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100 Cards in this Set
- Front
- Back
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During the EasyStep Interview, you can turn on and off which features?
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d. All of the Above
Sales taxes Inventory Progress Invoicing a. Sales taxes & b. Inventory & c. Progress Invoicing & So: d. All of the above If you want to turn on/off features after the EasyStep: Edit > Preferences. |
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During the EasyStep Interview, you can set up a password for which of the following users?
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b. Administrator
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When setting up a new company through the EasyStep Interview, some company information is optional and some is absolutely required. Which of the following pieces of information does QuickBooks require you to enter?
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a. Company name
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How do you set up multiple businesses in QuickBooks (assuming each business files a separate tax return)?
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c. Go through the EasyStep interview for each company to create a separate company file.
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During the EasyStep Interview, how do you setup a new account that is not on the default list of accounts?
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a. You can’t add accounts that are not on the QuickBooks default list. Finish the interview and add the accounts directly to the Chart of Accounts.
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You’ve been hired by a company that started in 1911. They’ve never used QuickBooks. During the EasyStep Interview, what “Start Date” should you use?
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d. The date you want to begin tracking the company’s finances in QuickBooks.
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How do you restore a company file from a backup copy?
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c. Choose File > Open or Restore Company. Select Restore a backup copy and click Next. Choose Local or Online Backup and click Next. Select the file to restore and click Open. Choose where to restore the file to and click Save.
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Which of the following is NOT a backup option in QuickBooks?
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d. all of the above because you can:
a. Manually back up the file & b. Automatically back up the data file when closing QuickBooks. & c. Schedule an unattended backup |
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Why would you restore a data file from the backup file?
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d. All of the above because these are all reasons to restore data from a backup file:
a. You wish to review the company data as it stood at an earlier date. b. The company data file on your hard drive is damaged and cannot be used. c. Your computer crashed. You reloaded QuickBooks, and now you are ready to open the company file. |
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How do you switch to Multi-User Mode?
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d. Choose File > Switch to Multi-user Mode from the menu.
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If you choose to “Remove Transactions as of a specific date” from the “Clean Up Company Data” window, what does QuickBooks do?
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b. Removes all transactions while leaving lists, preferences, and service subscriptions intact.
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What happens when you press F2 in QuickBooks?
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c. QuickBooks opens the Product Information window which includes version and company file information.
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When would you enter a journal entry?
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d. all of the above because
a. To correct errors (if you have a strong accounting background) b. For year-end adjustments c. To enter depreciation |
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How do you create an Accountant’s Copy?
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c. Choose File > Accountant’s Copy > Select Save File or Send to Accountant.
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When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions?
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a. QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions
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When entering a journal entry, what happens if the debits don’t equal the credits?
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b. QuickBooks will not allow you to record the transaction.
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What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer Job?
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b. You can click on the diamond and move the list entry to a different location on the list.
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If you moved a list entry up or down, what happens when you add a new entry to the list?
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c. QuickBooks adds new list entries to the top of the list, regardless of alphabetic order.
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What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier?
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d. 14,500
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What keyboard shortcut allows you to see a total for all four names lists?
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a. F2
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How do you combine or merge two list entries?
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a. Rename the unwanted list entry to match the name of the list entry you want to merge into.
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Can you delete a list entry (for example, an item)?
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c. Both A and B:
a. Yes, if the list entry is not used in any transactions or is not part of another list entry (for example, a group item). b. No, if the list entry is used in any transactions or is part of another list entry (for example, a group item). |
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Suppose you own a company that repairs bicycles. What item type should you use for “bicycle repair”?
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d. Service
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Which of the following is NOT an Item Type?
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d. Income
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Which of the following statements is true concerning items?
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d. All of the above:
a. You can use one item to represent different services or goods. b. Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss. c. To create an invoice, you must use an item. |
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What are other benefits of using items?
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d. all of the above:
a. You can track the actual quantity of goods or services you sell . b. They can save you time by automatically entering a description and price on forms. c. They allow you to track a lot of detail without cluttering your Chart of Accounts. |
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What item type should you use for inventory that you assemble from other items and then sell?
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c. Inventory Assembly
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You’ve just been hired by a bakery that sells delicious cup cakes. When they buy ingredients (flour, eggs, milk, and sugar), they use the Expense tab and assign the costs to a Cost of Goods Sold account. You need to set up an item for cakes. What
item type should you use? |
d. Non-inventory Part
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What account (on the Chart of Accounts) is affected when you sell an item?
