What is the purpose of an audit-trail report?

Track any changes and deletions, as well as track which user makes the change or deletion

To prepare the books for an accounting firm’s audit

Track attempts to a restricted area

To help you perform a year-end audit

How do you identify the version and release of the QuickBooks you are using?

Click the File menu and select Version Information

Click the Help menu and select About QuickBooks

How do you hide all subaccounts on a report?

Click the Customize Report button. Then click Hide Subaccounts and click OK

Click the Hide Subaccounts button

The bank notified you that a customer’s check you deposited has bounced (the customer didn’t have sufficient funds to over the check). What should you NOT do?

Delete the customer’s payment from the deposit

Call the customer and ask them to send another check

Charge your customer a bounced check fee

Click Record Bounces Check in the same Receive Payment window you used to receive the customer’s original payment

How do you display a group of reports?

Click the Reports menu and then select Process Multiple Reports

Click the Process Multiple Reports icon on the Home page

Click the File menu and select Print Reports > Multiple Reports

Click the Report Center icon. Then click the Process Multiple Reports button.

What is the end result of the Payroll Setup Interview?

QB has an accurate record of employees, earning, deductions, and payroll history, and you are ready to create your first paycheck

QB advises if you need to create paychecks or regular checks for 1099 subcontractors

Your first payroll is completed

A payroll service option is selected and you are ready to set up employees and taxes

Your new employee earns an annual salary of $55,000. How do you enter this into QB?

In the New Employees window, enter a salary of $55,000 in the Payroll Info window

Divide $55,000 by the number of pay periods (example: monthly) and manually enter this amount in the Payroll Info tab

Divide $55,000 by the number of hours in a work week and enter that amount in the Payroll Info tab (so you can enter hours for the employee)

Divide $55,000 by the number of pay periods (example: monthly) and manually enter this amount on each paycheck

Which of the following editions of QuickBooks support multiple users?

All versions support multiple users

QuickBooks does not support multiple users

Which of the following CANNOT be entered during the setup of a new company (Express Start or Advanced/Detailed Setup) file?

Checking account statement balance

You accidentally entered the same customer twice in the Customer Center (with a slightly different spelling). How do you merge these two entries?

Edit the unwanted entry. Change the name to match the name you want to merge into. Click OK . Then click YES when prompted to merge the names

Edit the unwanted entry. Click the Merge to button. Then select the appropriate name to merge into. Then click OK

Click the Company menu and select Merge Names . Then select the two names to merge from the appropriate lists. Then click Merge

Merging list entries is not possible. You can only delete unwanted entries

You need to deduct money from an employee’s paycheck for a garnishment (ie: child support). How do you do this?

Setup and use the Deduction Type Payroll item, and be sure the item is linked to the appropriate liability account

On the paycheck, reduce the gross wages by the amount you’ve been asked to deduct

On the paycheck, click the expense tab and enter the amount of child support as a negative

On the paycheck, click the Expenses tab and enter the amount of child support as a positive.

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

To avoid using the build-in forms (ie: checks and invoices)

For accountants to correct errors

Which of the following could explain why a Profit & Loss shows a profit, but the business owner doesn’t have any money in the bank?

The Profit & Loss was run on the Accrual Basis instead of the Cash Basis

The Profit & Loss was run on the Item Profitability instead of the Job Profitability basis

The Profit & Loss was run on the Fund basis instead of the Class basis

This is not possible. If there is a profit, there will be money in the bank

Your company sells unique items to every customer (they never sell the same service or product twice). What item(s) should you set up in QuickBooks?

Set up a generic item and edit the description price each time

Do not use items when invoicing the customer. Instead, just type the description and price in the notes area

Click the Remove After Use button in the New Item window

Click the One-Time Use button in the New Item window

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 deletes, edits, or adds a transaction to last year?

Set a Closing Date and password in the Accounting Preferences or from the Company menu

Click the Close Financial Year icon on the home page and enter the end of your fiscal year

Complete the Close the Books wizard

In the Company Information window, select the First month in your fiscal year

How do you pay Payroll Liabilities in QB?

Select the payments you want to make from the Pay Taxes & Other Liabilities list in the Payroll Center . Then click View/Pay

Drag and drop liabilities to the payment calendars

Click Write Checks (or use the check register), enter the amount, and then select Payroll Liabilities as the account in the Expenses tab

Click Write Checks (or use the check register), enter the amount, and then select Payroll Items you are paying in the Items tab

What is the Undeposited Funds account in QB?

The account QB uses to group customer payments together, before you record a deposit

An account used to record checks you wrote that have not been deposited by your vendors yet

An account used to remove “bounced checks” from the checking account

An account used to record unpaid invoices

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

You can’t import changes in Excel back to QuickBooks

Open the original report and click Export . Click the Advanced tab and select Import last exported report

Use the Import from Excel wizard in QuickBooks

From the menu, select Reports > “ original report name ” > Import from Excel

How do you make a column wider on a report?

