QuickBooks Study guide #3
C. Classes and locations
Available in the company settings, what are two options for categorizing sales and expenses into different locations and departments of a business? A. Expenses and income B. Equity and liability C. Classes and locations D. Departments and locations
C. You select an income account during the setup of the product/ service. Sales of that product/service increase the income account you selected.
When you sell a product/service on an Invoice or Sales receipt, how does QuickBooks know where to show those sales (income account) on the Profit and Loss? A. Each product or service is automatically assigned a unique income account which QuickBooks increases each time the product or service is sold. B. The product or service used on a sales form has no impact on your income counts. Those sales only appear on the sales by product or service report. C. You select an income account during the setup of the product/ service. Sales of that product/service increase the income account you selected. D. You answered the income account in the account details area of the sales form.
c) Subcontractors
Which of the following is NOT a list in QuickBooks Online? a) Classes b) Chart of Accounts c) Subcontractors d) Vendors
A. Journal entries require a good understanding of debits and credits and a great deal of care should be taken by non-accountants when answering them.
Which of the following is true regarding Journal entries? A. Journal entries require a good understanding of debits and credits and a great deal of care should be taken by non-accountants when answering them. B. Journal entries should not be used during year-end adjustments. C. Journal entries should not be used to enter depreciation. D. Enter a Journal entry when you're not sure which form to use.
a) In addition to Regular or Custom user you can also set up Reports only and Time Tracking only users.
Which of the following statements about Users is TRUE? a) In addition to Regular or Custom user you can also set up Reports only and Time Tracking only users. b) You can add as, many users as you want, but only can use QuickBooks at a time. c) User must share a single login to the company file d) An Accountant User counts towards your user license limit.
B. Profit and loss
Which report is also known as a statement of performance, and summarizes income and expenses for a period of time? A. Cash flow forecast B. Profit and loss C. Balance Sheet D. Net Worth Summary
a) Assets
Which section of the Balance Sheet shows your Account Receivable balance? a) Assets b) Liabilities c) Equity d) This account does not appear on the Balance Sheet.
b) General Journal Entry.
Which transactions CAN be made recurring? a) Bill. b) General Journal Entry. c) Deposit. All of these can be made recurring
c) QuickBooks provides fields so you can track purchase of that product/service (in addition to sale)
You are setting up a product or service. What happens if you select the box next to "I purchase this product/service from a vendor"? a) QuickBooks makes the item a payroll item b) QuickBooks automatically for time tracking c) QuickBooks provides fields so you can track purchase of that product/service (in addition to sale) d) QuickBooks atomically sets up 1099 tracking
B. You can't delete an account from QuickBooks
your boss asks you to remove an account from the chart of accounts (you don't use it anymore). How would you do this? A. Open the chart of accounts. Click the drop-down list to the right of the account you want to remove. Select "removed from profit and loss" B. You can't delete an account from QuickBooks C. Open the chart of accounts. Click the dropdown list to the right of the account you want to remove. "Select delete". D. Open the chart of accounts, edit the account you want to remove. Select "hide on save". Then click save.
D. The apps tab in QuickBooks
your company would like to sell their products online. They ask you to look for an app that makes it easy for customers to buy online. However, they also want you to be efficient. They do not want you to manually enter the sales into QuickBooks. They want the sales to automatically update QuickBooks. What's a good place to start looking for an app that can do this? A. QuickBooks does not integrate with other software. This isn't possible. B. Click the gear icon and select the "find integrated apps" box. C. iTunes, Android Market, or Google play. D. The apps tab in QuickBooks
a) The drop-down menu next Amy's Bird Sanctuary in the ACTIVE column.
1. A customer has previously been made inactive and you have been asked to make them active again. What would you select first on this screen to make customers active again. a) The drop-down menu next Amy's Bird Sanctuary in the ACTIVE column. b) The small icon above the ACTION column. c) Select the customers Amy's Bird Sanctuary. d) The icon on the top icon bar. e) New customer.
d) Use it to find an app designed for a specific business function that also syncs with QuickBooks, so you don't have to enter data twice.
1. Select the statements that's true about the Apps in QuickBooks. a) Use it to track appointments b) Use it to add games for QuickBooks users to enjoy during their breaks c) All the apps are created by QuickBooks (or intuit the markers of QuickBooks) d) Use it to find an app designed for a specific business function that also syncs with QuickBooks, so you don't have to enter data twice.
d) To temporally hide unnecessary detail and only show parent accounts.
1. Why would you hide (or collapse) subaccounts on a report? a) To email the report. You can only email a report that is collapsed. b) To send the report to Excel. You can only export that is collapsed. c) You cannot hide subaccounts on a report. d) To temporally hide unnecessary detail and only show parent accounts.
