Quizzes from Class Flashcards
How can you check which version of QuickBooks you are using?
All of the above
- Help Menu
- About
- F2 Key
Name the 3 main sections on the homepage.
Vendors, Customers, Employees
Name the three types of “screens” in QuickBooks.
Lists, Screens, Reports
QuickBooks uses “forms” when inputting data
True
What is the keyboard shortcut to view a Debit/Credit report for a transaction?
Control Y
Accrual basis accounting only records the expense when the bill is paid.
False
General Journal Entries are used for year-end adjustments.
True
The trial balance shows debits and credits.
True
No matter which version of QuickBooks you are using, the core features remain the same.
True
Which types of Accounts show on the Profit and Loss statement (pick all that apply).
Expenses, Income (Revenue)
Which types of Accounts show on the Balance Sheet (pick all that apply).
Assets, Equity, Liabilities
When reconciling a bank account, the opening balance in QuickBooks should match the ending balance of the previous month’s bank statement.
True
After completing Express Start, you can add and remove accounts in the Chart of Accounts.
True
What is the definition of a QuickBooks Start Date?
The date of the first transactions entered into QuickBooks
Where can you change software settings in QuickBooks? For examples, turn off Popup menus.
Edit/Preferences
Where is the rule-of-thumb (according to the book) when deciding how many company file you should create?
Based on how the company(ies) files it’s taxes. One company per tax return.
Where can you enter historical transactions to “catch-up” with your fiscal year.
All of the above
- Check Register
- Write Checks
- Journal Entries
How do you modify Company Information after Express Start?
Company/Company Information
Why is it important to set a Closing Date in QuickBooks?
To avoid changes to transactions in the previous year.
Can multiple users have access to Company in Single user mode?
Yes, but only user can access the Company at a time.
Which user has full access to ALL QuickBooks functions?
Administrator
Name the types of access a QuickBooks Administrator can assign to a user.
full, selective, none
Why is it important to backup a company file?
- In case the computer crashes
2. In case the file becomes corrupted
Multi-user mode allows for different versions to access the company file on the server.
False
Only some versions of QuickBooks allow multi-user mode.
False
What should you do if the Beginning Balance field in the Begin Reconciliation dialog box doesn’t match the beginning balance on your bank statement?
Use the Discrepancy Report and/or Previous Reports to see what changed since the last
Which features can you use to add bank service charges? (pick all that apply)
- The Service Charge field in the Begin Reconciliation dialog box
- Download the charges using Bank feeds
- The Write Checks window before you reconcile
In a transaction amount in QuickBooks doesn’t match the amount on your bank statement, which method should you use to correct the amount? (pick all that apply)
- In the account’s register window, edit the transaction’s amount
- In the Reconcile window, click Go To, and then edit the transaction’s amount
To record a voided check from a closed accounting period:
Make a deposit in the current period assigned to the same account as the check you
In transfer money between accounts, you can:
All of the above
- In the Write Checks window, write a check and, in the Account field, choose the account you want to transfer money to, only
- Record a transfer in the first account’s register window, only.
- Use the Transfer Funds feature, only.
You record the sales price for a Group Item in:
None of the above
- The Sales Price field
- The Rate field
- The Price Level field
When you sell an inventory item, which account(s) decrease in value?
Inventory asset account
If a vendor sends you more than the quantity on your purchase order, you can:
- Receive the extra shipment into inventory, and then send it back and record a bill credit.
- Refuse the extra shipment and send it back to the vendor without recording a transaction.
- Receive the extra shipment and pay for it.
Which type of transaction applies only to inventory?
item receipt
QuickBooks Pro, Premier, and Accountant can’t:
Use the LIFO or FIFO method to calculate inventory cost.
Which sections are in the Vendor Center? (pick all that apply)
- Vendor List
- Vendor Information
- Transactions List
Which tab in the vendor information screen allows you to enter payment terms for a Vendor?
Payment settings
Which Tab in the Vendor Information screen will allow you to enter more than one expense account assigned to the Vendor.