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a. The account you selected when you set up the item.
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If you associate a service item with two accounts, how does QuickBooks know which account to use on a transaction?
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a. When the item is on a sales form, QuickBooks uses the account under “Sales Information” in the item setup. When it’s on a purchase form, it uses the account
under “Purchase Information.” |
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What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund?
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b. Credit Memo
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When would you create an estimate in QuickBooks?
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b. When a customer requests a bid, quote, or proposal
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When you invoice for time and costs, where does QuickBooks get the billable time or costs?
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d. From billable time entered on timesheets and/or billable costs entered on checks and bills.
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When should you create an invoice in QuickBooks?
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d. When a customer purchases goods or services but does not pay you at the time of the sale
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When should you use a Sales Receipt in QuickBooks?
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c. To record a customer payment at the time of sale
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What is the purpose of Progress Invoicing?
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c. To invoice from an estimate in increments
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When you create a statement and select “All open transactions as of statement date,” what does QuickBooks show on the statement?
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a. Open transactions as of the statement date
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What do you need to record in QuickBooks when a customer’s check bounces (the customer had non-sufficient funds, NSF)?
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d. all of the above:
a. There is less money in the checking account. b. The customer owes you for the amount of the check (and optionally a bounced check fee). c. The NSF fee the bank charged you. |
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You received 5 customer payments in the mail. At the bank you deposit the 5 checks as one deposit. When you record the 5 separate payments in QuickBooks, how do you show that the 5 checks were actually 1 deposit?
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c. When you use the Receive Payments window, QuickBooks doesn’t deposit the money in your checking account. After you record the 5 payments, click Record Deposits and select the 5 checks.
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What options do you have after you create a credit memo in QuickBooks?
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d. all of the above:
a. Retain as an available credit b. Give a refund c. Apply to an invoice |
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Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to?
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b. Vendor List
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When should you NEVER delete a check?
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d. You printed a check, and the check number has been used.
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What methods for purchasing can be recorded using the Write Checks window?
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d. all of the above:
a. Debit card purchase b. Petty cash purchase c. ATM withdrawal |
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How do you track accounts payable in QuickBooks?
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c. Enter a bill, and then use the Pay Bills window.
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What transaction/form do you begin with to enter a vendor credit?
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b. Enter Bill
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What happens to the inventory asset account when you enter a purchase order for inventory?
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d. No accounts are affected.
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Which form should you use to enter petty cash expenditures?
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d. Write Checks or use check register
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When reconciling your bank account in QuickBooks, what must the beginning balance match?
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b. It should always match the opening balance on the paper bank statement.
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What is a reason to use the Items tab when entering a bill?
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b. To assign a cost to a job or purchase inventory.
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How do you set up QuickBooks to automatically use discounts and credits?
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d. Choose Edit > Preferences > Bills > Company Preferences, and then select to automatically use discounts/credits.
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When printing paychecks, what is the preferred check style to give an employee a paystub?
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d. Voucher
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When setting up a new employee, what is important about the Payroll Info tab?
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a. Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself.
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Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)?
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c. So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center.
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What are the first two steps to set up payroll in QuickBooks?
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a. 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview.
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When you set up a new Payroll Item using the EZ setup wizard, which is not a choice?
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c. City/Local Taxes
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How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate?
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a. You can’t.
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Which of the following Payroll Services are available with QuickBooks?
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d. all of the above:
a. Basic b. Enhanced c. Assisted |
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How do you track sick or vacation time in QuickBooks?
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d. all of the above:
a. When you set up an employee, define how QuickBooks should accrue time. b. Set up a sick or vacation wage item. c. Pay an employee with a sick or vacation wage item. |
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How does entering time for a job affect job cost reports?
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d. none of the above:
a. QuickBooks adds the cost of that employee’s time to the job cost. b. QuickBooks adds the cost of that employee’s “labor burden” to the job cost. c. A and B. |
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When would you use the Expenses tab on a payroll liability check?
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b. To enter late fees/penalties or interest.
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What report should you use to help you complete the state unemployment tax form?
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c. Employee State Taxes Detail
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What form must you give to an employee?
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c. W-2
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Which of the following is a way to access a report in QuickBooks?
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d. all of the above:
a. From the Reports menu b. From the Report Center c. By clicking Reports at the bottom of lists |
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When you send a QuickBooks report to Excel, which feature allows you to have a drop-down list for each column to allow filtering?
