Which best defines a vendor?

Any entity to which one pays money

Which is true about purchase orders?

They do not affect a vendor balance.

Which type of data is not imported into QuickBooks when importing data? Customers, Employees, Vendors

Data that does not match the format of a field

How can you track Accounts Payable?

Enter the bill before paying the vendor

After QuickBooks sets up a chart of accounts during the Express Start or Advanced Setup, which of the following is TRUE? Accounts open balances can be changed. New accounts can only be added during the Express Start or Advanced Setup. It is possible to add more accounts later. Only Income and Expense accounts can be added after completing the Express Start Setup.

It is possible to add more accounts later.

Once you have completed the sign up of new company file, how do you change company information such as business name, address, or phone number?

Select company information from the menu.

What is the best definition of start date in QuickBooks?

The date you chose to start recording the financial records in QuickBooks.

What is the primary reason for setting a closing date in QuickBooks?

To restrict users from deleting, editing or adding transactions to last year.

Which of the following is a reason to restore a company file? Options: To start recording transactions for a new year because each file tracks only one fiscal year. QuickBooks cannot create more than one file. To start over when a company file has many errors that are beyond repair. The current company file has reached a limit of 1,000 transactions.

To start over when a company file has many errors that are beyond repair.

How do you start a new company file while keeping all lists and preferences but deleting transactions?

Click the File menu, choose utilities, condense data, then choose default transaction option.

Why might you need to restore a company file?

The company file on your hard drive is damaged or corrupted, the computer's hard drive is damaged, or you want to review your company’s data as it stood at an earlier period.

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?

Set the closing date and password in the accounting preferences in the company menu.

How do you record debit card transactions in QuickBooks?

Use the write checks window, enter the check and write debit in the check number field.

Which of the following statements is TRUE regarding how you record a debit card transaction in QuickBooks? Options: Set up a credit card type account and name it debit card then use the Enter Credit Card Charges window., Use the Write Checks window or Check Register and type debit in the check number field., Set up a new window and choose Debit Card as the type then use the Enter Debit Card Charges window, Use the cash payment window.

Use the Write Checks window or Check Register and type debit in the check number field.

Which of the following is a possible reason for a bank reconciliation discrepancy? You did not record checks in QuickBooks that are dated after the bank statement date. The beginning balance calculated by QuickBooks does not match last months ending balance. The QuickBooks Balance will never match the banks' balance. The bank reconciliation is on a cash basis instead of the correct accrual basis.

The bank reconciliation is on a cash basis instead of the correct accrual basis.

When can you delete a check from QuickBooks without voiding it? Options: It is not possible to delete a check from QuickBooks. You printed or wrote a check but it will never be cashed. Example, the check was destroyed or lost. You printed or wrote a check but changed your mind and decided to use a credit card instead. 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.

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.

When can you delete a check from QuickBooks without voiding it? Options: It is not possible to delete a check from QuickBooks. You printed or wrote a check but it will never be cashed. Example, the check was destroyed or lost. You printed or wrote a check but changed your mind and decided to use a credit card instead. 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.

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.

When should you VOID instead of delete a check? Options: You mistakenly printed checks on plain paper. You used the check number but it will never be cashed. You entered the same check number twice in QuickBooks. You accidently entered a handwritten check in QuickBooks but the purchase is actually made using a credit card.

You used the check number but it will never be cashed.

How do you add or delete columns on a report?

Click the Customize report button and on the display tab check (add ) or (uncheck) remove columns.

Why would you hide or collapse subaccounts on a report?

To temporarily hide unnecessary detail and hide parent accounts.

How can you open a QuickBooks report in Microsoft Excel?

Click the Excel button on the top of any QuickBooks report.

You sent a QuickBooks report to Excel and made some changes. How do you import the changes in Excel back to QuickBooks?

You can't import changes in Excel back to QuickBooks.

You purchased something with a debit card. Which is step one?

Open the Write Checks window. Type debit in the number field type, who you paid, how much and what it was for, expense account.

You were hired by a company that has never used QuickBooks for payroll. Put the payroll steps in order. Which is step one? Options: Enter employee’s taxes and year-to-date payroll if necessary, Create your first paycheck, Start the Payroll Set Up Interview, Complete the Payroll Set Up Interview, Select a payroll service like basic, Enhanced or Assistant

Select a payroll service like basic, Enhanced or Assistant

Your client doesn't want to pay a monthly fee for their QuickBooks Payments merchant account. What other option is available to them, and where in QuickBooks Online can they sign up for QuickBooks Payments?

There is another plan which means the customer pays the transactions charge; In the Billing and Subscription tab of Account and Settings.

Where would you go in QuickBooks Online to find other lists that can help fill in forms?

Go to the Gear icon and select All Lists

Where can you go in QuickBooks Online to import a list of product and services?

Select the Gear icon and under the Tools column, select Import Data, then Products and services

QuickBooks Online Exam Review Flashcards

Student preview

67 questions

Show all answers

1.

FLASHCARD QUESTION

Front

During the process of building an invoice, a custom field named Special Message is added. Where will that custom field be available once the invoice has been generated?

Back

On every sales form

2.

FLASHCARD QUESTION

Front

Where is the location in which one can turn on location and class tracking?

Back

Settings - Account and Settings - Advanced

3.

FLASHCARD QUESTION

Front

What does an IT manager need to do with QuickBooks Online?

Back

Manage users

4.

FLASHCARD QUESTION

Front

What is the major disadvantage of using a journal entry to record a sale?

Back

No way to manage the inventory properly

5.

FLASHCARD QUESTION

Front

Which account should be used to hold funds until they are deposited in a checking account?

Back

Undeposited funds

6.

FLASHCARD QUESTION

Front

Where can billable expenses be set up?

Back

Settings - Account and Settings - Expenses

7.

FLASHCARD QUESTION

Front

A customer makes a purchase to be paid at a later date. Which form should be used for this transaction?

Back

Invoice

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