GMETRIX EXAM 1 Flashcards
During the company setup process, which of the following is NOT a step when creating a new company file?
a. Entering the company’s address and other contact information
b. Selecting the Multi-User mode option so that multiple people can log in to a file at the same time
c. Choosing your company’s beginning Chart of Accounts
d. Importing lists of customers and vendors
b. Selecting the Multi-User mode option so that multiple people can log in to a file at the same time
Which of the following statements about setting up multiple company files is true?
a. You are limited to ten company files per license.
b. To set up another company file, click File > Start a New Business.
c. Each company file has to be purchased separately when setting it up.
d. QuickBooks can create and store information for an unlimited number of company files.
d. QuickBooks can create and store information for an unlimited number of company files.
When you set up a new QuickBooks company, how do you set up a new Item & Service that is not on the default list of Items & Services?
a. You cannot add new products and services during company file setup.
b. Next to “Add the products and services you sell,” click Add More.
c. When importing your list of vendors, choose the vendor that sells you the product or service and edit them to add the product or service to their record.
d. When selecting your industry, click Import Products and Services.
b. Next to “Add the products and services you sell,” click Add More.
Which of the following features allows you to keep all of your lists and preferences but start from scratch with everything else in a company file?
a. Accountant’s Copy
b. Condense Data
c. Portable Company File
d. New Company File from an Existing Company File
b. Condense Data
How do you change where your icon bar appears?
a. Click Edit > Preferences > General > Company Settings and check the box for Top, Left, or Hide Icon Bar.
b. Right-click the icon bar and click Top, Left, or Hide Icon Bar.
c. Click and drag the icon bar to where you want it to appear.
d. Click the View menu and select Top, Left, or Hide Icon Bar.
d. Click the View menu and select Top, Left, or Hide Icon Bar.
How do you open the Product Information screen, which includes version and company file information, in QuickBooks?
a. There is no Product Information screen in QuickBooks.
b. Click File > Product Information.
c. Press F2 on your keyboard.
d. Open Windows Explorer and right-click your company file. Then select Product Information.
c. Press F2 on your keyboard.
Suppose you own a company that sells birdbaths and you want to keep track of how many birdbaths you have on hand. What item type should you use?
a. Inventory Part
b. Non-inventory Part
c. Other Charge
d. Quantity on Hand
a. Inventory Part
How do items affect your Profit & Loss and Balance Sheet?
a. They track how many units of a product or service you’ve sold.
b. They control whether or not the transaction is posting or non-posting.
c. When you record a sale or purchase with an item, it acts as a pointer, increasing or decreasing the accounts assigned to it.
d. They record who you sold a product or service to.
c. When you record a sale or purchase with an item, it acts as a pointer, increasing or decreasing the accounts assigned to it.
Which of the following statements best summarizes Undeposited Funds?
a. A customer’s deposit that will be used on a future invoice.
b. Funds that are being held for future use with a vendor.
c. Money that has been collected from customers but has not yet been deposited at the bank.
d. A negative amount on a deposit that reduces the overall deposit amount.
c. Money that has been collected from customers but has not yet been deposited at the bank.
In QuickBooks, what is a sales receipt?
a. Sales receipts are used to refund money to customers.
b. If you purchase something, you can record a sales receipt in QuickBooks to register the expense and assign that expense to a customer or job.
c. When a customer orders something from you that you don’t have in stock, you should create a sales receipt. QuickBooks will know that the items are back-ordered.
d. A sales receipt is a record of a customer purchasing something from you and paying you at the time of the sale.
d. A sales receipt is a record of a customer purchasing something from you and paying you at the time of the sale.
