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QuickBooks Study Guide Questions and Answers, Exams of Nursing

A comprehensive set of questions and answers related to quickbooks, covering various aspects of the software, including accounting principles, financial reporting, and basic operations. It is designed to help users understand and master the functionalities of quickbooks, particularly for those preparing for exams or seeking to enhance their knowledge of the software.

Typology: Exams

2024/2025

Available from 01/12/2025

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Why would you hide or collapse sub accounts on a report? - CORRECT ANSWERS D.) To temporarily hide unnecessary details and hide parent accounts What should you do after you click Save and Close on a Customer Credit Memo? - CORRECT ANSWERS D.) Choose between retained as an available credit, give a refund or apply to an invoice Which of the following can be memorized in QuickBooks? - CORRECT ANSWERS A.) Checks Which is NOT shown on the Payroll Summary Report in QuickBooks? - CORRECT ANSWERS A.) Information necessary to complete your state unemployment tax form 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? - CORRECT ANSWERS B.) Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount. Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each report? - CORRECT ANSWERS D.) Click the edit menu and select preferences then click the reports and graphs group to set your report preferences. Suppose you want to restrict which users can access customer credit card numbers. How do you do this? - CORRECT ANSWERS B.) Give the user access to sales and accounts receivable but do not check the complete credit card numbers. Which of the following is a possible reason for a bank reconciliation discrepancy? - CORRECT ANSWERS B.) The beginning balance calculated by QuickBooks does not match last months ending phase. Which of the following statements is true regarding undeposited funds? - CORRECT ANSWERS D.) It is an account used to record payments before you make a deposit

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Which accounts are affected when you enter Time in QuickBooks? - CORRECT ANSWERS D.) Accounts Receivable Workers who require a W2 tax form at the end of the year should be added to which of the following lists? - CORRECT ANSWERS A.) Employees If you have a customized report that you use each month,which feature lets you run the report with updated data each month? - CORRECT ANSWERS B.) Memorize Report What is the primary reason for setting a closing date in QuickBooks? - CORRECT ANSWERS B.) To restrict users from deleting, editing or adding transactions to last year. Your new employee earned an annual salary of $40,000. How do you enter this into QuickBooks? - CORRECT ANSWERS C.) Enter 40,000 in the payroll info window. What steps must you complete to use the payroll center to pay payroll liabilities? - CORRECT ANSWERS C.) Set deposit frequencies Name the section of the Balance Sheet. - CORRECT ANSWERS D.) Assets, Liabilities, and Equity When you create a new company file, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks? - CORRECT ANSWERS C.) The day you chose to start the new company file. Which of the following statements is not true regarding entering and paying bills in QuickBooks? - CORRECT ANSWERS B.) If you enter the bills windows to record a bill, do not use the write checks window or check register to pay that same bill.

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How do you use a different forms template when creating a new transaction? (i.e. Invoice) - CORRECT ANSWERS D.) Open the form, click the templates drop down list and select the appropriate form. How do you change the report basis, accrual vs. cash for just one report? - CORRECT ANSWERS B.) Click the modify report button on the report and then choose accrual or cash on the display pad. How would you track customer birth dates in QuickBooks? - CORRECT ANSWERS B.) Add a custom field to the customer list How do you change text in the header/footer of a report? - CORRECT ANSWERS C.) Click the Modify Report button on the report and then change the header footer tab Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the report tells you? - CORRECT ANSWERS C.) Report Center What transaction in QuickBooks should you use if your customer pays you when you provide the goods or services? - CORRECT ANSWERS A.) Sales Receipt How can you ensure that invoice detail does not appear on a customer statement? - CORRECT ANSWERS A.) Uncheck the show invoice item detail on statement's box in the create statements window. What is the purpose of backing up in QuickBooks? - CORRECT ANSWERS A.) To protect against data loss from file corruption or a hard file crash. Which of the following is NOT true regarding merging entries? - CORRECT ANSWERS B.) QuickBooks allows you to merge an Expense account with an income account

