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WorksheetsQuickBooks Test 1
Total questions: 47
Worksheet time: 37mins
What lists can be imported from Excel spreadsheets, when setting up a Quickbooks Online company?
Location, Classes Products and Services and Vendors
Chart of Accounts, Customers, Reports, and Recurring Transactions
Chart of Accounts, Customers, Products and Services and Vendors
Transactions, Billable Expenses, Reports, and Chart of Accounts
Which of the following is True regarding your chart of accounts, when setting up a new QuickBooks company?
QuickBooks does not create a chart of accounts for you. This must be done manually.
It is possible to add more accounts after starting a new company
New accounts can only be added during the new company startup process
Only income and expense accounts can be added after starting a new company
What company information does QuickBooks ask for when you first create a new QuickBooks Online account?
The date the company began operating
The birth date of the owner
The industry of the business
A list of company employees
Where is the Company Settings page found in QuickBooks Online?
Click the Company Settings icon on the home page
Click the Global Create menu at the top of the screen and select Your Company
Click the company tab on the left side of the screen and select Company Settings
Click the Company Menu at the top right and select Company Settings
What can you do to filter the home page so that it does not display sensitive financial information?
Go to the Manage Users screen and set a user to view the screen in "Private Mode"
Navigate to the Reports Center and change the reports that are displayed on the home page
Go to the Company Menu and turn on "Private Mode"
Turn on "Private Mode" from the home page
Which of the following is True regarding General Journal Entries?
General Journal Entries require a good understanding of debits and credits and a great deal of care should be taken by non-accountants when entering them
Enter a General Journal Entry when you are not sure which form to use
General Journal Entries should NOT be used during year-end adjustments
General Journal Entries should NOT be used to enter depreciation
Which of the following statements about users is TRUE?
You can add as many users as you want, buy only can use QuickBooks at a time
Users must share a single login to the company file
In addition to Regular or Custom users, you can also set up Reports only and Time Tracking only users
An Accountant User counts towards your user license limit
When importing information from QuickBooks Desktop and Quickbooks Online you:
Can choose which transactions you want to import
Have to import everything, and anything that is in your QuickBooks Online company during the import will be overwritten
Can only import your Customers, Vendors and Employees. No transactions are imported
Can NOT access your QuickBooks Desktop company file anymore.
Which of the following is TRUE regarding merging entries in lists?
You can merge a customer and a vendor
You can merge items and expenses
You can merge an income account with another transaction account
You can merge classes and locations
You just bought something form one of your customers and want to set them up as a vendor. What steps would you take to do that?
Right click the name on the Customers List and select Vendor Too.
Open the Customers list, select the customer and click Edit. Check the "Is Also Vendor" box to make them both a vendor and a customer
You cannot buy things from customers in QuickBooks Online
Open the Vendors list and create a new vendor. In the Display Name As field, enter the customer's name, but add something else to the name to make it unique.
How do you delete a particular product that you no longer sell?
Click the Company Menu (gear icon) then click Products and Services. Select the product from the list and click Delete.
It is not possible to delete a product after it has been used
Click the Company Menu (gear icon) then click Company Settings. Then click Sales from the list to the left, and select Delete Unused Products
Click the Company Menu (gear icon) then click Products and Services. Uncheck the box next to the products's name and click Save.
What does QuickBooks do when you make a customer that has an open balance, inactive?
You cannot delete a customer with an open balance
Quickbooks creates a credit memo and applies it to any open invoices which makes the balance zero
Quickbooks deletes the open invoices which makes the balance zero
QuickBooks moves the open balance to a new "Bad Debt" customer
Which of the following in NOT a list in QuickBooks Online?
Employees
Customers
Other Names
Vendors
How does QuickBooks distinguish which income accounts should be affected when you use a product on a sales form?
You enter the income account in the Account Details area of the sales form.
When setting up a product or service, you assign the income account. Later when you use the product on sales forms QuickBooks uses the account to record income
The product used on a sales form has no impact on your income accounts
Selling a product does not affect income. Instead, only the inventory quantity-on-hand is changed
Which of the following statements is true regarding products and services you sell?
Products and services can only be sold on invoices
When selling a product for which you are tracking quantity on hand, Quickbooks reduces the quantity on hand on the Balance Sheet
When you sell a product or service, the income from the sale flows to the account you selected when you set up the item
A maximum of 10 products and services can be included on any individual sales transaction
You are setting up a product or service. What happens if you select the box next to "I purchase this product/service from a vendor"?
