QB Certification

Which report also known as a Statement of Position, summarizes assets, liabilities and equity?

• Net Worth Summary

• Balance Sheet Standard

• Cash Flow Forecast

• Profit and Loss Statement

Which report is also knows an an income statement and summarizes income and expenses for a month?

• Balance Sheet

• Income Statement

• Profit and Loss Standard

• Closing Statement

Which statement describes how purchase orders help to organize your purchases and inventory receiving?

• They track inventory you receive so you can monitor how much inventory you have on hand

• They reduce your bank account balance by the amount of the purchase

• Without purchase orders you wouldn't be able to enter purchases

• None of the above

Gardening and tree trimming service performed by the hour

• Inventory Assembly

• Inventory Part

• Non-Inventory Part

• Service

Large rock fountains that you buy from a vendor you track how many of them you have on hand

• Inventory Assembly

• Inventory Part

• Non-Inventory Part

• Service

Random assortments of wildflower seeds sold by the bag. You don't track how many you keep on hand

• Inventory Part

• Non-Inventory Part

• Inventory Assembly

• Service

Sprinkler systems made from several different parts. Pipes, sprinkler heads and pumps. You track how many of each item you have on hand.

• Service

• Inventory Part

• Inventory Assembly

• Non-Inventory Part

You need to create a report that compares your company income and expenses for the current year to that of the previous year. What do you do?

• Run the profit and loss standard report and set the date to this fiscal year-to-date. click customize report on the display tab. select previous year check box

• Run the profit and loss standard report and set the date to this fiscal year-to-date and previous year-to-date.

• Run the profit and loss standard report and set the date to this fiscal year-to-date. Then in the columns list, select years.

• Run the balance sheet standard report and set the date to this fiscal year-to-date. Click the customize report and filters. Edit the date filter to include last year.

What is a valid reason for setting up sub accounts on the Chart of Accounts?

• You can choose which users have access to each sub account to limit what they can see on reports.

• When you run reports, you can collapse sub accounts to make the report easier to read.

• Quickbooks only lets you have one income account and one expense account so to get more detail on reports, you must make sub accounts of those accounts.

• You must create a different sub account for every product or service you sell.

Which element is NOT required on a sales receipt?

• Date

• Item and Service Sold

• Amount of the Sale

• Customer Name