Question:* What is the newest Quickbooks version?
Answer: • Quickbooks Pro 2012
Question:* What is the shortcut action that results from pressing Ctrl+Z?
Answer: • Usually undoes your last action
Question:* The shortcut to Open Invoices is:
Answer: • Ctrl + I
Question:* What expense account is created automatically when you turn multicurrency on?
Answer: • Exchange Gain/Loss
Question:* True or False: Creating a service or professional invoice works basically the same way as creating a product invoice.
Answer: • True: You just fill in fewer fields.
Question:* What happens when you press 'Y' in the date field?
Answer: • Changes the date to the first day in the year
Question:* What is the standard number system for a chart of accounts?
Answer: • 1 assets, 2 liabilities, 3 equity, 4 revenue, 5 expenses
Question:* What is a use of purchase order information?
Answer: • All of these
Question:* True or False: Journal entries are automatically posted to general ledger accounts when saved?
Answer: • True
Question:* Can we set up the text alerts on phone through QuickBooks.
Answer: • Yes it is possible.
Question:* True or False: You cannot customize the chart of accounts.
Answer: • False
Question:* Which item type has information in the Current Availability window?
Answer: • Inventory Part
Question:* What does Ctrl+N do?
Answer: • Adds a new item
Question:* What is the shortcut action that results from pressing Ctrl+J
Answer: • Displays the Customer: Job List window
Question:* What is NOT a Quickbooks Item type?
Answer: • Group
Question:* True or False: You cannot reconcile your credit card accounts in QuickBooks.
Answer: • False
Question:* 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?
Answer: • Sales by Customer Detail
Question:* Why is undeposited funds showing a negative value on the balance sheet ?
Answer: • Undeposited funds can show a negative value on the balance sheet if a payment is deposited with a date that pre-dates the payment.
Question:* Can you assign separate rights for each user?
Answer: • Yes, you can set up the rights for each user.
Question:* What happens if you press M in a date field?
Answer: • Changes the date to the first day in the month
Question:* Where do you find the 'Open Invoices' report?
Answer: • Customers & Receivable
Question:* Can I install Quickbooks on a Macintosh computer?
Answer: • Yes
Question:* Which of the following transactions should not be recorded in the Transfer Funds window?
Answer: • All of the answers are correct.
Question:* What is an appropriate Subaccount to Travel?
Answer: • All of these
Question:* 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.
Answer: • 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.
Question:* Does QuickBooks store your company's Tax ID?
Answer: • Yes
Question:* You hire someone as a 1099 contractor. Which module would you enter the person to track what is paid to him/her?
Answer: • Vendors
Question:* Can you print 1099-Misc forms by using Quickbooks?
Answer: • Yes
Question:* Does QB's offer a way to give a customer discounts?
Answer: • Yes. Under Receive Payment, you can record the discount amount .
Question:* What is the appropriate procedure to account for an order you receive that is only partially filled?
Answer: • Step through the receive items process and fill out which and how many items were received
Question:* What type of Quickbooks file has an extension of .LMR ?
Answer: • Loan Manager Data
Question:* What is an allowance account as related to inventory valuation?
Answer: • It is a contra-asset account created to reflect a reduction in inventory value
Question:* What is the shortcut action that results from pressing Ctrl+I
Answer: • Displays the Create Invoice window
Question:* You can use the QuickZoom on any report to see where the original source document came from.
Answer: • True. This is the best way to quickly find the source document in case any questions arise concerning the transaction.
Question:* Income Statement lists:
Answer: • Revenues, Expenses and Net Income
Question:* Can you have more than 1 checking account in Quickbooks?
Answer: • Yes
Question:* What is the shortcut action that results from pressing Ctrl+F?
Answer: • Displays the Find window
Question:* How can you make your company's data more secure?
Answer: • All of these answers.
Question:* Is it possible to assign the right of master administrator to someone in company?
Answer: • Yes
Question:* Quickbooks allows you to make quarterly payroll deposits?
Answer: • Yes
Question:* What company publishes Quickbooks?
Answer: • Intuit
Question:* What is the shortcut key for Using Register?
Answer: • Ctrl+R
Question:* Which file formats can be used to import Chart of Accounts to QuickBooks?
Answer: • CSV, XLS and XLSX formats can be used.
Question:* 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.
Answer: • True
Question:* Is it possible to track fixed assets in Quickbooks?
Answer: • Yes
Question:* Can we generate AP aging report?
Answer: • Yes
Question:* Which of the following statements is true?
Answer: • All of the answers are true.
Question:* True or False: QuickBooks is good only for simple customer/vendor transactions.
Answer: • False. QB's is set up to handle all forms of bookkeeping needed to run a business successfully.
Question:* In QuickBooks, journal entries are made in the ____________.
Answer: • Make General Journal Entry window
Question:* Is it possible to import customer data to customer center?
Answer: • Yes.
