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Test answers for QuickBooks 2016

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383 Answered Test Questions:

1. What is the newest Quickbooks version?

Answers:

• Quicbooks Online

• Quickbooks Pro 2011

• Quickbooks Pro 2012

• Quickbooks for Small Business

• Quickbooks 2012

2. What is the shortcut action that results from pressing Ctrl+Z?

Answers:

• Usually undoes your last action

• Displays the Write Checks window

• Inserts a line into a list of items or expenses

• Deletes check, invoice, transaction, or item from the list

3. The shortcut to Open Invoices is:

Answers:

• Ctrl + A

• Ctrl + I

• Ctrl + J

• Ctrl + O

• Ctrl + C

4. What expense account is created automatically when you turn multicurrency on?

Answers:

• Realized Gain/Loss

• Exchange Gain/Loss

• Other Income/Loss

5. True or False: Creating a service or professional invoice works basically the same way as creating a product invoice.

Answers:

• False: They they are nothing alike.

• True: You just fill in fewer fields.

6. What happens when you press 'Y' in the date field?

Answers:

• Changes the date to the first day in the year

• Changes the date to the first day in the month

• Changes the date to the last day in the year

7. What is the standard number system for a chart of accounts?

Answers:

• 1 assets, 2 liabilities, 3 equity, 4 revenue, 5 expenses

• 1 equity, 2 expenses, 3 revenue, 4 liabilities, 5 assets

• 1 revenue, 2 expenses, 3 assets, 4 liabilities, 5 equity

• 1 liabilities, 2 assets, 3 expenses, 4 revenue, 5 equity

8. What is a use of purchase order information?

Answers:

• Quantify outstanding commitments

• Review vendor delivery performance

• All of these

• Compare goods received to the goods ordered

9. True or False: Journal entries are automatically posted to general ledger accounts when saved?

Answers:

• True

• False

10. Can we set up the text alerts on phone through QuickBooks.

Answers:

• Yes it is possible.

• No

• You can only go for online version.

• You cannot link it with phone.

11. True or False: You cannot customize the chart of accounts.

Answers:

• True

• False

12. Which item type has information in the Current Availability window?

Answers:

• Inventory Part

• Discount

• Non-inventory Part

13. What does Ctrl+N do?

Answers:

• Prints a new invoice

• Adds a new item

• Duplicates an item

• Edits an item

• Deletes an item

14. What is the shortcut action that results from pressing Ctrl+J

Answers:

• Displays the Customer: Job List window

• Memorizes a transaction

• Displays the Register window

• Creates and displays a Quick Report on the selected transaction

15. What is NOT a Quickbooks Item type?

Answers:

• Group

• Service

• Non-Inventory Part

• Inventory Part

16. True or False: You cannot reconcile your credit card accounts in QuickBooks.

Answers:

• False

• True

17. The sales department has asked for your help to do an analysis. They want to see what specific customers are buying. What would be the best starting point?

Answers:

• Deposit Detail

• Profit & Loss Detail by month

• Customer Aging

• Sales by Customer Detail

18. Why is undeposited funds showing a negative value on the balance sheet ?

Answers:

• No checks to deposit.

• The Undeposited Funds Account was overdrawn.

• Undeposited funds can show a negative value on the balance sheet if a payment is deposited with a date that pre-dates the payment.

• All the funds were transferred to your bank account.

19. Can you assign separate rights for each user?

Answers:

• No, you cannot customize it.

• Yes, it is possible to a certain extent.

• Yes, you can set up the rights for each user.

20. What happens if you press M in a date field?

Answers:

• Changes the date to the first day in the month

• Changes the date to the last day in the year

• Changes the date to the first day in the year

• Changes the date to the last day in the month

21. Where do you find the 'Open Invoices' report?

Answers:

• Accountant & Taxes

• Company & Financial

• Sales

• Customers & Receivable

22. Can I install Quickbooks on a Macintosh computer?

Answers:

• Only on operating systems 10.4 or above

• Only on the snow-leopard operating system

• Yes

• No

• Only on operating systems 9.5 or above

23. Which of the following transactions should not be recorded in the Transfer Funds window?

Answers:

• Money going to or from Account Receivable

• Money going to or from Sales Tax Payable

• All of the answers are correct.

• Money going to or from Account Payable

24. What is an appropriate Subaccount to Travel?

Answers:

• Lodging

• Airfare

• Meals

• All of these

25. True or False: If an employee is on leave of absense or terminated and you don't want their name showing up on the employee list you can delete the name out of the list until they return back to work.

Answers:

• True - This will allow the bookkeeper to process employee payroll only for the active employees.

• True - the software will allow you to delete anything.

• False. Once an entry is made against an employee, it can't be deleted, but it CAN be inactivated, until you want it to show back on the list when they return.

26. Does QuickBooks store your company's Tax ID?

Answers:

• No

• Yes

27. You hire someone as a 1099 contractor. Which module would you enter the person to track what is paid to him/her?

Answers:

• Vendors

• Company

• Customers

• Employees

28. Can you print 1099-Misc forms by using Quickbooks?

Answers:

• Yes

• No

29. Does QB's offer a way to give a customer discounts?

Answers:

• No. Discounts would mean you will be losing money.

• No. You can only write an adjustment for an amount if you want to give the customer a discount.

• Yes. But only if the customer deserves to have a discount.

• Yes. Under Receive Payment, you can record the discount amount .

30. What is the appropriate procedure to account for an order you receive that is only partially filled?

Answers:

• Step through the receive items process and fill out which and how many items were received

• Pay the whole invoice and Issue an invoice for the difference

• Return the shipment to the vendor

• Hold the shipment until the other goods are received

31. What type of Quickbooks file has an extension of .LMR ?

Answers:

• Loan Manager Data

• Intuit Interchange Format file

• Business Planner file

• Configuration file

32. What is an allowance account as related to inventory valuation?

Answers:

• Is is based on obsolescence

• It is based on a perpetual inventory system

• It is based on shrinkage

• It is a contra-asset account created to reflect a reduction in inventory value

33. What is the shortcut action that results from pressing Ctrl+I

Answers:

• Displays the Create Invoice window

• Displays the Customer: Job List window

• Creates and displays a Quick Report on the selected transaction

• Memorizes a transaction

34. You can use the QuickZoom on any report to see where the original source document came from.

Answers:

• True, but it will take a long time. It will be easier to find the invoice by going through the Customer/Vender list, to find what you are looking for.

• False. QuickZoom works only on Paid Invoices.

• True. This is the best way to quickly find the source document in case any questions arise concerning the transaction.

• False. There are no easy ways to find out where a document originated from.

35. Income Statement lists:

Answers:

• All of a company's accounts and their ending balance

• Revenues, Expenses and Net Income

• cash flows from investing activities

• Assets, liabilities and Owner's equity

36. Can you have more than 1 checking account in Quickbooks?

Answers:

• Depends on the version

• Yes

• Only after 2010

• No

37. What is the shortcut action that results from pressing Ctrl+F?

Answers:

• Displays the Find window

• Memorizes a transaction

• Displays the Customer: Job List window

• Displays the Create Invoice window

38. How can you make your company's data more secure?

Answers:

• Daily and Multiple Back-ups.

• Install anti-virus and keep it up to date.

• Enable Windows firewall.

• All of these answers.

• Set-up users and passwords.

39. Is it possible to assign the right of master administrator to someone in company?

Answers:

• No, it cannot be delegated.

• Yes, but with limited access.

• Yes

40. Quickbooks allows you to make quarterly payroll deposits?

Answers:

• No

• Yes

41. What company publishes Quickbooks?

Answers:

• Go Daddy

• Intuit

• Apple

• Microsoft

• Adobe

42. What is the shortcut key for Using Register?

Answers:

• Ctrl+J

• Ctrl+I

• Ctrl+A

• Ctrl+R

43. Which file formats can be used to import Chart of Accounts to QuickBooks?

Answers:

• CSV, XLS and XLSX formats can be used.

• Only Excel can be used.

• It can be imported through notepad.

44. True or False: A requirement for Quickbooks to handle bills presented in a foreign currency is to turn on the multiple currencies option in Company Preferences.

Answers:

• True

• False

45. Is it possible to track fixed assets in Quickbooks?

Answers:

• No

• Yes

• Not always

46. Can we generate AP aging report?

Answers:

• You can create it in Excel after exporting data.

• Yes

• No

• You can only generate debtors aging.

47. Which of the following statements is true?

Answers:

• You can reference multiple sales orders from a single invoice.

• You can create multiple invoices for one sales order.

• All of the answers are true.

• You can reference specific line items from a single sales order of an invoice.

48. True or False: QuickBooks is good only for simple customer/vendor transactions.

Answers:

• False. QB's can also do basic balance sheet accounting, but nothing really complicated.

• True. As long as you don't exceed 200 customers or 200 vendors.

• True. For complex transactions, you have to rely on Excel or other accounting programs.

• False. QB's is set up to handle all forms of bookkeeping needed to run a business successfully.

