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WorksheetsQuickBooks 2 / Setup and Accounting GK
Total questions: 20
Worksheet time: 10mins
Which of the following is TRUE regarding General Journal entries?
General Journal entries require a good understanding of debits and credits and should not be used by non-accountants.
Enter a General Journal entry when you are not sure which form to use.
General Journal entries should not be used for year-end adjustments.
General Journal entries should not be used to enter depreciation.
Which is a reason to NOT enter a general journal entry?
To enter transactions in another way instead of using built in forms.
For accountants to make entries
For year end adjustments.
Enter depreciation
You been asked to move the name of the customer and the customer center from the top of the list to the bottom of the list. How do you do this without renaming the customer?
Click to the right of the name then drag the name up or down the list
Right-click on the name then select sort by selection.
You can't move list entries to different location on the list
Click on the diamond to the left of the name and then drag the name up or down to the desired location
How would you track customer birth dates in QuickBooks?
Use the built in Excel link to track the information.
Add a custom field to the customer list.
Use track additional data feature in the customer center.
You cannot track customer's birthdays.
How do you move list entries to a different location on the list? For example, Customers.
Click to the right of the name and drag the name up or down on the list.
Right click on the name then select sort by selection.
You can't use move list entries to different locations on the list.
Click on the diamond to the left of the name and then drag the name up or down the list.
Which of the following is NOT true regarding merging entries?
Merging effectively combines names on a list.
QuickBooks allows you to merge an Expense account with an Income account.
Merging entries effects past transaction
You can only merge names of the same type.
Your company just hired a subcontractor to work 40 hours per week. Which list should you add this person to?
Employees
Vendors
Subcontractors
Subcontractors
List entries may be deleted only when:
There is no balance, it has not been uses and is not linked to anything that has been used.
You entered a valid security password.
List entries can never be deleted.
The entry has not been used in the current year.
Which of the following statement is TRUE regarding items?
Items on a transaction do not affect the financial statements.
When you set up a non-inventory item, QuickBooks assigns the current on-hand quantity to the balance sheet.
When you purchase or sell an item, the value of the purchase or sales flows to the account and therefore the financial statement you selected when you set up the item.
You must use items on checks.
How do you make an item on the item list inactive?
Open the item list, click to select appropriate item, then click the activities button and select inactivate item.
Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive.
Open the item list, click the select inactive items button, then select the appropriate items then click ok.
Click the items list and select make entries inactive then select the appropriate list entry then click ok.
Which of the following CANNOT be entered during the setup of a new company?
Company name and address
Chart of accounts
Trial balance, open balance
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 file Express Start from the menu.
Select edit preferences from the menu.
Select company information 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 sit down to start the new company file.
The date you chose to start recording the financial records in QuickBooks.
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 restrict users from deleting, editing or adding transactions to last year.
To delete prior year transactions.
To reduce company file size
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
Only technical support can access this window.
File menu, version information.
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.
QuickBooks cannot create more than one file.
To start over when a company file has many errors that are beyond repair.
The 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.
Click the File menu, choose utilities, condense data, then choose default transaction option.
You can't do this in QuickBooks
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
The computer's hard drive is damaged
You want to review your company’s data as it stood at an earlier period
All of the above
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.
Click the close financial year icon on the home page and enter the end of your fiscal year.
Complete the closed the book wizard.
Set the closing date and password in the accounting preferences in the company menu.
