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Worksheets

Bookkeeping & Quickbooks Exam

Total questions: 100

Worksheet time: 8hrs 20mins

Name
Class
Date
1.
What is the accounting equation?
a)
Assets = Liabilities + Equity
b)
Assets = Liabilities - Equity
c)
Assets + Liabilities = Equity
d)
Assets - Liabilities = Equity
2.
What is a journal entry?
a)
A record of a transaction in the accounting system
b)
A record of a payment made to a customer
c)
A record of a purchase made from a supplier
d)
A record of an asset that has been sold
3.
What is a ledger?
a)
A book containing all the accounts used by a company
b)
False
c)
True
4.
What is the difference between a debit and a credit?
a)
Debits increase assets and expenses, Credits increase liabilities and revenues
b)
Debits increase liabilities and expenses, Credits increase assets and revenues
c)
Debits increase assets and revenues, Credits increase liabilities and expenses
d)
Debits increase liabilities and revenues, Credits increase assets and expenses
5.
What is the purpose of a trial balance?
a)
To ensure that debits equal credits in the general ledger
b)
To ensure that assets equal liabilities plus equity in the balance sheet
c)
To ensure that revenues equal expenses in the income statement
d)
To ensure that cash inflows equal cash outflows in the statement of cash flows
6.
What is a chart of accounts?
a)
A list of all the accounts used by a company
b)
A list of all the transactions made by a company
c)
A list of all the customers and suppliers of a company
d)
A list of all the employees of a company
7.
What is a balance sheet?
a)
A financial statement that shows a company's assets, liabilities, and equity at a specific point in time
b)
A financial statement that shows a company's revenues and expenses over a period of time
c)
A financial statement that shows a company's cash inflows and outflows over a period of time
d)
A financial statement that shows a company's retained earnings over a period of time
8.
What is the difference between cash basis and accrual basis accounting?
a)
Accrual basis recognizes revenue when earned and expenses when incurred, Cash basis recognizes revenue when received and expenses when paid
b)
Accrual basis recognizes revenue when paid and expenses when incurred, Cash basis recognizes revenue when earned and expenses when paid
c)
Accrual basis recognizes revenue when earned and expenses when paid, Cash basis recognizes revenue when earned and expenses when incurred
d)
Accrual basis recognizes revenue when paid and expenses when paid, Cash basis recognizes revenue when earned and expenses when incurred
9.
What is a cash account?
a)
An account that tracks a company's cash transactions
b)
False
c)
True
10.
What is a credit memo?
a)
A document that reduces the amount owed by a customer
b)
A document that increases the amount owed by a customer
c)
A document that reduces the amount owed to a supplier
d)
A document that increases the amount owed to a supplier
11.
What is a transaction?
a)
An economic event that affects a company's financial statements
b)
A document that summarizes a company's financial position
c)
A document that lists a company's cash inflows and outflows
d)
A report that shows a company's revenues and expenses
12.
What is the difference between accounts payable and accounts receivable?
a)
Accounts payable are amounts owed to suppliers, accounts receivable are amounts owed by customers
b)
Accounts payable are amounts owed by customers, accounts receivable are amounts owed to suppliers
c)
Accounts payable are amounts owed by a company, accounts receivable are amounts owed to a company
d)
Accounts payable are amounts owed to a company, accounts receivable are amounts owed by a company
13.
What is a bank reconciliation?
a)
The process of matching a company's bank statement with its cash account in the general ledger
b)
The process of reconciling a company's accounts payable with its accounts receivable
c)
The process of reconciling a company's income statement with its balance sheet
d)
The process of reconciling a company's accounts receivable with its cash account
14.
What is the purpose of a petty cash fund?
a)
To cover small, miscellaneous expenses that are not worth writing a check for
b)
To cover large, one-time expenses that are not included in the budget
c)
To pay for salaries and wages
d)
To pay for raw materials and supplies
15.
What is a contra account?
a)
An account with a balance opposite to its related account
b)
An account with a balance equal to its related account
c)
An account with a balance lower than its related account
d)
An account with a balance higher than its related account
16.
What is the difference between book value and market value?
a)
Book value is the value of an asset on the balance sheet, market value is the current price at which an asset can be sold
b)
Book value is the current price at which an asset can be sold, market value is the value of an asset on the balance sheet
c)
Book value is the value of a liability on the balance sheet, market value is the current price at which a liability can be settled
d)
Book value is the current price at which a liability can be settled, market value is the value of a liability on the balance sheet
17.
What is an income statement?
a)
A financial statement that shows a company's revenues and expenses over a period of time
b)
A financial statement that shows a company's assets, liabilities, and equity at a specific point in time
c)
A financial statement that shows a company's cash inflows and outflows over a period of time
d)
A financial statement that shows a company's retained earnings over a period of time
18.
What is the difference between a debit and a credit?
a)
Debits increase assets and expenses, credits increase liabilities and revenues
b)
Debits increase liabilities and expenses, credits increase assets and revenues
c)
Debits increase assets and revenues, credits increase liabilities and expenses
d)
Debits increase liabilities and revenues, credits increase assets and expenses
19.
What is the purpose of a trial balance?
a)
To ensure that debits equal credits in the general ledger
b)
To ensure that assets equal liabilities plus equity in the balance sheet
c)
To ensure that revenues equal expenses in the income statement
d)
To ensure that cash inflows equal cash outflows in the statement of cash flows
20.
What is the difference between accounts receivable and accounts payable?
a)
