Accounting

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? a. Debit Memo b. Credit Memo c. Customer Return d. Check or Bill

B

What transaction/form do you begin with to enter a vendor credit? a. Vendor credit b. Enter bill c. Pay bills window d. Receive vendor credit

B

What options do you have after you create a credit memo in Quickbooks? a. Retain as an available credit b. Give a refund. c. Apply to an invoice. d. All of the above.

D

Which of the following is NOT an Item Type? a. Inventory Part b. Service c. Non-inventory Part d. Income

D

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

D

Which of the following statements is true concerning items? a. You can use one item to represent difference 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. d. All of the above.

D

Why would you restore a data file from the 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. d. All of the above

D

At the end of the Payroll Setup Interview, Quickbooks has an accurate record of _____, _______, ______, and ______ and you are ready to create your first paycheck.

employees, earnings, deductions; and payroll history

To choose city/local taxes,

select custom setup, and then choose other tax

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

B

You sent a quickbooks report to excel and made some changes. Which statement about importing the changes back into QB is true? a. The formulas or calculations you entered in Excel are imported as values only. b. Use the import from excel wizard to complete the process and avoid errors. c. QB supports only a few statistical functions from Excel (SUM) d. None of the above

B

The company file you're working on is a mess. You decided to start a new file. To save time, you want to keep all the lists and preferences and just delete the transactions. How do you do this?

Click the file menu. Select utilities, condense data from the menu then choose the all transaction option

On the Home Page, click Refunds and Credits. This decreases the

Amount owed by the customer and reversed the sale.

What is the Undeposited funds account in QuickBooks?

An account used to record payments before you make a deposit

Which is the following transactions will affect an Accrual Basis report but not w Cash Basis?

An open invoice

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

B

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 d. Use the Custom Form Designer

B

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

B

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 d. Select the payroll liability checkbox on the write checks window.

A

If the computer that houses your QuickBooks data crashes, what should you do? a. Restore a back up copy of your company file b. Create a back up copy of your company file c. Condense your company file data d. Export your data to Excel

A

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 d. 1) Complete the Payroll Setup Interview; and 2) Set up employees

A

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

A

What type is income?

Account

Which of the following elements on an invoice can you not customize?

Account information and number of characters you can type in each field

Restore a company file from backup. a. Choose open or restore company b. Click file menu c. Select restore a backup copy, click next and follow the steps

BAC

Can you delete a list entry (for example, an item)? a. Yes, if the list entry is not used in any transactions or is not part of another list entry. b. No, if the list entry is used in any transactions or is part of another list entry (for example, a group item). c. Both A and B are correct. d. No, you can never delete a list entry.

C

Change someone from hourly W2 worker to salary. a. Click employees and then double click the employee name. Click emplyment information and then select the salaried employee checkbox. b. Click employees and then double click the employee name. Clear the use time data to create paychecks check box, and then click save. c. Click employees and then double click the employee name. Click payroll info tab in the earnings section. Change their hourly information to salary and enter their salary in their amount paid. d. Click vendors and double click the vendor name. Click the add to employees list button.

C

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 d. Edit the user's profile and enter a date in the "Restrict entry after this date" field

C

What happens when you press F2 in Quickbooks? a. Nothing, because the function keys are not designed to work with Quickbooks. b. Quickbooks opens the Help. c. QuickBooks opens the Product Information window which includes version and company file information. d. Quickbooks closes all windows.

C

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

C

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 d. Everything. A memorized report is like a photographic snapshot of a report.

C

You want to add your company's logo to your invoices. How can you do that in Quickbooks?

Click Create Invoices and then choose the Formatting tab. Choose Customize Data Layout and then Layout Designer. From that screen, you can add your logo as an image.

How do you make a column on a report wider?

Click the diamond to the right of the column and drag it to the right.

What are other benefits of using items? 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. d. All of the above.

D

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

D

How do you love columns on a report? a. Click customized 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 d. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.

D

Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to? a. Employee List b. Vendor List c. Other Names List d. Class List

D

You need to deduct money from an employee's paycheck for a garnishment (child support). What should you do? a. Set up and use standard type patrol and link the item to the appropriate asset account. b. Set up and use a deduction type payroll item and link the item to the appropriate asset account. c. On the paycheck, click the expenses tab and enter the amount of child support as a negative. d. Set up and use a deduction type payroll item and link the item to the appropriate liability account.

D

Your company no longer sells floor plans. You want to make the Floor Plan service item inactive in Quickbooks Desktop. Put the steps for making a service item inactive in the correct order. a. Select Floor Plans from the Item list b. Click Make Item Inactive c. Click the Item Menu d. Click the Lists tab e. Click Yes.

DACBE

Which statement about general journal entries is false?

Enter a general journal entry when you are not sure which form to use.

Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?

Enter bill then click credit on top of the bill.

Name 3 things that are not item type, besides income.

Expense, Liability, and Asset

Which of the following statements best summarizes Undeposited Funds?

Money that has been collected from customers but has not yet been deposited at the bank.

How do you identify the version and release of Quickbooks you have?

Press the F2 button.

Once you have completed the sign of new company file, how do you change company information such as business name, address, or phone number?

Select company information from the menu

List entries may be deleted only when

There is no balance, it has not been used and is not linked to anything that has been used.

How do you record a debit card transaction in Quickbooks?

Use the write checks window for the check register but type debit in the check number field

How do items affect the financial statement?

When you purchase or sell an item the value of the purchase or sell flows to the account you selected when you set up the item

A credit memo reverses a sale and is used when a customer returns goods or when

you want to credit them for services you've provided.