Question:* When making journal entries in QuickBooks, you need to know which account receives the ______ side of the transaction and which account receives the ______ side.
Answer: • debit, credit
Question:* Is there a facility for accepting credit card payment?
Answer: • Yes
Question:* What is the shortcut action that results from pressing Ctrl+R?
Answer: • Displays the Register window
Question:* What is the beginning step to account for a customer's partial payment of an invoice?
Answer: • Customers tab, Receive Payment Screen
Question:* Can you calculate 1099-MISC by using Quickbooks?
Answer: • Yes
Question:* In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes?
Answer: • Sales tax liability report
Question:* Pressing CTRL + P orders Quickbooks to ...
Answer: • Print
Question:* What period options are available in Income Statement?
Answer: • It shows YTD, last month, last quarter and last year.`
Question:* What is the shortcut action that results from pressing Ctrl+Insert?
Answer: • Inserts a line into a list of items or expenses
Question:* Do we get warning for Duplicate billing?
Answer: • Yes
Question:* Is there more than one version of Quickbooks?
Answer: • Yes
Question:* What is a result of closing the books?
Answer: • All of these
Question:* Can we find the status of a cheque number?
Answer: • Yes, you can trace the cheque number.
Question:* Can you customize your reports?
Answer: • Yes
Question:* Can we create an Invoice automation to bill our customer at regular time interval?
Answer: • Yes, it is possible through an invoice automation feature.
Question:* Which of the following activities does QuickBooks Support?
Answer: • All of the above
Question:* In Quickbooks Desktop, shortcut to "Memorize" is
Answer: • Ctrl + M
Question:* If you find that your quickbooks company doesn't have the purchase order options, what do you do?
Answer: • You go to Edit, thenPreference, choose inventory and check "make inventory and purchase orders" active.
Question:* Which of the following is an appropriate Quickbooks Item on an invoice?
Answer: • All of these
Question:* What transaction must be created when you receive payment from a customer against an invoice?
Answer: • Receive Payments
Question:* Is it possible to import vendor list to QuickBooks?
Answer: • Yes
Question:* Can we generate statement of cash flow report from Quickbooks?
Answer: • Yes, it is available under company reports.
Question:* What type of Quickbooks file has an extension of .QBB ?
Answer: • QuickBooks backup file
Question:* 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.
Answer: • True. QB's has a wide variety of reports it offers, so the company can view their status at any time.
Question:* Can QuickBooks sort outstanding invoices by date?
Answer: • Yes
Question:* What is the keyboard shortcut to delete a transaction item?
Answer: • Ctrl + D
Question:* Do we get activity log for audit trail?
Answer: • Yes
Question:* Who can use Quickbooks?
Answer: • All answers are correct
Question:* Is it possible to run aging reports of AP and AR at any date or it is always as of current date.
Answer: • It is possible to run them as on any date.
Question:* What type of Quickbooks file has an extension of .AIF ?
Answer: • Accountant's review copy (import file)
Question:* How is the vendor list sorted in QuickBooks?
Answer: • Alphabetically.
Question:* Is there a way to limit the access that a person has in Quickbooks?
Answer: • Yes
Question:* Which of these actions require being in the single-user mode?
Answer: • All of these
Question:* What is the shortcut action that results from pressing Ctrl+A
Answer: • Displays the Chart of Accounts window
Question:* When you reconcile bank statements in Quickbooks, what account do you select to record unexplained differences in book vs. bank balances?
Answer: • Reconciliation discrepancies (Expense)
Question:* Can you email the income statement and balance sheet reports directly from QuickBooks?
Answer: • Yes
Question:* Can you control what a user can access in quickbooks?
Answer: • Yes
Question:* Can we see % of change of balance sheet items from last year to current year?
Answer: • Yes, you can compare.
Question:* 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.
Answer: • 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
Question:* Which reports are used in Financial Statement Designer?
Answer: • All of these
Question:* When setting up Quickbooks for the first time, a grocery retailer would most likely opt for an Accrual based Accounting System over Cash because....?
Answer: • 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
Question:* Are you able to void invoices once you create them?
Answer: • Yes
Question:* After a QuickBooks report is transferred to Excel, can you make changes to the spreadsheet?
Answer: • Yes, like any other Excel file.
Question:* True or False: There is a report that will show you when your monthly expense are due.
Answer: • True
Question:* Income tax reports in Quickbooks include all of the following except:
Answer: • All of the choices are correct
Question:* Can you install QuickBooks on more than one computer?
Answer: • Yes
Question:* Can a company have multiple credit card accounts?
Answer: • Yes
Question:* True or False: You cannot view the Profit & Loss Statement to the previous year Profit & Loss Statement.
Answer: • False
Question:* 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?
Answer: • 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.
Question:* True or False: You can skip the EasyStep Interview and enter a minimum amount of information to get started.
Answer: • True
Question:* True or False: You must be in single-user mode to set a closing date password.