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When a transaction is changed, what information does the Audit Trail report provide? - CORRECT ANSWERS D.) All of the above How do you add or delete columns on a report? - CORRECT ANSWERS C.) Click the modify report and on the display tab check or add or uncheck remove columns When should you use the items tab on a bill or check? - CORRECT ANSWERS C.) When you purchase inventory parts When you are setting up a service item, what happens if you select the box next to this "service is performed by a subcontractor or partner? - CORRECT ANSWERS A.) QuickBooks provides fields so you can track purchase and sales information for that item. Which of the following statements is NOT true regarding single user and multi-user mode? - CORRECT ANSWERS B.) Only the administrator is allowed in the file when it is in single user mode. Which of the form templates cannot be customized in QuickBooks? - CORRECT ANSWERS A.) Checks The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window? - CORRECT ANSWERS D.) Press the F2 key When should you set up a non-inventory item type? - CORRECT ANSWERS D.) All of the above Which of the following statement is TRUE regarding items? - CORRECT ANSWERS C.) When you purchase or sell and item, the value of the purchase or sales flows to the account and therefore the financial statement you selected when you set up the item

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Which report shows how much you owe for sales tax? - CORRECT ANSWERS C.) Sales Tax Liability Which report is also known as an income statement and summarizes income and expenses for a month? - CORRECT ANSWERS A.) Profit and Loss Standard When making your payroll tax deposit, how can you add IRS interest and/or penalties? - CORRECT ANSWERS C.) Recalculate the paycheck at a specific interest rate Which of the following is a reason to create a new company file? - CORRECT ANSWERS C.) To start over when a company file has many errors that are beyond repair. When you enter a purchase order for inventory, which accounts are affected? - CORRECT ANSWERS D.) None. Because purchase orders are non-posting transactions After QuickBooks sets up a chart of accounts in the Easy Step Interview, which of the following is TRUE? - CORRECT ANSWERS B.) It is possible to add more accounts later. Which of the following is TRUE regarding General Journal entries? - CORRECT ANSWERS A.) General Journal entries require a good understanding of debits and credits and should not be used by the non-accountants Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks? - CORRECT ANSWERS B.) Use the write checks window or Check Register and type debit in the check number field. When can you delete a check from QuickBooks without voiding it? - CORRECT ANSWERS D.) You entered a check in QuickBooks but haven't printed it yet. You realized the purchase was actually made using a credit card. The check was never really used.

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What tool do you use to move your logo to a form? - CORRECT ANSWERS C.) Layout Designer What is the reason for not being able to delete a list entry? - CORRECT ANSWERS The entry has been used in a transaction. How do you move list entries to a different location on the list? for example, customers. - CORRECT ANSWERS Click on the diamond to the left of the name and then drag the name up or down the list. Assume that QuickBooks is now in single user mode. What does this mean? - CORRECT ANSWERS Only one user can access the data file Which of the following statement is TRUE regarding vendor credit memos? - CORRECT ANSWERS Vendor credit memos increase what owe the vendor. How can you ensure that the invoice detail appear on a customer statement? - CORRECT ANSWERS Turn on invoice detail in customer statement window. Which of the following is a payroll service available in QuickBooks? - CORRECT ANSWERS D.) Assisted Payroll How can you open a QuickBooks report in Microsoft Excel? - CORRECT ANSWERS B.) Click the Export button on the top of any QuickBooks report. For each functional area of QuickBooks Pro and Premier, ie Sales Accounts, Accounts Receivable, Purchases, what levels of access can you grant to users? - CORRECT ANSWERS B.) You can prohibit access, grant full access or grant selective access; these levels apply to specific transactions in that area.

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What is the Accountants' copy? - CORRECT ANSWERS C.) A copy of a company file that allows the accountant to review and make adjustments while you continue to work in QuickBooks. Which of the following information CANNOT be set up during the Easy Step interview? - CORRECT ANSWERS C.) Trial balance opening balances What 2 steps do you follow to track accounts payable in QuickBooks? - CORRECT ANSWERS A.) Enter bills, pay bills Which of the following desktop (not online) edition of QuickBooks supports multi-user? - CORRECT ANSWERS C.) Premier and higher Which is an example of when to use a non-inventory part? - CORRECT ANSWERS D.) When you buy and sell an item but don't need to track quantity on hand. How do you hide subaccounts on a report? - CORRECT ANSWERS D.) Click the collapse button Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks? - CORRECT ANSWERS B.) Enter bill then click credit on top of the bill What do you use to narrow the data QuickBooks displays on a report? - CORRECT ANSWERS Filter Once the Easy Step Interview is complete, how do you change the company information for the business name, address, or phone number? - CORRECT ANSWERS Select Company, Company Information from the menu What is the Undeposited Funds account in QuickBooks? - CORRECT ANSWERS D.) An account used to record payments before you make a deposit.

