Quickbooks Review 7

Which of the following is a reason to create a new company file?

• To have a backup.

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

• To start over when a company changes location.

• To start over when a company changes it's name.

Which of the following is not a billing option when you prepare a progress invoice/report?

• Invoice for specific date

• Invoice for hours entered on time sheet.

• Invoice for dollar amount

• I have no idea

Which of the following is not true regarding merging entries?

• Quickbooks allows you to merge different expense accounts.

• Quickbooks allows you to pick different asset accounts and merge.

• You can merge in QB

• QB allows you to merge an Expense account with an Income account.

Which of the following is payroll service available in QB?

• Assisted payroll

• Non-assisted payroll

• payroll service

• special payroll

Which of the following is TRUE regarding General Journal entries?

• General Journal entries do not involve debits and credits and can be used by anyone.

• General Jounral entries only involve expense accounts.

• General Journal entries require a good understanding of debits and credits and should not be used by non-accountants.

• General journal entries do not require a good understanding of debits and credits.

Which of the following statements is NOT true regarding entering and paying bills in QB?

• If you use the enter bills window to record a bill, do not use the write checks window or check register to pay the same bill.

• If you use the enter bills window to record a bill, use the write checks window or check register to pay the same bill.

• You can enter and pay bills on the same window.

• You use the enter bills window to get to the write checks window.

Which of the following statement is TRUE regarding items?

• When you purchase or sell an 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.

• When you purchase or sell an item, the value of the purchase or sales do not flow to the account and therefore the financial statement you selected when you set up the item.

• When you purchase or sell an item, the value of the purchase or sales flows to the account but not the financial statement you selected when you set up the item.

• When you purchase or sell an item, the value of the purchase or sales flows only to the e financial statement you selected when you set up the item.

Which of the following statement is TRUE regarding vendor credit memos?

• Your credit memos increase what you owe the vendor.

• Your credit memos reduce what you owe the vendor.

• Credit memos do not affect any account.

• Credit memos affect liabilities.

Which of the following statements is NOT true regarding single user and multi-user mode?

• Only the administrator is allowed in the file when it is in single user mode.

• Only one user may be using the file at a time.

• Anyone who has access to the file but use it, but when in single user mode it can only be opened by one user at a time.

• Anyone assigned to the account can use it, but only one user at a time.

Which of the following statements is TRUE regarding how you record a debit card transaction in QB?

• Go to credit cards and record it there.

• Use the write checks window in check register and enter it on the next used check leaving the number in the check number field.

• Enter it as cash

• Use the write checks window in check register and type debit in the check number field.