You’re setting up a new customer. How do you tell QuickBooks that this customer’s invoices should be due 30 days after they’re issued?

Set the customer’s Terms to Net30.

What is one reason to not use a bank deposit or journal entry screen to record sales?

If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports.

Which of the following statements is true regarding Undeposited Funds in QuickBooks? Undeposited Funds is an account used to record unpaid invoices. Undeposited Funds is an item type usually associated with NSF fees. Undeposited Funds is an account used to record payments before you make a deposit. Undeposited Funds is an item type usually associated with bad debit.

Undeposited Funds is an account used to record payments before you make a deposit.

How would you set up QuickBooks to automatically email a specific report on a regular basis (e.g., weekly or monthly)?

Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window.

Which of these statements is True? Options: You can enter an invoice if the Customer field is empty. You can enter a Sales Receipt if the Customer field is empty. You can enter a Receive Payment if the customer field is empty

You can enter a Sales Receipt if the Customer field is empty.

Which of these statements is False? Options: You can enter a Bill if the Vendor field is empty. You can enter an Expense if the payee field is empty. You can enter a Check if the Vendor field is empty.

You can enter a Bill if the Vendor field is empty.

Which of these statements is True? Options: Entering a bill decreases accounts payable. You have to pay a bill before you enter a bill. You can pay bills using a check as the payment method.

You can pay bills using a check as the payment method.

For each statement about the chart of accounts, identify the statement that is True: Account numbers can be used, but do not have to be, Accounts with a type Fixed Assets would appear on the profit and loss report, All accounts must have a type. Detail types are optional

Account numbers can be used, but do not have to be

Evaluate each of the following statements as they relate to billable expenses and determine which statement is True: Checks, Bills, Bill Payments and Expenses are all able to be marked as Billable. For an expense to appear on an invoice sidebar, the expense must be marked billable. Billable expenses can be added to invoices and/or sales receipts.

For an expense to appear on an invoice sidebar, the expense must be marked billable.

How would you enter a transaction that won't be downloaded from an online bank account in which you paid for a service using a debit card? Options: Click on the “+New” icon and select Debit Card. Then fill out the debit card charge and save the transaction. Click on the “+New” icon and select Expense. Fill out the expense and use Debit Card as the payment method. Click on the “+New” icon and select Bill. Enter a bill for the transaction. Then go back to the +New icon and select Pay Bills. Click on the “+New” icon and select Deposit. Fill out the deposit form and save the transaction.

Click on the “+New” icon and select Expense. Fill out the expense and use Debit Card as the payment method.

Beginning at the Vendors list, what steps should Kyle take to take the vendor off of the company's Vendors list?

Select the vendor's name, select Edit, select Make inactive, then select Yes.

Within the Close the Books feature, which option should Anne select to ensure that only certain users can make changes after the close date?

Allow changes after viewing a warning and entering a password

QuickBooks Exam Practice

Flashcard

•

Business

•

9th - 12th Grade

•

Practice Problem

•

Hard

Wayground Content

FREE Resource

Student preview

28 questions

Show all answers

FLASHCARD QUESTION

Front

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 write them a check for a refund?

Back

Refund Receipt

FLASHCARD QUESTION

Front

You have a customer who will now also be a vendor. How do you handle this In QuickBooks?

Back

Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record.

FLASHCARD QUESTION

Front

When should you not delete a check? Options: You printed a check and the check number has been used. You accidentally recorded the same check (with the same check number) twice. You recorded a check but have not printed it yet. You printed a check on blank paper but now realize you don't want to record the check.

Back

You printed a check and the check number has been used.

FLASHCARD QUESTION

Front

How do you set up a new product to be tracked by QuickBooks?

Back

Enable the box, "I purchase this product/service from a supplier."

FLASHCARD QUESTION

Front

Which form cannot be customized in QuickBooks? Estimate, Invoice, Sales Receipt, Bill

Back

Bill

FLASHCARD QUESTION

Front

What is the purpose of the Audit Log report?

Back

To track any changes and deletions to transactions as well as track which user makes the change or deletion.

FLASHCARD QUESTION

Front

Your boss wants to know if there are any overdue bills. What report would you run to give him this information?

Back

Accounts Payable Aging report

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