Which of the following do you have to enter before you can start progress invoicing?
a. Deposit
b. Estimate
c. Credit Memo
d. Statement Charge
b. Estimate
What is one way to track Accounts Receivable in QuickBooks?
a. Record a Sales Receipt. Then when the customer pays, use Receive Payment.
b. Record an Invoice. Then when the customer pays, use Sales Receipt.
c. Record an Invoice. Then when the customer pays, use Receive Payment.
d. None of the above.
c. Record an Invoice. Then when the customer pays, use Receive Payment.
What purpose does the Record Bounced Check feature serve?
a. When you bounce a check, you have to click the Record Bounced Check button to reconcile the check.
b. When QuickBooks performs period data integrity checks, if it finds an error in your company file, it records that it as a bounced data integrity check.
c. Record Bounced Check is a button on the Customer Payment screen that can be used when a customer’s check is rejected by the bank.
d. Record Bounced Check is a button on the reconciliation window that allows you to indicate that a check you or your customer wrote bounced due to insufficient funds.
c. Record Bounced Check is a button on the Customer Payment screen that can be used when a customer’s check is rejected by the bank.
What is one method for recording a customer’s prepayment or deposit toward a future invoice?
a. Click Record Deposits and enter the customer’s name. Then enter the details of the payment. At the bottom left, select the option, “Leave the credit to be used later.”
b. Click Create Invoice and enter the customer’s name along with the items they plan to purchase. Save the invoice and then click Credit Memo. Create a Credit Memo for the same items and save.
c. Click Credit Memo and enter the items that the customer has prepaid.
d. Click Receive Payments and enter the customer’s name. Then enter the details of the payment. At the bottom left, select the option, “Leave the credit to be used later.”
d. Click Receive Payments and enter the customer’s name. Then enter the details of the payment. At the bottom left, select the option, “Leave the credit to be used later.”
When should you void a check?
a. You recorded the check accurately along with the number, but the check will never be cashed.
b. You recorded a check but have not printed it yet.
c. You printed a check on blank paper but now realize you don’t want to record the check.
d. You accidentally recorded the same check (with the same check number) twice.
a. You recorded the check accurately along with the number, but the check will never be cashed.
What account is affected by bills and bill payments?
a. Accounts Payable
b. Accounts Receivable
c. Undeposited Funds
d. Checking
a. Accounts Payable
What form should you use when you buy something with a credit card?
a. Credit Card Charge
b. Purchase Order
c. Bill
d. Statement Charge
a. Credit Card Charge
When reconciling your bank account in QuickBooks, where does the beginning balance come from?
a. The beginning balance is the amount of money QuickBooks thinks you had in your account at the beginning of the year.
b. It doesn’t come from anywhere. The beginning balance should always be zero.
c. It is the number you type into the beginning balance field, and you can find it on your bank statement.
d. The beginning balance is the sum of all reconciled transactions for that account. Normally this number will come from the most recent reconciliation’s ending balance. If an account has never been reconciled, this number will come from the account’s opening balance.
d. The beginning balance is the sum of all reconciled transactions for that account. Normally this number will come from the most recent reconciliation’s ending balance. If an account has never been reconciled, this number will come from the account’s opening balance.
What is an advantage to using Purchase Orders?
a. Purchase Orders increase your balance with vendors, so you can keep track of what you owe people.
b. They track inventory you have on hand so that your inventory reports are always up to date.
c. They track what you’ve ordered from vendors and compare what you’ve received against what you have.
d. They track what customers have purchased from you so that you know what invoices to create.
c. They track what you’ve ordered from vendors and compare what you’ve received against what you have.
When setting up a new employee, how do you set up how much money they’re paid?
a. There is no way to set this up on the New Employee screen. You need to enter this when you actually pay the employee.
b. When you click New Employee, QuickBooks opens a pop-up window, and the first thing it asks about is how much the employee is paid.
c. Click Employees > Wages and enter their wages in the correct columns/rows.
d. In the New Employee window, click the Payroll Info tab, and then in the Earnings section, enter their wages.
d. In the New Employee window, click the Payroll Info tab, and then in the Earnings section, enter their wages.
