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Quickbooks Accounting Practices, Exams of Advanced Education

American Public University System (APUS)Advanced Education

Insights into various quickbooks accounting practices, including tracking accounts payable, handling journal entries, managing customer relationships, merging list entries, and utilizing quickbooks online features. It covers topics such as entering bills, paying bills, handling customer returns, managing vendor merges, connecting financial accounts, adding new services, processing customer payments, managing recurring transactions, working with sub-customers, understanding invoice terms, processing bank transactions, applying discounts, and generating reports. The document aims to help users navigate the quickbooks software effectively and efficiently manage their accounting processes.

Typology: Exams

2023/2024

Available from 08/08/2024

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QuickBooks Test 37 Questions and
Answers
You're working in Quickbooks at a coffee shop for a few hours and don't want to share
all of your company's financial details with everyone there. How can you fix this? -
Answer- Click the Private mode switch on the dashboard to prevent sensitive financial
information from being displayed in this window.
What is the difference between an Invoice and Sales Receipt? - Answer- An Invoice
records a sale and how much your customer owes. A Sales Receipt records a sale and
the payment you received (it doesn't track any amount as owed)
How do you track Accounts Payable (A/P) in Quickbooks? - Answer- Step 1: Enter a
Bill.
Step 2: Pay the Bill in the Pay Bills window.
You mailed a check to pay your monthly rent. The check was lost in the mail and was
never cashed. What should you do with the check in Quickbooks? - Answer- Void the
check.
When should you select your checking account as the payment account on an Expense
form? - Answer- All of the answers are correct
Where in QuickBooks can you find out the status of what you owe to a vendor, and
when it's due? - Answer- Accounts Payable Aging report or the Vendor Balance Detail
report
When entering a journal entry, what happens if the debits don't equal the credits? -
Answer- Quickbooks will not allow you to record the transaction.
You notice an invoice you entered last month has changed significantly, but you didn't
make the change. How can you find out who changed it and what they changed? -
Answer- Look at the Audit Log report.
A company uses Quickbooks, but they need another program or app to manage all the
interactions they have with their customers (this is usually called a customer relationship
management or CRM application). They don't want to enter every customer twice (once
into Quickbooks and once into the CRM application). What do you suggest they do? -
Answer- Use the Apps tab in Quickbooks to find a CRM app.
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QuickBooks Test 37 Questions and

Answers

You're working in Quickbooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? - Answer- Click the Private mode switch on the dashboard to prevent sensitive financial information from being displayed in this window. What is the difference between an Invoice and Sales Receipt? - Answer- An Invoice records a sale and how much your customer owes. A Sales Receipt records a sale and the payment you received (it doesn't track any amount as owed) How do you track Accounts Payable (A/P) in Quickbooks? - Answer- Step 1: Enter a Bill. Step 2: Pay the Bill in the Pay Bills window. You mailed a check to pay your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in Quickbooks? - Answer- Void the check. When should you select your checking account as the payment account on an Expense form? - Answer- All of the answers are correct Where in QuickBooks can you find out the status of what you owe to a vendor, and when it's due? - Answer- Accounts Payable Aging report or the Vendor Balance Detail report When entering a journal entry, what happens if the debits don't equal the credits? - Answer- Quickbooks will not allow you to record the transaction. You notice an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they changed? - Answer- Look at the Audit Log report. A company uses Quickbooks, but they need another program or app to manage all the interactions they have with their customers (this is usually called a customer relationship management or CRM application). They don't want to enter every customer twice (once into Quickbooks and once into the CRM application). What do you suggest they do? - Answer- Use the Apps tab in Quickbooks to find a CRM app.

The company that just hired you uses Quickbooks Online. You notice there are many duplicate entries on list, such as the same customer or account entered twice with slightly different spelling. You've decided to merge the duplicates. Which three statements are true about merging list entries? Choose three - Answer- You cannot merge a customer with a vendor entry. You can only merge names from the same Type. You cannot merge expenses and items. Select three benefits of using Quickbooks Online - Answer- QBO is in the cloud and can be accessed from anywhere as long as you have an internet connection. Companies can easily invite their outside accountant to access the QBO company file remotely. The need to install software on computers is eliminated. When transaction should you enter if a customer returns a damaged product that they have not yet paid for. - Answer- Credit Memo Select the two statements below that are correct as it relates to merging vendors. - Answer- To merge vendor A into vendor B you should edit the display name of vendor A to match vendor B. Merging of vendors cannot be undone. QBO Online allows you to connect directly to which of the following financial accounts to download activity into QBO? - Answer- Most major US Banks and credit card processors. To add a receipt to QBO Online from your computer, what option do you select from the left-hand navigation to begin the process? - Answer- Banking When setting up a new inventory item what accounts have to be defined? - Answer- Inventory asset account Income account Expense account Which two accounts of the following accounts would most likely appear on the Balance Sheet report? - Answer- Accounts Receivable Checking What information would you see on a standard accounts payable aging summary or accounts payable aging detail report? Select 2 items - Answer- Due dates for bills Vendors who you owe money to All of the fields below are fields that can be edited when changing the email sent to the customer with their invoice except which two? - Answer- Priority From Address

