HOS 140 QuickBooks Reports and Graphs
The __________________ report shows the balance of each account in Debit and Credit format for a specific date.
Trial Balance The Trial Balance report displays the balance of each account on a specific date. (See Reports Chapter - Accounting Reports - Trial Balance)
True/False? You can use the Profit & Loss by Class report to find transactions that were not assigned a class.
True Any transaction that is not assigned a class will display in the Unclassified column in the Profit & Loss by Class report. These transactions can be easily displayed and corrected using QuickZoom. (See Reports Chapter - Accounting Reports - Profit & Loss by Class)
True/False? In most instances, the General Ledger is a longer report than other Accounting reports.
True The General Ledger displays all activity in all of the accounts for a specified period. Unless the period contains very little activity, it will be a long report. (See Reports Chapter - Accounting Reports - General Ledger)
True/False? The Statement of Cash Flow displays information about cash receipts and cash payments during a specified period.
True The Statement of Cash Flows provides information about the cash receipts and cash payments of your business during a given period. (See Reports Chapter - Accounting Reports - Statement of Cash Flow)
Current assets divided by current liabilities equals the __________________.
current ratio The current ratio is determined by calculating the current assets divided by the current liabilities. The assets and liabilities can be found on the Balance Sheet. (See Reports Chapter - Accounting Reports - Balance Sheet)
On the Balance Sheet, the Total Assets and Total Liabilities and Equity will a. always be equal. b. only be equal when the company is profitable. c. only be equal on the first day of each quarter. d. only be equal on the first day of the fiscal year.
A Assets = Liabilities + Equity (See Reports Chapter - Accounting Reports - Balance Sheet and See Introducing QuickBooks Chapter - Accounting 101)
To see all transactions for a specified period use the a. General Ledger. b. Statement of Cash Flow. c. Customer Balance Detail report. d. Check Detail report.
A The General Ledger displays all transactions in all accounts for a designated period. (See Reports Chapter - Accounting Reports - General Ledger)
Which of the following in not a financial report? a. Open Invoices b. Statement of Cash Flow c. Trial Balance d. Profit & Loss
A The Statement of Cash Flow, Trial Balance, and Profit & Loss report are all accounting or financial reports. The Open Invoices report is a business management reports and not an accounting report. (See Reports Chapter - Accounting Reports and Business Management Reports)
Every month, your company calls each past due customer. What is the most useful report for this task? a. Customer Phone List b. Collections report c. Customer Balance Detail report d. General Ledger
B The Collections report displays customers with outstanding invoices as well as the customer's phone number. (See Reports Chapter - Business Management Reports - Accounts Receivable and Accounts Payable Reports - Collections Report)
True/False? To export a report, select Export from the File menu.
False QuickBooks allows you to export reports to spreadsheets using the Export button at the top of the report. The Export command on the File menu allows you to export lists and addresses, but not reports. (See Reports Chapter - Exporting Reports to Spreadsheets)
True/False? Every report in QuickBooks has a corresponding graph.
False QuickBooks has a number of graphs, including the Income and Expense Graph and the Sales Graph, however, there are not as many graph options as reports. (See Reports Chapter - QuickBooks Graphs)
True/False? To access a customer QuickReport, select QuickReport from the Reports menu.
False QuickReports can only be generated from the Chart of Accounts, registers, forms, and lists. (See Reports Chapter - Finding Transactions - QuickReports)
True/False? The Balance Sheet displays the balance of all of the income and expense accounts.
False The Balance Sheet shows the asset, liability and equity account balances. (See Reports Chapter - Accounting Reports - Balance Sheet)
True/False? Reports are always generated based on the Cash or Accrual basis set in Company Preferences.
False The company preferences for cash or accrual can be overridden in the Modify Reports window. (See Reports Chapter - Cash versus Accrual Reports)
True/False? The Balance Sheet automatically enters the first day of the fiscal year in the From field and the current date in the To field.
False The date of the Balance Sheet is entered in the As of field and the Balance Sheet does not have a From or To field. The Balance Sheet reflects the financial status of the company on a given date, not a range of dates. (See Reports Chapter - Accounting Reports - Balance Sheet)
True/False? To modify a sales report so it only displays information related to one class, you would select Class from the Columns selection box in the Display tab of the Modify Reports window.