QuickBooks provides fields so you can track purchase AND sales information
QuickBooks sets up 1099 tracking for the product/service
QuickBooks adds a new vendor for the product/service
QuickBooks enable time tracking for the product/service
In which of the following situations should you use the Item Details area on a bill, check or expense?
To split the purchase into multiple expense accounts
When you want to add a memo to describe what was purchased
To record the purchase of products or services, such as inventory parts
All of the above
What is the proper procedure for entering a sale in which a customer purchased something from you and paid for the entire balance of the sale right away?
click the Global create button, click Invoice and fill out the invoice for the sale. Then click Global Create again, click Receive Payment, and receive the payment against the invoice
Click the Global create button, then click Bank Deposit. Enter the name of the customer, the income account to categorize the income from the sale, and the amount of the payment. Save the deposit
Click the Global create button, click sales receipt, and fill out the information for the sale and payment. Then save the sales receipt
Click the Customers tab on the navigation bar, select the customer from the list, and click Enter Sale. Then fill out he sales receipt for the customer.
How do delayed charges affect a customer's balance
Delayed charges increase a customer's balance
Delayed charges reduce a customer's balance
Delayed charges have no effect on a customer's balance
Quickbooks does not have delayed charges
Which of the following statements is true regarding Undeposited Funds in QuickBooks?
When using online banking, Undeposited funds will always have a zero balance
It is an account used to hold investments that haven't been sold
It monitors payments made to vendors that haven't been deposited yet
It is an account that holds money from payments until you make a deposit
What is a good reason to use the bank deposit screen to record sales?
To get money into your bank account as quickly as possible
Recording sales using a deposit screen is not possible. Sales must be recorded using an invoice or a sales receipt
To get detailed sales by customer reports later
To record daily "lump sum" sales, when you aren't tracking sales for individual customers
What feature is used to set how long customer has to pay an invoice
Terms
Delayed Charges
Classes
Estimates
When creating a statement for customers, which of the following options is not available in QuickBooks Online
Balance Forward
Open Item
Overdue Balance Statement
Transaction Statement
Which of the following statements is true about entering and paying bills in QuickBooks?
If you record the bill in QuickBooks, you need to pay that bill by clicking the Global Create button and then Expense or Check depending upon how you paid that bill
If you record the bill in QuickBooks, do not use the Expense or Check transaction to pay that bill
You should enter the check or expense that pays the bill first, and then enter the bill for your records
If you use the Online Banking in QuickBooks, you can't pay bills that you entered in QuickBooks
In QuickBooks, what is the best transactions method to enter a business lunch paid for with the company debit card?
Click the Global Create button and select Expense. Fill out the expense and use Debit Card as the payment method
Click the Global Create button and select Bill. Enter a bill for the meal. Then click the global create button again and select Pay Bills. Now enter the payment of the bill for lunch
Click the Global Create button and select Debit Card. Fill out the debit card charge and save the transaction
Click the Global Create button and select Check. Fill out the expense and save the transaction
Entering a purchase order for inventory affects which accounts?
Inventory assets and accounts payable
Income and accounts payable
Accounts payable only
None, because purchase orders are non-posting transactions
Which of the following statements is true regarding vendor credit memos?
Vendor credit memos are the same as Delayed Charges
Vendor credit memos reduce what you owe the vendor
Vendor credit memos are sent to you when your account is overdue
Vendor credit memos increase what you owe the vendor
How do you deduct money from an employee's paycheck for health insurance?
On the paycheck, in the Health Insurance column, enter the amount that should be deducted for the employee.
When setting up an employee, or editing an employee, click to Edit the deductions and contributions. Then add information for the deduction and it will automatically be deducted during each pay period
On the paycheck, click the expenses tab and enter the amount of health insurance as a positive. As long as you use the appropriate liability account, QuickBooks knows to deduct the amount from the check
On the paycheck, reduce the gross wages by the amount you need the deduct
Entering time into QuickBooks affects which account(s)?
None because timesheets are non-posting entries
Payroll expenses
Employee payroll balances
Payroll expenses and Employee payroll balances
How do you enter your new employee's annual salary of $60,000 into QuickBooks?
Divide $60,000 by the number of pay periods (example: monthly) and manually enter this amount on each paycheck
Divide $60,000 by the number of pay periods (example: monthly) and enter that amount in the Payroll Info tab
When creating a new employee, under "How much do you pay this employee" select Salary, enter the amount, and select Year
Divide $60,000 by the number of hours in a work year and enter that amount in "How much do you pay this employee"
How should you pay a health insurance company, after withholding employee funds for this?
