WorksheetsQuickbooks Test 1
Total questions: 40
Worksheet time: 23mins
What is the first step when you want to create a new company file?
Click the File menu and select new company
Click the file menu and select open previous company
Open the company dialog box and select open a company
During the Advanced Setup, you can turn on and off which features in the EasyStep Interview?
Sales tax
Inventory
Progress Invoicing
All of the above
During the Advanced Setup, you can set up a password for which of the following users during the EasyStep Interview?
administrator
external accountant
you cannot setup passwords during the easystep interview
all users
When setting up a new company through the Advanced Setup, some company information is optional and some is absolutely required. Which of the following
pieces of information does QuickBooks require you to enter during the EasyStep Interview?
company name
company password
tax ID
all of the above
How do you set up multiple businesses in QuickBooks (assuming each business files a separate tax return)?
Purchase a separate quickbooks license for each company you need to set up
use the advanced setup to go through the easystep interviews for the oldest
use the advanced setup to go through the easystep interview for each company
use the advanced setup to go through the easystep interview for the largest company first, and then choose file add a separate business at the end of the interview to create a separate company file
During the Advanced Setup, how do you setup a new account that is not on the default list of accounts during the EasyStep Interview?
you can't add accounts that are not on the QuickBooks default list. Finish the interview and add the accounts directly to the Chart of Accounts.
Click Add new account in the EasyStep Interview.
Select Import My Chart of Accounts during the EasyStep Interview.
Click Edit Account during the EasyStep Interview.
You've been hired by a company that started in 1911. They've never used QuickBooks. During the Advanced Setup, what "Start Date" should you use in the EasyStep Interview?
There is no Start Date in the EasyStep Interview.
The date the company bought QuickBooks.
1911
The date you want to begin tracking the company's finances in QuickBooks.
How do you restore a company file from a backup copy?
Choose File > Back Up. Then click the Restore from Backup button.
Choose File > Utilities > File Operations > Restore.
Choose File > Open or Restore Company. Select Restore a backup copy and click Next. Choose Local or Online Backup and click Next. Select the file to restore and click Open. Choose where to restore the file to and click Save.
Click the Restore icon on the Home page.
click Next.
Which of the following is NOT a backup option in QuickBooks?
Manually back up the file.
Automatically back up the data file when closing QuickBooks.
Schedule an unattended backup
All of the above are QuickBooks backup options.
Why would you restore a data file from the backup file?
You wish to review the company data as it stood at an earlier date.
The company data file on your hard drive is damaged and cannot be used.
Your computer crashed. You reloaded QuickBooks, and now you are ready to open the company file.
All of the above.
How do you switch to Multi-User Mode?
Choose Company > Set Up Users and Passwords > Set Up Users from the
Open the data file from a remote location.
Choose Edit > Preferences > Multi-User from the menu.
Choose File > Switch to Multi-user Mode from the menu.
If you choose to remove transactions as of a specific date from the "Condense Data" window, what does QuickBooks do?
Removes all payroll transactions that occurred on that date. This is a great way to fix the mistakes a new person made on a particular day
Removes all transactions while leaving lists, preferences, and service subscriptions intact.
Changes the company's start date.
Deletes all transactions, as well as user passwords and access privileges.
What happens when you press F2 in QuickBooks?
Nothing, because function keys are not designed to work with QuickBooks.
QuickBooks opens the Help.
QuickBooks opens the Product Information window which includes version and company file information.
QuickBooks closes all windows.
When would you enter a journal entry?
To correct errors (if you have a strong accounting background)
For year-end adjustments
To enter depreciation
All of the above
If the computer that houses your QuickBooks data crashes, what should you do?
Restore a back up copy of your company file
Create a back up copy of your company file
Condense your company file data
Export your data to Excel
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
When entering a journal entry, what happens if the debits don't equal the credits?
QuickBooks sends the difference to an adjustment account.
QuickBooks will not allow you to record the transaction.
QuickBooks asks you what to do with the "unequal" amount.
Nothing. QuickBooks records the transaction as is.
What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer:Job)?
