second set of quick book questions

What options (tabs) do you have to change a report when you click Customize Report? a. Display b. Filters c. Header/Footer and Fonts & Numbers d. All of the above

d. all of the above

When you run Financial Statements in QuickBooks, what bookkeeping basis can you use to view the report? a. Cash Basis. b. Accrual Basis. c. You can switch the bookkeeping basis if you want.

All of the above.

You suspect that someone has changed a transaction. What report should you run? a. Audit Trail Report b. User Entry Report c. Modified Transactions Report d. Changed Transactions Report

Audit Trail Report The audit trail shows you transactions that have been added, edited, and deleted. It also shows you the original transaction and who changed the transaction, as well as the exact date and time.

When you send a QuickBooks report to Excel, which feature allows you to have a drop-down list for each column to allow filtering? a. Advanced Collapse b. Auto Outline c. Advanced Expand d. Auto Filter

Auto Filter To do this, open a report and click Export. Then click the Advanced tab. Below "Turn on the following features for this report," select Auto Filtering.

What are the first two steps to set up payroll in QuickBooks? a. 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview. b. 1) Sign up for a payroll service; and 2) Setup Payroll Schedules. c. 1) Turn on payroll through preferences; and 2) complete the Payroll Setup Interview.

1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview. At the end of the Payroll Setup Interview, QuickBooks has an accurate record of employees, earnings, deductions, and payroll history, and you are ready to create your first paycheck.

Which of these functions can only be performed by the Administrator? a. Merge entries on lists b. Add new users and change their access privileges c. Memorize custom reports d. Back up the data file

Add new users and change their access privileges

What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports? a. Balance Sheet, Profit and Loss b. Balance Sheet, Statement of Operations c. Profit and Loss, Statement of Operations d. Statement of Operations, Statement of Finan

Balance Sheet, Profit and Loss

How do you edit a collections letter? a. You can't edit the default collection letters. You must create your own template from scratch. b. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time. c. Choose Company > Prepare Letters with En

Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.

How do you set up multiple users in QuickBooks Pro or Premier? a. Choose Company > Set Up Users and Passwords > Set Up Users. b. Choose Edit > Preferences and select the Authorized Users Preferences. c. You can't set up multiple users in QuickBooks Pro or Premier but only in QuickBooks Enterprise

Choose Company > Set Up Users and Passwords > Set Up Users. The Administrator can give a user access to all areas of QuickBooks or selected areas of QuickBooks or set them up as an External Accountant. If you choose Selected Areas of QuickBooks, you can set permissions for each functional area as No Access, Full Access, or Selective Access.

How do you customize QuickBooks by changing the color scheme and adding or removing icons from the Home page? a. You cannot change the color scheme of QuickBooks. b. Click Change the look of QuickBooks on the Home page. c. Right-click on an icon on the Home page to

Choose Edit > Preferences > Desktop View

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? a. You cannot duplicate the look and feel of one form to another in QuickBooks. 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,

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.

How do you display or print a batch/group of reports quickly? a. The only way is to create a memorized group of reports. b. Choose Reports > Process Multiple Reports. c. You can't do this in QuickBooks. d. On the Home Page, click Batch Reports.

Choose Reports > Process Multiple Reports.

When you set up a new Payroll Item using the EZ setup wizard, which is not a choice? a. Compensation b. Retirement Benefits c. City/Local Taxes d. Insurance Benefits

City/Local Taxes There is no choice for city or local taxes. Select Custom Setup, and then choose Other Tax.

You don't like how a form (for example, an invoice) looks when you print it. How can you change it? a. Export the form to Word and edit it there. b. Save it as a PDF and use PDF editing software. c. Export the form to Excel and edit it there. d. Click Customize at the top of the form.

Click Customize at the top of the form.

You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account? 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. b. Click on an account to select it. Then click the Lists menu and select Chart of Accounts > Make

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.

What is the easiest way to organize your memorized reports? a. Track your memorized reports in Excel. b. Create a report group. c. Delete reports from your Memorized Report List quarterly to keep the list manageable. d. You are only allowed to create 5 memorized

Create a report group.

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? a. Export the customer list to Excel, add the information there, and re-import the list. b. Use the Notes feature for each customer. c. Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field

Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.