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What is the end result of a payroll setup interview? - CORRECT ANSWERS QuickBooks has an accurate record of employees, earning deductions and payroll history and you are ready to create the first paycheck. 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 accidently deletes or edits a transaction last year?

  • CORRECT ANSWERS Set the closing date and password in the accounting preferences in the company menu. How do you identify the version and release of QuickBooks you have? - CORRECT ANSWERS Press the F2 button When you set up a new employee, how do you add a payroll deduction such as medical insurance? - CORRECT ANSWERS In the new employee window, click the change tap drop down list and select employment info, then add info and then add the medical insurance payroll item below the additions deductions and company contributions. There are two primary financial statements that summarize the chart of accounts. Which of the following is one of these reports? - CORRECT ANSWERS Balance sheet When should you VOID instead of delete a check? - CORRECT ANSWERS You used the check number but it will never be cashed How do you pay payroll liabilities in QuickBooks? - CORRECT ANSWERS Select payments you want to make form the pay schedule liabilities in the payroll center then click view pay Which of the following is NOT a billing option when you prepare a progress report? - CORRECT ANSWERS Invoice for hours entered on time sheet

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How do items affect the financial statement? - CORRECT ANSWERS When you purchase or sell an item the value of the on sale purchase flows to the account. You accidently entered the same customer twice in the customer center with a slightly different spelling. How do you merge these entries? - CORRECT ANSWERS Edit the unwanted list entry, change the name you want to merge and click ok, then yes when prompted to merged. How do you record debit card transactions in QuickBooks? - CORRECT ANSWERS Use the write checks window, enter the check and write debit in the check number field. Which is a reason to NOT enter a general journal entry? - CORRECT ANSWERS To enter transactions in another way instead of using built in forms. The bank notifies you that a customers' check you deposited has bounced. The customer does not have sufficient funds to cover the check. What should you NOT do? - CORRECT ANSWERS Delete the customer payment from the deposit How do you display a group of reports? - CORRECT ANSWERS Click the reports menu then select process multiple reports button. Which payroll services allows you to print state tax form? - CORRECT ANSWERS Basic payroll How do you customize a report, i.e. change the information QuickBooks displays, change the title etc. - CORRECT ANSWERS Click the modify report button on the report Which of the following elements on the invoice can you NOT customize? - CORRECT ANSWERS The amount of information you can type in each field A list entry may be deleted only when... - CORRECT ANSWERS It has no balance; it has not been used and is not linked to anything that has been used

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Your company provides their employees with sick/vacation hours. You need to track how many hours each employee currently has available, how many they add or 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? - CORRECT ANSWERS Click the vacation button on the employees on the employee setup to define how to accrue time and tell QuickBooks how many hours the employee is available. When you pay an employee for sick/vacation time, click the sick/vacation button and reduce those available hours. When you send a QuickBooks report to Excel, which features allow you to choose what sections of the report to collapse? - CORRECT ANSWERS Auto outline What is the purpose of an Audit Trail report? - CORRECT ANSWERS Track any changes and deletions to transactions and track which user makes the changes or the deletion. Which of the following statement is TRUE regarding single user and multi user mode? - CORRECT ANSWERS To use QuickBooks in multi user mode each user must have the same version of QuickBooks on their computer to have access. What can you do in the report center? - CORRECT ANSWERS Run most reports in QuickBooks Which of the following transactions CANNOT be memorized? - CORRECT ANSWERS Bill payment Which of the following can explain why the profit and loss shows a profit but the business owner does not have any money in the bank? - CORRECT ANSWERS This is the difference between item profitability and job profitability reporting. The company file you are working on is a mess. You decided to start a new file. At the same time you want to keep all the lists and preferences and just delete the transactions. How do