Answer: • True
Question:* Can we generate an outstanding dues report for customer by setting up the limit?
Answer: • Yes, you can see the outstanding by setting up limits.
Question:* What, if any, step or steps need to be taken to create a cash flow projection?
Answer: • All of these
Question:* 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?
Answer: • 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.
Question:* What happens if you press T in a date field?
Answer: • Replaces the date shown with today's date
Question:* 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.
Answer: • True. You may have to go through many layers, but you WILL find the original entries to where the report got its info from..
Question:* 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.
Answer: • 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.
Question:* Which of the following QuickBooks utilities is used to check for data file integrity?
Answer: • Verify Data
Question:* What is the shortcut action that results from pressing Ctrl+D
Answer: • Deletes check, invoice, transaction, or item from the list
Question:* The shortcut to open Chart of Accounts is:
Answer: • Ctrl + A
Question:* When you have an invoice, and you receive payment from the customer, you enter it under Bank Deposit.
Answer: • No, you enter it under Customers, Receive Payments, where you list the customer name, amount etc.
Question:* Is a subcontractor considered to be an employee?
Answer: • No, they are vendors.
Question:* True or False: If you select more than one bill to pay from the same vendor, Quickbooks automatically combines those payments into one check.
Answer: • True
Question:* What happens if you press + in a date field?
Answer: • Adds one day to the date shown
Question:* Does Quickbooks provide comparison of key business metrics with peers?
Answer: • Yes, it is part of the "Trends" feature.
Question:* Can Quickbooks maintain an inventory of parts needed to assemble a product, or just the finished products?
Answer: • QuickBooks offers both these options
Question:* What type of Quickbooks file has an extension of .IIF ?
Answer: • Intuit Interchange Format file
Question:* What is the shortcut for Help windows?
Answer: • F1
Question:* True or False: The correct accounting equation is assets = liabilities + Owners Equity
Answer: • True
Question:* Can you accept a credit card payment directly in QuickBooks using your PC or mobile phone?
Answer: • Yes
Question:* Accountant's Copy working file extension is:
Answer: • .QBA
Question:* True or False: The navigation bar gives you access to the Quickbooks Centres and Homepage.
Answer: • True
Question:* What can you do with a vendor credit?
Answer: • All listed answers are correct.
Question:* Can you link quickbooks directly to your bank account?
Answer: • Yes
Question:* True or False: You can create a bank using the chart of accounts.
Answer: • True
Question:* Is there more than one way to receive items to your inventory?
Answer: • Yes. Items can be received with or with out a bill at the time the items are received.
Question:* True or False: A QuickBooks company file can be used by multiple users at the same time.
Answer: • True
Question:* Can a Balance Sheet Standard account report be modified to include all Income and Expense accounts?
Answer: • Yes
Question:* What is the shortcut action that results from pressing Crtl+T?
Answer: • Displays the memorized transaction list
Question:* True or False: Sales Receipts are a combination Invoice and Receive Payment.
Answer: • True
Question:* What form do you use to record a sale?
Answer: • Invoice
Question:* True or False: You cannot memorize or print multiple reports.
Answer: • False
Question:* Is it possible to accept credit card payments through a mobile phone and synchronize the transactions with QuickBooks?
Answer: • Yes, we can do that with Go payment Application.
Question:* True or False: You must be in multi-user mode to set a closing date.
Answer: • False
Question:* What will increase the inventory balance?
Answer: • All of these
Question:* What type of Quickbooks file has an extension of .QBA ?
Answer: • Accountant's review copy (working copy)
Question:* True or False: Creating the company file is the last thing you do when you set up your financial records in Quickbooks.
Answer: • False
Question:* What is a Quickbooks Audit Trail?
Answer: • A summary of transactions and list of who entered them, when and in what file location
Question:* True or False: With QB's, you must use the Online banking service whether you want to or not.
Answer: • False. In fact, you have better control and protection keeping your account private and NOT do business online.
Question:* True or False: Under the Report Center there is a reporting category entitled "Budgets."
Answer: • True
Question:* True or False: You must have a purchase order in place in order to monitor and manage partial order receipt.
Answer: • True
Question:* Intuit only has 2 templates for your company, and you must pick either Products or Services for your template.
Answer: • 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.
Question:* Can the Profit & Loss report be found in the Chart of Accounts?
Answer: • 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.
Question:* How do you write off bad debt by using cash basis accounting?
Answer: • 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
Question:* Can a company transmit their payroll tax payments via Quickbooks?
Answer: • Yes, but only using QuickBooks "Assisted" Payroll services.
Question:* What is one way to make an account inactive?
Answer: • Right click and select 'Make Account Inactive'
Question:* Where can you find answers to questions regarding Quickbooks?
Answer: • All the answers are correct
Question:* What is an example of a recurring template?
Answer: • A scheduled recurring check template for the same monthly loan payment
Question:* What are different formats of importing data in Quick Books?