Click Yes when QuickBooks ask if you would like to Merge the names. (3) In the Display Name field, enter the name you want keep -JOHN Melton (2) Click on customers Jon Melton (1)
1. You accidentally entered the same customers twice (The first time you spelled the first name JHON, the second time you spelled it JON). You only want ONE customer on the list (JOHN Melton) Possible Steps Click Yes when QuickBooks ask if you would like to Merge the names. (3) In the Display Name field, enter the name you want keep -JOHN Melton (2) Click on customers Jon Melton (1) When customer record appears select Edit Steps in Order
b) CAN add more accounts later.
1. You sent up a company and QuickBooks set up a chart account for you. Which of the following is TRUE about you can do. You....... a) CANNOT change account opening balance. b) CAN add more accounts later. c) Can ONLY add income and expense accounts after completing the account creation. d) Can ONLY add new account during the set-up process.
a) Hold down the "CTRL", "ALT", AND "?" keys at the same time
How can you see a list of keyboard shortcuts in QuickBooks? a) Hold down the "CTRL", "ALT", AND "?" keys at the same time b) Because QuickBooks online runs in a web browser, there are no keyboard shortcuts (keyboard shortcuts affect the browser) c) Press F1 d) Press the icon and click "Keyboard Shortcuts"
c) Click the icon on the home page and select Account and Setting.
How do you find the company settings in QuickBooks? a) Click the Global menu at the top of the screen select Your Company. b) Click the Company tab on the left side of the screen and select Account and Settings. c) Click the icon on the home page and select Account and Setting. d) There is no Company Settings page, but there is a Company Preferences button that can be reached from the home page.
d) Click the Global Create button and select Expense. Fill out the expense and use Debit Card as the payment method
If you DON'T download bank transitions, how do you enter a business lunch paid for will the company debit card? a) Click the Global Create button and select Debit Card. Fill out the debit card charge and save the transitions. b) Click the Global Create button and select Check. Fill out the expense and save the transactions. c) Click the Global Create button and select Bill. Enter a bill the meal. Then click the Global Create button and select Pay Bills. Now enter payment of the bill for lunch. d) Click the Global Create button and select Expense. Fill out the expense and use Debit Card as the payment method.
Click the icon Select Custom Form Styles
Pull the 2 steps for customizing an invoice in the correct order (Note: You only need 2 steps). Click the icon At the bottom of the invoice, click ''Edit'' Open an invoice Select Custom Form Styles
A. There is a QuickBooks app for Android and Apple (iOS) devices C. the mobile app uses built in functionality of your device (E.G the camera to take pictures of receipts or other documents to attach to transactions) D. the mobile app is free
Select the three statements that are true about using the QuickBooks app on a mobile device. (choose 3) A. There is a QuickBooks app for Android and Apple (iOS) devices B. you can perform all QuickBooks functionality on the app that you do in your regular QuickBooks C. the mobile app uses built in functionality of your device (E.G the camera to take pictures of receipts or other documents to attach to transactions) D. the mobile app is free E. to use the mobile app, you must open a web browser
c) To determine when a customer's invoice is due.
What do you use Term for in QuickBooks? a) To create invoices on a set schedule. b) To determine when a project should be completed. c) To determine when a customer's invoice is due. d) To set up an agreement between you and your customer.
d) None of the above
What limitations does QuickBooks have when it comes to browser access? a) You can't use QuickBooks from Chrome or Safari. b) All users must access QuickBooks from the same browser type c) QuickBooks can only be run from PC based system d) None of the above
B. when you invoice based on the estimate
You created an estimate for a customer. When does the customers balance go up? A. When the status of the estimate is changed to "accepted". B. when you invoice based on the estimate C. When the status of the estimate is changed from "pending" to "final" D. When the status of the estimate is changed to "post-update balance"
A. Create a new customer for each project and make each one a sub-customer of the "parent" customer.
You have a customer Who hires you to work on several projects. How do you keep the sales and expenses for each project separate so you can run reports to see how profitable each project is? A. Create a new customer for each project and make each one a sub-customer of the "parent" customer. B. use different income and expense accounts for each job. C. you cannot do this in QuickBooks. D. Select the "Track Separately" checkbox on the invoices for each job.
A. Navigate to the vendors list and create a new vendor. In the "display name as field", enter the customer's name, but add something unique, like "(vendor)" at the end of the name.
You just BOUGHT something from a CUSTOMER. How do you set this customer up as a VENDOR in QuickBooks? A. Navigate to the vendors list and create a new vendor. In the "display name as field", enter the customer's name, but add something unique, like "(vendor)" at the end of the name. B. Select the customer and click "edit". Tick the "also a vendor" box to make them both a vendor and a customer. C. You can't buy things from customers in QuickBooks online. D. Right click the name of the customers list and select "enable vendor mode".