49. In QuickBooks, journal entries are made in the ____________.

Answers:

• Payments window

• Make General Journal Entry window

• Receive Payment window

• Customers window

50. Is it possible to import customer data to customer center?

Answers:

• Yes.

• No, you need to enter data individually for each customer.

51. When making journal entries in QuickBooks, you need to know which account receives the ______ side of the transaction and which account receives the ______ side.

Answers:

• positive, negative

• right, wrong

• debit, credit

• left, right

52. Is there a facility for accepting credit card payment?

Answers:

• Only Cash, Cheques and Drafts

• No

• Yes

• Only Cash, Cheques, Drafts and Wire Transfers

53. What is the shortcut action that results from pressing Ctrl+R?

Answers:

• Displays the Register window

• Displays the memorized transaction list

• Undoes your last action, usually

• Displays the Write Checks window

54. What is the beginning step to account for a customer's partial payment of an invoice?

Answers:

• Customers tab, Invoice List Screen

• Customers tab, Credit Memo Screen

• Customers tab, Receive Payment Screen

• Customers tab, New Invoice Screen

55. Can you calculate 1099-MISC by using Quickbooks?

Answers:

• Yes

• Only by using 2012 Quickbooks version

• No

56. In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes?

Answers:

• Item listing report

• Sales tax liability report

• Open invoice report

• Quick reports

57. Pressing CTRL + P orders Quickbooks to ...

Answers:

• Print

• Create a Purchase Order

• Create a Price List

58. What period options are available in Income Statement?

Answers:

• It shows YTD, last month, last quarter and last year.`

• Only YTD and last quarter is available.

• Only YTD data is available.

59. What is the shortcut action that results from pressing Ctrl+Insert?

Answers:

• Displays the Customer: Job List window

• Inserts a line into a list of items or expenses

• Displays the Find window

• Undoes your last action, usually

60. Do we get warning for Duplicate billing?

Answers:

• You need to keep a manual track.

• No

• Yes

61. Is there more than one version of Quickbooks?

Answers:

• No

• Yes

62. What is a result of closing the books?

Answers:

• The accountants Company copy can be created after the closing date

• No changes can be made to transactions completed prior to the closing date

• No new transactions can be entered with a data backdated before the closing date

• All of these

63. Can we find the status of a cheque number?

Answers:

• You can it only through vendor account.

• You can only trace the amount not the cheque number.

• Yes, you can trace the cheque number.

64. Can you customize your reports?

Answers:

• Yes

• No

65. Can we create an Invoice automation to bill our customer at regular time interval?

Answers:

• Yes, it is possible through an invoice automation feature.

• No it is not possible but you can copy the last invoice.

• No you need to bill customers every time you make a sale transaction.

66. Which of the following activities does QuickBooks Support?

Answers:

• All of the above

• Track payroll costs by job, Class, or Type of work

• Accumulate sick and vacation pay in hours

• Track Billable Vs Non-Billable time

67. In Quickbooks Desktop, shortcut to "Memorize" is

Answers:

• Ctrl + K

• Ctrl + E

• Ctrl + R

• Ctrl + M

• Ctrl + Z

68. If you find that your quickbooks company doesn't have the purchase  order options, what do you do?

Answers:

• you need to update your QuickBooks with a more resent one

• You go to Edit, thenPreference, choose inventory and check "make inventory and purchase orders" active.

• there is nothing you can do.

• you can do the interview again and have it done there

69. Which of the following is an appropriate Quickbooks Item on an invoice?

Answers:

• Sales Tax

• Customer Discount

• Freight Charges

• All of these

70. What transaction must be created when you receive payment from a customer against an invoice?

Answers:

• Receive Payments

• Make Deposit

• Sales Receipt

• Credit Memo

71. Is it possible to import vendor list to QuickBooks?

Answers:

• No

• It needs to be entered separately.

• It can be imported through notepad.

• Yes

72. Can we generate statement of cash flow report from Quickbooks?

Answers:

• Yes, it is available under company reports.

• It provides only net cash balance.

• No

• We can make it in excel.

73. What type of Quickbooks file has an extension of .QBB ?

Answers:

• Loan Manager Data

• QuickBooks backup file

• Configuration file

• Accountant's review copy (working copy)

74. True or False: Quickbooks allows you to export or send many different types of reports to Excel or send via email, if the company has Internet access.

Answers:

• True. QB's has a wide variety of reports it offers, so the company can view their status at any time.

• True. But you can't dig deep to find the original source of where the info came from.

• False. QB's doesn't offer E-mail or Excel access.

75. Can QuickBooks sort outstanding invoices by date?

Answers:

• No, only by Vendor

• Yes

• No, only by Customer

76. What is the keyboard shortcut to delete a transaction item?

Answers:

• Ctrl + C

• Ctrl + R

• Ctrl + D

• Ctrl + Z

• Ctrl + U

77. Do we get activity log for audit trail?

Answers:

• No

• Audit trail is not possible.

• Yes

• There is no log for users.

78. Who can use Quickbooks?

Answers:

• All answers are correct

• Mortgage Broker

• Shipping company

• Small business

• Accountant

79. Is it possible to run aging reports of AP and AR at any date or it is always as of current date.

Answers:

• You can always run as of current date.

• It is not possible to generate report with past date.

• It is possible to run them as on any date.

• You can generate them only on the last day of the month.

80. What type of Quickbooks file has an extension of .AIF ?

Answers:

• Configuration file

• Accountant's review copy (import file)

• Loan Manager Data

• Business Planner file

81. How is the vendor list sorted in QuickBooks?

Answers:

• By type of vendor.

• Oldest to newest.

• Alphabetically.

82. Is there a way to limit the access that a person has in Quickbooks?

Answers:

• No

• Yes

83. Which of these actions require being in the single-user mode?

Answers:

• Merge or delete accounts and items

• Save or open the accountants copy of the company file

• All of these

• Create an export of the Company file

84. What is the shortcut action that results from pressing Ctrl+A

Answers:

• Displays the Create Invoice window

• Deletes check, invoice, transaction, or item from the list

• Displays the Chart of Accounts window

• Displays the Find window

85. When you reconcile bank statements in Quickbooks, what account do you select to record unexplained differences in book vs. bank balances?

Answers:

• Accumulated depreciation (Expense)

• Reconciliation discrepancies (Expense)

• Bank service charges (Expense)

• Credit card charges (Expense)

86. Can you email the income statement and balance sheet reports directly from QuickBooks?

Answers:

• Yes

• No

• There is no feature for email.

• You can export the data in pdf and then email as an attachment.

87. Can you control what a user can access in quickbooks?

Answers:

• No

• Yes

88. Can we see % of change of balance sheet items from last year to current year?

Answers:

• You can export data in excel and make the comparison.

• No

• Yes, you can compare.

• You can do it after customizing the software.

89. True or False: When you have to write off an amount due to customer not paying, you just credit the customers account and close the books.

Answers:

• True, that way it won't sit on your books at month end.

• False. You must record this as a bad debt in the A/R register for that customer, you must record the bank service charge for that customer, and you can send a statement to that customer that includes the Bank Service Charge, the original charge and any o

• False, you have to re-invoice the customer for the item(s), along with the bank service charge for the bounced check.

90. Which reports are used in Financial Statement Designer?

Answers:

• All of these

• Statement of Cash Flows

• Income Statement

• Balance Sheet

91. When setting up Quickbooks for the first time, a grocery retailer would most likely  opt for an Accrual based Accounting System over Cash because....?

Answers:

• Accrual based accounting recognizes revenue when it is earned not when cash is received giving management a better idea of profits and sales performance.. This helps identify expenses for high-volume retailers with large inventories and many vendors who o

• They wouldn't. Cash Based Accounting is less efficient, but easier to adjust too and allows retailers leeway when it comes to inventory adjustment entries and expense recognitions. Plus it helps hide surges in sales and losses by spreading them out.

• It doesn't matter really and most choose accrual for tax purposes because the balance sheets would reflect the same picture at year end after adjustment entries are made.

92. Are you able to void invoices once you create them?

Answers:

• No

• Yes

93. After a QuickBooks report is transferred to Excel, can you make changes to the spreadsheet?

Answers:

• Yes, just unlock the cells.

• Yes, like any other Excel file.

• No, you need do the changes on QuickBooks.

• Yes, but only by opening the spreadsheet in the 2010 MSO version.

• No, because its a QuickBooks file.

94. True or False: There is a report that will show you when your monthly expense are due.

Answers:

• True

• False

95. Income tax reports in Quickbooks include all of the following except:

Answers:

• Income Tax Preparation report

• All of the choices are correct

• Income tax Detail report

• Income Tax Summary report

96. Can you install QuickBooks on more than one computer?

Answers:

• Yes

• No

97. Can a company have multiple credit card accounts?

Answers:

• Yes

• No

• Depends on the company

98. True or False: You cannot view the Profit & Loss Statement to the previous year Profit & Loss Statement.

Answers:

• False

• True

99. If you entered charges against a customer, but you no longer use that vendor, can you just delete this vendor name out of the vendor list?

Answers:

• No, if you enter even 1 entry against a vendor, you can not delete the vendor name, but you CAN hide it so the vendor name no longer shows on the Vender List.

