Docsity
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Docsity AI
Docsity AI
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search for your university

Find the specific documents for your university's exams

Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

QuickBooks Certification: Practice Test, Exams of Advanced Education

American Public University System (APUS)Advanced Education

A practice test for quickbooks certification, covering a variety of topics related to quickbooks functionality and usage. The test includes multiple-choice questions with correct answers on subjects such as managing transactions in closed periods, reconciling account balances, using sales receipts, job cost reporting, managing subaccounts, entering bills, quickbooks versions, 1099 reporting, financial statements, inventory management, user setup, payroll, report customization, and more. The document aims to help quickbooks users prepare for certification exams by testing their knowledge and understanding of the software's features and capabilities.

Typology: Exams

2023/2024

Available from 08/08/2024

Examwow
Examwow 🇺🇸

5

(2)

9.4K documents

1 / 7

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
QuickBooks Certification: Practice Test
#1 Questions with correct Answers
How can you stop yourself and others from deleting, editing, or adding transactions in a
closed period? - Answer- Set a closing date
You successfully reconciled the checking account last month. This month, when you
begin to reconcile the same account, you notice the beginning balance calculated by
QB is different than the bank. How can this happen? - Answer- Someone deleted or
changed a cleared transaction.
When should you use a sales receipt in QB? - Answer- To record a customer payment
at the time of sale.
How does entering time for a job affect job cost reports? - Answer- None of these
answers are correct..
What account on the Chart of Accounts is affected when you sell an item? - Answer-
The account you selected when you set up the item.
You notice that multiple accounts should actually be subaccounts. How quickly can you
make these accounts subaccounts of another account? - Answer- Click on the diamond
to the left of the account, drag it below the appropriate parent account, and release the
mouse button. Then, click the diamond again, drag to the right, and release the mouse
button.
What happens if you click "Collapse" on a report? - Answer- QB hides subaccounts and
only shows parent accounts.
What is the reason you use the items tab when Entering Bills? - Answer- To assign a
cost to a job or purchase inventory.
When you start a company or are hired as a bookkeeper, it is important to know which
edition you are using. What are the major QB versions? - Answer- QB Online, QB Pro,
QB Premier, QB Enterprise Solutions
Suppose you have a subcontractor who receives a 1099 from your company. Which list
would you add them to? - Answer- Vendor list
What are the two main financial statements you can run from the 'Company & Financial'
category of reports? - Answer- Balance sheet, Profit & Loss
pf3
pf4
pf5

Partial preview of the text

Download QuickBooks Certification: Practice Test and more Exams Advanced Education in PDF only on Docsity!

QuickBooks Certification: Practice Test

#1 Questions with correct Answers

How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? - Answer- Set a closing date You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice the beginning balance calculated by QB is different than the bank. How can this happen? - Answer- Someone deleted or changed a cleared transaction. When should you use a sales receipt in QB? - Answer- To record a customer payment at the time of sale. How does entering time for a job affect job cost reports? - Answer- None of these answers are correct.. What account on the Chart of Accounts is affected when you sell an item? - Answer- The account you selected when you set up the item. You notice that multiple accounts should actually be subaccounts. How quickly can you make these accounts subaccounts of another account? - Answer- Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then, click the diamond again, drag to the right, and release the mouse button. What happens if you click "Collapse" on a report? - Answer- QB hides subaccounts and only shows parent accounts. What is the reason you use the items tab when Entering Bills? - Answer- To assign a cost to a job or purchase inventory. When you start a company or are hired as a bookkeeper, it is important to know which edition you are using. What are the major QB versions? - Answer- QB Online, QB Pro, QB Premier, QB Enterprise Solutions Suppose you have a subcontractor who receives a 1099 from your company. Which list would you add them to? - Answer- Vendor list What are the two main financial statements you can run from the 'Company & Financial' category of reports? - Answer- Balance sheet, Profit & Loss