Answer: • IIF , Timer Activities, Web Connect file & Excel files
Question:* Are subcontractors paid on an expense report when their work is finished?
Answer: • No, they are vendors and are treated like any other vendor account.
Question:* True or False: You cannot undo a bank reconciliation once it has been done.
Answer: • False
Question:* 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.
Answer: • 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.
Question:* In which formats you can import customer data to customer center?
Answer: • Only CSV and Excel files can be imported.
Question:* 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?
Answer: • Yes. the W-4 info can be filled in at a later date, but not TOO much later from when the employee is employed.
Question:* True or False: Only the Company Administrator is allowed to turn time tracking off and on.
Answer: • True
Question:* True or False: Sales tax is reported to the state annually.
Answer: • False. It depends on the amount of income a company makes per month. Some report monthly, quarterly or annually.
Question:* How many users can use a company file at the same time?
Answer: • Version dependent
Question:* To print the trial balance:
Answer: • Select Report Center, Accountant & Taxes, Trial Balance
Question:* When you go to list, Customer & Vendor Profile list, can you change the customer message from here?
Answer: • Yes
Question:* What type of account is undeposited funds?
Answer: • Asset
Question:* How is the 'On Order' column of checkmarks populated on the Inventory Stock Status by Item report?
Answer: • It reflects open purchase orders
Question:* Can one switch from Peachtree accounting to QuickBooks?
Answer: • Yes, with a conversion tool.
Question:* What is an QuickBooks Accountants Copy?
Answer: • 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.
Question:* Which type of accounting is appropriate to record expenses by writing checks?
Answer: • Cash-based accounting
Question:* What must be done to add sales tax to an invoice?
Answer: • Sales Tax must be activated in the Preferences and a sales tax item to the item list.
Question:* What is a reason that the Travel account with two subaccounts cannot be deleted?
Answer: • All of these
Question:* When is income recognized when using accrual basis accounting?
Answer: • Accrual basis accounting recognizes income at the time an invoice is created.
Question:* True or False: The employees fill out a W-2s, but the subcontractors fill out W-3's.
Answer: • False. W-2's & W-3's are for employees only. Subcontractors must fill out the W-9 form.
Question:* How do you set a different price for the same product?
Answer: • Create a price level list
Question:* True or False: Voiding an invoice is the same as deleting it.
Answer: • False
Question:* True or False: Sales order can be viewed in report form by using Print Preview Command.
Answer: • True
Question:* What is the shortcut action that results from pressing Ctrl+M?
Answer: • Memorizes a transaction
Question:* What is a re-order point in Quickbooks?
Answer: • The level of inventory at which you purchase more
Question:* In which list do you enter Sales Tax Rates?
Answer: • Items List
Question:* What is a substitute for the Assembled Inventory when using Quickbooks Pro?
Answer: • Grouped inventory parts
Question:* True or False: It is not possible to add new or edit existing transactions when your copy of QuickBooks expired.
Answer: • False
Question:* A balance sheet shows you a companies performance for the year.
Answer: • No, It shows the company's situation with respect to Assets, Liabilities and Owners Equity on the date listed - usually year end, December 31st, ****.
Question:* Which of these is NOT an item category?
Answer: • Memo
Question:* Which list is not included in Quickbooks?
Answer: • Cost Level List
Question:* True or False: QBP preference options control whether or not a decimal point will be required when entering a financial amount.
Answer: • True
Question:* How do you set a closing date in Quickbooks?
Answer: • Go under Company and select closing date
Question:* What is an example of a Non-Posting transaction?
Answer: • Creating a purchase order
Question:* Can Quickbooks generate reports on cash basis?
Answer: • Yes
Question:* What are undeposited funds?
Answer: • An account where you keep checks until you take them to the bank.
Question:* Which one of these is NOT an item category?
Answer: • Account
Question:* What is a typical function of using Classes?
Answer: • Assess segment performance
Question:* What is the short cut to find a transaction?
Answer: • Ctrl F
Question:* 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?
Answer: • The sum of the two sub accounts
Question:* What is the most efficient way to copy the hours as reported the previous week into the current week?
Answer: • Select the employee and choose 'Copy last sheet'
Question:* The shortcut to Open Write Checks is:
Answer: • Ctrl + W
Question:* Which of these is true about a memorized transaction?
Answer: • A memorized transaction can be recalled
Question:* WHAT IS THE BALANCE SHEET FORMULA?
Answer: • ASSETS = LIABILITIES + STOCKHOLDERS EQUITY
Question:* What are "Classes"?
Answer: • Classes offer a straight forward means of segregating your business activities by Profit Center or Department.
Question:* What is a typical reason for merging accounts?
Answer: • They are tracking the same thing, just named differently
Question:* Where is the option to use Quickbooks' Classes?
Answer: • Company Preferences
Question:* Do Purchase Orders show as an asset account on the balance sheet?