• Yes, it doesn't matter how many times you used that vendor, if you don't want to use them any more, just delete them from the Vendor List.

• Yes, you can delete any unused vendors you want, as long as it hasn't been used more than 10 times.

100. True or False: You can skip the EasyStep Interview and enter a minimum amount of information to get started.

Answers:

• True

• False

101. True or False: You must be in single-user mode to set a closing date password.

Answers:

• False

• True

102. Can we generate an outstanding dues report for customer by setting up the limit?

Answers:

• No

• We can see whole list irrespective of amount due.

• We can customize it by exporting it in Excel.

• Yes, you can see the outstanding by setting up limits.

103. What, if any, step or steps need to be taken to create a cash flow projection?

Answers:

• Project and adjust your cash receipts

• All of these

• Determine your beginning cash balance and enter business expenses

• Review and adjust accounts payable

104. If a name was entered incorrectly, and you have activity on that name, can you delete it and start all over again using the correct name?

Answers:

• True. There's nothing you can do with mistakes on names except to delete them and start over again.

• No. You can change the name or merge the info under the new name, but once any transaction is made, the name etc, can't be deleted.

• True. Hide it and start over.

105. What happens if you press T in a date field?

Answers:

• Changes the date to the last day in the year

• Replaces the date shown with today's date

• Subtracts one day from the date shown

• Changes the date to the first day in the year

106. True or False: QuickBooks offers several graphs that can not only show business statistics, but can also show where the information originated from using QuickZoom.

Answers:

• True. You may have to go through many layers, but you WILL find the original entries to where the report got its info from..

• False. You have to use Excel if you want to get graph info of any kind.

• True, but graphs are only for Sales.

107. True or False: When you have a fair, and you are selling items there to customers that you don't want to enter on your customer list, as you may not see them again, you can enter them under miscellaneous customer account.

Answers:

• True, how else would you account for the money?

• There isn't an account for this kind of transaction.

• False. Enter the sale as a Sales Receipt where you have an option to enter their name or just enter in the dollar amount of the sales received for the customer.

108. Which of the following QuickBooks utilities is used to check for data file integrity?

Answers:

• Verify Data

• Rebuild Data

• Restore Data

• Back Up Data

109. What is the shortcut action that results from pressing Ctrl+D

Answers:

• Displays the Create Invoice window

• Displays the Find window

• Deletes check, invoice, transaction, or item from the list

• Displays the Customer: Job List window

110. The shortcut to open Chart of Accounts is:

Answers:

• Ctrl + 4

• Ctrl + B

• Ctrl + A

• Ctrl + J

• Ctrl + 5

111. When you have an invoice, and you receive payment from the customer, you enter it under Bank Deposit.

Answers:

• No, you enter it under Sales Receipts.

• Yes, it's the quickest way to put money into the company bank account.

• No, you enter it under Customers, Receive Payments, where you list the customer name, amount etc.

112. Is a subcontractor considered to be an employee?

Answers:

• They are considered an expense account.

• No, they are vendors.

• Yes, they are employees.

113. True or False: If you select more than one bill to pay from the same vendor, Quickbooks automatically combines those payments into one check.

Answers:

• False

• True

114. What happens if you press + in a date field?

Answers:

• Adds one day to the date shown

• Changes the date to the first day in the year

• Enters tomorrow's date

• Replaces the date shown with today??s date

115. Does Quickbooks provide comparison of key business metrics with peers?

Answers:

• Yes, it is part of the "Trends" feature.

• No, you cannot compare data with peers.

116. Can Quickbooks maintain an inventory of parts needed to assemble a product, or just the finished products?

Answers:

• These options are only available in the 2012 version

• Only with advance inventory version

• Just for finished products

• QuickBooks offers both these options

117. What type of Quickbooks file has an extension of .IIF ?

Answers:

• Business Planner file

• Intuit Interchange Format file

• Timer backup file.

• Accountant's review copy (import file)

118. What is the shortcut for Help windows?

Answers:

• F3

• F5

• F1

• F4

• F6

119. True or False: The correct accounting equation is assets = liabilities + Owners Equity

Answers:

• False

• True

120. Can you accept a credit card payment directly in QuickBooks using your PC or mobile phone?

Answers:

• Yes

• No

121. Accountant's Copy working file extension is:

Answers:

• .QBR

• .QBM

• .QBB

• .QBA

122. True or False: The navigation bar gives you access to the Quickbooks Centres and Homepage.

Answers:

• True

• False

123. What can you do with a vendor credit?

Answers:

• You can keep the credit to use later

• You can apply the credit to unpaid bills.

• You can request a refund of your money.

• All listed answers are correct.

124. Can you link quickbooks directly to your bank account?

Answers:

• Yes

• No

125. True or False: You can create a bank using the chart of accounts.

Answers:

• False

• True

126. Is there more than one way to receive items to your inventory?

Answers:

• a) yes, Items can be received with a bill b) no, bill should be received first and paid c) Yes. Items can be received with or with out a bill at the time the items are received. d)

• No. You get the item with the bill and that's all she wrote.

• No. You must pay up front for the item, then you will get the item(s) you ordered.

• Yes. Items can be received with or with out a bill at the time the items are received.

• Yes. You can just put the items on the shelf, let someone know they arrived, and that's all you have to do.

127. True or False: A QuickBooks company file can be used by multiple users at the same time.

Answers:

• True

• False

128. Can a Balance Sheet Standard account report be modified to include all Income and Expense accounts?

Answers:

• No

• Yes

129. What is the shortcut action that results from pressing Crtl+T?

Answers:

• Displays the Write Checks window

• Undoes your last action ?? usually

• Displays the memorized transaction list

• Inserts a line into a list of items or expenses

130. True or False: Sales Receipts are a combination Invoice and Receive Payment.

Answers:

• True

• False

131. What form do you use to record a sale?

Answers:

• Invoice

• Bill

• Credit Memo

• Bill of Lading

• Purchase Order

132. True or False: You cannot memorize or print multiple reports.

Answers:

• False

• True

133. Is it possible to accept credit card payments through a mobile phone and synchronize the transactions with QuickBooks?

Answers:

• You can accept only through QuickBooks online

• No, it is not possible.

• It is possible but you cannot synchronize the data with QuickBooks.

• Yes, we can do that with Go payment Application.

134. True or False: You must be in multi-user mode to set a closing date.

Answers:

• True

• False

135. What will increase the inventory balance?

Answers:

• Entering Bills

• Writing Checks

• All of these

• Entering Credit Card payment

136. What type of Quickbooks file has an extension of .QBA ?

Answers:

• Intuit Interchange Format file

• Loan Manager Data

• Configuration file

• Accountant's review copy (working copy)

137. True or False: Creating the company file is the last thing you do when you set up your financial records in Quickbooks.

Answers:

• True

• False

138. What is a Quickbooks Audit Trail?

Answers:

• The set of default T accounts that are affected with each entered transaction

• A report of what changes were made to accounts before the closing date

• A report of what changes were made to accounts after the closing date

• A summary of transactions and list of who entered them, when and in what file location

139. True or False: With QB's, you must use the Online banking service whether you want to or not.

Answers:

• False. In fact, you have better control and protection keeping your account private and NOT do business online.

• True. That way the bank gets paid for you using their online service.

140. True or False: Under the Report Center there is a reporting category entitled "Budgets."

Answers:

• False

• True

141. True or False: You must have a purchase order in place in order to monitor and manage partial order receipt.

Answers:

• True

• False

142. Intuit only has 2 templates for your company, and you must pick either Products or Services for your template.

Answers:

• True. You don't need more than 1 way of invoicing etc, so you can pick either products or services.

• False. Intuit offers at least 9 different templates you can choose from, with an option to create your own if you don't find one that suits you.

• False. Intuit also offers Packing Slip template, but you can't use services or products, so you have to choose wisely which 1 you want to use.

• True. You have to either sell products, or you can offer services such as counseling, but that's it.

• True, because QB's doesn't want to confuse you.

143. Can the Profit & Loss report be found in the Chart of Accounts?

Answers:

• No, the Profit & Loss report can be found under Reports. It's not an account that affects the Balance Sheet, so it will NEVER show on the Chart of Accounts.

• Yes, it shows under a liability if its a loss and an asset if its a profit.

• Yes, the Profit & Loss report is listed under Capital/Equity account.

144. How do you write off bad debt by using cash basis accounting?

Answers:

• Cash basis accounting does not recognize income until payment has been received. To have a bad debt expense you first have to recognize income. On cash basis accounting an invoice deemed as noncollectable is removed from your P&L by reducing gross inc

• Cash basis accounting recognizes income at the time an invoice is created and therefore when an invoice is deemed as noncollectable it is written off the books as a ???bad debt expense???. The income may have been recognized in one year and written off as a b

145. Can a company transmit their payroll tax payments via Quickbooks?

Answers:

• If the IRS requests it.

• If you have the internet version.

• Yes, but only using QuickBooks "Assisted" Payroll services.

• Only with the professional version.

