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QuickBooks Certification Test 2023-2024
Typology: Exams
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After quickbooks sets up a chart of accounts in the easy step interview, which of the following is True? - Answer- It's possible to add more accounts later #Assume that quickbooks is now in single user mode. What does this mean? - Answer- only one user can access the data file The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? - Answer- Record a transaction to show the customer owes you the money and that the checking balance decreased by that same amount #How can you ensure that invoice detail does not appear on a customer statement? - Answer- Uncheck the show invoice item detail on statements box in the create statements window #How do you add or delete columns on a report? - Answer- Click the customize report button and on the display tab check or uncheck add or remove columns #How do you change text in the header/footer of a report? - Answer- Click the customize report button and on the header/footer tab change the name How do you change the report basis, accrual vs. cash for just one report? - Answer- Click the customize report button and on the display tab choose accrual or cash How do you move list entries to a different location on the list? - Answer- click on the diamond to the left of the name and then drag the name up or down the list #How do you use a different forms template when creating a new transaction? - Answer- Open the form, click the templates drop down list and select the appropriate form #How would you track customer birth in quickbooks? - Answer- add a custom field to the customer list **If you have a customized report that you use each month, which feature lets you run the - Answer- Memorize report #Name the sections of the balance sheet - Answer- assets, liabilities, equity #How do you access the product information window? - Answer- Press the F2 key
Suppose you always want all reports to show a specific size and color. How do you set standard preference in quickbooks so you don't have to customize each report? - Answer- Click the edit menu and select preferences then click the reports and graphs group to set preferences Suppose you want to restrict which users can access customer credit card numbers. How do you do this? - Answer- Give the user access to sales and accounts but don't check the checking and credit card #What is the primary reason for setting a closing date in Quickbooks? - Answer- to restrict users from deleting, editing, or adding transactions to last year #What is the purpose of backing up in quickbooks? - Answer- to protect against data loss from file corruption or a hard file crash #What is the reason for not being able to delete a list entry? - Answer- The entry has been used in a transaction What should you do after you click save & close on a customer credit memo? - Answer- Choose between retained as an available credit, give a refund or apply to an invoice **What steps most you complete to use the payroll center to pay payroll liabilities? - Answer- Set deposit frequencies #What tool do you use to move your logo to a form? - Answer- layout designer #What transaction in quickbooks should you use if your customer pays you when you provide the goods or services? - Answer- Sales receipt #When a transaction is changed, what information does the Audit Trail report provide? - Answer- who changed the transaction, and the date/time the transaction was changed #When can you delete a check from quickbooks without voiding it? - Answer- When you have multiple copies of the check When making your payroll tax deposit, how can you add IRS interest and/or penalties? - Answer- Click the expense tab and enter the appropriate account and amount of interest and penalties #When should you set up a non-inventory item type? - Answer- for something you buy and sell but don't need to track the quantity on hands When should you use the items tab on a bill or check? - Answer- When you purchase inventory parts
#Which of the following statements is true regarding items? - Answer- When you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statements you selected when you set up the item Which of the following statements is true regarding undeposited funds? - Answer- it's an account used to record payments before you make a deposit Which of the following statements is true regarding vendor credit memos? - Answer- Vendor credit memos reduce what you owe the vendor #Which of the form templates can't be customized in quickbooks? - Answer- checks #What is the required field when creating a new Quickbooks company file? - Answer- company name Where can you find the option to add specific icons to the home page? - Answer- Company preferences #How many Admin users can you have in one Quickbooks file? - Answer- 1 #Which User/s have the capability to change their password? - Answer- All users Where can you find the preference that will display your icon in color? - Answer- Desktop View, My Preferences What functions does the Layout Designer allow you to do? - Answer- add text boxes to your template Can you have 2 of the exact same template names in the Templates List? - Answer- No #What type of items are set up to handle bounced checks? - Answer- Other Charges When reconciling an account, what would make a beginning balance different from the statement's beginning balance? - Answer- a prior reconciled entry was modified or delted #Which Payroll Subscription allows you to prepare State and Federal Payroll Tax Forms within QuickBooks? - Answer- Enhanced #You suspect that someone has changed a transaction. What report should you run? - Answer- Audit trial report **How do you create a memorized group of reports? - Answer- open the "Memorized report list" then click "Memorized Report -> New group"