Account Settings
What transactions would automatically fill-in the expense area for the vendor?
Enter Bills
What is the name of the most common transaction related to Vendors?
Enter Bills
Put the steps in order (match) for the shortest AP process.
- Enter Bills
- Pay Bills
- Write Checks
It’s ok to write a check to pay a vendor in the Write Checks window after previously entering the bill in the Enter Bill window.
False
What register does the Enter Bill and Pay Bill transactions go into?
Accounts Payable Register
Which report can be run directly from the Vendor Center main screen?
All of the above
- Vendor List
- Vendor Information
- Transactions List
Which section of the Vendor Center shows all transactions related to a specific vendor
Transactions List
In general where would you enter these transaction?
- Cash Sale > Sales Receipt
- Accounts Receivable Sale > Create Sales Invoice
- Miscellaneous non-sale deposit, that still needs to be deposited. > Make/Record Deposit
- To record a deposit already made, but the owner forgot to tell you > Check Register
What order do these need to entered?
- Sales order
- Create Invoices
- Receive Payments
- Make/Record Deposit
What are the 3 types of Payroll Services available in QuickBooks?
Basic, Enhanced, Assisted
You must contact QuickBooks and purchase a payroll service to activate the Payroll feature in QuickBooks
True
What types of Payroll Schedules are there in QuickBooks?
All of the above
- Weekly
- Bi-weekly
- Monthly
Which of the following payroll periods is not an option in QuickBooks?
Semiannually
In QuickBooks Payroll Setup, you can’t:
Add two employees with the same name.
When you print voucher style paychecks, you can include:
All of the above
- Federal filing status
- Earnings and tax withholdings
- Adjustments to net pay
To run a payroll, you should:
- On the Home Page, click the Pay Employees icon
2. On the Employees menu, choose Pay Employees, and then choose Scheduled Payroll
The Payroll Liabilities Balance Report identifies:
- Liability amounts you owe by Payroll item
- Liability amounts for employee deductions
- Liabilities for employer taxes
Which Home Page Icon should you click to pay payroll taxes?
Pay Liabilities
Which statement is true?
You can print pay stubs at any time
In QuickBooks, you charge customers for billable expenses by:
Turning on the Billable? checkbox and choosing the customer or job to which the expense applies in a purchase transaction expense row.
Which account types can be used in the expense tab of a purchase transaction to make the expense billable?
All of the above
- Expense
- Cost of Goods Sold
- Other Expense
How do you assign expenses to a Customer: Job without billing the customer?
In the expense row, choose the Customer: Job and turn off the Billable checkmark
Which types of billable expenses can you add to invoices?
Items
Expenses
Time
Mileage
In an invoice, you can automatically mark up billable expenses using the Markup Account option on which tab of the Choose Billable Time and Costs window?
Expense tab
9
If you run a summary report, you can modify it in the following ways: (pick all that apply)
Apply a filter to include or exclude data
Specify the categories for report columns
Change the date range
9
You can make the following changes to reports in a Modify Report dialog box: (pick all that apply)
- Specify the sort order
2. Choose the columns that appear
9
To examine your company’s profitability, you should: (pick all that apply)
Run a Profit & Loss Standard report
Include a % of Income column in a Profit & Loss report
9
You can create QuickReports for: (pick all that apply)
Accounts
Items
Customers
9
After you customize a report, how can you reuse it in the future? (pick all that apply)
- Save the report as a template
- Share the report with the QuickBooks community
- Memorize the report
9
The settings in the Preferences dialog box Company Preferences tab:
Apply to every user who logs into the company file
9
Which features can you customize i QuickBooks? (pick all that apply)
The icon bar
The Home Page
The Favorites menu
9
If you purchase products specifically for a customer or job, which type of item should you create for those products?
Non-inventory Part item
9
With price levels, you can: (pick all that apply)
- Adjust all prices for a customer by a percentage
2. Adjust the price of an item on an invoice
9
You can’t set up custom templates for the following forms:
Bill