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you do this? - CORRECT ANSWERS Click the File menu, choose utilities, clean up company data, then choose default transaction option You have to set up an item for shipping. What item type should you have? - CORRECT ANSWERS Other charge Your company sells unique items to every customer. They never sell the same service or product twice. What item should you set up in QuickBooks? - CORRECT ANSWERS Set up a generic item and edit the description and price each item. You hired a subcontractor to work 40 hours per week. Which list should you add this person to? - CORRECT ANSWERS Vendors When should you enter a customer credit memo? - CORRECT ANSWERS When customer returns a product that is damaged. How do you make a column on a report wider? - CORRECT ANSWERS Click the diamond to the right of the column and drag it to the right. When you run a profit and loss on the accrual basis what does QuickBooks include as income? - CORRECT ANSWERS All sales. What is the quickest way to find an invoice from 6 months ago? - CORRECT ANSWERS Open an invoice and click the find button. Which tool do you use to modify where QuickBooks displays elements on a printed form or template? - CORRECT ANSWERS Layout designer How do you make an item on the item list inactive? - CORRECT ANSWERS Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive.

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Suppose you work for a pet store and have to track the name of each customers' pet. How would you do this in QuickBooks? - CORRECT ANSWERS Edit custom field to customer data. How do you record a debit card transaction in QuickBooks? - CORRECT ANSWERS Use the write check window for the check register but type debit in the check number field. The computer that houses your QuickBooks data could crash. What should you do in QuickBooks to make sure you always have access to your data? - CORRECT ANSWERS Create a backup copy of your company files and store it separately from the computer List entries may be deleted only when: - CORRECT ANSWERS There is no balance, it has not been used and is not linked to anything that has been used. How do items affect the financial statement? - CORRECT ANSWERS When you purchase or sell an item the value of the purchase or sell flows to the account you selected when you set up the item You sent a QuickBooks report to excel and made some changes. How do you import the change in excel back to Quickbooks? - CORRECT ANSWERS Use the import from excel wizard in QuickBooks How do you customize a report? The example; change what information QuickBooks displays, change the title, etc. - CORRECT ANSWERS Click the customize report button on the report How do you identify the version of QuickBooks that you have? - CORRECT ANSWERS Press the F2 key Which is the quickest way in QuickBooks to find an invoice from 6 months ago? - CORRECT ANSWERS Open an invoice and click the find button

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How do you hide sub accounts on the report? - CORRECT ANSWERS Hit the collapse button Which of the following statements is true regarding single user and multi user mode? - CORRECT ANSWERS 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 Which of the following could explain why a profit and loss show a profit, but the business owner doesn't have any money in the bank? - CORRECT ANSWERS This is the difference between cash and accrual reporting You have to set up the item for shipping. What item type should you use? - CORRECT ANSWERS Other charge When should you enter a customer credit memo? - CORRECT ANSWERS A customer returns a product that was damaged How can you ensure that invoice details do not appear on a customer's statement? - CORRECT ANSWERS Uncheck the show invoice item detail on statement opinion in the credit create statement window Which of the following elements on an invoice can you not customize? - CORRECT ANSWERS The amount of information, number of characters you type in each field Your company just hired a contractor to work for 40 hours per week on a job. Which list should you add this person to? - CORRECT ANSWERS Vendors For each functional area QuickBooks, pro and premier, example sales and accounts receivable, purchases, and accounts, etc. - CORRECT ANSWERS What level of access can you grant to use it?

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Which of the following is not a billing option when you prepare a progress invoice? - CORRECT ANSWERS Invoice for hours entered on time sheet Which list represents the payroll services you can add to QuickBooks? - CORRECT ANSWERS Basic calculates taxes and helps create a state and federal tax forms and assisted intuit handles payroll taxes and forms Which of the following additions of QuickBooks supports multi users? - CORRECT ANSWERS All versions support multiusers What can you do in the report center? - CORRECT ANSWERS Run most reports in QuickBooks How can you open a QuickBooks report in Microsoft Excel? - CORRECT ANSWERS Click the excel button on the top of any QuickBooks report Which two steps do you follow to track accounts payable in QuickBooks? - CORRECT ANSWERS Enter bills, pay bills How do you display a group of reports? - CORRECT ANSWERS Click the reports menu and select print reports, and multi-reports What is the Undeposited funds account in QuickBooks? - CORRECT ANSWERS An account used to record payments before you made a deposit How do you make an item on the item list inactive? - CORRECT ANSWERS Open the item list, click to select the appropriate item then click the bottom left item button and select, make item inactive. Your company supplies their employees with sick, vacation hours. You need to track how many hours that each employee currently has available, how many they earn, accrued hours