False To only display one class on a sales report, you would filter the records by class in the Filter tab of the Modify Reports window. (See Reports Chapter - Building Custom Reports)
The __________________ displays your company's items and their price.
Item Price List To see a listing of company items and their corresponding prices, generate an Item Price List report. (See Reports Chapter - Business Management Reports - Item Price List)
To save a customized report, click __________________ at the top of the report window.
Memorize You can save a customized report by memorizing the report. (See Reports Chapter - Memorizing Reports)
__________________ generates a detailed report when a report item is double clicked, and is represented visually by a magnifying glass with a Z in the center.
QuickZoom QuickZoom is a convenient feature that generates a detailed and specific report when items in a report are double clicked. (See Reports Chapter - Finding Transactions - Using QuickZoom)
The __________________ generates a pie chart of the company sales.
Sales Graph The Sales Graph conveys company sales information in a pie chart. (See Reports Chapter - QuickBooks Graphs)
The __________________ report shows sales tax collected by locality.
Sales Tax Liability The Sales Tax Liability report displays sales tax information organized by sales tax region. (See Reports Chapter - Business Management Reports - Accounts Receivable and Accounts Payable Reports - Sales Tax Liability Report)
__________________ put appropriate page breaks in a report.
Smart page breaks Smart page breaks is the QuickBooks feature that sets page breaks in appropriate places in a report. (See Reports Chapter - Printing Reports)
Every month you need to generate and print a report group. You decide to display these reports in a batch. What should you do first? a. Select Process Multiple Reports from the Reports menu. b. Select Memorized Reports List from the Reports menu. c. Select Memorized Report Groups form the Reports menu. d. Generate the first report in the group and click the Memorize button.
A To display a report group, select Process Multiple Reports from the Reports menu. (See Reports Chapter - Processing Multiple Reports)
To save a report so that it is easily generated in the future a. select Save Report from the File menu with the report open. b. select Save Report from the Report menu with the report open. c. click Memorize in the upper part of the report window d. select Memorize from the Report menu.
C Clicking the Memorize button in a report's window will save the report so that it can be easily recreated in the future. (See Reports Chapter - Memorizing Reports)
You decide that you want to add a column to a report. Where do you make this change? a. Reports Company Preferences b. The Filter tab in the Modify Reports window c. The Display tab in the Modify Reports window d. Right-click a column heading and select the column you wish to add
C The Display tab in the Modify Reports window allows you to display and hide columns. (See Reports Chapter - Building Custom Reports)
You need to analyze which customers and jobs are most profitable. What might you generate? a. Sales Graph b. Collection Report c. Profit & Loss by Job d. Balance Sheet
C The Profit & Loss by Job report displays the profit of each customer and job. (See Reports Chapter - Accounting Reports - Profit & Loss by Job Report)
The QuickBooks Search feature lets you a. find the location of your QuickBooks file on your computer or server. b. search for a text string in multiple fields, forms and QuickBooks files at once. c. search for a text string in multiple fields and forms at once. d. search for the detail of a report by double clicking on the report.
C The Search command allows you to search for a text string in multiple fields and forms. (See Reports Chapter - Finding Transactions - Using the Search Command)
Which of the following is a way of generating a QuickReport? a. Point to QuickReport from the Report menu, and select the desired report from the popup menu. b. In any report, double click on the amount of the desired transaction. c. Select the desired transaction in the register and click the QuickReport button. d. All of the above.
C You can generate a QuickReport from a register by clicking the QuickReport button. It is not available from the Reports menu. (See Reports Chapter - Finding Transactions - QuickReports)
__________________ report displays each customer name and phone number followed by their overdue invoices.
Collections The Collections report shows information on customers with past due accounts. (See Reports Chapter - Business Management Reports - Accounts Receivable and Accounts Payable Reports - Collections Report)
The __________________ displays name, address, and other contact information of the company's vendors.
Vendor Contact List The Vendor Contact List shows vendor information such as name, address and contact information. (See Reports Chapter - Business Management Reports - Vendor Contact List)