146. What is one way to make an account inactive?

Answers:

• Ctrl-I to make the account inactive

• Right click and select 'Make Account Inactive'

• Ctrl-D to delete the account

• Add the account to the Inactive Account List

147. Where can you find answers to questions regarding Quickbooks?

Answers:

• Youtube

• Help tab in the Program itself

• All the answers are correct

• Quickbook study guides

• Intuit

148. What is an  example of a recurring template?

Answers:

• Invoice automation reminders

• A scheduled recurring check template for the same monthly loan payment

• Automatically allocating unbilled charges to group invoices

• By selecting a vendor, Quickbooks fills in the full transaction

149. What are different formats of importing data in Quick Books?

Answers:

• Only Web Connect file

• IIF & Web Connect File

• IIF , Timer Activities, Web Connect file & Data files

• IIF , Timer Activities, Web Connect file & Excel files

• None of above

150. Are subcontractors paid on an expense report when their work is finished?

Answers:

• No, they are vendors and are treated like any other vendor account.

• No, they are paid by check per each days job that is done.

• Yes, because it's the only way to keep the books balanced.

151. True or False: You cannot undo a bank reconciliation once it has been done.

Answers:

• False

• True

152. True or False: If you wanted to add or change the terms on an invoice that wasn't originally set up for that customer, you have to go to the Customer Profile and change it there before you can enter it on the invoice.

Answers:

• False, you can enter any terms on an invoice and QuickBooks will ask if you want to update the Customer Profile with the new terms for this customer.

• True, you can't change the terms without changing the Customer Profile first.

• False, you have to go to the Vender Profile list to change the terms on an invoice.

153. In which formats you can import customer data to customer center?

Answers:

• You can do it by creating a notepad file.

• You cannot import data to create customer list.

• Only CSV and Excel files can be imported.

• You need to create QIB format to import data in the same fields.

154. If you hire someone and they don't have their W-4 filled out, can they still work on the day you wanted them too?

Answers:

• Yes. But they can only work a couple hours daily until they get their form filled and turned in.

• No. You need all the info NOW, before they can even start work.

• Yes. the W-4 info can be filled in at a later date, but not TOO much later from when the employee is employed.

155. True or False: Only the Company Administrator is allowed to turn time tracking off and on.

Answers:

• True

• False

156. True or False: Sales tax is reported to the state annually.

Answers:

• True, they are reported on April 15th of the upcoming year.

• False. It must be reported at the end of the month.

• False. It depends on the amount of income a company makes per month. Some report monthly, quarterly or annually.

157. How many users can use a company file at the same time?

Answers:

• 5

• 10

• Version dependent

• 7

• 4

158. To print the trial balance:

Answers:

• From the Company Section of the Home Page, select Trial Balance icon

• Select Chart of Accounts icon, Print Report

• Select Company Center, Print Tral Balance

• Select Report Center, Accountant & Taxes, Trial Balance

159. When you go to list, Customer & Vendor Profile list, can you change the customer message from here?

Answers:

• Yes

• No

160. What type of account is undeposited funds?

Answers:

• Liabilities

• Asset

• Expense

161. How is the 'On Order' column of checkmarks populated on the Inventory Stock Status by Item report?

Answers:

• It is based on a perpetual inventory system

• It reflects open credit memos

• It reflects outstanding estimates

• It reflects open purchase orders

162. Can one switch from Peachtree accounting to QuickBooks?

Answers:

• Yes, but with programming.

• No.

• Yes, with a conversion tool.

• Yes, but only a QuickBooks developer can do this.

163. What is an QuickBooks Accountants Copy?

Answers:

• Its a Quickbooks data file that allows the accountant to see the activity but not to make any changes.

• Its a Quickbooks data file that is the same as a back-up file.

• Its a Quickbooks data file that allows the accountant to add and make changes to a client's data file and then send the file back to the client so that the changes can be merged with the client's data file.

• Its a Quickbooks data file that allows the accountant prepare the client's tax return using the QuickBooks data.

164. Which type of accounting is appropriate to record expenses by writing checks?

Answers:

• Closing entries

• Cash-based accounting

• Tax basis accounting

• Accrual accounting

165. What must be done to add sales tax to an invoice?

Answers:

• Sales Tax must be activated in the Preferences and a sales tax item to the item list.

• Check the box that says - Sales Tax on the invoice

• The software always has sales tax on the invoice. Nothing has to be done.

• In the customer section go to create invoice and then add sales tax.

166. What is a reason that the Travel account with two subaccounts cannot be deleted?

Answers:

• All of these

• Payroll references the account for compensation reporting purposes

• There is transactional data in the Travel account

• You can't delete an account with existing subaccounts

167. When is income recognized when using accrual basis accounting?

Answers:

• Accrual basis accounting recognizes income at the time an invoice is created.

• All of the above.

• Accrual basis accounting does not recognize income until payment has been received.

• None of the above.

168. True or False: The employees fill out a W-2s, but the subcontractors fill out W-3's.

Answers:

• False. W-2's & W-3's are for employees only. Subcontractors must fill out the W-9 form.

• False. Subcontractors doesn't have to fill out any form, as they are not employees of the Company.

• True, as W-3's are subcontractors way of showing taxes etc.

169. How do you set a different price for the same product?

Answers:

• Create a price level list

• Select the option at company preferences

• All the answers are correct

• This option itsn't offered for QuickBooks

• Only retail editon offer this option

170. True or False: Voiding an invoice is the same as deleting it.

Answers:

• False

• True

171. True or False: Sales order can be viewed in report form by using Print Preview Command.

Answers:

• False

• True

172. What is the shortcut action that results from pressing Ctrl+M?

Answers:

• Creates and displays a Quick Report on the selected transaction

• Displays the Register window

• Displays the memorized transaction list

• Memorizes a transaction

173. What is a re-order point in Quickbooks?

Answers:

• The level of inventory at which you assemble additional grouped items

• The level of inventory at which you purchase more

• A recalled transaction when a customer re-orders product

• A recalled transaction that duplicates the prior order from a vendor

174. In which list do you enter Sales Tax Rates?

Answers:

• Customers

• Items List

• Employees list

• Vendors List

175. What is a substitute for the Assembled Inventory when using Quickbooks Pro?

Answers:

• Subaccounts

• Non-Inventory Part

• Grouped inventory parts

• Subtotals

176. True or False: It is not possible to add new or edit existing transactions when your copy of QuickBooks expired.

Answers:

• False

• True

177. A balance sheet shows you a companies performance for the year.

Answers:

• True

• No, It shows the company's situation with respect to Assets, Liabilities and Owners Equity on the date listed - usually year end, December 31st, ****.

• No, it shows long term assets and owners equity only for the year in question. The consolidated income statement shows the performance data.

178. Which of these is NOT an item category?

Answers:

• Payment

• Service

• Inventory Part

• Memo

179. Which list is not included in Quickbooks?

Answers:

• Customer type

• Price Level

• Vendor type

• Cost Level List

• Job type

180. True or False: QBP preference options control whether or not a decimal point will be required when entering a financial amount.

Answers:

• False

• True

181. How do you set a closing date in Quickbooks?

Answers:

• No closing date is set in Quickbooks desktop versions.

• Only online versions of Quickbooks have closing dates.

• Go under Company and select closing date

• In the easy step interview set closing date.

• Go to File, company and select new company to set closing date.

182. What is an example of a Non-Posting transaction?

Answers:

• Creating a purchase order

• Paying the bill for inventory

• Entering the bill you receive for inventory

• Adding purchased inventory to the asset account

183. Can Quickbooks generate reports on cash basis?

Answers:

• Yes

• No

184. What are undeposited funds?

Answers:

• An account where you keep checks until you take them to the bank.

• Both

• Undeposited Funds is an account where you keep checks until you give them to someone else.

185. Which one of these is NOT an item category?

Answers:

• Account

• Service

• Non Inventory Part

• Inventory Part

186. What is a typical function of using Classes?

Answers:

• Develop more precise depreciation schedules

• Manage overdue Accounts Receivables

• Assess segment performance

• Evaluate acquisitions

187. What is the short cut to find a transaction?

Answers:

• Ctrl T

• Ctrl H

• Ctrl F

188. If you set up two sub-accounts for inventory when the inventory account has a balance, what should the inventory account balance be after the sub-account set up?

Answers:

• Zero

• The sum of the two sub accounts

• Two sub accounts cannot be set up in the parent account has a balance

• The original balance

189. What is the most efficient way to copy the hours as reported the previous week into the current week?

Answers:

• Select the employee and choose 'Copy last sheet'

• Download to Excel, complete, and upload

• Ctrl-X, then Ctrl-V

• Ctrl-C, then Ctrl-V

190. The shortcut to Open Write Checks is:

Answers:

• Ctrl + H

• Ctrl + K

• Ctrl + W

• Ctrl + C

• Ctrl + Q

191. Which of these is true about a memorized transaction?

Answers:

• A date is set to automatically process a memorized transaction

• A memorized transaction is a one-time manual copy

• None of these

• A memorized transaction can be recalled

192. WHAT IS THE BALANCE SHEET FORMULA?

Answers:

• ASSETS = LIABILITIES - STOCKHOLDERS EQUITY

• ASSETS = LIABILITIES + STOCKHOLDERS EQUITY

• ASSETS + LIABILITIES = STOCKHOLDERS EQUITY

193. What are "Classes"?

Answers:

• Classes offer a straight forward means of segregating your business activities by Profit Center or Department.