What report should you use to help you complete the state unemployment tax form? a. Payroll Summary b. Payroll Data Review c. Employee State Taxes Detail d. State Unemployment report

Employee State Taxes Detail

What are the main sections of the Profit & Loss? a. Income, Expenses, and Liabilities b. Income, Cost of Goods Sold, and Expenses c. Income, Assets, and Owner's Equity d. Assets, Liabilities, and Equity

Income, Cost of Goods Sold, and Expenses

What is the purpose of the Chart of Accounts? a. It allows accountants to view accounting records remotely. b. It is how you categorize financial transactions. c. To see a graphical chart of income and expenses. d. To categorize items.

It is how you categorize financial transactions The Chart of Accounts is a way to label or categorize all the money/value that comes into a business, all the money/value that goes out, and all the money that is transferred between different categories.

How do you move columns on a report? a. Click Customize Report, and in the Display tab under Columns, click the diamond to the left of the column and drag it to the desired position. b. You can't do this in QuickBooks. You have to export the report to Excel first. c. Click the diamond to the right of the column and drag it to the desired position.

Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.

How does entering time for a job affect job cost reports? 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.

None of the above

What happens if you double-click a diamond on a report column? 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.

None of the above. If you click on the diamond to the right of a column, you can drag it to the right to make it bigger, or to the left to make it smaller. If you drag it to the left past the column to the left, QuickBooks hides the column completely.

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? a. Choose Lists > Templates and delete the default invoice from the list of templates. b. On the invoice, click the Template drop-down arrow and select your customized invoice.

On the invoice, click the Template drop-down arrow and select your customized invoice.

How do you create a memorized group of reports? a. Click the Report Center icon. Then click the Create New Report Group button. b. Open the Memorized Report List and then click Memorized Report > New Group. c. Choose File > Reports > Memorized Reports > Create Group.

Open the Memorized Report List and then click Memorized Report > New Group.

How do you create a memorized group of reports? a. Click the Report Center icon. Then click the Create New Report Group button. b. Open the Memorized Report List and then click Memorized Report > New Group. c. Choose File > Reports > Memorized Reports > Create Group.

Open the Memorized Report List and then click Memorized Report > New Group. Open the Memorize Report List from the Report Center or Report menu. This lets you group similar reports together.

What happens if you click Collapse on a report? a. QuickBooks minimizes the report on the Home Page. b. QuickBooks only shows data for the current month. c. QuickBooks hides Subaccounts and only shows Parent accounts.

QuickBooks hides Subaccounts and only shows Parent accounts.

What happens when you QuickZoom on a number in a report? a. QuickBooks shows more detail about the number on the report. b. QuickBooks shows you the Journal Entry it makes "behind the scenes" for that number. c. QuickBooks displays who entered and modified the transaction.

QuickBooks shows more detail about the number on the report. On a summary report, QuickZoom displays a list of transactions that makes up that number. On a report that lists transactions, QuickZoom opens the actual transaction.

You have customized and then memorized a report. What does QuickBooks save when memorizing a report? a. Report header, filters, and transactions b. Transactions only c. Report header, filters, and columns but not the actual transactions

Report header, filters, and columns but not the actual transactions This means each time you run the report, QuickBooks automatically updates the information based on new, edited, and deleted transactions. You can memorize a report you want to see each month with updated information.

How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? a. Start a new company file each period (fiscal year) b. Change the fiscal year in the Company Information window c. Set a closing date

Set a closing date You must set a closing date, especially for the end of the year, once you've sent your accounting records to the accountant for tax preparation.

Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)? a. This is required by State and Federal governments. If these are not set up, a warning is sent to the agency. b. So that QuickBooks can enter the dates on the Payroll Calendar that checks are due.

So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center. QuickBooks uses this information to list the due date, status (upcoming, due, overdue), amount, and other important information so you remember to pay your payroll liabilities on time.

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? a. It can't happen. b. Someone changed the beginning balance amount.

Someone changed or deleted a cleared transaction. QuickBooks calculates this balance each time you reconcile by adding all the payments and deposits that have been cleared. If someone changes or deletes one of those cleared transactions, the beginning balance in QuickBooks will be different.