Click the Global Create Menu and select Bill, Expense or check. In the Account Details area of the form, enter the appropriate Payroll Liability account or subaccount. Save the Bill, Expense or Check
click the Vendors tab. Find the healthcare vendor from the list. Click the action Menu, select pay Liability and fill out the payment information
Click Employees. Click the Payroll Liabilities button and select Pay Payroll Liabilities. Select the checkbox for the healthcare liability and click Create Payment. fill out the payment information and click Save & Close
Click Taxes on the left-side of the screen and select Payroll Taxes. On the payroll Taxes screen, under Liabilities, select the healthcare liability. Then click Create Payment and fill out the payment information
How do you change the report basis (Accrual vs. Cash) for just one report?
Double click on the basis shown on the left side of the report, then choose Accrual or Cash
Click the Customize button on the report and the choose Accrual or Cash in the Accounting Method area
Right click on the basis shown on the top right side of the report, then choose Accrual or Cash
You cannot change the report basis for just one report
Which report shows you how much you owe for sales taxes?
Sales Tax Revenue Summary
1099 Detail
Sales Tax Liabiltiy
A/P Aging Summary
If you have a customized report that you use each month, what feature lets you run the report with updated data each month?
Favorites
memorize report
Save Customizations
QuickReports
How can you tell QuickBooks to email someone a copy of the report on a regular basis?
Select Reports and go to My Custom Reports. Select the report on the list and click edit.Then click "Set the email schedule for this group"
Select Reports and go to Recurring Reports. Select the report on the list and click Edit. Then click "Set email schedule for this group"
Click My Favorite Reports on home page, and then click "Set Email Frequency"
Click the "Print and Send" button and set the email schedule for the report
Why would you hide (or collapse) subaccounts on a report?
You cannot hide subaccounts on a report
To send the report to Excel. YOu can only export a report that is collapsed
To email the report. You can only email a report that is coollapesed
To temporarily hide unnecessay detail and only show parent accounts
which report tracks changes and deletions to transactions, as well as tracks which user made those changes?
Company Snapshot
The Audit Log report
Company Overview
Transaction Detail
Which report is also known as an income statement, and summarizes income and expenses for a period of time?
Profit & Loss
Balance Sheet
Cash Flow Forecast
Sales by Customer Summary
When Reconciling a bank account, which of the following could cause a "difference" or reconciliation descrepancy?
You've recorded checks after the current bank statement ending date
One of the transactions you've reconciled does not match the bank's records
Reconciliation differences are not possible when using QuickBooks
The bank reconciliation is on a "cash" basis instead of the "accrual" basis
What report contains the sections Assets, Liabilities, and Equity?
Company Snapshot
Profit and Loss
Statements of Cash Flow
Balance Sheet
What is the primary reason for setting a Closing Date in QuickBooks?
To transfer current year net income to retained earnings
To restrict users from deleting, editing, or adding transactions to a closed period, such as a previous fiscal year
to delete prior year transactions
To reduce company file size
Which of the following transactions can be made recurring?
general journal entry
check
expense
All the of the above
New users are set up with one of the following levels of access
All, none, and limited
Accountant or Non-Accountant
Admin, billing supervisor, sales rep and payroll supervisor
owner, manager, employee and sub contractor
How are invoices customized in QuickBooks Online
click the Global Create button (plus button) and then select Invoice. Then click the make changes button and make any necessary changes. Save the invoice
Select the Company menu (gear icon) and then click company settings. From the menu to the left, click Sales, and then "Customize Look and Feel." Make any changes and save.
You cannot customize the appearance of invoices in QuickBook Online
Select the Company Menu (gear icon), and then select Company Preferences. Click "Change invoice form." Make any changes and save.
What are two options in Company settings, for categorizing sales and expenses into different locations and department of a business?
Departments and Locations
Expenses and Income
Classes and Locations
Equity and liability
How are sales reps tracked on sales forms?
Enter each sales rep as a vendor and select them as the vendor on sales forms
navigate to Company settings, and in the Sales category of settings, create a custom field for sales rep
Use the Sales Rep field that appears as a default on all sales forms
You cannot track sales reps in QuickBooks
Which of these forms is not customizable in QuickBooks Online
Check
Invoice
Estimate
Sales Receipt