Answer: • 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.
Question:* Where does Quickbooks apply a customer's payment, by default, if no invoice number is indicated?
Answer: • The oldest invoice
Question:* If a customer is tax-exempt but the item is classified as taxable, how does Quickbooks apply tax?
Answer: • The customer's status overrides the item's tax category
Question:* Can Quickbooks be used for payroll without purchasing a license?
Answer: • No
Question:* If you receive a check against an invoice, to which account is the payment deposited?
Answer: • Undeposited Funds
Question:* Does Point of Sale allow transfers of information into Quickbooks?
Answer: • Yes
Question:* Which of the following inventory valuation does Quickbooks support?
Answer: • Average
Question:* Which of the following editions allows toggling among different editions of QuickBooks without having all the editions installed?
Answer: • Accountant Edition
Question:* Which of the following can you use to value inventory in QuickBooks?
Answer: • Average cost
Question:* What is the first step in setting up a company file?
Answer: • Import the customer,vendor, and item list.
Question:* How does Quickbooks handle the reduction in inventory of a group list item?
Answer: • Each component of the group item is reduced in inventory upon the sale of one group unit
Question:* How does Quickbooks sort a list, by default?
Answer: • Alphabetically
Question:* Is Quickbooks a form driving program?
Answer: • yes
Question:* What Report will allow you to review your adjusting journal entries?
Answer: • Accountant/Report Adjusted Journal entries
Question:* How can you enter a check you write for several different expense accounts?
Answer: • Ctrl S in the account box
Question:* What is an appropriate approach for an accounts receivable identified as uncollectible if you are on a cash-basis for tax purposes?
Answer: • Create a credit memo and apply the credit to the open invoice
Question:* An inventory adjustment should NOT be used for:
Answer: • Ongoing purchases
Question:* What is the shortcut action that results from pressing Ctrl+Q
Answer: • Creates and displays a Quick Report on the selected transaction
Question:* What is the correct method to make changes to the payroll liability balances?
Answer: • Use 'adjust payroll liabilities' in the payroll module.
Question:* What is a Quickbooks portable file?
Answer: • A Company file compressed for transfer between computers
Question:* What is the appropriate treatment for a check you receive and plan on depositing with other funds?
Answer: • Select 'Group with other undeposited funds'
Question:* What is NOT an item category?
Answer: • Depreciation
Question:* 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?
Answer: • No. Inventory is entered in Receive inventory and can be adjusted using Adjust Qty on Hand icon.
Question:* How does Quickbooks calculate the number of days aging of accounts receivable?
Answer: • Based on the due date on the invoice
Question:* In writing a check in Quickbooks, what is the difference between "Save & Close" and "Save & New"?
Answer: • By closing, the check writing function is closed
Question:* What is the shortcut action that results from pressing Alt+F4?
Answer: • Exit Quick-book Window.
Question:* What is recommended to enter into the check number field when entering a debit card transaction?
Answer: • A non-numeric field flagging the transaction as a debit card transaction
Question:* Which of the following is NOT an item category?
Answer: • Account
Question:* Does QuickBooks generate bank reconciliation reports automatically?
Answer: • Yes, it provides all the accounts which are reconciled.
Question:* True or False: The general ledger and trial balance reports contain redundant information.
Answer: • False
Question:* If you are in a transaction and right-click, what menu appears?
Answer: • It depends on the transaction
Question:* In an inventory report, what cost will show for an item?
Answer: • The average real cost
Question:* In a working trial balance, what does 0.00 in each column indicate?
Answer: • There was no activity in a specific account.
Question:* What is NOT an example of a typical Class type?
Answer: • Cash
Question:* On what list can a person be included in order to track time?
Answer: • All of these
Question:* When you Receive Payment, it must be applied to the Undeposited Funds section before you can move it into an account.
Answer: • False
Question:* What type of Quickbooks file has an extension of .BDB ?
Answer: • Timer backup file.
Question:* True or False: Transactions from financial institutions can only be imported into Quickbooks through the Downloaded Transactions option under the Banking menu.
Answer: • True
Question:* If a company's information is recorded incorrectly, then where should the corrections be made?
Answer: • Company Information Window
Question:* If a customer purchases an item and pays cash, what is the appropriate treatment?
Answer: • Create a sales receipt
Question:* What is the process to change inventory valuation from average cost to LIFO?
Answer: • Quickbooks only supports average cost valuation
Question:* What happens when you void a check?
Answer: • The amount is zeroed as of the original check date.
Question:* What type of Quickbooks file has an extension of .QBW ?
Answer: • QuickBooks for Windows company file
Question:* Can I install Quickbooks on Linux?
Answer: • A Linux computer can only be used as a database server to store shared company data files.
Question:* When creating an invoice, what does the red circle on the right of an invoice line do upon clicking?
Answer: • Deletes the line
Question:* What are two elements required to create a Sales Tax item?
