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WorksheetsQBO Certification Exam Practice
Total questions: 45
Worksheet time: 45mins
Which of the following CANNOT be entered during the setup of a new company?
Company name and address
Trial balance, open balance
Chart of accounts
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 company information from the menu.
Select file Express Start from the menu.
Select edit preferences 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 chose to start recording the financial records in QuickBooks.
The date you sit down to start the new company file.
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 delete prior year transactions.
To restrict users from deleting, editing or adding transactions to last year.
To reduce company file size
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.
Complete the closed the book wizard.
Click the close financial year icon on the home page and enter the end of your fiscal year.
Set the closing date and password in the accounting preferences in the company menu.
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
File menu, version information.
Only technical support can access this window.
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.
To start over when a company file has many errors that are beyond repair.
QuickBooks cannot create more than one file.
he 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.
You can't do this in QuickBooks
Click the File menu, choose utilities, condense data, then choose default transaction option.
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.
You want to review your company’s data as it stood at an earlier period.
The computer's hard drive is damaged.
All of the above
How would you track customer birth dates in QuickBooks?
Use the built in Excel link to track the information.
Use track additional data feature in the customer center.
Add a custom field to the customer list.
You cannot track customer's birthdays.
You need to restore a company file from a backup. Which is step number one?
Make sure the Homepage is open.
Click the Backup menu
Select Restore a backup copy click next and follow the steps
Click the File menu
Choose Open or Restore Company
You need to restore a company file from a backup. Which is step number two?
Make sure the Homepage is open.
Click the Backup menu
Select Restore a backup copy click next and follow the steps
Click the File menu
Choose Open or Restore Company
You need to restore a company file from a backup. Which is step number three?
Make sure the Homepage is open.
Click the Backup menu
Select Restore a backup copy click next and follow the steps
Click the File menu
Choose Open or Restore Company
Which two of the following steps are not needed to restore a company file?
Make sure the Homepage is open.
Click the Backup menu
Select Restore a backup copy click next and follow the steps
Click the File menu
Choose Open or Restore Company
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.
lick 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.
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
You can't move list entries to different location on the list
Right-click on the name then select sort by selection.
Click on the diamond to the left of the name and then drag the name up or down to the desired location.
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.
You can't use move list entries to different locations on the list.
Right click on the name then select sort by selection.
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.
Merging entries effects past transaction
QuickBooks allows you to merge an Expense account with an Income account.
You can only merge names of the same type.
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.
List entries can never be deleted.
You entered a valid security password.
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 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.
When you set up a non-inventory item, QuickBooks assigns the current on-hand quantity to the balance sheet.
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 the select inactive items button, then select the appropriate items then click ok.
Open the item list, click to select the appropriate item, then click the bottom left button and select make item inactive.
Click the items list and select make entries inactive then select the appropriate list entry then click ok.
Which is an example of when to use a non-inventory part?
When you sell the item and need to track quantity on hand information.
When you buy the item and need to track quantity on hand information.
When you build a finished item from components.
When you buy and sell an item but do not need to track quantity on hand information.
You are setting up a service item. What happens if you select the box next to this "service is performed by a subcontractor or partner"?
QuickBooks provides fields so you can track purchase and sales information for that item.
QuickBooks makes the item a payroll item.
QuickBooks automatically sets up a 1099 tracking.
QuickBooks automatically marks this item for time tracking.
When should you use the items tab on a bill or check?
To track sales tax.
When you purchase inventory parts.
To see if expenses are recorded accurately.
All of the above.
You have to set up an item for shipping. What item type should you use?
Inventory part
Other charge
Non inventory part
Service
Your company sells unique items to every customer. They never sell the same service or product twice. What item should you set up in QuickBooks?
Set up a generic item and edit the description and price each time.
Click the one time use button in the new item window.
Set up unique items for each sale and make them inactive after the sale.
Do not use items when invoicing the customer.
Which of the following is an example of Inventory Assembly.
Cans of soda pop and energy bars that you buy in bulk, store in the van, and then sell
A quick lunch special that you make by attaching an energy bar to a can of soda.
You allow customers to buy a handful (whatever their hand can hold of chocolates) for dessert. You don’t track the number.
Catering by the hour if someone asked you to help with the party.
Which of the following is an example of Service.
Cans of soda pop and energy bars that you buy in bulk, store in the van, and then sell.
Catering by the hour if someone asked you to help with the party.
You allow customers to buy a handful (whatever their hand can hold of chocolates) for dessert. You don’t track the number.
A quick lunch special that you make by attaching an energy bar to a can of soda.
Which of the following is an example of Inventory Part.
Cans of soda pop and energy bars that you buy in bulk, store in the van, and then sell.
A quick lunch special that you make by attaching an energy bar to a can of soda.
Catering by the hour if someone asked you to help with the party.
You allow customers to buy a handful (whatever their hand can hold of chocolates) for dessert. You don’t track the number.
Which of the following is an example of Non-Inventory Part.
A quick lunch special that you make by attaching an energy bar to a can of soda.
Cans of soda pop and energy bars that you buy in bulk, store in the van, and then sell.
Catering by the hour if someone asked you to help with the party.
You allow customers to buy a handful (whatever their hand can hold) of chocolates for dessert. You don’t track the number.
Your company no longer sells a particular item. You’ve been asked to make the item inactive. Which is step one?
Open the Item List
Drag the Item off the list
Select make Item Inactive
Click on the Item you want to hide
Click the Item drop-down arrow at the bottom left of the window.
Your company no longer sells a particular item. You’ve been asked to make the item inactive. Which is step two?
Open the Item List
Drag the Item off the list
Select make Item Inactive
Click on the Item you want to hide
Click the Item drop-down arrow at the bottom left of the window.
Your company no longer sells a particular item. You’ve been asked to make the item inactive. Which is step three?
Open the Item List
Drag the Item off the list
Select make Item Inactive
Click on the Item you want to hide
Click the Item drop-down arrow at the bottom left of the window.
Your company no longer sells a particular item. You’ve been asked to make the item inactive. Which is step four?
Open the Item List
Drag the Item off the list
Select make Item Inactive
Click on the Item you want to hide
Click the Item drop-down arrow at the bottom left of the window.
Your company no longer sells a particular item. You’ve been asked to make the item inactive, which of the following is not a step?
Open the Item List
Drag the Item off the list
Select make Item Inactive
Click on the Item you want to hide
Click the Item drop-down arrow at the bottom left of the window.