B. Checking
You need to enter an expense using your debit card. What account do you put in the field at the top of the form? A. Debit card B. Checking C. Credit card D. Select the brand of debit card from the account drop down list.
C. Void the check
You printed a check from QuickBooks. Before you can send it to your vendor, you spill coffee on it, ruining the check. How do you handle this? A. Issue another check from QuickBooks B. Delete the check C. Void the check D. Change the amount of the check to 0.
b) Step 1: Click the Global Create button and select Vendor Credit. Enter the information on the from and save the transaction. Step 2: Click the Global Create button and select Pay Bills. Select the bill to apply the credit towards. Step 3: Enter the amount of credit to use in the Credit Applied column. Step 4: Save the bill payment.
You returned some office supplies you recorded on bill #4455. You haven't paid the bill yet. Which is the correct sequence of steps to record the Vendor Credit and apply it to the bill payment. a) Step 1: Click the Global Create button and select Pay Bills Step 2: Select the bill to pay and enter the credit issued in the Credits Applies column. Step 3: Save the bill payment. b) Step 1: Click the Global Create button and select Vendor Credit. Enter the information on the from and save the transaction. Step 2: Click the Global Create button and select Pay Bills. Select the bill to apply the credit towards. Step 3: Enter the amount of credit to use in the Credit Applied column. Step 4: Save the bill payment. c) Step 1: Click the Global Create button and select Enter Bill. Step 2: Enter the bill information and enter the amount on the bill as a negative. Step 3: Click the Global Create button and select Pay Bills. Step 4: Select the bill to pay and save the bill payment. d) Step 1: Open the original bill form the vendor. Step 2: On the next line on the bill select an account used track vendor discounts. Step 3: Enter the amount as a negative. Step 4: Save the bill.
D. you didn't set up a password for your closing date.
You set a closing date to make sure no one changes anything dated on before December 31st of last year. However, people are still making changes! Why is this happening? A. The user making the changes is set up as an accountant B. This cant happens. You didn't set it properly C. the user making the changes is set up as the administrator D. you didn't set up a password for your closing date.
A. Click the GEAR icon on the top icon bar C. Click audit log
You suspect that your staff accountant is changing transactions in QuickBooks. List the steps in the correct order to see what changes the staff accountant has made. A. Click the GEAR icon on the top icon bar B. Apply a filter to the Audit Log to view the activity of the staff accountant. C. Click audit log D. Select view in the history column to see detailed changes to an individual transaction or event.
A. A report must be saved as a custom report before it can be set to be emailed automatically each month.
You want to send the accounts receivable aging report automatically to your collections team via email at the end of each month. Evaluate each statement below and select the correct statement. A. A report must be saved as a custom report before it can be set to be emailed automatically each month. B. Custom reports can only be sent once. After the report is sent you have to setup the email feature again. C. Custom reports can only be emailed as *Pdf attachments D. Click the Envelope Icon on the standard accounts receivable aging report will let you set up a recurring email schedule for the standard report.
A. QuickBooks automatically creates a chart of accounts for you based on the industry. And you can edit this list later to remove accounts you don't need, or add ones that you do.
You were hired to set up QuickBooks for a consulting company. The owner asks you to set up the chart of accounts for that industry. This is easy because... A. QuickBooks automatically creates a chart of accounts for you based on the industry. And you can edit this list later to remove accounts you don't need, or add ones that you do. B. Consulting businesses don't need a chart of accounts. You only need a list of services to complete the setup of a consulting business. C. QuickBooks automatically creates a chart of accounts for you based on the industry. However, you can't edit this list later or remove and add accounts. D. Tech support is included with a QuickBooks online subscription and you can have an agent walk you step by step through setting up each account.
d) Navigate to Account and Settings, and in the Sales category of settings create a custom field for sales rep.
Your company has sales reps, and you need to keep track of the sales rep associated with each sale. How would you track sales reps on sales forms? a) You can't track sales in QuickBooks b) Use the Sales Rep field that appears as a default on all sales forms. c) Enter each sales rap as a vendor and select them as the vendor on sales forms. d) Navigate to Account and Settings, and in the Sales category of settings create a custom field for sales rep.
B. On the home page, select "Privacy Mode" to turn it on.
Your employer hates that if anyone looks at her computer while she's on the home page, they can see her bank balances, profit and loss, and other sensitive financial information. How can you solve this? A. Open the manage users screen and set all users to view the screen in "Privacy Mode". B. On the home page, select "Privacy Mode" to turn it on. C. Open the reports page and change which reports (remove expenses and income graphs) that QuickBooks displays on the home page. D. In the Account and Settings Advance tab, select "Hide financial info on Home Page"