Answer: • The percent rate and the taxing agency
Question:* When is an income account transaction non-taxable?
Answer: • When it is a transaction deemed wholesale
Question:* What is required to merge accounts?
Answer: • You must be in Single-User mode
Question:* Which tax form would you select for a corporation?
Answer: • Form 1120
Question:* How can you show items that you have formerly made inactive?
Answer: • Select the "Include Inactive" checkbox
Question:* You record a credit memo and apply it to what?
Answer: • invoice
Question:* Can you enter the checks you write in your chart of accounts?
Answer: • Yes
Question:* In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?
Answer: • Service Item
Question:* In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?
Answer: • Service Item
Question:* 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.
Answer: • 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.
Question:* How do you apply a vendor credit to a bill?
Answer: • 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.
Question:* Where can you order W-2s & Tax Forms?
Answer: • Employees Menu
Question:* When are physical counts recorded in Quickbooks typically updated?
Answer: • After a physical count is made
Question:* How can you see who last modified a transaction?
Answer: • All methods are correct.
Question:* How many users does the desktop Pro version of Quickbooks support?
Answer: • 3
Question:* Does a retail shop that only sells consigned goods hold inventory?
Answer: • No
Question:* How can you reprint a employees pay stub once it has been printed?
Answer: • File/Print Forms/Pay Stubs
Question:* What is the default first sort order for the Chart of Accounts?
Answer: • By Account Type
Question:* Managing Change Orders is a function of the industry specific Quickbooks:
Answer: • Contractor
Question:* What is not a transaction that takes place in the inventory management function?
Answer: • Taking physical inventory
Question:* Which of the following classifications is found on the statement of cash flows?
Answer: • Cash flows from investing activities
Question:* True or False: When you have undeposited checks, they are listed under Banking in the Assets accounts.
Answer: • False. Undeposited checks are listed under Other Current Assets.
Question:* True or False: Vendors compensation for sales tax should be listed in quickbooks as an expense account.
Answer: • False
Question:* What action is automatic within Quickbooks at the re-order point?
Answer: • A reminder is sent to the reminder list
Question:* To automatically manage recurring Accounts Payable:
Answer: • Set up a reminder for Bills to pay and set the number of lead time days to notify
Question:* True or False: Defining a group of items is equivalent to creating sub-items.
Answer: • False
Question:* Once you merge an item, then find out you didn't want to merge it, can you reverse the merge?
Answer: • No. Once a merge has been done, it can't be reversed.
Question:* What does pressing H in a date field accomplish?
Answer: • Changes the date to the last day in the month
Question:* When you record a cash sale, where does Quickbooks apply the payment?
Answer: • Undeposited funds
Question:* What type of Quickbooks file has an extension of .QBO ?
Answer: • Web Connect file.
Question:* Where can you find a detailed report of vendors balance?
Answer: • In the vendors balance detail
Question:* What is the keyboard shortcut to open the Customer Center?
Answer: • Ctrl+J
Question:* True or False: Clearing the opening date reopens the closed accounting period.
Answer: • False
Question:* How can you start Quickbooks without a company file?
Answer: • Press Ctrl (while opening)
Question:* Can you use a mobile device to record transactions into Quickbooks?
Answer: • Only with a third party app
Question:* In order to get which of the following reports must we use items to track both income and expenses?
Answer: • Item Profitability Report
Question:* When writing checks, if you do not indicate a specific bank account, what does Quickbooks use as a default?
Answer: • The most recently used account
Question:* How do you delete a record row?
Answer: • Press Ctrl + Del
Question:* What type of Quickbooks file has an extension of .QBM ?
Answer: • QuickBooks Portable Company File (for version 2006 and above).
Question:* Where do you find the memorized transactions?
Answer: • List Menu
Question:* How can you see what was posted after the period was closed (and a password was entered)?
Answer: • The Close Period Exception Report
Question:* True or False: When you use Enter Bills, you must use Pay Bills when you receive payment.
Answer: • True, this way the A/P for this entry will be cleared out.
Question:* What is the 'Limit' field in the Customer list?
Answer: • The dollar amount of the Customer's credit
Question:* What will display when you press CTRL-Y from any form amount entered?
Answer: • The back-end Journal entries in debits and credits (T -accounts)
Question:* Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees?
Answer: • Retail Edition
Question:* True or False: If you pay a bill upon receipt by writing a check there is no reason to Enter a Bill.
Answer: • True
Question:* Which of the following inventory valuation methods does QuickBooks Support?
Answer: • All of the above
Question:* In a date field press _
Answer: • Subtracts one day from the date shown
Question:* What is Quickbooks default transaction when inventory is received before the invoice?
Answer: • Accounts Payable is credited
Question:* Which of the menus provides the option to print the Income Statement?
Answer: • Reports and Lists Menu
Question:* What is one option NOT offered by Quickbooks Pro?