Click on the three dots to the right of the column and drag it to the right

Click the Format menu and select Column > Width . Then enter an appropriate amount and click OK

Click the Customize Report button. Then click the Display tab. Then enter an appropriate column width next to the column name

Right-click on the column and select Column Width . Then enter an appropriate amount and click OK

Once you’ve completed the setup of a new company file, how do you open a window where you can change company information such as business name, address, or phone number

Select Company: My Company from the menu

Select Edit: Preferences from the menu

Select File: Open Company from the menu

Select File: Easy Step Interview from the menu

Which of the following statements is true regarding single-user and multi-user mode?

To use QuickBooks in multi-user mode, each user must have the same version of QuickBooks on the computer to access the same company file

Only the Administrator is allowed in the file while it’s in single-user mode

You can have a maximum of 3 users at the same time in multi-user mode

To use QuickBooks in multi-user mode, the Administrator and other users can have different versions of QuickBooks.

The company file you are working on is a mess. You decide to start a new company file. To save time, you want to keep all the lists and preferences and just deleted the transactions. How do you do this?

Click the File menu and select Utilities > Condense Data from the menu. Then choose the All Transactions option

Click the Edit menu and then select Delete All Transactions

Create a new company and select Copy Settings from Another Company in the Easy Step Interview

What is the quickest way in QuickBooks to find an invoice from six months ago?

Open an invoice and click the Find button

Click Help and search for the invoice by date

Click Help and search for the invoice by number

Click the Previous button until you find the invoice

When you run a Profit & Loss on the accrual basis, what does QuickBooks include as income?

All sales , whether or not you’ve received customer payments

All sales entered with accrual journal entries

Only sales for which you have been paid

All sales except statement charges

When you sell an item, how does it affect the Profit & Loss Report?

The value of the sale flows to the income account you selected when you set up the item

When you set up an item, you select Balance Sheet or Profit & Loss from the Assign drop-down list

When you set up a non-inventory items, QuickBooks assigns the current on-hand quantity to the Profit & Loss

Items does not affect the Financial Statements

A list entry may be deleted ONLY when:

It has no balance, it has not been used, and is not linked to anything that has been used

The entry has not been used in the current year

List entries can never be deleted

You enter a valid security password

Your company had to return some goods to a vendor. How do you record the vendor credit in QB?

Click the Enter Bil ls and then click Credit on the top of the bill

In the Pay Bills window, select Refunds & Credits

Click Refunds & Credits on the home page

Which of the following could explain why a profit and loss shows a profit, but the business owner doesn't have any money in the bank?

This is the difference between cash and accrual reporting.

This is the difference between fund and class reporting.

This is the difference between accounts receivable and accounts payable reporting.

This is the difference between item profitability reporting and job profitability reporting.

What can you do in the report center?

Delete reports in QuickBooks Multiple Reports

How do you display a group of reports?

Click the reports menu then select process multiple reports.

Click the reports center icon then click the process multiple reports button.

Click the file menu then click multiple reports.

Click the process multiple reports icon on the home page.

How do you customize a report, i.e. change the information QuickBooks displays, change the title etc?

Click the customize report button on the report.

Double click on the report element you want to change.

Click the modify report button on the report.

Right click on the report element you want to change.

How do you change text in the header/footer of a report?

Click the customize report button on the report and then change the header footer tab.

You can't change the header/footer in QuickBooks. You would have to do this in Excel.

Double click on the header or footer in the report you want to change.

Right click on the header footer in the report you want to change.

Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each report?

Click the edit menu and select preferences then click the reports and graphs group to set your report preferences.

You must customize each report individually.

Click the Reports menu and select global report preferences.

Click the Reports menu and select Memorize Reports, set preferences; you can only set report preferences for memorized reports.

Quickbooks Certification Review

Quiz

•

Business

•

9th - 12th Grade

•

Practice Problem

•

Medium

Christopher Grace

Used 483+ times

FREE Resource

105 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Where would you go to find more information about QuickBooks products and services?

Intuit.com

Google.com

QuickBooks.com/tellmeallaboutquickbooks

Youtube.com

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Match the term to the definition:

Expenses

Proceeds generated from the sale of your product or business.

Everything a business owns.

Money owed to others.

Everything the business has in its possession.

Money spent to run the day to day business operations.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The day that you start tracking your day to day business in QuickBooks is known as your "Start Date".

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

With QuickBooks Online Payroll, customers have to pay extra to offer employees direct deposit.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is quidbook features

main menu

banking

company

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is part of menu bar

Telephone

File

Icon

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following elements on an invoice can you NOT customize?

Which fields appear on the screen when someone creates an invoice

Adding your company’s unique logo

The amount of information (number of characters you can type in each field)

Which fields appear on the printed invoice

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Quickbooks Certification Review

105 questions

Where would you go to find more information about QuickBooks products and services?

Match the term to the definition:Expenses

The day that you start tracking your day to day business in QuickBooks is known as your "Start Date".

With QuickBooks Online Payroll, customers have to pay extra to offer employees direct deposit.

Which is quidbook features

Which is part of menu bar

Which of the following elements on an invoice can you NOT customize?

What is the purpose of an audit-trail report?

Which of the following transactions cannot be memorized?

How do you identify the version and release of the QuickBooks you are using?

Access all questions and much more by creating a free account

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Popular Resources on Wayground

Discover more resources for Business

Match the term to the definition:

Expenses