What does the term "Double-entry accounting" mean? a. That the Income and Expense accounts are always part of every transaction. b. There are always at least two accounts involved in every financial transaction. c. That the Cost of Goods Sold account and the Liabilities account are always part of a transac

There are always at least two accounts involved in every financial transaction.

When would you use the Expenses tab on a payroll liability check? a. Never. QuickBooks automatically uses payroll items to show what you are paying. b. To enter late fees/penalties or interest. c. There is no Expenses tab on a payroll liability check.

To enter late fees/penalties or interest. Use an expense account to ensure that late fees/penalties don't affect the actual taxes you are paying.

What is one way that QuickBooks uses the Account Type? a. To track revenue and expense by office or business segment b. For financial ratios in the Analysis module c. To change the color of different sections on the financial statements

To identify where the account appears on the financial statements The first set of accounts appear on the Balance Sheet (Assets, Liabilities and Equity). Then the next types of accounts appear on the Profit & Loss Statement (Income, Cost of Goods Sold, and Expenses).

What is the purpose of subaccounts? a. Track departments or locations efficiently b. Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those accounts c. To show different Account Types together in one section of a report

Track finances in more detail by grouping accounts in a logical fashion and showing a subtotal for those accounts

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? a. Use the QuickBooks Print Engine Editor b. Use the Layout Designer c. Open the Financial Statement Designer

Use the Layout Designer The Layout Designer allows you to move logos and other elements on a form. The changes you make appear on the printed copy of the form.

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? a. Use the Layout Designer to make the field wider. b. Use a different Invoice template. c. This can't happen in QuickBooks, as field sizes are automatically adjusted to fit whatever you

Use the Layout Designer to make the field wider

Which of the following reports answers the question "What transactions make up the current balance I owe each Vendor?" a. A/P Aging Summary b. Accounts Payable graph c. Vendor Balance Detail d. Expenses by Vendor Detail

Vendor Balance Detail For each Vendor, QuickBooks lists the transactions that contribute to (or make up) what you owe.

If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax reports? a. Sales Reports b. Vendors and Payables c. Sales Tax d. Tax Liability

Vendors and Payables Although the taxes are based on sales, you owe the money, so it is a payable. From this category you can run the Sales Tax Liability Report.

When printing paychecks, what is the preferred check style to give an employee a paystub? a. Standard b. Wallet c. Payroll d. Voucher

Voucher This style prints one check per page. The check on top, and the voucher contains information regarding earnings, taxes, and payroll.

What form must you give to an employee? a. 1099 b. 1096 c. W-2 d. 1040

W-2

When setting up a new employee, what is important about the Payroll Info tab? a. Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself. b. It identifies the state subject to withholding and the state where the employee lives (usually the same).

Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself. You enter wages (hourly or annual salary), and QuickBooks calculates the amount per paycheck for you. You also enter any deductions (for example, health insurance) that you want QuickBooks to take from each paycheck.

You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in QuickBooks? a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction). b. Choose File > Automate Transactions and use the wizard to set up the automated checks or other transactions.

While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction)

How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate? a. You can't. b. On the Write Checks window, click the Items tab and enter the Payroll Items you are paying. c. On the Write Checks window, click the Payroll Items tab and enter the Payroll Items you are paying.

You can't. You can't enter Payroll Items on the Write Checks window. This means your payroll reports would be wrong because they are based on Payroll Items. You should select the payments you want to make from the Pay Scheduled Liabilities list in the Payroll Center. Then click View/Pay.

How do you track sick or vacation time in QuickBooks? 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.

all of the above

What can you do in the Reports & Graphs Preferences (Edit > Preferences)? 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 d. All of the above

all of the above

Which of the following Payroll Services are available with QuickBooks? a. Basic b. Enhanced c. Assisted d. All of the above

all of the above

Which of the following is a way to access a report in QuickBooks? a. From the Reports menu b. From the Report Center c. By clicking Reports at the bottom of lists d. All of the above

all of the above

What is equity? a. What you own in the business b. Assets minus (-) liabilities. c. What you owe to others in the business d. Assets plus (+) liabilities

assets minus liabilities