Answer: • Inventory Assembly
Question:* What amount is shown for Cost of Goods sold?
Answer: • The average real cost
Question:* What kind of information can you transfer from Quickbooks to Salesforce?
Answer: • Just the information required, at the customization third party
Question:* What is a sales tax group?
Answer: • A sum of all taxing entities' taxing rates
Question:* How does Quickbooks calculate the percentage discount Item?
Answer: • As a percent of the line item directly above it
Question:* 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?
Answer: • No. You must open and start a brand new company, new company ID etc.
Question:* To which of the following items you cannot assign the units of measure?
Answer: • Discount
Question:* What is the file extension for a Quickbooks backup file?
Answer: • .qbmb
Question:* The proper format required for an imported file can be found:
Answer: • By exporting the data file from Quickbooks to Excel and using that as a template
Question:* What is NOT a tax form status event?
Answer: • Voided
Question:* How do you specify if a discount should be applied to a total with or without sales tax included?
Answer: • Tax code drop-down list
Question:* What type of Quickbooks file has an extension of .INI ?
Answer: • Configuration file
Question:* A blue dot next to an account in the Chart of Accounts window means...
Answer: • that this account is setup for online transactions.
Question:* What is an example of an appropriate use of Payment item on an invoice?
Answer: • Deposit received prior to invoice
Question:* What are the default choices for Customer Type?
Answer: • Corporate & Referral
Question:* What is the maximum number of rows allowed to be imported into Quickbooks from an Excel data file?
Answer: • 1,000
Question:* Which keyboard strokes open a window to transfer funds between accounts?
Answer: • Alt+B - T
Question:* How can you transfer data from Oracle to Quickbooks?
Answer: • Third party plug
Question:* Adjusting journal entries are used to record what?
Answer: • Depreciation expense and expired prepaid expenses.
Question:* For quick move from last record to first record during book keeping transactions, press...
Answer: • Page Up
Question:* _______ is NOT an item category:
Answer: • Freight
Question:* Which of the following balance sheet accounts doesn't have an account register?
Answer: • Retained earnings
Question:* What is the keyboard shortcut to display the Transaction Journal?
Answer: • Ctrl + Y
Question:* What is an appropriate way to handle a reimbursable expense?
Answer: • Book it as income to offset the expense
Question:* If a salesperson takes a 'draw' rather than a salary, where should they be included?
Answer: • Other names list
Question:* At initial setup, what is NOT a field that must be completed for New Items?
Answer: • Date Fields
Question:* What is a Bill of Materials in Quickbooks?
Answer: • Component items and quantities to create an invoice assembly
Question:* What is the keyboard shortcut to open a split transaction in register press?
Answer: • Ctrl + R
Question:* How can you report on text that is contained in a Custom field?
Answer: • Quickbooks does not have this capability
Question:* Which of these is true about a duplicated transaction?
Answer: • Duplicating is a one-time manual copy
Question:* What is the web address of the QuickBooks online version?
Answer: • www.intuit.com
Question:* The shortcut to open Customer Center is:
Answer: • Ctrl + J
Question:* What is the maximum number of deposits in a make deposit screen?
Answer: • 500
Question:* Which of the following cannot be included as a component of an assembly item?
Answer: • Group Items
Question:* The primary purpose for setting a Closing Date password is:
Answer: • To have Quickbooks prompt you when you attempt to make a change to a transaction prior to the closing date.
Question:* When making changes to a transaction in the register view, what keyboard shortcut records the transaction?
Answer: • Alt-D
Question:* For which of the following reports can you use the Financial Statement Designer to filter account balances by Customer: Job?
Answer: • Balance Sheet Standard
Question:* The option for downloading updates from within QuickBooks is...
Answer: • Update Automatically
Question:* Where do you find the Preferences?
Answer: • Edit Menu
Question:* While setting up the chart of accounts, which of the following accounts can have their open balances recorded?
Answer: • Bank
Question:* True or False: At year end the depreciation account should not be closed to the profit and loss report.
Answer: • False
Question:* How can you transfer data from Quickbooks to Salesforce?
Answer: • Third party plug
Question:* While entering individual historical transactions during setup, which transactions should be entered first?
Answer: • Accounts Payable transactions
Question:* If the customer changes his name, when you enter it on an invoice, the name doesn't change in the Customer Profile List.
Answer: • False, it does automatically update the customers name.
Question:* What is the keyboard shortcut to zoom in on the reports in Quickbooks?
Answer: • Press Enter
Question:* Where does information input into the memo box on a new invoice show to the customer?
Answer: • It does not, it is an internal reference
Question:* What is the automatic Quickbooks help prompt?
Answer: • The Quickbooks Coach
Question:* What is an example of an appropriate type of Sub-items?
Answer: • Various colors of an item
Question:* What is the keyboard shortcut to insert a blank account line on the expenses tab of a check?
