Quickbooks Final Set 2018

QuickBooks study guide 50-100

Terms in this set (...)

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, ie 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 that area.
Which of the following information CANNOT be set up during the Easy Step interview?
Trial balance opening balances
What 2 steps do you follow to track accounts payable in QuickBooks?
Enter bills, pay bills.
Which of the following desktop (not online) edition of QuickBooks supports multi-user?
Premier and higher
Which is an example of when to use a non-inventory part?
When you buy and sell but don't need to track quantity on hand.
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.
What is the Undeposited Funds account in QuickBooks?
An account used to record payments before you make a deposit.
How do you identify the version and release of QuickBooks you have?
Press the F2 button
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 payroll and compensation info and then add the medical insurance payroll 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
How do items affect the financial statement?
When you purchase or sell an item the value of the on sale purchase flows to the account
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, changed 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 using built in forms.
How do you display a group of reports?
Click the reports menu then select process multiple reports
Which of the following elements on the invoice can you NOT customize?
The amount of information you can type in each field
A list entry may be deleted only when...
It has no balance; it has not been used and is not linked to anything that had been used.
What is the purpose of an Audit Trail report?
Track any changes and deletions to transactions and track which user makes the change or the deletion
Which of the following statement 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 have access
What can you do in the report center?
Run most reports in QuickBooks
Which of the following transactions CANNOT be memorized?
Bill payment
Which of the following can explain why the profit and loss shows a profit but the business owner does not have any money in the bank?
This is the difference between cash and accrual reporting
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 company data, then choose default transaction option.
You have to set up an item for shipping. What item type should you use?
Other charge
Your company sells unique items to every customer. They never sell the same service or product twice. What item should you set up in QuickBooks?
Set up a generic item and edit the description and each price item.
You hired a subcontractor to work for 40 hours per week. Which list should you add this person to?
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.
When you run a profit and loss on the accrual basis what does QuickBooks include as income?
All sales.
What is the quickest way to find an invoice from 6 months ago?
Open an invoice and click the find button
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.
1. Why would you hide or collapse subaccounts on a report?
To temporarily hide unnecessary detail and hide parent accounts.
Which of the following CAN be memorized in QuickBooks?
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 sow the customer owes you the money and that the checking balance has decreased by that same amount
Suppose you always want all reports to show a specific size and color, how do you set the 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 and graphs group to set your report preferences.
Which of the following is a possible reason for a bank reconciliation discrepancy?
The beginning balance calculated by QuickBooks does not match last months ending balance.
Which of the following statements is TRUE regarding Undeposited Funds?
It is an account used to record payments before you make a deposit
Which accounts are affected when you enter Time in QuickBooks?
Accounts Receivable.
If you have customized a report that you use each month, which feature lets you run the report with updated data each month.
Memorize Report
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 into QuickBooks?
Enter 40,000 in the payroll info window
Name the section 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 recording financial records in QuickBooks.
Which of the following statements is NOT 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 same bill
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.
How would you track customer birthdates in QuickBooks?
Add a custom field to the customer list.
Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the report tells you?
Report center
What transaction in QuickBooks should you use if your customer pays you when you provide the goods or services?
Sales Receipt
What is the purpose of backing up in QuickBooks?
To protect against data loss from the file corruption or a hard crash.
Which of the following is NOT true regarding merging entries?
QuickBooks allows you to merge an Expense account with an Income account
When a transaction is changed, what information does the Audit Trail report provide?
All of the above.
Who changed the transaction?
The date the transaction was changed.
The time the transaction was changed.
When should you use the items tab on a bill or check?
When you purchase inventory parts.
When you are setting up a service item, what happens if you select the box next to this "service is performed by a subcontractor or partner"?
QuickBooks provides fields so you can track purchase and sales information for that item.
Which of the following statements is NOT true regarding a single user and multi-user mode?
Only the administrator is allowed in the file when it is single user mode.
Which of the form templates cannot be customized in QuickBooks?
The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window?
Press the F2 key
When should you set up a non-inventory item type?
All of the above.
For something you buy but don't sell.
For something you sell but don't buy.
For something you buy and sell but do not need to track the quantity on hand.
Which of the following statement 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 report is also known as an income statement and summarizes income and expenses for a month?
Profit & Loss Standard
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
When you enter a purchase order for inventory, which accounts are affected?
None. Because purchase orders are non-posting transactions.
After QuickBooks sets up a chart of accounts in the Easy Step Interview, which of the following is TRUE?
It is possible to add more accounts 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.
Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks?
Use the Write Checks window or Check Register and type debit in the check number field.
When can you delete a check from QuickBooks without voiding it?
You entered a check in QuickBooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was never really used
What tool do you use to move your logo to a form?
Layout Designer
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
Which of the following statement is TRUE regarding vendor credit memo?
Vendor credit memos reduce what you owe the vendor.