QuickBooks 2015 Exam Study Guide
Study guide for the Final exam (Computerized) for Accounting Quickbooks
Terms in this set (45)
Which of the following is NOT a billing option when you prepare a progress invoice?
Invoice for selected items/percentages of each item
How do items affect financial statements?
When you purchase or sell an item, the value of the purchase or sale flows to the account you selected when you set up the item.
Which is Not a good reason to enter a general journal entry?
To avoid using the built-in forms (e.g., checks and invoices)
How do you display a group of reports?
Click the Reports menu and select Process Multiple Reports
When should you VOID instead of delete a check?
You entered the same check number twice in QuickBooks
Suppose you work for a pet store and have to track the name of each customer's pet. How would you do this in QuickBooks?
Add a Custom Field to the customer list
How can you open a QuickBooks report in Microsoft Excel?
D. Select View report in a database in the Report Center
Click the Excel button on the top of any QuickBooks report
Your company sells unique items to every customer (they never sell the same service or product twice). What item(s) should you set up in QuickBooks?
Set up a generic item and edit the description and price each time
What is the purpose of the Audit Trail report?
Track any changes and deletions to transactions, as well as track which user makes the change or deletion
Which is an example of when to use a Non-inventory Part?
When you buy and sell the item but don't need to track quantity-on-hand information
How do you customize a report (e.g., change what information QuickBooks displays, change the title, etc.) ?
Click the Customize Report button on the report
You sent a QuickBooks report to Excel and made some changes. How do you import the changes back to QuickBooks?
Open the original report and click Export. Click the Advanced Tab and select Import last exported report.
Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?
Click Enter Bills and then click Credit on the top of the bill
How do you make a column on a report wider?
Click the diamond to the right of the column and drag it to the right.
You accidently entered the same customer twice in the Customer Center (with a slightly different spelling). How do you merge these two entries?
Edit the unwanted list entry. Change the name to match the name you want to merge into. Click OK. Then Yes when prompted to merge the names.
The bank notified you that a customer's check you deposited had bounced (the customer did not have sufficient funds to cover the check). What should you NOT do?
Delete the customer's payment from the deposit
Your company just hired a subcontractor to work 40 hours per week on a job. Which lists should you add this person to?
Which of the following editions of QuickBooks support multiple users?
All versions support multiple users
What is the quickest way in QuickBooks to find an invoice?
Open an invoice and click the Find button
The computer that houses your QuickBooks data could crash. What should you do in QuickBooks to make sure you always have access to your data?
Create a back up copy of your company file and store it separately from the computer
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 Item button and select Make Item Inactive
How do you pay payroll liabilities in QuickBooks?
Select the payments you want to make from the Pay Scheduled Liabilities list in the Payroll Center. Then click View/Pay page 346-347
How do you hide subaccounts on a report?
Click the Collapse button
The company file you are working on is a mess. You decide to start a new file. To save time, you want to keep all the lists and preferences and just delete the transactions. How do you do this?
Click the File menu and select Utilities > Condense Data from the menu. Then choose the All transactions option
When you run a Profit & Loss on the accrual basis, what does QuickBooks include as income?
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
What is the Undeposited Funds accounts in QuickBooks?
An account used to record payments before you make a deposit
For each functional area of QuickBooks Pro and Premier (e.g., Sales & Accounts Receivable, Purchases & Accounts Payable, etc.), what levels of the access can you grant to users?
You can prohibit access, grant full access, or grant selective access. These levels apply to All transactions within that area
Which of the following CANNOT be entered during the setup of a new company (Express Start or Advanced Setup) file?
Chart of Accounts
What two steps do you follow to track accounts payable in QuickBooks?
Enter Bills, Pay Bills
How do you record a debit card transaction in QuickBooks?
name it "Debit Card".
Use the Write Checks window (or the check register) but type "Debit" in the check number field
Suppose you always want all reports to show with a specific font size and color. How do you set this standard or preference in QuickBooks so you don't have to customize each report?
Click the Edit menu and select Preferences. Then click the Reports & Graphs group to set your report preferences
Once you've completed the setup of a new company file, how do you change company information, such as business name, address, or phone number?
Select Company:Company Information from the menu
Which of the following statements is true regarding single-user and multi-user mode?
To use QuickBooks in the multi-user mode, each user must have the same version of QuickBooks on their computer to access the same company file
What can you do in the Report Center?
Run most reports in QuickBooks
You finished entering all the transactions for last year and just sent the file to the tax preparer. How do you ensure that no one accidentally deletes, edits or adds a transaction to last year?
Set a Closing Date and password in the Accounting Preferences or from the Company menu
When should you enter a customer credit memo?
A customer returns a product that was damaged
Which payroll service allows you to print state tax forms?
How can you ensure that invoice detail does NOT appear on a customer statement?
Uncheck the Show invoice item details on Statements box in the Create Statements window
There are two primary financial statements that summarize the Chart of Accounts. Which of the following is one of these reports?
How do you change the text in the Header/Footer of a report?
Click the Customize Report button on the report and then click the Header/Footer tab
Which of the following form templates CANNOT be customized in QuickBooks?
Your company provides their employees with sick/vacation hours. You need to track how many hours watch employee currently has available, how many they earn/accrue, and you need to reduce their accrued hours when you pay them for sick or vacation time. How would you do this in QuickBooks?
Follow these steps:i. Click the Sick/Vacation button in the employee setup to define how to accrue time and to tell QuickBooks how many hours the employee has availableii. Setup a sick/vacation wage item
iii. Use the sick/vacation wage item to pay employees for sick/vacation time
A list entry may be deleted Only when:
It has no balance, it has not been used, and is not linked to anything that has been used
Which of the following transactions cannot be memorized?