• Classes allow you to see activity for different customers within your company.

• Classes allows you to see where you stand in your industry, create a business plan, create forecasts, and see where you need to improve.

• Classes help you to track all your vendors ??? who they are, your most recent payment, and what you owe them.

194. What is a typical reason for merging accounts?

Answers:

• An acquisition of another company

• They are tracking the same thing, just named differently

• To shrink the number of accounts in the chart of accounts

• One account for headquarter expenses, one for location expenses

195. Where is the option to use Quickbooks' Classes?

Answers:

• Company Preferences

• A checkbox on each new invoice

• It is a default on the Customer Type

• The Help section

196. Do Purchase Orders show as an asset account on the balance sheet?

Answers:

• Yes, it's listed under short term asset accounts.

• No, it's listed as a short term liability account.

• QuickBooks creates this account the first time you create a purchase order. This is a non-posting account that does not affect your balance sheet or income statement.

197. Where does Quickbooks apply a customer's payment, by default, if no invoice number is indicated?

Answers:

• The oldest invoice

• The most recent invoice

• The largest invoice

198. If a customer is tax-exempt but the item is classified as taxable, how does Quickbooks apply tax?

Answers:

• The customer's status overrides the item's tax category

• The customer is charged the tax

• A dialog box asks the user to indicate the correct format

• None of these

199. Can Quickbooks be used for payroll without purchasing a license?

Answers:

• No

• Yes

• Depends on the version

200. If you receive a check against an invoice, to which account is the payment deposited?

Answers:

• Your bank account

• Undeposited Funds

• All answers are correct

• Nowhere

201. Does Point of Sale allow transfers of information into Quickbooks?

Answers:

• No

• Yes

• Third party application needed

• Only with the permission of Quickbooks

• Only some types of information

202. Which of the following inventory valuation does Quickbooks support?

Answers:

• LIFT

• HIFO

• Average

• FIFO

203. Which of the following editions allows toggling among different editions of QuickBooks without having all the editions installed?

Answers:

• Contractors Edition

• Accountant Edition

• Retail Edition

• Professional Services Edition

204. Which of the following can you use to value inventory in QuickBooks?

Answers:

• Double declining balance

• First in, First out (FIFO)

• Last in, First out (LIFO)

• Average cost

205. What is the first step in setting up a company file?

Answers:

• Download transactions

• Import the customer,vendor, and item list.

• Set up inventory

• Bring in account balances.

• Make forms for invoices

206. How does Quickbooks handle the reduction in inventory of a group list item?

Answers:

• Each component of the group item is increased in inventory upon the sale of one group unit

• Adjusting the quantity on hand

• With a credit memo

• Each component of the group item is reduced in inventory upon the sale of one group unit

207. How does Quickbooks sort a list, by default?

Answers:

• By the first amount column, largest to smallest

• In the order in which it is created

• By the first amount column, smallest to largest

• Alphabetically

208. Is Quickbooks a form driving program?

Answers:

• no

• yes

209. What Report will allow you to review your adjusting journal entries?

Answers:

• general ledger

• Accountant/Report Adjusted Journal entries

210. How can you enter a check you write for several different expense accounts?

Answers:

• Ctrl S in the account box

• Ctrl Q

211. What is an appropriate approach for an accounts receivable identified as uncollectible if you are on a cash-basis for tax purposes?

Answers:

• Create an invoice and receive a payment against it

• Create a credit memo and apply the credit to the open invoice

• Create a sales receipt

• Create a journal entry and increase cash, decrease inventory

212. An inventory adjustment should NOT be used for:

Answers:

• Theft

• Breakage

• Obsolescence

• Ongoing purchases

213. What is the shortcut action that results from pressing Ctrl+Q

Answers:

• Creates and displays a Quick Report on the selected transaction

• Displays the Register window

• Displays the memorized transaction list

• Quits the transaction

214. What is the correct method to make changes to the payroll liability balances?

Answers:

• Use 'adjust payroll liabilities' in the payroll module.

• Simply create an adjusting journal entry.

• In the payroll module, create a custom liability check or deposit a refund of liabilities.

• Use 'modify payroll liabilities' in the payroll module.

• Adjust the paychecks directly.

215. What is a Quickbooks portable file?

Answers:

• A data file that is importable

• A Company file compressed for transfer between computers

• A data file that is exportable

• The Company file created after the closing date to transfer to the Accountant

216. What is the appropriate treatment for a check you receive and plan on depositing with other funds?

Answers:

• Create an invoice and receive a payment against it

• Issue a sales receipt

• Select 'Group with other undeposited funds'

• Select the account to deposit into

217. What is NOT an item category?

Answers:

• Payment

• Service

• Depreciation

• Inventory Part

218. Do you enter inventory items using the Chart of Accounts, under assets? And can the quantity be adjusted by just adding/subtracting from this account?

Answers:

• Yes. It shows as current assets and can be adjusted using a register for that account.

• No. Inventory is an Equity account and is handled the same as Profit and Loss accounts.

• No. Inventory is entered in Receive inventory and can be adjusted using Adjust Qty on Hand icon.

• Yes. Inventory items are assets on the Chart of Accounts and can be adjusted just by going in and adjusting the amount changing the amount to what ever you want.

219. How does Quickbooks calculate the number of days aging of accounts receivable?

Answers:

• Based on the shipment date

• Based on the delivery date of the goods

• Based on the day the invoice was created

• Based on the due date on the invoice

220. In writing a check in Quickbooks, what is the difference between "Save & Close" and "Save & New"?

Answers:

• By choosing "Save and New" a new purchase order is opened for that vendor

• By choosing "Save and New" a new invoice is created for that vendor

• By closing, the invoice is closed out

• By closing, the check writing function is closed

221. What is the shortcut action that results from pressing Alt+F4?

Answers:

• Displays the Chart of Accounts window

• Displays the Create Invoice window

• Deletes check, invoice, transaction, or item from the list

• Displays the Find window

• Exit Quick-book Window.

222. What is recommended to enter into the check number field when entering a debit card transaction?

Answers:

• A non-numeric field flagging the transaction as a debit card transaction

• A number that is greatly higher than the latest check number

• Debit card transactions should not be recorded in the Write Checks screen

• The next unused check number

223. Which of the following is NOT an item category?

Answers:

• Discount

• Sales Tax

• Account

• Sales Tax Group

224. Does QuickBooks generate bank reconciliation reports automatically?

Answers:

• No

• You can export the data from general ledger and do the reconciliation manually.

• Yes, it provides all the accounts which are reconciled.

225. True or False: The general ledger and trial balance reports contain redundant information.

Answers:

• True

• False

226. If you are in a transaction and right-click, what menu appears?

Answers:

• It depends on the transaction

• Clear, Void, Erase

• Copy, Paste, Delete

• Item list options

227. In an inventory report, what cost will show for an item?

Answers:

• The cost as based on First-in-First-Out

• The cost as based on Last-in-First-Out

• The purchase price shown in the information schedule

• The average real cost

228. In a working trial balance, what does 0.00 in each column indicate?

Answers:

• The account is marked dormant.

• It means nothing.

• Total Debits and Credits during the period are equal.

• There was no activity in a specific account.

229. What is NOT an example of a typical Class type?

Answers:

• Store Size

• Department

• Cash

• Location

230. On what list can a person be included in order to track time?

Answers:

• Employee List

• All of these

• Vendor List

• Other names list

231. When you Receive Payment, it must be applied to the Undeposited Funds section before you can move it into an account.

Answers:

• False

• True

232. What type of Quickbooks file has an extension of .BDB ?

Answers:

• Intuit Interchange Format file

• Accountant's review copy (working copy)

• Accountant's review copy (import file)

• Timer backup file.

233. True or False: Transactions from financial institutions can only be imported into Quickbooks through the Downloaded Transactions option under the Banking menu.

Answers:

• False

• True

234. If a company's information is recorded incorrectly, then where should the corrections be made?

Answers:

• Company Information Window

• Preferences

• All of the above

• Easy step interview

235. If a customer purchases an item and pays cash, what is the appropriate treatment?

Answers:

• Create a sales receipt

• Create a journal entry and increase cash, decrease inventory

• None of these

• Create an invoice and receive a payment against it

236. What is the process to change inventory valuation from average cost to LIFO?

Answers:

• It must be changed in the Accountants copy of the Company file

• Quickbooks only supports average cost valuation

• In the Quick Interview process

• In the Company Tab, Preferences screen

237. What happens when you void a check?

Answers:

• A credit is created against the check using today's date.

• The amount is zeroed as of today's date.

• The amount is zeroed as of the original check date.

• A credit is created against the check using the original check date.

238. What type of Quickbooks file has an extension of .QBW ?

Answers:

• QuickBooks Portable Company File (for version 2006 and above).

