Process Multiple Reports.
What options (tabs) do you have to change a report when you click Customize Report?
a. Display
b. Filters
c. Header/Footer and Fonts & Numbers
d. All of the above
a. Display
b. Filters
c. Header/Footer and Fonts & Numbers
d. All of the above
D. All of the above
What happens if you click Collapse on a report?
a. QuickBooks minimizes the report on the Home Page.
b. QuickBooks only shows data for the current month.
c. QuickBooks hides Subaccounts and only shows Parent accounts.
d. QuickBooks displays the report smaller so you can see other things on your screen.
a. QuickBooks minimizes the report on the Home Page.
b. QuickBooks only shows data for the current month.
c. QuickBooks hides Subaccounts and only shows Parent accounts.
d. QuickBooks displays the report smaller so you can see other things on your screen.
C. QuickBooks hides Subaccounts and only shows Parent accounts.
Use this feature to hide unnecessary detail if you are preparing a report for someone who just wants the "big" picture and none of the detail contained in subaccounts.
Use this feature to hide unnecessary detail if you are preparing a report for someone who just wants the "big" picture and none of the detail contained in subaccounts.
You have customized and then memorized a report. What does QuickBooks save when memorizing a report?
a. Report header, filters, and transactions
b. Transactions only
c. Report header, filters, and columns but not the actual transactions
d. Everything. A memorized report is like a photographic snapshot of a report.
a. Report header, filters, and transactions
b. Transactions only
c. Report header, filters, and columns but not the actual transactions
d. Everything. A memorized report is like a photographic snapshot of a report.
C. Report header, filters, and columns but not the actual transactions
This means each time you run the report,
QuickBooks automatically updates the information based on new, edited, and deleted transactions. You can memorize a report you want to see each month with updated information.
This means each time you run the report,
QuickBooks automatically updates the information based on new, edited, and deleted transactions. You can memorize a report you want to see each month with updated information.
If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax reports?
a. Sales Reports b. Vendors and Payables
c. Sales Tax
d. Tax Liability
a. Sales Reports b. Vendors and Payables
c. Sales Tax
d. Tax Liability
B. Vendors and Payables
Although the taxes are based on sales, you owe the money, so it is a payable. From this category you can run the Sales Tax Liability Report.
Although the taxes are based on sales, you owe the money, so it is a payable. From this category you can run the Sales Tax Liability Report.
What can you do in the Reports & Graphs Preferences (Edit > Preferences)?
a. Change the summary basis (Accrual or Cash) for all reports
b. Change Format options like font color and size
c. Set which date to use for aging reports
d. All of the above
a. Change the summary basis (Accrual or Cash) for all reports
b. Change Format options like font color and size
c. Set which date to use for aging reports
d. All of the above
D. All of the above
Which of the following reports answers the question "What transactions make up the current balance I owe each Vendor?"
a. A/P Aging Summary
b. Accounts Payable graph
c. Vendor Balance Detail
d. Expenses by Vendor Detail
a. A/P Aging Summary
b. Accounts Payable graph
c. Vendor Balance Detail
d. Expenses by Vendor Detail
C. Vendor Balance Detail
For each Vendor, QuickBooks lists the transactions that contribute to (or make up) what you owe.
For each Vendor, QuickBooks lists the transactions that contribute to (or make up) what you owe.
What happens when you QuickZoom on a number in a report?
a. QuickBooks shows more detail about the number on the report.
b. QuickBooks shows you the Journal Entry it makes "behind the scenes" for that number.
c. QuickBooks displays who entered and modified the transaction.
d. QuickBooks magnifies the number so it is easier to read.
a. QuickBooks shows more detail about the number on the report.
b. QuickBooks shows you the Journal Entry it makes "behind the scenes" for that number.
c. QuickBooks displays who entered and modified the transaction.
d. QuickBooks magnifies the number so it is easier to read.
A. QuickBooks shows more detail about the number on the report.
On a summary report, QuickZoom displays a list of transactions that makes up that number. On a report that lists transactions, QuickZoom opens the actual transaction.
On a summary report, QuickZoom displays a list of transactions that makes up that number. On a report that lists transactions, QuickZoom opens the actual transaction.