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d. Auto Filter
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How do you create a memorized group of reports?
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c. Open the Memorized Report List and then click Memorized Report > New Group.
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What is the purpose of subaccounts?
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b. Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those accounts
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What is the easiest way to organize your memorized reports?
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b. Create a report group.
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How do you create a memorized group of reports?
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b. Open the Memorized Report List and then click Memorized Report > New Group.
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How do you display or print a batch/group of reports quickly?
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b. Choose Reports > Process Multiple Reports.
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What options (tabs) do you have to change a report when you click Modify Report?
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d. all of the above:
a. Display b. Filters c. Header/Footer and Fonts & Numbers |
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What happens if you click Collapse on a report?
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c. QuickBooks hides Subaccounts and only shows Parent accounts.
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What happens if you double-click a diamond on a report column?
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d. none of the above:
a. QuickBooks opens a detailed report about just that column. b. QuickBooks automatically adjusts the column width to fit the data in the column. c. QuickBooks hides the column. |
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You have customized and then memorized a report. What does QuickBooks save when memorizing a report?
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c. Report header, filters, and columns but not the actual transactions
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If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax reports?
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b. Vendors and Payables
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What can you do in the Reports & Graphs Preferences (Edit > Preferences)?
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d. all of the above:
a. Change the summary basis (Accrual or Cash) for all reports b. Change Format options like font color and size c. Set which date to use for aging reports |
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Which of the following reports answers the question “What transactions make up the current balance I owe each Vendor?”
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c. Vendor Balance Detail
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What happens when you QuickZoom on a number in a report?
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a. QuickBooks shows more detail about the number on the report.
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How do you move columns on a report?
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d. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.
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What is one way that QuickBooks uses the Account Type?
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d. To identify where the account appears on the financial statements
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What does the term “Double-entry accounting” mean?
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b. There are always at least two accounts involved in every financial transaction.
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What is the purpose of the Chart of Accounts?
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b. It is how you categorize financial transactions.
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You suspect that someone has changed a transaction. What report should you run?
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a. Audit Trail Report
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How can you stop yourself and others from deleting, editing, or adding transactions in a closed period?
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c. Set a closing date
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When you run Financial Statements in QuickBooks, what bookkeeping basis can you use to view the report?
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d. all of the above:
a. Cash Basis. b. Accrual Basis. c. You can switch the bookkeeping basis if you want. |
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What are the 2 main Financial Statements you can run from the “Company and Financial” category of reports?
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a. Balance Sheet, Profit and Loss
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What are the main sections of the Profit & Loss?
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b. Income, Cost of Goods Sold, and Expenses
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You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice that the beginning balance
calculated by QuickBooks is different from the beginning balance according to the bank. How can this happen? |
c. Someone changed or deleted a cleared transaction.
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What is equity?
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b. Assets minus (-) liabilities.
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Suppose your address information appears on the upper left of your invoice and you want to move it to the lower right. How would you do this?
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b. Use the Layout Designer
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You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in QuickBooks?
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a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).
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How do you set up multiple users in QuickBooks Pro or Premier?
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a. Choose Company > Set Up Users and Passwords > Set Up Users.
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You’ve customized an invoice and are ready to use it. But when you open the invoice, QuickBooks displays the default Intuit Invoice. How do you change it?
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b. On the invoice, click the Template drop-down arrow and select your customized invoice.
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Suppose you have to track a specific piece of information about your customers that QuickBooks does NOT track. What is the best way to do this?
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c. Edit a customer and click the “Additional Info” tab. Click Define Fields to create a Custom Field to track anything you want.
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You don’t like how a form (for example, an invoice) looks when you print it. How can you change it?
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d. Click Customize at the top of the form.
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You notice that when you print an invoice, the information in a field is cut off (that is, it doesn’t fit). How can you fix this?
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a. Use the Layout Designer to make the field wider.
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Which of these functions can only be performed by the Administrator?
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b. Add new users and change their access privileges
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Suppose you customized an invoice in QuickBooks. You really like how it looks and want your estimates to look similar. How do you do this?
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b. Choose Lists > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, in this case, estimate.
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How do you customize QuickBooks by changing the color scheme and adding or removing icons from the Home page?
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d. Choose Edit > Preferences > Desktop View.
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You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account?
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a. Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.
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How do you edit a collections letter?
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c. Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.
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