For the Duke's basketball camp - Answer- An invoice dated September 10 of the current year will be due by September 25th of the current year. YES If the terms for a customer are changed on Sept 10 of the current year all the due dates on all open invoices dated before September 10th of the current year will be updated with new due dates NO When creating an invoice for Duke's basketball camp, the terms on the invoice can only be NET15 NO For each statement below out money transactions identify if the statement is true of false. - Answer- When you receive a check from your customer to pay an open invoice, you should select Check to record the amount. NO Vendor credits can be used to reduce the amount paid a vendor. YES After entering a Bill you should select to Pay bills when it is time to pay the bill. YES Entering a Bill increases Accounts Payable. YES For each statement below identify if the statement is True or False related to the benefits of connecting QBO Online to online bank accounts. - Answer- Connecting to online bank accounts and downloading transactions, increases the likelihood of not recording a transaction. NO Connecting to online bank accounts and downloading transactions, increases the risk of manual data entry errors. NO Connecting to online bank accounts and downloading transactions allows you to apply banking rules to automatically categorize common transactions. YES Connecting to online bank accounts and downloading transactions, increases the time spent on data entry. NO For each statement below identify if the statement is True or False related to the how to use and process bank feeds. - Answer- After a transaction is downloaded from the bank feed into QBO Online, QBO will suggest the bank reconciliation discrepancy account if it does find an applicable bank rule or matching transaction. NO The first download after setting up the bank fees will include 90 days for transactions unless excluded. YES If you want to keep a downloaded transaction from going into your company expenses you should exclude the transaction. YES For each statement about discounts select "Yes" if the statement is correct or "No" if the statement is not correct. - Answer- Discounts can be a percentage rate YES Discounts can be a dollar amount. YES Discounts are a list in QBO NO Discounts are always applied to total after the sales tax is added. NO For each transaction below select Yes if it would be a good candidate to apply a bank rule to or No if it would not be a good candidate to apply a bank rule to. - Answer- Utility expense YES Monthly rent expense payments YES Purchases of fuel for your work trucks YES

Hourly payroll worker paycheck NO For each statement below about report delivery, identify if this something you can do with a report by selecting yes, if this is not something you can do with a report select no.

  • Answer- You can export a QBO report to Excel. YES You can export a QBO report as a PDF. YES You can email a QBO report. YES You can import a report from Excel into QBO (as long as you exported the report from QBO originally) NO Select 2 ways to identify unbilled billable expenses. - Answer- Run the report Unbilled charges. Create a new invoice and any unbilled billable expenses will appear on the sidebar. Complete each statement with the correct word for the actions that are possible after a receipt is uploaded into QBO Online. Not all choices will be used. - Answer- If QBO finds an existing transactions in your book that is exactly the same as uploaded receipts or bills you should select _____ it. Match. If QBO can't find an existing transaction that matches your uploaded receipt and the transactions needs to be recorded, you can _____ a new transaction from your receipt or bill. Create. If QBO finds more that one potential match to your uploaded receipt you should ____ the potential matches, then select the correct bill or expense. Review. Use the dropdown menu to identify whether each of the following statements is true for Accrual Accounting or Cash Basis Accounting. - Answer- A company makes a sale and records the expected revenue as an Accounts Receivable transaction. Accrual Accounting. A company makes a sale, but revenue is not realized until the invoice is paid. Cash Basis Accounting. A company receives their utility bill but the expense is not recorded until the bill is paid. Cash Basis Accounting. Provides a more accurate picture of the profitability of a company because it includes accounts receivables and payables. Accrual Accounting. Select the area that should be checked or filled in order to track 1099 vendors. - Answer- Track payments for 1099 She needs the expense form to look like this. How do you fix this? - Answer- Click the *** icon next to the company name. Click Account and Settings/Company Settings. Click the Expenses tab. Select "Track Expenses and items as billable." For each Money-in transaction described, identify the transaction. Not all choices will be used. - Answer- Sale to a customer on account. Invoice A cash sale to a customer. Sales Receipt Money taken to the bank. Deposit