Font size
Worksheets3/29/22 QBO Kahoot#3a-b-c Quiz
Total questions: 70
Worksheet time: 37mins
When entering a journal entry what happen if the debits don't equal the credits
quickbooks will not allow you to record the transaction
quickbooks sends the difference to an adjustment account
nothing. Quickboks records the transaction as is
Quickbooks asks you what to do with the unequal amount
Which of the following statements is true about merging
you can merge an income account with an expense account
you can merge a customer with a vendor entry
you can merge expenses and items
you can only merge names from the same type
You have 2 customers with the same name. How do you handle thhis in Quickbooks?
as long as the address is different, you don't need to do anything
use a middle initial in the display name to make one name different
when setting up the second name click the generate unique identity check
make sure the customer number is different
How do delayed charges affect a customer's balance?
delayed charges reduce a customer's balance
quickbooks does not have a delayed charge option
delayed charges have no effect on a customer's balance
delayed charges increase a customer's balance
Which of the following statements is true regarding Undeposited Funds in Quickbooks?
undeposited funds is an item type usually associated with NSF fees
undeposited funds is used to record payments before you make a deposit
undeposited funds is an account used to record unpaid invoices
undeposited funds is an item type usually associated with bad debt
What is one reason to not use a bank deposit or journal entry screen to record sales
the income from the sale will not show up in the bank account
it is a good idea to record sales through bank deposits and journal entries
the cash flow report will be wrong
if sales are recorded through the bank deposit screen, the sale won't appear
What transaction should you enter if a customer returns a damaged product or complains for a refund?
credit memo
customer return
check or bill
debit memo
How do you tell quickbooks that thhis customer's invoice should be due 30 days after they are issued
set the customer's Terms to Net30
set the due date on the next invoice you enter for the customer
you have to set thhis on each invoice you enter for the customer
select the checkbox next to due in 30 days
In QBO, entering a purchase order for inventory affects which accounts
no account are affected because po are nonposting transactions
income and accounts payable are affected
it affects accounts payable only
inventory assets and accounts payable are affected
Which of the following statements is true regarding vendor credit memos
vendor credit memos are sent to you when your account is overdue
vendor credit memo are the same as delayed charges
vendor credit memos increase what you owe the vendor
vendor credit memos reduce what you owe the vendor
Why would a business choose to enter a bill and then pay the bill later instead of just recording the check or expense?
the funds won't have anywhere to go
it is against the law to not enter a bill if you receive one
you can't write a check without a bill to attach it to
entering a bill and paying it later allows you to track accounts payable
Your boss wants to know if there are any overdue bills. What reports would you run to give thhis info
accounts payable aging report
open bills report
overdue bills report
bills by due date report
When would you enter a journal entry?
to correct errors (if you have a strong accounting background)
to enter depreciation
for year end adjustments
all of the above
What is the purpose of the audit log report?
to track attempts to access a restricted area
to track any changes and deletions to transactions and who made the changes
to prepare the books for an accounting firm's audit
to help you perform a year-end audit
What is the primary reason for setting a closing date in quickbooks?
to restrict users from deleting editing adding transactions to a closed date
to reduce company file size
to delete prior year transactions
to transfer current year net income to retained earnings
If you have a customized report that you use each month, what feature lets you run the report with updated data?
update report
memorize report
save customizations
automate report
What type of account must you have to collapse the profit and loss report?
sub-accounts
there is no such thing as collapse
QBO Plus account
collapsible accounts
You sent a QB report to excel and made some changes. How do you import the changes back to QB?
open the original report and click export. click advanced tab and import
you can't import changes in excel back to QB
from the menu, select report-original report name-import from excel
use the import from excel wizard in QB
What form cannot be customized in QB
invoice
sales receipt
bill
estimate
How do you create a recurring invoice in QBO?
open the transaction form (invoice in this case) and click make recurring
click the ? icon and select recurring transactions
from the vendor detail select recurrng transaction frm the new transaction
from the customer detail select recurring transaction from the new transaction
Because QBO is in the cloud, you don't need to manually back it up.
True
False
What does the Apps tab do in QB?
use the app tab to find other apps a business needs for their business
use the apps tab to track customer appointments
use the apps tab to link your IOS or Android phone apps to QB
Use the apps tab to create versions of QB for each user in your company.
What is the first step to activating inventory?
select company menu
select track inventory quantity on hand
select sales
select products and services
Which 3 lists can you import from excel into excel intoQBO? (choose 3)
product and services
chart of accounts
customers
reports
What are the 2 steps to change your company address in QBO?
sept 1 select products and services
step 2 select accounts and settings
step 1 click the ? icon on the home page
step 2 select advanced settings
What is not a QBO user type
time tracking
accounting
reports
custom user
What is the purpose of the Gear icon?
navigates you to the home page
creates new transactions
launches activities and reports
accesses settings, lists, and tools
What are the three steps for finding an invoice using the amount of the transaction
#1 press the search icon and search for the specific amount
#2 go to the audit log listing for invoices
#3 select the transaction from the list of results
#2 enter the transaction amount
Whhich dropdown menu is not listed in QBO?
