QuickBooks Basic Terms 1

When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions?

• QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions

• QuickBooks Online, QuickBooks Basic, QuickBooks Pro

• QuickBooks Basic, QuickBooks Pro

• QuickBooks Premier, QuickBooks Enterprise Solutions

If you have a customized report that you use each month, which feature lets you run the report with updated data each month?

• Click on run aotomatically

• Customized Report

• Click on update data for the report

• Memorized Report

Which is not a section of the balance sheet?

• Assets

• Liabilities

• Expenses

• Equity

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

• Select customer information from the menu

• Delete the company and re-enter it

• You can't change it once you've gone through the interview

• Select company information from the menu

There are two primary financial statements that summarize the chart of accounts. Which of the following is the two reports?

• Loss and Profit statement and balance sheet

• Journal statement and income statement

• Equity statement and balance sheet

• balance sheet and income statement

What two steps do you follow to track accounts payable in Quickbooks?

• Enter bills, pay bills

• Reports, accounts payable

• Reports, accounts with balances

• Enter accounts payable, enter bills

What can you do in the report center?

• Enter payments

• Set up customers

• Run most reports in QuickBooks

• Run only accounts with balances

What transaction in Quickbooks should you use if your customer pays you when you provide the goods or services?

• Sales Invoice

• Sales Receipt

• Sales Estimate

• Sales Ticket