2017 Test 1 Training (Intuit QuickBooks Desktop) Flashcards
If you choose to remove transactions as of a specific date from the “Condense Data” window, what does QuickBooks do?
Removes all transactions while leaving lists, preferences, and service subscriptions intact
When setting up a company file, what should you do when you reach the Trial Balance/Opening Balance page?
There is no page or option called Trial Balance/Opening Balances
You’ve completed the set up of a QuickBooks company file, but you forgot to enter the company’s phone number during set up. How do you enter it now?
Select Company: My Company from the menu and click on the {pencil} icon
When you set up a new QuickBooks company, how do you setup a new account that is not on the default list of accounts?
You can’t add accounts that are no on the QuickBooks default list. Finish setting up and then add the accounts directly to the Chart of Accounts
Your company file is damaged, but you have a backup copy of the company file on your Windows Desktop. Restore this backup to the Windows Desktop.
Application #5
Why would you restore a data file from the backup file?
All of these are reasons to restore from the backup file
- Your computer crashed. You reloaded QuickBooks, and now you are ready to open the company file
- The company data file on your hard drive is damaged and cannot be used
- You wish to review the company data as it stood at an earlier date
When would you enter a journal entry?
All of these answers are correct
- To enter depreciation
- For year-end adjustments
- To correct errors (if you have a strong accounting background)
When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions?
QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions
What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer Job)
You can click on the diamond and move the list entry to a different location on the list
What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier?
14,500
How do you combine or merge two list entries?
Rename the unwanted list entry to match the name of the list entry you want to merge into
Suppose you own a company that repairs bicycles. What item type should you use for “bicycle repair”?
Service
Which of the following statements is true concerning items?
All of these answers are correct
- Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss
- You can use one item to represent different services or goods
- To create an invoice, you must use an item
What item type should you use for inventory that you assemble from other items and then sell?
Inventory Assemble
What account (on the Chart of Accounts) is affected when you sell an item?
The account you selected when you set up the item
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?
Credit Memo
When you invoice for time and costs, where does QuickBooks get the billable time or costs?
From billable time entered on time sheets and/or billable costs entered on checks and bills
When should you use a Sales Receipt in QuickBooks
To record a customer payment at the time of sale
When you create a statement and select “All open transactions as of Statement Date,” what does QuickBooks show on the statement?
Open transactions as of the statement date
You received 5 customer payments in the mail. At the bank you deposit the 5 checks as one deposit. When you record the 5 separate payments in QuickBooks, how do you show that the 5 checks were actually 1 deposit?
When you use the Receive Payments window, QuickBooks doesn’t deposit the money in your checking account. After you record the 5 payments, click Record Deposits and select the 5 checks.
Suppose you have subcontractors who receive a 1099 from your company. Which list should you add them to?
Vendor List
You used a debit card to buy one Door Frame (an item your sell) from Zeng Building Supplies. Enter the transaction in QuickBooks.
Application #22
What transaction/form do you begin with to enter a vendor credit?
Enter Bill
Which form should you use to enter petty cash expenditures?
Write Checks or use check register
What is a reason to use the Items tab when entering a bill?
To assign a cost to a job or purchase inventory
When printing paychecks, what is the preferred check style to give an employee a paystub?
Voucher
Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)?
So that Payroll Liabilities show up in the Pay Taxes & Other Liabilities list in the Payroll Center
Dan T. Miller, one of your employees, recently got a raise. His new salary is $45,000 a year. Enter this salary change in QuickBooks.
Application #28
Which of the following Payroll Services are available with QuickBooks?
All of these answers are correct
- Enhanced
- Assisted
- Basic
How does entering time for a job affect job cost reports?
None of these answers are correct
- QuickBooks adds the cost of that employee’s “labor burden” to the job cost.
- QuickBooks adds the cost of that employee’s time AND “labor burden” to the job cost
- QuickBooks adds the cost of that employee’s time to the job cost.
What report should you use to help you complete the state unemployment tax form?
Employee State Taxes Detail
Which of the following is a way to access a report in QuickBooks?
All of these answers are correct
- From the Report Center
- From the Report Menu
- By clicking Reports at the bottom of lists
How do you create a memorized group of reports?
Open the Memorized Report List and then click Memorized Report > New Group
What is the easiest way to organize your memorized reports?
Create a report group
How do you display or print a batch/group of reports quickly?
Choose Reports > Process Multiple Reports
What happens if you click Collapse on a report?
QuickBooks hides Subaccounts and only shows Parent accounts
You have customized and then memorized a report. What does QuickBooks save when memorizing a report?
Report header, filters, and columns but not the actual transactions
What can you do the in the Reports & Graphs Preferences (Edit > Preferences)?
All of these answers are correct
- Set which date to use for aging reports
- Change the summary basis (Accrual or Cash) for all reports
- Change Format options like font color and size
What happens when you QuickZoom on a number in a report?
QuickBooks shows more detail about the number on the report.
You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account?
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 one way that QuickBooks uses the Account Type?
To identify where the account appears on the financial statements
What is the purpose of the Chart of Accounts?
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 can you stop yourself and others from deleting, editing, or adding transactions in a closed period?
Set a closing date
What are the 2 main Financial Statements you can run from the “Company and Financial” category of reports?
Balance Sheet, Profit and Loss
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?
Someone changed or deleted a cleared transaction
Suppose your address information appears on the upper left of your invoice and you want it to the lower right. How would you do this?
Us the Layout Designer
How do you set up multiple users in QuickBooks Pro or Premier?
Choose Company > Set Up Users and Passwords > Set Up Users
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?
Edit a customer and click the “Additional Info” tab. Click Define Fields to create a Custom Field to track anything you want.
You notice that when you print an invoice, the information in the field is cut off (that is, it doesn’t fit). How can you fix this?
Use the Layout Designer to make the field wider
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?
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.
