Terms in this set (80)
Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)?
So that Payroll Liabilities show yp in the Pay Taxes & Other Liabilities list in the Payroll Center
What are the first two steps to set up payroll in Quickbooks?
1) Sign up for a payroll services; and 2) complete the Payroll Setup Interview
What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports?
Balance Sheet. Profit and Loss
What are the main sections of the Profit & Loss?
Income, Cost of Goods Sold, and Expenses
How do you move columns on a report?
Move your cursors over the column heading, and when it becomes a hand, click and drag the column to the desired position.
How do you create a memorized group of reports?
Open the Memorized Report List and then Click Memorized Report > New Group
What happens if you double-click a diamond on a report column?
None of the above
Which of the following reports answers the question "What transactions make up the current balance I owe each Vendor"?
Vendor Balance Detail
You sent Quickbooks a report to Excel and made some changes. How do you import the changes back to Quickbooks?
You can't import changes in Excel back to Quickbooks.
You've been hired by a company that started in 1911. They've never used QuickBooks. During the Advanced/Detailed Setup, what "State Date" should you use in the EasyStep Interview?
The date you want to begin tracking the company's finances in Quickbooks.
Which of the following CANNOT be entered during the setup of a new company (Express Start or Advanced/Detailed Setup) file?
Trial Balance opening balances
How do you customize Quickbooks by changing the color scheme and adding or removing icons from the Home page?
Choose Edit > Preferences > Desktop View
Click the Formatting Tab at the top of the form; then click Customize Data Layout
You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in Quickbooks?
While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).
How do you set up multiple users in QuickBooks Pro or Premier?
Choose Company > Set Up Users and Passwords > Set Up Users
What is the maximum number of names that cab be included on he Names lists in QuickBooks Pro or Premier?
What keyboard shortcut allows you to see a total for all four names lists?
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.
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.
What transaction/form do you begin with to enter a vendor credit?
What happens to the inventory asset account when you enter a purchase order for inventory?
No accounts are affected
When should you NEVER delete a check?
You printed a check, and the check number has been used.
How do you track accounts payable in QuickBooks?
Enter a bill, and then use the Pay Bills window.
Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to?
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
What happens when you press F2 in QuickBooks?
QuickBooks opens the Product Information windows which includes version and company file information.
Why would you restore a data file from the backup file?
All of the above
When would you enter a journal entry?
To correct errors (if you have a strong accounting background)
How do you switch to Multi-User Mode?
Choose File > Switch to Multi-user Mode from the menu.
To record a bounced check, you open the same Receive Payment window that you used to receive the original payment, and click "Bounced Check". QuickBooks opens the Bounced Check wizard. What does QuickBooks do when you finish this wizard?
Which of the following Payroll Services are available with QuickBooks?
All of the above
Your company just hired a subcontractor to work 40 hours per week on a job. Which list should you add the person to?
How do you display a group of reports?
Click the Reports menu and select Process Multiple Reports
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
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?
Create a new company and select Copy Settings from Another Company in the Easy Step Interview.
There are two primary financial statements that summarize the Chart of Accounts. Which of the following is one of these reports?
When you run a Profit & Loss on the accrual basis, what does QuickBooks include as income?
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.
What is the end result of the Payroll Setup Interview?
QuickBooks has an accurate record of employees, earnings, deductions, and payroll history, and you are ready to create your first paycheck.
You need to restore a company file from a backup.
Click the File Menu > Choose Open or Restore Company > Select Restore a backup copy, click Next, and follow the steps.
How do you change the report basis (Accrual vs. Cash) for just one report?
Click the Customize Report button on the report and then choose Accrual or Cash on the Display tab.
Suppose you always want all reports to show with a specific front 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.
Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the report tells you?
Why might you need to restore a company file?
All of the above
You need to restore a company file from a backup.
Make sure the Home page is open > Click the File Menu > Choose Open or Restore Company > Select Restore a backup copy, click Next, and follow the steps.
Assume that QuickBooks is now in Single-User Mode. What does this mean?
Only one users can access the company file.
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.
The Product Information windows show you the version and release of QuickBooks you have along with other information about the company file. How do you acess the Product Information window?
Press the F2 key.
Name the sections of the Balance Sheet
Assets, Liabilities, and Equity
Which of the following is a possible reason for a bank reconciliation discrepancy?
The bank reconciliation is on a "cash" basis instead of the correct "accrual" basis.
Which report is also known as an income statement, and summarizes income and expenses for a month?
Profit & Loss Standard
What is the primary reason for setting a Closing Date in QuickBooks?
To restrict users from deleting, editing, or adding transactions to last year
What is the purpose of the Audit Trail report?
To track any changes and deletions to transactions, as well as track which user makes the change or deletion
When you enter a purchase order for inventory, which accounts are affected?
None, because purchase orders are "non-posting" transactions
You purchased something with a debit card.
Open the Write Checks window > On the Home page, click Record Credit Card Charge > Type Debit in the number field, then enter who you paid, how much, and what it was for (expense account) > Click Save & Close
Which of the following statements is true regarding vendor credit memos?
Vendor credit memos reduce what you owe the vendor
Which of the following statements is NOT true about entering and paying bills in QuickBooks?
If you record the bill in QuickBooks, use the Write Checks window (or the check register) to pay that same bill.
Which of the following form templates CANNOT be customized in QuickBooks?
Which tool do you use to move your logo on a form?
For each functional area of QuickBooks Pro and Premier, what levels of 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.
How would you track customer birthdates in QuickBooks?
Add a Custom Field to the customer list
Congratulations! You own a food truck.
Service > Inventory Part > Non-Inventory Part > Inventory Assembly
When should you use the Items tab on a bill or check?
All of the above
You are setting up a service item.
QuickBooks provides fields so you can track purchase and sales information for that item.
Which of the following statements is true regarding items?
When you purchase or sell an item, the value of the purchase or sale flows to the account (and therefore the financial statement), you selected when you set up the item.
Your new employee earns an annual salary of $40,000. How do you enter this into QuickBooks?
Enter a salary of $40,000 in the Payroll Info window.
Which accounts are affected when you enter time into QuickBooks?
None, because timesheets are non-posting entries
You were hired by a company that has never used QuickBooks for payroll.
Start the Payroll Setup Interview > Enter employees, taxes, and year-to-date payroll, if necessary > Create your first paycheck > Complete the Payroll Setup Interview
Which list represents the payroll services you can add to QuickBooks?
Basic, Enhanced, Assisted, and full services
Your company no longer sells a particular item.
Open the Item List > Click on the item you want to hide > Select Make Item Inactive
You've been asked to move the name of a customer in the customer center from the top of the list to the bottom of the list.
Click on the diamond to the left of the name and then drag the name up or down to the desired location.
Which of the following is NOT true regarding merging entries?
QuickBooks allows you to merge an expense account with an income account?
The date the company began operating?
After QuickBooks sets up the Chart of Accounts during the Express Start or Advanced Setup, which of the following is TRUE?
It is possible to add more accounts later.
Which of the following is a reason to create a new company file?
To start over when a company file has many errors that are beyond repair?
The bank notified you that a customer's check you deposited has bounced.
Record a transaction to show that the customer owes you the money, but do not update your checking balance until you contact the customer in case they went to pay with another method.
Which of the following statements is true regarding Undeposited Funds in QuickBooks?
It is an account used to record payments before you make a deposit.
Match the QuickBooks form on the left with the customer scenario on the right
Statement > Sales Receipt > Sales Order > Estimate > Invoice
Why would you hide (or collapse) subaccounts on a report?
To temporarily hide unnecessary detail and only show parent accounts.
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