Answer: • Ctrl+Ins
Question:* How can you quickly view the history of Accounts Receivables and Accounts Payable?
Answer: • Ctrl + H
Question:* What is the keyboard shortcut to open a window to enter credit card charges?
Answer: • Alt+B - H
Question:* After inventory has been set up, what is a typical adjustment?
Answer: • Adjust valuation due to market changes
Question:* 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.
Answer: • False, you have to go the Chart of Accounts, click the credit card name, Activities at the bottom of the list & Reconcile Credit Cards.
Question:* How will a second subtotal inserted in an invoice calculate?
Answer: • It will calculate all line items after the first subtotal
Question:* Which of the following is the method you can use to track customer prepayments, deposits or retainers in QuickBooks?
Answer: • Setting up a separate liability account to track the funds.
Question:* What is a Build Point in Quickbooks?
Answer: • The level of Inventory assemblies at which you create more
Question:* True or False: When you have inventory items, QB's automatically uses the Average Cost, but you can change it to LIFO or FIFO.
Answer: • True. The inventory value is determined by dividing the total value of inventory by the total number of inventor items.
Question:* Which of the following can be done in the Financial Statement Designer?
Answer: • Quick Zoom to edit source transactions
Question:* Can an unlimited amount of people make changes to Quickbooks in a company?
Answer: • No
Question:* True or False: The general ledger and trial balance reports contain some of the same information.
Answer: • False
Question:* True or False: Creating a Purchase Order is a required first step in the inventory accounting process
Answer: • False
Question:* Which of the following cannot be recorded by using a journal entry?
Answer: • Fixed assets
Question:* Can QuickBooks use both accrual and cash basis accounting at the same time?
Answer: • No
Question:* What versions of Quickbooks include the Inventory Assembly option?
Answer: • Quickbooks Premier and Enterprise
Question:* I have multiple versions of QuickBooks, can I merge or combine the company files?
Answer: • No, QuickBooks company files cannot be merged or combined.
Question:* What type of Quickbooks file has an extension of .QBX ?
Answer: • Accountant's review copy (export file)
Question:* What is the shortcut to see the properties of the current QuickBooks file?
Answer: • F2
Question:* What should you do if you will likely sell a service only once?
Answer: • Set it up as an individual service item and make it inactive after the sale
Question:* What type of Quickbooks file has an extension of .BPW ?
Answer: • Business Planner file
Question:* 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?
Answer: • Voided Checks
Question:* Which of the following transaction cannot be recorded as journal entry?
Answer: • A bank transaction
Question:* Which of the following option is available in the advanced tab of Export option?
Answer: • Colors
Question:* Can 2 versions of Quickbooks be merged together?
Answer: • No
Question:* What account does shipping cost on purchased goods typically appear?
Answer: • Inventory cost
Question:* What is an example of Multiple Units of Measure?
Answer: • Fabric Bolts and Fabric Yards
Question:* How do you report on account history on two accounts that have been merged?
Answer: • That is not possible in Quickbooks
Question:* Where do you modify the options for Job Status in the Job Tracking functionality?
Answer: • Company tab. Preferences screen
Question:* What is the shortcut action that results from pressing Crtl+C
Answer: • Displays the Write Checks window
Question:* What is the option for entering different types of Price Level list items?
Answer: • Percentage above or below the item price
Question:* True or False ? An accountant can create new transactions regardless of it being after the dividing date
Answer: • False
Question:* Where can custom words be deleted from the Spell Check dictionary?
Answer: • In the spelling section of User Preferences.
Question:* In a date field press R
Answer: • Changes the date to the last day in the year
Question:* Which of the following reports can be used to find checks in numeric order?
Answer: • Missing checks report
Question:* In Quickbooks 2011 can you open more than one Quickbooks file at the same time?
Answer: • Yes
Question:* Which of the following inventory valuation methods does Quickbooks support?
Answer: • Average Cost
Question:* Selecting "Company>>Journal" on the main menu will show posted journal entries for the current company?
Answer: • False
Question:* If you open a list and reorder it, how do you tell Quickbooks to save that order?
Answer: • It is not necessary as Quickbooks will open the list in the same order as it was last closed
Question:* If you issue a credit memo to a customer for a defective product, how does Quickbooks handle the inventory account?
Answer: • Quickbooks assumes the inventory is returned to stock.
Question:* To which of the following items you cannot assign the units of measure?
Answer: • Discount
Question:* What is the shortcut to last day of the current week and last day of subsequent weeks?
Answer: • Press k
Question:* True or False: Quickbooks asks to to make a backup on the company file every time you close the program.
Answer: • False.
Question:* True or False: The option to buy an additional license is available on Quickbooks Premier 5-pack license installations.
Answer: • False
Question:* If you enter a deposit as a payment in the chart of accounts can you fix the entry?
Answer: • No
Question:* What command button(s allow you to scroll through receipts you have printed by not printed?
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