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when you pay them for sick or vacation time. How would you do this in QuickBooks? - CORRECT ANSWERS Follow these steps: Click the sick, vacation button in employees setup to define how to approve time and to tell QuickBooks how many hours the employee has available. Setup a sick, vacation wage item to pay employees for sick, vacation time Which payroll service allows you to print state tax forms? - CORRECT ANSWERS Enhance payroll Which of the following transactions cannot be memorized? - CORRECT ANSWERS Bill Payment You have finished entering all the transactions for last year and just sent the file to the tax preparer. How do you ensure that no one accidently deletes, edits, or adds transactions to last year? - CORRECT ANSWERS Set a closing date and password in the accounting preferences or from the company menu How do you make a column on a report wider? - CORRECT ANSWERS Click the diamond to the right side of the column and drag it to the right How do you pay, payroll liability in QuickBooks? - CORRECT ANSWERS Select the payment you want to make form the pay scheduled liability/ select view pay. What is the purpose of the audit trail report? - CORRECT ANSWERS Track any changes or deletions to transactions as well as track which users make the changes or deletions You accidently entered a customer twice in the customer center with a slightly different spelling. How do you merge these two entries? - CORRECT ANSWERS Edit the unwanted list entry; change the name to match the name you want to merge into. Click ok, then click yes when prompted to merge names.

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Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks? - CORRECT ANSWERS Click enter bills then click credit on top of the bill When you setup a new employee, how do you add a payroll deduction such as medical insurance? - CORRECT ANSWERS In the new edit employee window, click the change tap drop down window, select payroll and compensation information, then add the medical insurance payroll into the addition/deletion and company compensation section. What is the end result of a payroll setup interview? - CORRECT ANSWERS QuickBooks has an accurate record of employees' earnings and deductions and payroll history and you are ready to create your first paycheck. There are two primary financial statements that summarize the chart of accounts. Which of the following is one of these reports? - CORRECT ANSWERS Balance sheet Once you have completed the sign up of a new company file, how do you change company information such as business name, address, or phone number? - CORRECT ANSWERS Select company information from the menu Suppose you work for a pet store and have to track the name of each customer's pet. How would you do this in QuickBooks? - CORRECT ANSWERS Add a customer field to the customer list The company file you are working on is a mess. You decided to start a new file. To save time, you want to keep all the lists and preferences and just delete the transactions. How do you do this? - CORRECT ANSWERS Click the file menu. Select utilities, condense data from the menu then chose the all transaction option. Which is an example of when to use a non-inventory part? - CORRECT ANSWERS When you buy and sell an item but do not need to track quantity on hand information

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Which of the following cannot be entered during the setup of a new company? - CORRECT ANSWERS Trial balance, open balance When you enter profit and loss on the accrual basis, what does QuickBooks include as income? - CORRECT ANSWERS All sales When should you void instead of delete a check? - CORRECT ANSWERS Use a check number but it will never be cashed Your company sells unique items to every customer. They never sell the same product or service twice. What item should you setup in QuickBooks? - CORRECT ANSWERS Setup a generic item and edit the description and price and the time Which of the following form templates cannot be customized in QuickBooks? - CORRECT ANSWERS Check Which is not a good reason to enter a general journal entry? - CORRECT ANSWERS To avoid using the built in forms The bank notifies you that a customer's check you have deposited has bounced. The customer did not have sufficient funds to cover the check. What should you not do? - CORRECT ANSWERS Delete the customer's payment from the deposit How do you change the text in the header/footer report? - CORRECT ANSWERS Click the customize button on the report and then click the header/footer tab.