other names
employees
customers
vendors
Which statement about required fields in QBO are true. (select 3)
you can enter a sales receipt if the customer field is empty
you cannot enter an invoice if the customer field is empty
you can enter a bill if the vendor is empty
you cannot enter a bill if the vendor field is empty
Whcih 3 statements are true about setting up a product or service in QBO
you can use one product/service to represent different services or goods
products/services allow you to track sales and not clutter chart of accounts
to create an invoice, you can use either a product or a service
to create an invoice, you can use a product but not a service
What is the first step for entering a sale in QBO?
click the plus icon
select the sales receipt
sve the transaction
enter the sale and payment information
How do you set up a new product to be tracked by QB?
type a comment in the note box to add thhis product/service to inventory
enable the box, "I purchase this product/service from a supplier."
type a comment in the note box explaining this purcase is from a supplier
enable the box, "vendor purchase."
What's the first step in setting up a new vendor?
click vendors in the left menu bar
click the new button
enter the vendors name and profile information
enter the vendor's billing rate, terms, opening balance,and account number
What is the 2nd step to setting up a new vendor?
click on vendor in the left menu bar
click new button
enter the vendor's name and profile info
enter the vendor's billing rate, terms, opening balance, and account number
You made a purchase for your company using a hand=written check. What mus you do differently to record this check?
deselect the Pring Later box and enter the check number
pring the check
select the account for the payment
enter the vendor's neme
when should you not delete a check?
you printed a check on blank paper and ou don't want to record the check
you accidentally recorded the same check with the same check number twice
you printed a check and the check number has been used
you recorded a check but have not printed it yet
Select the statements that are true for accrual accounting
revenue is accountd when it is earned and expenses when incured
expenses are recorded when paid and revenue is received
mostly used by small business and for personal finances
profices a more accurate picture of the probability of a company
select the statements that are true for cash basis accounting
revenue is accounted when it is entered and expenses when incurred
provides a more accurate picture of the probability of a company
mostly used by small businesses andfor personal finances
expenses are recorded when paid and revenue is received.
All useres need to use the same operating system in order to access the data when using QBO
True
False
Where can customers print out the subscription receipt?
QBO supports billing using the bank account
True
False
What is the description of Quickbooks Payroll (DIY Payroll) on the credit card statement?
quickbooks online payroll
intuit QB payroll
intuit QB online
intuit online payroll
Who among the following listed users can't call to cancel QBO?
company administrator
accountant user
master administrator
regular user
How much do we charge for Tech/Support accounts?
$50
$0
$32
#35
What level of Costco membership do we accept for Costco discounts?
none
costco goldstar
costco business membership
costco executive
Which of the following will not go through the Source Code change process?
discount request
conversion from retail QBO to a regular QBO account
upgrade from simple start to plus
payroll cancellation for bundled account
In Saleforce, where would you go to process refunds?
agent information portal
refund search
profile search
order search
Which tool is NOT used to search for charges?
payment tech
salesforce
XI admin tool
logmeln
What tool will allow you to update the QBO billing information of the customer?
sentinnel
salesforce
bed
qbn
What is the accounting equation?
asseets=liabilities-equity
assets=liabilities+equity
assets=liabilities_income
assets=equity_expense
In accounting, it is anything that a company owns...is known as ____?
assets
asets
expenses
liabilities
This refers to the right of the business....it can sometime be called capital.
equity
none of the above
equality
expense
An account is where anything owed is tracked is called ___?
assets
liabilities
expense
capital
This _____ account refers to where money spent is tracked.
expense
equity
liabilities
assets
____ refers to sales earned from goods and services sold.
assets
expense
income
liabilities
What is the name of the report that tracks assets?
balance sheet
profit & loss report
What report tracks expenses?
profit & loss report
balance sheet
Liabilities are found in this type of financial statement
balance sheet
expensees
Equity is presented in this report
balance sheet
profit & loss report
Net income or net loss afects a business equity
True
False
What additional features are found on a Quickbooks Plus subscription?
all of the above
unlimited 24/7 surport
online backups
free upgrades
A product that won't require customer to pay extra for 24/7 support and file fix when corrupted is what ____? (choose more than 1 answer)
QB Enterprise Solutions
QB Premier 2018
QB Premier Plus
None of the above
____ operates on the Cloud Computing platform
QBO
QB Pro Plus
QB Mac
QB Enterprise Solutions
This product has up to 3 users, 24/7 care support and online backup for no additional cost?
QB pro plus
QB premier plus
QB premier
QB enterprise solutions
What is the maximum number of users for Quickbooks Premier?
3
2
4
None of the above
Maximum user permissions for QuickBooks Pro
2
4
3
1
What is the maximum number of users available for QuickBooks Enterprise Solutions?
40 users
up to 30 users
up to 100
up to 40 users
What 4 services are included in the Plus Subscriptions?
24/7 support, IDP, Free Update, Auto Renewal
24/7 support, IDP, Free Update, Auto Renewal, Auto Data Recovery Service
24/7 support, QB Online Backup, Free update, Auto Data recovery
24/7 support, IDP, Free Upgrade, Auto Data Recovery Service
What is the specific concern that we can directly assists for QB Pro 2020. (choose more than one answers)
First time installation
Business application
First time multi user set up
online banking