• QuickBooks for Windows company file

• QuickBooks backup file

• Web Connect file.

239. Can I install Quickbooks on Linux?

Answers:

• A Linux computer can only be used as a database server to store shared company data files.

• Yes.

240. When creating an invoice, what does the red circle on the right of an invoice line do upon clicking?

Answers:

• Confirms the customer

• Confirms the item is in stock

• Adds a new line below

• Deletes the line

241. What are two elements required to create a Sales Tax item?

Answers:

• The name of the taxing agency and the address to send remittance

• The level of an Inventory Assembly component at which you order more

• The local and state tax rates

• The percent rate and the taxing agency

242. When is an income account transaction non-taxable?

Answers:

• When the transaction is an inventory purchase

• When it is a transaction deemed retail

• When it is a transaction deemed wholesale

• When the transaction is point-of-sale

243. What is required to merge accounts?

Answers:

• All account transactions must be prior to the latest closing date

• You must have Quickbooks Enterprise

• Accounts can only be merged in the Accountants working copy file

• You must be in Single-User mode

244. Which tax form would you select for a corporation?

Answers:

• Form1040

• Form1065

• Form 1120

• Form 1133

245. How can you show items that you have formerly made inactive?

Answers:

• View the "Inactive Summary" report

• Select the "Include Inactive" checkbox

• Uncheck the "Inactive" box on the master Item List

• Under the Company Preferences tab, check the "Show All" box next to the list on the Items List tab

246. You record a credit memo and apply it to what?

Answers:

• purchase order

• invoice

• item list

• bill

• account register

247. Can you enter the checks you write in your chart of accounts?

Answers:

• Yes

• No

248. In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?

Answers:

• Other Charges item

• Service Item

• Subcontractor Item

• Subtotal item

249. In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?

Answers:

• Service Item

• Subcontractor Item

• Other Charges Item

• Subtotal Item

250. True or False: You have to have basic customer info (name, etc) entered on the Customer List BEFORE you can enter an invoice or P/O against that customer.

Answers:

• False, you can enter customer names "on the fly" and have the option to fill in the info or save it to fill in the info later.

• True, all customers must be listed in the Customer List before they can be used on an invoice etc.

251. How do you apply a vendor credit to a bill?

Answers:

• In the vendor center, right-click the bill and select "Apply Credits."

• Open the bill and click "Apply Credits."

• In the pay bills module, check the bill to which the credit is to be applied, click "Set Credits" and select the credit(s) to be applied.

• The credit will appear in the pay bills module and you just check it as you would a bill.

252. Where can you order W-2s & Tax Forms?

Answers:

• Vendors Menu

• Lists Menu

• Employees Menu

• Reports Menu

• Company Menu

253. When are physical counts recorded in Quickbooks typically updated?

Answers:

• After a physical count is made

• At the end of a quarter

• On an ongoing basis if perpetual inventory is implemented

• At the end of the year

254. How can you see who last modified a transaction?

Answers:

• All methods are correct.

• Create an Audit Trail Report for the transaction in question.

• While a transaction is selected, create a Transaction Journal report and modify it to include the column "Last modified by."

• In the vendor & customer centers, right-click the transaction, select "View Transaction Journal", and modify the report to include the column "Last modified by."

255. How many users does the desktop Pro version of Quickbooks support?

Answers:

• 5

• 3

• 7

• 30

256. Does a retail shop that only sells consigned goods hold inventory?

Answers:

• No

• Yes

257. How can you reprint a employees pay stub once it has been printed?

Answers:

• Report/Employees & Payroll/Pay Stubs

• File/Print Forms/Pay Stubs

258. What is the default first sort order for the Chart of Accounts?

Answers:

• Alphabetical

• In order as appearing on the Balance Sheet

• By Account Type

• In order as appearing on the Income Statement

259. Managing Change Orders is a function of the industry specific Quickbooks:

Answers:

• Manufacturer & Wholesaler

• Contractor

• Retail

• General Business

260. What is not a transaction that takes place in the inventory management function?

Answers:

• Taking physical inventory

• Entering the bill you receive for inventory

• Adding purchased inventory to the asset account

• Paying the bill for inventory

261. Which of the following classifications is found on the statement of cash flows?

Answers:

• Cash flows from selling activities

• Cash flows from purchasing activities

• Cash flows from owner's facilities

• Cash flows from investing activities

262. True or False: When you have undeposited checks, they are listed under Banking in the Assets accounts.

Answers:

• False, they are entered under Cash in the assets accounts.

• True, as they are part of banking.

• False. Undeposited checks are listed under Other Current Assets.

263. True or False: Vendors compensation for sales tax should be listed in quickbooks as an expense account.

Answers:

• True

• False

264. What action is automatic within Quickbooks at the re-order point?

Answers:

• A recalled transaction creates a write-a-check transaction

• A reminder is sent to the reminder list

• A screen warning is displayed that must be acknowledged by the user

• A recalled transaction creates a purchase order

265. To automatically manage recurring Accounts Payable:

Answers:

• Set up "Checks to Run" on the payment date

• Set up a reminder for Bills to pay and set the number of lead time days to notify

• Set up a duplicate transaction

• Set up a recurring transaction

266. True or False: Defining a group of items is equivalent to creating sub-items.

Answers:

• True

• False

267. Once you merge an item, then find out you didn't want to merge it, can you reverse the merge?

Answers:

• No. Once a merge has been done, it can't be reversed.

• Yes. Everything is possible in QB's.

• No. You must HIDE the wrong name and start a whole new entry for that person, along with any/all transactions for them.

268. What does pressing H in a date field accomplish?

Answers:

• Changes the date to the last day in the month

• Changes the date to the first day in the month

• Changes the date to the last day in the year

• Changes the date to the first day in the year

269. When you record a cash sale, where does Quickbooks apply the payment?

Answers:

• Undeposited funds

• Income

• Petty cash

• The selected bank account

270. What type of Quickbooks file has an extension of .QBO ?

Answers:

• QuickBooks backup file

• Web Connect file.

• Accountant's review copy (working copy)

• QuickBooks Portable Company File (for version 2006 and above).

271. Where can you find a detailed report of vendors balance?

Answers:

• In the vendors reports

• All of the answers are correct

• In the customers balance details

• In the vendors balance detail

272. What is the keyboard shortcut to open the Customer Center?

Answers:

• Ctrl+I

• Ctrl+A

• Ctrl+T

• Ctrl+J

273. True or False: Clearing the opening date reopens the closed accounting period.

Answers:

• False

• True

274. How can you start Quickbooks without a company file?

Answers:

• Press Ctrl + Enter

• Press Esc or Ctrl + F4

• Press Alt (while opening)

• Press Ctrl (while opening)

275. Can you use a mobile device to record transactions into Quickbooks?

Answers:

• Only with a third party app

• No

• Only with Quicken Mobile

276. In order to get which of the following reports must we use items to track both income and expenses?

Answers:

• Item Profitability Report

• Income Tax Details report

• General Ledger Report

• Profit & Loss by Job Report

277. When writing checks, if you do not indicate a specific bank account, what does Quickbooks use as a default?

Answers:

• The account indicated as the default account in the setup interview

• The most recently used account

• The first account that was set up in Quickbooks

• The account that was most recently used to pay the same vendor

278. How do you delete a record row?

Answers:

• Press Del

• Press Ctrl + D

• Press Ctrl + Del

• Backspace

279. What type of Quickbooks file has an extension of .QBM ?

Answers:

• Loan Manager Data

• Accountant's review copy (working copy)

• QuickBooks Portable Company File (for version 2006 and above).

• QuickBooks backup file

280. Where do you find the memorized transactions?

Answers:

• Edit Menu

• Company Menu

• Favorites Menu

• List Menu

• File Menu

281. How can you see what was posted after the period was closed (and a password was entered)?

Answers:

• The Audit Trail

• Download a .qii data file into Excel

• The Accountant's Audit Report

• The Close Period Exception Report

282. True or False: When you use Enter Bills, you must use Pay Bills when you receive payment.

Answers:

• True, this way the A/P for this entry will be cleared out.

• False, you must enter it under Bank Deposit when receiving payment.

283. What is the 'Limit' field in the Customer list?

Answers:

• The dollar amount of the Customer's credit

• None of these

• If checked, the Customer can not have another invoice opened until satisfying what is outstanding

• The amount of credit still available to a Customer

284. What will display when you press CTRL-Y from any form amount entered?

Answers:

• It will enter the date end of the current year

• The back-end Journal entries in debits and credits (T -accounts)

• It will display a dialog box asking if you are sure you want to close and save the transaction

• It will display a dialog box asking if you are sure you want to delete the transaction

285. Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees?