You are not allowed to delete that entry.
You can click on the diamond and move the list entry to a different location on the list.
There are open transactions related to the list entry.
You cannot move the list entry.
If you moved a list entry up or down, what happens when you add a new entry to the list?
QuickBooks adds new list entries to the bottom of the list, regardless of alphabetic order
QuickBooks adds new list entries in alphabetic order.
QuickBooks adds new list entries to the top of the list, regardless of alphabetic order
QuickBooks asks you how to sort new list entries.
What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier?
10,000
1,000
2,500
14,500
What keyboard shortcut allows you to see a total for all four names lists?
. F2
Ctrl + L
F12
Ctrl + 4
How do you combine or merge two list entries?
Rename the unwanted list entry to match the name of the list entry you want to merge into.
Open the list entry you want to get rid of and click Merge.
From the bottom of the list, click the Activities menu and select Combine Entries.
You cannot combine or merge two list entries.
Can you delete a list entry (for example, an item)?
Yes, if the list entry is not used in any transactions or is not part of another list entry (for example, a group item).
No, if the list entry is used in any transactions or is part of another list entry (for example, a group item).
Both A and B are correct.
No, you can never delete a list entry.
Suppose you own a company that repairs bicycles. What item type should you use for "bicycle repair"?
Inventory Part
Non-inventory Part
Other Charge
Service
Which of the following is NOT an Item Type?
Inventory Part
Service
Non-inventory Part
Income is an account type
Which of the following statements is true concerning items?
You can use one item to represent different services or goods.
Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss.
To create an invoice, you must use an item.
All of the above.
What are other benefits of using items?
You can track the actual quantity of goods or services you sell
They can save you time by automatically entering a description and price on forms.
They allow you to track a lot of detail without cluttering your Chart of Accounts.
All of the above.
What item type should you use for inventory that you assemble from other items and then sell?
Group
Inventory Part
Inventory Assembly
Non-inventory Part
You've just been hired by a bakery that sells delicious cup cakes. When they buy ingredients (flour, eggs, milk, and sugar), they use the Expense tab and assign the
costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item type should you use?
Group
Inventory Part
Inventory Assembly
Non-inventory Part
What account (on the Chart of Accounts) is affected when you sell an item?
The account you selected when you set up the item.
Other Income account.
A default sales account set up by QuickBooks.
Accounts are not affected by items.
How do you remove transactions from a company file?
File; select company; choose remove all transactions
File; select utilities; clean up company data;then choose remove all transaction options
File; select transactions; select company data; choose remove all transactions
File; select utilities; remove transactions
One of the 2 types of lists in Quickbooks?
classes
payroll
menu-based
options
How do you merge two entries on a list?
Edit the unwanted list entry. Change the name to match the name you want to merge into. Click OK. Select yes when asked to merge names.
Edit the unwanted list entry. Change the name to something new. Click ok. Select yes when asked to merge names.
Edit the unwanted list entry. Delete the name and click merge.
Edit the wanted list entry and change it to a different name and merge.
How do you make a menu based list entry inactive (such as an item on the item list)?
Open the item list; select make all items inactive
Open the item list; Select all items; click the bottom right item button and select make item inactive
Open the item list; select the item; click the bottom left item button and select make item inactive
Name the 2 primary financial statements accountants designed to summarize the Chart of Accounts.
Balance Sheet;Income Statement
Income Statement;General Ledger
Principal and Loss statement; Balance Sheet
How do you hide the sub account detail on a report?
Click the hide button
Click the Collapse button
Click the expand button
In what ways do items act as "pointers" to the financial statements?
When you sell an item, the sales dollars flow to the correct account in the general ledger.
When you sell an item, the sales dollars flow to the correct account on the financial statements.
The do not react as pointers to financial statements.
What item type would be best for something like "shipping"?
resale
supplies
other charge
Example of when to use a non-Inventory part?
When you buy and sale an item but don't think you need to track quantity on hand information.
When it is an item you sale often.
Non-inventory part is not an option.
Which report shows which products produced the most profits?
Item Loss
Item Profitability
Inventory list
