WorksheetsQiuckBooks 41 - 50
Total questions: 10
Worksheet time: 5mins
The bank notified you that a Customer's check you deposited has bounced. The customer did not have. sufficient funds to cover the check. What should you do?
Record a transaction to show that the customer owes you that money but do not update your checking balance until you contact the customer in case they want to pay with a credit card.
Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount.
Delete the customer's payment from the deposit
Delete the customer's statement charge from your records
The bank notifies you that a customer's check you have deposited has bounced. The customer did not have sufficient funds to cover the check. What should you NOT do?
Call the customer and tell him to send another check.
Record a transaction to show the customer owes you the money and the checking balance had decreased that same amount.
Delete the customer's payment from the deposit.
Charge your customer a bounced check fee.
When should you enter a customer credit memo?
To extend credit to a customer, i.e. Setup a revolving credit account
When a customer returns a product that is damaged.
To record a customer payment against an invoice.
Only after you issue a debit memo.
What should you do after you click Save & Close on a Customer Credit Memo?
Print a bill payment stub
Apply the credit memo used in the Pay Bills window
Apply the credit memo against the customer's balance using the receive payments window
Choose between retained as an available credit, give a refund or apply to an invoice.
Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?
QuickBooks refunds the credit on the home page.
Enter bill then click credit on top of the bill.
Enter a journal entry.
In the pay bills window, select refunds and credits.
Which of the following statement is TRUE regarding vendor credit memos?
Vendor credit memos are the same as statement 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.
There are two primary financial statements that summarize the chart of accounts. Which of the following is one of these reports?
Cash flow forecast
Balance sheet
Chart of accounts summary
Depreciation statement
Which report is also known as an income statement and summarizes income and expenses for a month?
Profit & Loss Standard
Balance Sheet Standard
Cash Flows & Forecast
Net Worth Summary
Name the sections of the Balance Sheet
Income, Expense and Liabilities
Assets, Income & Expenses
Assets, Liabilities & Expenses
Assets, Liabilities & Equity
When you run a profit and loss on the accrual basis what does QuickBooks include as income?
All sales entered with accrual journal entry.
All sales except statement charges.
All sales