Answers:

• Professional Services Edition

• Accountant Edition

• Retail Edition

• Contractor Edition

286. True or False: If you pay a bill upon receipt by writing a check there is no reason to Enter a Bill.

Answers:

• False

• True

287. Which of the following inventory valuation methods does QuickBooks Support?

Answers:

• All of the above

• Average cost

• LIFO

• FIFO

288. In a date field press _

Answers:

• Changes the date to the last day in the year

• Enters yesterday's date

• Subtracts one day from the date shown

289. What is Quickbooks default transaction when inventory is received before the invoice?

Answers:

• No action, Quickbooks credits Accounts Payable when the invoice arrives

• Accounts Payable is debited

• Accounts Payable is credited

• No action, Quickbooks debits Accounts Payable when the invoice arrives

290. Which of the menus provides the option to print the Income Statement?

Answers:

• Reports and Lists Menu

• Report Center

• None of the menus listed provide that option

• Lists Menu

• Reports Menu

291. What is one option NOT offered by Quickbooks Pro?

Answers:

• A portable Company File

• Classes

• Inventory Assembly

• Data import from previous Quickbooks versions

292. What amount is shown for Cost of Goods sold?

Answers:

• A Cost of Goods sold percentage set up on the item list

• The cost of that specific item

• The average real price

• The average real cost

293. What kind of information can you transfer from Quickbooks to Salesforce?

Answers:

• Just the information required, at the customization third party

• Vendors

• Returns

• Sales

294. What is a sales tax group?

Answers:

• A sum of all taxing entities' taxing rates

• None of these

• A grouping of customers that have the same tax profile

• A group of product items that are subject to sales tax

295. How does Quickbooks calculate the percentage discount Item?

Answers:

• As a percent of the total of all items listed prior to the percentage discount

• Calculated manually on individual invoices

• As a percent of the line item directly above it

• As indicated on the percent discount sub-item for the product

296. Once your company is set up as a contract agency, you want to change the company to be a boutique.  Can you just change all the company info and continue on the way you were, but with customers?

Answers:

• No. You can keep the company ID number, but you only need to change the company name.

• No. You must open and start a brand new company, new company ID etc.

• Yes, that way you don't have to put up with all the trouble of starting up a new company name etc.

297. To which of the following items you cannot assign the units of measure?

Answers:

• Group

• Inventory assembly

• Discount

• Service

298. What is the file extension for a Quickbooks backup file?

Answers:

• .qbmb

• .qif

• .qbo

• .qwc

• .qbb

299. The proper format required for an imported file can be found:

Answers:

• Using the Quickbooks Coach

• In the help section

• By exporting the data file from Quickbooks to Excel and using that as a template

• In the Reports section, Import Screen

300. What is NOT a tax form status event?

Answers:

• Saved

• Agency Rejected

• Voided

• Submitted to Agency

301. How do you specify if a discount should be applied to a total with or without sales tax included?

Answers:

• Tax code drop-down list

• In Company Preferences

• As part of the initial Company Interview

• All of these are options

302. What type of Quickbooks file has an extension of .INI ?

Answers:

• Intuit Interchange Format file

• Business Planner file

• Configuration file

• Timer backup file.

303. A blue dot next to an account in the Chart of Accounts window means...

Answers:

• that this account is a checking account.

• that this account has been disabled.

• that this account has pending transactions for review.

• that this account is overdrawn.

• that this account is setup for online transactions.

304. What is an example of an appropriate use of Payment item on an invoice?

Answers:

• Percentage discount

• Due on Receipt of Payment

• In-kind donation

• Deposit received prior to invoice

305. What are the default choices for Customer Type?

Answers:

• Corporate & Referral

• Cash & Other

• Taxable & Non-Taxable

• Product Customer & Job Customer

306. What is the maximum number of rows allowed to be imported into Quickbooks from an Excel data file?

Answers:

• 1,000

• 500

• There is no limit

• 750

307. Which keyboard strokes open a window to transfer funds between accounts?

Answers:

• Ctrl+B - T

• Alt+T

• Alt+B - T

• Ctrl+T

• Ctrl+Shift+T

308. How can you transfer data from Oracle to Quickbooks?

Answers:

• Mapping to Quickbooks

• Select the function on the menu

• Creating a Excel file and transferring that to Oracle

• Third party plug

309. Adjusting journal entries are used to record what?

Answers:

• Future estimated litigation costs

• All of these

• Appreciation and Depreciation Costs

• Depreciation expense and expired prepaid expenses.

310. For quick move from last record to first record during book keeping transactions, press...

Answers:

• Ctrl + Left Arrow

• Shift Tab

• Page Up

• Ctrl + Page Down

• Ctrl + Page Up

311. _______ is NOT an item category:

Answers:

• Freight

• Inventory Part

• Payment

• Service

312. Which of the following balance sheet accounts doesn't have an account register?

Answers:

• Retained earnings

• Opening Balance Equity

• Owner's capital

• Payroll Liabilities

313. What is the keyboard shortcut to display the Transaction Journal?

Answers:

• Ctrl + D

• Ctrl + Y

• Ctrl + S

• Ctrl + T

• Ctrl + J

314. What is an appropriate way to handle a reimbursable expense?

Answers:

• Create a credit memo

• Invoice the reimbursing party

• Book it as income to offset the expense

• Book the expense with a negative amount

315. If a salesperson takes a 'draw' rather than a salary, where should they be included?

Answers:

• Other names list

• Employee List

• A credit memo should be issued to them at each draw

• Vendor List

316. At initial setup, what is NOT a field that must be completed for New Items?

Answers:

• Quantity on Hand

• Date Fields

• Total Value

• Vendor

317. What is a Bill of Materials in Quickbooks?

Answers:

• A non-inventory list

• Component items and quantities to create an invoice assembly

• An invoice to a customer for materials

• The level of inventory at which you assemble additional grouped items

318. What is the keyboard shortcut to open a split transaction in register press?

Answers:

• Ctrl + O

• Ctrl + Y

• Ctrl + R

• Ctrl + J

• Ctrl + A

319. How can you report on text that is contained in a Custom field?

Answers:

• Quickbooks does not have this capability

• Company tab. Preferences screen

• Indicate on the Custom Field List

• Reports Tab - Custom Reports

320. Which of these is true about a duplicated transaction?

Answers:

• A list of duplicated transactions is automatically maintained

• Reminders for duplication are delivered monthly

• Duplicating is a one-time manual copy

• Duplicated bills can be recalled

321. What is the web address of the QuickBooks online version?

Answers:

• www.quickbooksonlineversion.com

• www.intuit.com

• www.quickbooks.online.com

• online.quickbooks.com

322. The shortcut to open Customer Center is:

Answers:

• Ctrl + N

• Ctrl + C

• Ctrl + J

• Ctrl + W

• Ctrl + M

323. What is the maximum number of deposits in a make deposit screen?

Answers:

• 100

• 50

• 500

• There is no limit

324. Which of the following cannot be included as a component of an assembly item?

Answers:

• Other Charges Items

• Group Items

• Inventory Assembly items

• Service Items

325. The primary purpose for setting a Closing Date password is:

Answers:

• Ensure that only the accountant's copy can have transactions changed that are prior to the closing date

• To lock down all transactions and not allow changes prior to the closing date

• To allow the reversing entries to be made to close the books

• To have Quickbooks prompt you when you attempt to make a change to a transaction prior to the closing date.

326. When making changes to a transaction in the register view, what keyboard shortcut records the transaction?

Answers:

• Alt-R

• Alt-D

• Ctrl-Shift-R

• Ctrl-D

• Ctrl-R

327. For which of the following reports can you use the Financial Statement Designer to filter account balances by Customer: Job?

Answers:

• Income Statement

• Statement of Cash Flows

• Balance Sheet Standard

• All of the above

328. The option for downloading updates from within QuickBooks is...

Answers:

• All of these

• Share downloads

• Update Automatically

• Update immediately

329. Where do you find the Preferences?

Answers:

• Company Menu

• Edit Menu

• View Menu

• File Menu

• Help Menu

330. While setting up the chart of accounts, which of the following accounts can have their open balances recorded?

Answers:

• Accounts Receivable

• Accounts Payable

• Bank

• All of the above

331. True or False: At year end the depreciation account should not be closed to the profit and loss report.

Answers:

• False

• True

332. How can you transfer data from Quickbooks to Salesforce?

Answers:

• Transfer the information to Excel and Excel to Salesforce

• Select the function on reports tab

• Third party plug

• With QuickBooks Pro Version

• With QuickBooks Enterprise Version

333. While entering individual historical transactions during setup, which transactions should be entered first?

Answers:

• Bank Transactions

• Accounts Payable transactions

• Payroll Transactions

• Accounts Receivable transactions

334. If the customer changes his name, when you enter it on an invoice, the name doesn't change in the Customer Profile List.

Answers:

• The name changes only if you go to the Vendor Profile List and enter it manually.

• It changes only if you go to the Customer Profile List and enter it manually.

• False, it does automatically update the customers name.

