QuickBooks 2 / Setup and Accounting GK

Which of the following is TRUE regarding General Journal entries?

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

• Enter a General Journal entry when you are not sure which form to use.

• General Journal entries should not be used for year-end adjustments.

• General Journal entries should not be used to enter depreciation.

Which is a reason to NOT enter a general journal entry?

• To enter transactions in another way instead of using built in forms.

• For accountants to make entries

• For year end adjustments.

• Enter depreciation

You been asked to move the name of the customer and the customer center from the top of the list to the bottom of the list. How do you do this without renaming the customer?

• Click to the right of the name then drag the name up or down the list

• Right-click on the name then select sort by selection.

• You can't move list entries to different location on the list

• Click on the diamond to the left of the name and then drag the name up or down to the desired location

How would you track customer birth dates in QuickBooks?

• Use the built in Excel link to track the information.

• Add a custom field to the customer list.

• Use track additional data feature in the customer center.

• You cannot track customer's birthdays.

How do you move list entries to a different location on the list? For example, Customers.

• Click to the right of the name and drag the name up or down on the list.

• Right click on the name then select sort by selection.

• You can't use move list entries to different locations on the list.

• Click on the diamond to the left of the name and then drag the name up or down the list.

Which of the following is NOT true regarding merging entries?

• Merging effectively combines names on a list.

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

• Merging entries effects past transaction

• You can only merge names of the same type.

Your company just hired a subcontractor to work 40 hours per week. Which list should you add this person to?

• Employees

• Vendors

• Subcontractors

• Subcontractors

List entries may be deleted only when:

• There is no balance, it has not been uses and is not linked to anything that has been used.

• You entered a valid security password.

• List entries can never be deleted.

• The entry has not been used in the current year.

Which of the following statement is TRUE regarding items?

• Items on a transaction do not affect the financial statements.

• When you set up a non-inventory item, QuickBooks assigns the current on-hand quantity to the balance sheet.

• 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.

• You must use items on checks.

How do you make an item on the item list inactive?

• Open the item list, click to select appropriate item, then click the activities button and select inactivate item.

• Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive.

• Open the item list, click the select inactive items button, then select the appropriate items then click ok.

• Click the items list and select make entries inactive then select the appropriate list entry then click ok.