How do you move columns on a report?
a. Click Customize Report, and in the Display tab under Columns, click the diamond to the left of the column and drag it to the desired position.
b. You can't do this in QuickBooks. You have to export the report to Excel first.
c. Click the diamond to the right of the column and drag it to the desired position.
d. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.
a. Click Customize Report, and in the Display tab under Columns, click the diamond to the left of the column and drag it to the desired position.
b. You can't do this in QuickBooks. You have to export the report to Excel first.
c. Click the diamond to the right of the column and drag it to the desired position.
d. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.
D. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.
What is the purpose of the Chart of Accounts?
a. It allows accountants to view accounting records remotely.
b. It is how you categorize financial transactions.
c. To see a graphical chart of income and expenses.
d. To categorize items.
a. It allows accountants to view accounting records remotely.
b. It is how you categorize financial transactions.
c. To see a graphical chart of income and expenses.
d. To categorize items.
B. It is how you categorize financial transactions
The Chart of Accounts is a way to label or
categorize all the money/value that comes into a business, all the money/value that goes out, and all the money that is transferred between different categories.
The Chart of Accounts is a way to label or
categorize all the money/value that comes into a business, all the money/value that goes out, and all the money that is transferred between different categories.
You suspect that someone has changed a transaction. What report should you run?
a. Audit Trail Report
b. User Entry Report
c. Modified Transactions Report
d. Changed Transactions Report
a. Audit Trail Report
b. User Entry Report
c. Modified Transactions Report
d. Changed Transactions Report
A. Audit Trail Report
The audit trail shows you transactions that
have been added, edited, and deleted. It also shows you the original transaction and who changed the transaction, as well as the exact date and time.
The audit trail shows you transactions that
have been added, edited, and deleted. It also shows you the original transaction and who changed the transaction, as well as the exact date and time.
How can you stop yourself and others from deleting, editing, or adding transactions in a closed period?
a. Start a new company file each period (fiscal year)
b. Change the fiscal year in the Company Information window
c. Set a closing date
d. Edit the user's profile and enter a date in the "Restrict entry after this date" field
a. Start a new company file each period (fiscal year)
b. Change the fiscal year in the Company Information window
c. Set a closing date
d. Edit the user's profile and enter a date in the "Restrict entry after this date" field
C. Set a closing date
You must set a closing date, especially for
the end of the year, once you've sent your accounting records to the accountant for tax preparation.
You must set a closing date, especially for
the end of the year, once you've sent your accounting records to the accountant for tax preparation.
When you run Financial Statements in QuickBooks, what bookkeeping basis can you use to view the report?
a. Cash Basis.
b. Accrual Basis.
c. You can switch the bookkeeping basis if you want.
d. All of the above.
a. Cash Basis.
b. Accrual Basis.
c. You can switch the bookkeeping basis if you want.
d. All of the above.
D. All of the above.
Suppose your address information appears on the upper left of your invoice and you want to move it to the lower right. How would you do this?
a. Use the QuickBooks Print Engine Editor
b. Use the Layout Designer
c. Open the Financial Statement Designer
d. Use the Custom Form Designer
a. Use the QuickBooks Print Engine Editor
b. Use the Layout Designer
c. Open the Financial Statement Designer
d. Use the Custom Form Designer
C. Use the Layout Designer
The Layout Designer allows you to move logos and other elements on a form. The changes you make appear on the printed copy of the form.
The Layout Designer allows you to move logos and other elements on a form. The changes you make appear on the printed copy of the form.
You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in QuickBooks?
a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).
b. Choose File > Automate Transactions and use the wizard to set up the automated checks or other transactions.
c. From Preferences, choose General and click Set Up Automated Transactions.
d. While the transaction is on the screen, click the Recur button.
a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).
b. Choose File > Automate Transactions and use the wizard to set up the automated checks or other transactions.
c. From Preferences, choose General and click Set Up Automated Transactions.
d. While the transaction is on the screen, click the Recur button.
A. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction)
You've customized an invoice and are ready to use it. But when you open the invoice, QuickBooks displays the default Intuit Invoice. How do you change it?
a. Choose Lists > Templates and delete the default invoice from the list of templates.
b. On the invoice, click the Template drop-down arrow and select your customized invoice.
c. Choose Edit > Preferences and select the Sales and Customers Preferences. Under the Company Tab, click "Set default invoice to use."
d. Choose Lists > Templates and double-click your customized Invoice. Select "Use as default" in the top left of the window. You can also do this step when you customize the invoice.
a. Choose Lists > Templates and delete the default invoice from the list of templates.
b. On the invoice, click the Template drop-down arrow and select your customized invoice.
c. Choose Edit > Preferences and select the Sales and Customers Preferences. Under the Company Tab, click "Set default invoice to use."
d. Choose Lists > Templates and double-click your customized Invoice. Select "Use as default" in the top left of the window. You can also do this step when you customize the invoice.
B. On the invoice, click the Template drop-down arrow and select your customized invoice.
Suppose you have to track a specific piece of information about your customers that QuickBooks does NOT track. What is the best way to do this?
a. Export the customer list to Excel, add the information there, and re-import the list.
b. Use the Notes feature for each customer.
c. Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.
d. You can't create new fields or rename fields in QuickBooks.
a. Export the customer list to Excel, add the information there, and re-import the list.
b. Use the Notes feature for each customer.
c. Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.
d. You can't create new fields or rename fields in QuickBooks.
C. Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.
You don't like how a form (for example, an invoice) looks when you print it. How can you change it?
a. Export the form to Word and edit it there.
b. Save it as a PDF and use PDF editing software.
c. Export the form to Excel and edit it there.
d. Click Customize at the top of the form.
a. Export the form to Word and edit it there.
b. Save it as a PDF and use PDF editing software.
c. Export the form to Excel and edit it there.
d. Click Customize at the top of the form.
D. Click Customize at the top of the form.
You notice that when you print an invoice, the information in a field is cut off (that is, it doesn't fit). How can you fix this?
a. Use the Layout Designer to make the field wider.
b. Use a different Invoice template.
c. This can't happen in QuickBooks, as field sizes are automatically adjusted to fit whatever you type.
d. Send the invoice to Word and use that form instead.
a. Use the Layout Designer to make the field wider.
b. Use a different Invoice template.
c. This can't happen in QuickBooks, as field sizes are automatically adjusted to fit whatever you type.
d. Send the invoice to Word and use that form instead.
A. Use the Layout Designer to make the field wider.
Which of these functions can only be performed by the Administrator?
a. Merge entries on lists
b. Add new users and change their access privileges
c. Memorize custom reports
d. Back up the data file
a. Merge entries on lists
b. Add new users and change their access privileges
c. Memorize custom reports
d. Back up the data file
B. Add new users and change their access privileges
Suppose you customized an invoice in QuickBooks. You really like how it looks and want your estimates to look similar. How do you do this?
a. You cannot duplicate the look and feel of one form to another in QuickBooks.
b. Choose Lists > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, in this case, estimate.
c. Choose Customers > Create Estimate > Duplicate form. You then select the type of template you want to duplicate, in this case, estimate.
d. Open the customized invoice and click the Duplicate button. You then select the type of template you want to duplicate, in this case, estimate.
a. You cannot duplicate the look and feel of one form to another in QuickBooks.
b. Choose Lists > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, in this case, estimate.
c. Choose Customers > Create Estimate > Duplicate form. You then select the type of template you want to duplicate, in this case, estimate.
d. Open the customized invoice and click the Duplicate button. You then select the type of template you want to duplicate, in this case, estimate.
B. Choose Lists > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, in this case, estimate.
You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account?
a. Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.
b. Click on an account to select it. Then click the Lists menu and select Chart of Accounts > Make subaccount.
c. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time.
d. To make a subaccount, right-click on the account and choose Make subaccount.
a. Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.
b. Click on an account to select it. Then click the Lists menu and select Chart of Accounts > Make subaccount.
c. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time.
d. To make a subaccount, right-click on the account and choose Make subaccount.
A. Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.
How do you edit a collections letter?
a. You can't edit the default collection letters. You must create your own template from scratch.
b. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time.
c. Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.
d. When QuickBooks opens the letter in Word, click the Edit Template button at the top of the QuickBooks letter.
a. You can't edit the default collection letters. You must create your own template from scratch.
b. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time.
c. Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.
d. When QuickBooks opens the letter in Word, click the Edit Template button at the top of the QuickBooks letter.
C. Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.