335. What is the keyboard shortcut to zoom in on the reports in Quickbooks?

Answers:

• Ctrl + Down Arrow

• Press Enter

• Ctrl + Up Arrow

• Ctrl + Enter

• Ctrl + Z

336. Where does information input into the memo box on a new invoice show to the customer?

Answers:

• In the lower right corner of the invoice

• On a separate page

• On the packing slip

• It does not, it is an internal reference

337. What is the automatic Quickbooks help prompt?

Answers:

• QueBert in QB

• The Quickbooks Coach

• Question mark

• The Quickbooks Paperclip

338. What is an example of an appropriate type of Sub-items?

Answers:

• An assembly item

• Discount on a group of items

• Various colors of an item

• Classes

339. What is the keyboard shortcut to insert a blank account line on the expenses tab of a check?

Answers:

• Ctrl+I

• Ctrl+Ins

• Ctrl+Shift+Ins

• Ctrl+Shift+I

• Shift+Ins

340. How can you quickly view the history of Accounts Receivables and Accounts Payable?

Answers:

• Ctrl + Alt + V

• Ctrl + V

• Ctrl + Enter

• Ctrl + A

• Ctrl + H

341. What is the keyboard shortcut to open a window to enter credit card charges?

Answers:

• Ctrl+C

• Ctrl+Shift+C

• Ctrl+C - C

• Alt+B - H

• Alt+B - C

342. After inventory has been set up, what is a typical adjustment?

Answers:

• Adjust value based on depreciation schedules

• Adjust values based on market projections

• Adjust valuation due to market changes

• Adjust value based on currency changes

343. True or False: When you reconcile a credit card, you use the same procedure you use when you reconcile your bank account, using the Bank Reconciliation icon.

Answers:

• False, you need to go to the Liabilities and reconcile your credit account from there.

• False, you have to go the Chart of Accounts, click the credit card name, Activities at the bottom of the list & Reconcile Credit Cards.

• True, they are considered one and the same as far as the reconcile procedures go.

344. How will a second subtotal inserted in an invoice calculate?

Answers:

• It will calculate the first subtotal plus all following lines

• It will calculate all line items after the first subtotal

• It will calculate all lines in the invoice, excluding the subtotal

• It will calculate all line items after the preceding blank line

345. Which of the following is the method you can use to track customer prepayments, deposits or retainers in QuickBooks?

Answers:

• Both of the above

• Setting up a separate liability account to track the funds.

• Entering payments in the Prepayments window.

346. What is a Build Point in Quickbooks?

Answers:

• The level of Inventory assemblies at which you create more

• The level of an Inventory Assembly component at which you order more

• The level of inventory at which you purchase more

• A Construction Preference Percent Completion level

347. True or False: When you have inventory items, QB's automatically uses the Average Cost, but you can change it to LIFO or FIFO.

Answers:

• True, but you can only use LIFO or FIFO if you have QB's permission.

• True. The inventory value is determined by dividing the total value of inventory by the total number of inventor items.

• False, you don't have a choice of Inventory Valuations.

348. Which of the following can be done in the Financial Statement Designer?

Answers:

• Export Customized Templates for use with other clients

• Quick Zoom to edit source transactions

• All of the answers are correct

• Customize Statements to report on net income before and after tax

349. Can an unlimited amount of people make changes to Quickbooks in a company?

Answers:

• No

• Depends on the version

• Yes

• This is determined by the company

350. True or False: The general ledger and trial balance reports contain some of the same information.

Answers:

• False

• True

351. True or False: Creating a Purchase Order is a required first step in the inventory accounting process

Answers:

• True

• False

352. Which of the following cannot be recorded by using a journal entry?

Answers:

• Fixed assets

• Lines of credit

• Bank account transactions

• Inventory quantities

353. Can QuickBooks use both accrual and cash basis accounting at the same time?

Answers:

• Yes

• No

354. What versions of Quickbooks include the Inventory Assembly option?

Answers:

• Quickbooks Pro for Retail

• Quickbooks Enterprise only

• Quickbooks Premier and Enterprise

• Quickbooks Pro, Premier and Enterprise

355. I have multiple versions of QuickBooks, can I merge or combine the company files?

Answers:

• No, QuickBooks company files cannot be merged or combined.

• Yes, but you must covert all current files using a file converter.

• Yes, QuickBooks company files can be merged or combined.

• Yes, but you must download a secondary file transfer tool.

356. What type of Quickbooks file has an extension of .QBX ?

Answers:

• Web Connect file.

• QuickBooks for Windows company file

• Accountant's review copy (export file)

• QuickBooks Portable Company File (for version 2006 and above).

357. What is the shortcut to see the properties of the current QuickBooks file?

Answers:

• Ctrl+P

• F3

• F2

• F4

• Ctrl+R

358. What should you do if you will likely sell a service only once?

Answers:

• Set up a "catch all" item

• Click the "one-time use" button in the new item window

• Do not use items when invoicing the customer, just type description and price in the notes area

• Set it up as an individual service item and make it inactive after the sale

359. What type of Quickbooks file has an extension of .BPW ?

Answers:

• Business Planner file

• QuickBooks backup file

• Accountant's review copy (import file)

• Timer backup file.

360. Which report(s) could you run to see the reversing journal entry QuickBooks makes when voiding a check from a prior period without affecting prior period financials?

Answers:

• Vendor returns details

• Adjusting journal entries

• Voided Checks

• Prior period changes

361. Which of the following transaction cannot be recorded as journal entry?

Answers:

• Balance(s) or accounts

• Fixed Assets

• Inventory

• A bank transaction

362. Which of the following option is available in the advanced tab of Export option?

Answers:

• Line Numbers

• Column Headings

• Rows

• Colors

363. Can 2 versions of Quickbooks be merged together?

Answers:

• No

• Yes, if it is the same format

• If the version is the same

364. What account does shipping cost on purchased goods typically appear?

Answers:

• Shipping Expense

• Offset to Income

• Inventory cost

• Selling, General & Administrative

365. What is an example of Multiple Units of Measure?

Answers:

• Metric and Imperial

• Canadian and US Dollars

• Fabric Bolts and Fabric Yards

• State Tax and Local Tax

366. How do you report on account history on two accounts that have been merged?

Answers:

• Reports Tab - Transaction Detail by Account screen

• That is not possible in Quickbooks

• Reports Tab - Customer Balance Data screen

• Reports Tab - Recent Transactions

367. Where do you modify the options for Job Status in the Job Tracking functionality?

Answers:

• Customer tab, Customer Center screen

• Reports Tab - Tracking screen

• Company tab. Preferences screen

• Reports Tab - Transaction Detail by Account screen

368. What is the shortcut action that results from pressing Crtl+C

Answers:

• Displays the Chart of Accounts window

• Displays the Write Checks window

• Inserts a line into a list of items or expenses

• Undoes your last action ?? usually

369. What is the option for entering different types of Price Level list items?

Answers:

• All of these

• Fixed price amounts

• A dollar amount above or below the item price

• Percentage above or below the item price

370. True or False ? An accountant can create new transactions regardless of it being after the dividing date

Answers:

• False

• True

371. Where can custom words be deleted from the Spell Check dictionary?

Answers:

• In Spell Check, while it is running.

• Custom words cannot be deleted from the dictionary.

• In the spelling section of User Preferences.

• In the Edit menu, under Dictionary.

372. In a date field press R

Answers:

• Changes the date to the last day in the year

• Changes the date to the last day in the month

• Changes the date to the first day in the month

373. Which of the following reports can be used to find checks in numeric order?

Answers:

• Cash disbursement journal report

• Transaction journal report

• Missing checks report

374. In Quickbooks 2011 can you open more than one Quickbooks file at the same time?

Answers:

• No

• Only with Quickbooks Premier 2011

• Yes

375. Which of the following inventory valuation methods does Quickbooks support?

Answers:

• All of the above

• FIFO (first in first out)

• LIFO (Last in first out)

• Average Cost

376. Selecting "Company>>Journal" on the main menu will show posted journal entries for the current company?

Answers:

• True

• False

377. If you open a list and reorder it, how do you tell Quickbooks to save that order?

Answers:

• None of these

• Answer 'No' to the dialog box that asks you if you want to revert to the original order when you next open the list

• Answer 'Yes' to the dialog box that asks you if you want to save the new order when you go to close

• It is not necessary as Quickbooks will open the list in the same order as it was last closed

378. If you issue a credit memo to a customer for a defective product, how does Quickbooks handle the inventory account?

Answers:

• Quickbooks books it as an inventory expense due to damage.

• Because it was defective, Quickbooks assumes you return it to the manufacturer for a refund

• Quickbooks assumes the inventory is returned to stock.

• All appropriate inventory changes must be made manually.

379. To which of the following items you cannot assign the units of measure?

Answers:

• Group

• Discount

• Inventory Assembly

• Service

380. What is the shortcut to last day of the current week and last day of subsequent weeks?

Answers:

• Press m

• Press k

• Press h

• Press w

• Press t

381. True or False: Quickbooks asks to to make a backup on the company file every time you close the program.

Answers:

• False.

• True.

382. True or False: The option to buy an additional license is available on Quickbooks Premier 5-pack license installations.

Answers:

• True

• False

383. If you enter a deposit as a payment in the chart of accounts can you fix the entry?

Answers:

• Yes

• No


1 NOT Answered Yet Test Questions:

(hold on, will be updated soon)
384. What command button(s allow you to scroll through receipts you have printed by not printed?

Answers:

• Forward & Back

• Next & Previous

• Print Preview

• Review All