Which of the following statements is true about items? a) All of these are correct. b) You can use one item to represent different services or goods. c) To create an invoice, you must use an item. d) Items allow you to track your sales in more detail without cluttering your chart of accounts - Answer- a) All of these are correct. What item type should you use for inventory that you assemble from other items and then sell? a) Group b) Inventory Assembly c) Non-inventory part d) Inventory part - Answer- b) Inventory Assembly What is the maximum number of names that can be included on the Names lists in QB Pro or Premier? a) 1, b) 14, c) 10, d) 2,500 - Answer- b) 41, What transaction/form do you begin with to enter a Vendor Credit? a) Vendor Credit b) Enter Bill c) Receive Vendor Credit d) Pay Bills window - Answer- d) Pay Bills window When setting up a new company through Advanced/Detailed set up, some company information is optional and some is absolutely required. Which of the following pieces of information does QB require you to enter during the Easy Step Interview? a) All of these are correct b) Company Name c) Company password d) Tax ID - Answer- b) Company Name Suppose you have to track a specific piece of information about your customers that QB does not track. What is the best way to do this? a) Export the customer list to Excel, add the information there, and then re-import the list b) Use the 'Notes' feature for each customer c) Edit a customer and click the "Additional Info" tab. Click 'Define fields' to create a custom field to track anything you want d) You can't create new fields or rename fields in QB - Answer- c) Edit a customer and click the "Additional Info" tab. Click 'Define fields' to create a custom field to track anything you want.

Which of the following Payroll Services are available with QB? a) Assisted b) All of these are correct c) Basic d) Enhanced - Answer- b) All of these are correct 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? a) Debit memo b) Check or Bill c) Credit memo d) Customer Return - Answer- c) Credit memo When printing paychecks, what is the preferred check style to give an employee a paystub? a) Standard b) Payroll c) Voucher d) Wallet - Answer- c) Voucher How do you display or print a batch/group of reports quickly? a) On the Home page, click Batch Reports b) You can't do this in QB c) Choose Reports > Process Multiple Reports d) The only way is to create a memorized batch/group of reports - Answer- d) The only way is to create a memorized batch/group of reports When would you enter a journal entry? a) All of these are correct b) To correct errors (if you have a strong accounting background) c) To enter depreciation d) For year-end adjustments - Answer- a) All of these are correct During the Advanced/Detailed setup, you can turn on and off which features in the Easy Step Interview? a) Progress invoicing b) Sales taxes c) Inventory d) All of these are correct - Answer- d) All of these are correct How do you combine or merge two list entries? a) From the bottom of the list, click the Activities menu and select combine entries b) Open the list entry you want to get rid of and click merge c) You cannot combine or merge two list items

d) Rename the unwanted list entry to match the name of the list entry you want to merge into - Answer- d) Rename the unwanted list entry to match the name of the list entry you want to merge into When you create a statement and select "All Open Transactions as of Statement Date" what does QB show on the statement? a) All transactions during the specified date range b) Open transactions as of the statement date c) Invoice item details for invoinces d) Customer payments that haven't been deposited - Answer- b) Open transactions as of the statement date How do you create a memorized group of reports? a) Click the report center icon. Then click the Create New Report Group button b) Choose File > Reports > Memorized Reports > Create Group c) Open the memorized report list and then click Memorized Report > New Group d) Open the Group Reports list and then click Groups > New Group - Answer- c) Open the memorized report list and then click Memorized Report > New Group Suppose you own a company that repairs bicycles. what item type should you use for "bicycle repair"? a) Non-inventory part b) Inventory part c) Other charge d) Service - Answer- d) Service What is the easiest way to organized your memorized reports? a) Delete reports from your memorized report list quarterly to keep the list manageable b) You are only allowed to create 5 memorized reports, so there is no need to organized them c) Track your memorized reports in Excel d) Create a report group - Answer- d) Create a report group What do the diamonds mean on certain lists? a) You can click on the diamond and move the list entry to a different location on the list. b) You cannot move the list entry c) There are open transactions related to the list entry d) You are not allowed to delete that list entry - Answer- a) You can click on the diamond and move the list entry to a different location on thelist Why must you set deposit frequencies for the taxes or deductions your company has to pay? a) This is required by State and Federal governments. If those are not setup, a warning is sent to the agencies. b) So that QB can enter the dates on the Payroll Calendar that checks are due

Payments window, QB doesn't deposit the money in your checking account, after you record the 5 payments, click 'Record Deposits' and select the 5 checks What happens when you Quick Zoom on a number in a report? - Answer- QB shows more detail about that number on the report. When you set up a new QB company, how do you set up a new account that is not on the default list of accounts? - Answer- You can't add accounts that aren't on the QB default list. Finish setting up, then add the accounts directly into the chart of accounts.