How do you move columns on a report? - Answer- move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position What happens if you click "collapse" on a report? - Answer- QuickBooks hides sub- accounts and only shows parent accounts When should you use a sales receipt in quickbooks? - Answer- to record a customer payment at the time of sale #What happens if you double-click on a diamond on a report column? - Answer- A. Quickbooks opens a detailed report about just that column B. Quickbooks automatically adjusts the column width to fit the data in the column C. QuickBooks hides the column D. None of the Above (CORRECT ANSWER) **You have customized and then memorized a report. What does QuickBooks save when memorizing a report? - Answer- Report header, filters, and columns but not that actual transactions #What is the easiest way to organize your memorized reports? - Answer- Create a report group **How do you display or print a batch/group of reports quickly? - Answer- Choose Reports -> Process multiple reports **Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to? - Answer- Vendor List 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? - Answer- Someone changed or deleted a cleared transaction #What options do you have after you create a credit memo in QuickBooks? - Answer- 1) Retain as an available credit
match the name you want to merge into. Click ok. Then you when prompted to merge the names #Your company just hired a subcontractor to work 40 hours per week on a job. Which lists should you add this person to? - Answer- Vendors #Which of the following editions of Quickbooks support multiple users? - Answer- All versions support multiple users #What is the quickest way in quickbooks to find an invoice from six months ago? - Answer- open an invoice and click the find button #How do you pay payroll liabilities in quickbooks? - Answer- select the payments you want to make from the pay scheduled liabilities list in the payroll center. then click view/pay #How do you hide sub-accounts on a report? - Answer- click the collapse button #To save time, you want to keep all the lists and preferences and just delete the transactions. How do you do this? - Answer- Click the file menu and select Utilities -> Condense data from the menu. then choose the all transactions option #When you run a Profit & Loss on the accrual basis, what does quickbooks include as income? - Answer- All Sales #Which of the following elements on an invoice can you not customize? - Answer- the amount of information (characters) you can trype in each field #What is the undeposited funds accounts in quickbooks? - Answer- an account used to record payments before you make a deposit #For each functional area of quickbooks pro and premier, what levels of the access can you grant to users? - Answer- you can prohibit access, grant access, or grant selective access (apply to all transactions) Which of the following CANNOT be entered during the setup of a new company (Express Start or Advanced setup) - Answer- Chart of Accounts What two steps do you follow to track accounts payable in QuickBooks? - Answer- Enter Bills, Pay Bills How do you record a debit card transaction in QuickBooks? - Answer- Use the write Checks window (or the check register) but type "Debit" in the check number field Suppose you always want all reports to show with a specific font size and color. How do you set this standard or preference in QuickBooks so you don't have to customize each
report? - Answer- Click the Edit menu and select Preferences. Then click the Reports & Graphs group to set your report preferences Once you've completed the setup of a new company file, how do you change company information, such as business name, address, or phone number? - Answer- Select Company: Company Information from the menu Which of the following statements is true regarding single-user and multi-user mode? - Answer- To use QuickBooks in multi-user mode, each user must have the same version of QuickBooks on their computer to access the same company file What can you do in the Report Center? - Answer- Run most reports in QuickBooks You finished entering all the transactions for last year and just sent the file to the tax preparer. How do you ensure that no one accidentally deletes, edits or adds transaction to last year? - Answer- Set a closing date and password in Accounting Preferences or from the Company menu When should you enter a customer credit memo? - Answer- A customer returns a product that was damaged Which payroll service allows you to print state tax forms? - Answer- Standard Payroll How can you ensure that invoice detail does NOT appear on a customer statement? - Answer- A uncheck the Show invoice item details on Statements box in the create statement window There are two primary financial statements that summarized the Chart of Accounts. Which of the following is one of these reports? - Answer- Balance sheet How do you change the text in the Header/Footer of a report? - Answer- Click the Customize Report button on the report and then click the Header/Footer tab Which of the following form templates CANNOT be customized in QuickBooks? - Answer- Check Your company provides their employees with sick/vacation hours. You need to track how many hours watch employee currently has available, how many they earn/accrue, and you need to reduce their accrued hours when you pay them for sick or vacation time. How would you do this in QuickBooks - Answer- 1.Click the Sick/Vacation button in the employee setup to define how to accrue time and to tell QuickBooks how many hours the employee has available 2.Setup a Sick/vacation wage item