Lesson 2: QuickBooks Setup, Utilities and General Knowledge

Which of the following CANNOT be entered during the setup of a new company?

• Company name and address

• Trial balance, open balance

• Chart of accounts

• Checking account statement balance

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.

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 file, open company from the menu.

• Select company information from the menu.

• Select file Express Start from the menu.

• Select edit preferences from the menu.

When you create a new company using the detailed setup Easy Step Interview, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks?

• The date the company began operating.

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

• The date you sit down to start the new company file.

• The date you were hired to do the bookkeeping for the business.

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

• To transfer current year net income to retained earnings.

• To delete prior year transactions.

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

• To reduce company file size

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?

• In the company information window select the first month in the fiscal year.

• Complete the closed the book wizard.

• Click the close financial year icon on the home page and enter the end of your fiscal year.

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

The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window?

• Click the Help menu, About QuickBooks

• File menu, version information.

• Only technical support can access this window.

• Press the F2 key.

Which of the following is a reason restore a company file?

• To start recording transactions for a new year because each file tracks only one fiscal year.

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

• QuickBooks cannot create more than one file.

• he current company file has reached a limit of 1,000 transactions.

The company file you are working on is a mess. You decided to start a new file. At the same time you want to keep all the lists and preferences and just delete the transactions. How do you do this?

• Create a company and select copy settings from another company in the Easy Step interview.

• You can't do this in QuickBooks

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

• Click on the Edit menu and delete all transactions.

Why might you need to restore a company file?

• The company file on your hard drive is damaged or corrupted.

• You want to review your company’s data as it stood at an earlier period.

• The computer's hard drive is damaged.

• All of the above