Accounts receivable is money owed to a company by its customers, Accounts payable is money owed by a company to its suppliers
b)
Accounts receivable is money owed by a company to its suppliers, Accounts payable is money owed to a company by its customers
c)
Accounts receivable is money owed by a company to its employees, Accounts payable is money owed to a company by its employees
d)
Accounts receivable is money owed to a company by its employees, Accounts payable is money owed by a company to its suppliers
21.
What is a trial balance?
a)
A list of all the accounts used by a company and their balances
b)
A list of all the transactions made by a company
c)
A list of all the customers and suppliers of a company
d)
A list of all the employees of a company
22.
What is a profit and loss statement?
a)
A financial statement that shows a company's revenues and expenses over a period of time
b)
A financial statement that shows a company's assets, liabilities, and equity at a specific point in time
c)
A financial statement that shows a company's cash inflows and outflows over a period of time
d)
A financial statement that shows a company's retained earnings over a period of time
23.
What is the difference between a prepaid expense and an accrued expense?
a)
Prepaid expenses are expenses paid in advance, Accrued expenses are expenses incurred but not yet paid
b)
Prepaid expenses are expenses incurred but not yet paid, Accrued expenses are expenses paid in advance
c)
Prepaid expenses are revenues received in advance, Accrued expenses are revenues earned but not yet received
d)
Prepaid expenses are revenues earned but not yet received, Accrued expenses are revenues received in advance
24.
What is the purpose of a general ledger?
a)
To record all the transactions made by a company
b)
False
c)
True
25.
What is the difference between a current asset and a fixed asset?
a)
Current assets are expected to be converted to cash within one year, Fixed assets are expected to be used for more than one year
b)
Current assets are expected to be used for more than one year, Fixed assets are expected to be converted to cash within one year
c)
Current assets are expected to be converted to cash within one month, Fixed assets are expected to be used for more than one month
d)
Current assets are expected to be used for more than one month, Fixed assets are expected to be converted to cash within one month
26.
What is a credit sale?
a)
A sale where payment is received immediately
b)
False
c)
True
27.
What is the purpose of an income statement?
a)
To show a company's revenues and expenses over a period of time
b)
To show a company's assets, liabilities, and equity at a specific point in time
c)
To show a company's cash inflows and outflows over a period of time
d)
To show a company's retained earnings over a period of time
28.
What is the difference between a cash transaction and a credit transaction?
a)
Cash transactions are paid for immediately, Credit transactions are paid for at a later time
b)
Cash transactions are paid for at a later time, Credit transactions are paid for immediately
c)
Cash transactions involve a credit sale, Credit transactions involve a cash sale
d)
Cash transactions involve a cash purchase, Credit transactions involve a credit sale
29.
What is the difference between an asset and a liability?
a)
Assets are things a company owns that have value, Liabilities are things a company owes to others
b)
Assets are things a company owes to others, Liabilities are things a company owns that have value
c)
Assets are things a company owns that generate revenue, Liabilities are things a company owes to employees
d)
Assets are things a company owes to employees, Liabilities are things a company owns that generate revenue
30.
What is a trial balance?
a)
A list of all the accounts used by a company with their respective debit and credit balances
b)
False
c)
True
31.
What is the difference between revenue and profit?
a)
Revenue is the total amount of money a company earns from its business activities, Profit is the amount of money a company earns after subtracting expenses from revenue
b)
Revenue is the amount of money a company earns after subtracting expenses from profit, Profit is the total amount of money a company earns from its business activities
c)
Revenue is the total amount of money a company earns from its business activities, Profit is the amount of money a company earns before subtracting expenses from revenue
d)
Revenue is the amount of money a company earns before subtracting expenses from profit, Profit is the total amount of money a company earns from its business activities
32.
What is the purpose of a general ledger?
a)
To record all the transactions made by a company, To summarize the transactions in the financial statements, To report the financial results of a company to its shareholders, To calculate the taxes owed by a company
b)
To record all the transactions made by a company, To summarize the transactions in the financial statements, To report the financial results of a company to its shareholders, To calculate the taxes owed by a company
33.
What is a current asset?
a)
An asset that is expected to be converted to cash within one year, An asset that is expected to be used in business operations for more than one year, An asset that has already been used in business operations, An asset that is not used in business operations
b)
A car
34.
What is the difference between cash and accrual accounting?
a)
Cash accounting records transactions when cash is received or paid, Accrual accounting records transactions when they are earned or incurred
b)
Cash accounting records transactions when they are earned or incurred, Accrual accounting records transactions when cash is received or paid
c)
Cash accounting records transactions in a cash account, Accrual accounting records transactions in a receivables or payables account, Cash accounting records transactions in a receivables or payables account, Accrual accounting records transactions in a cash account
35.
What is the purpose of a balance sheet?
a)
To show a company's assets, liabilities, and equity at a specific point in time, To show a company's revenues and expenses over a period of time, To show a company's cash inflows and outflows over a period of time, To show a company's retained earnings over a period of time
b)
To show a company the general ledger running balance
36.
What is a trial balance used for?
a)
To ensure that debits equal credits in the general ledger, To ensure that assets equal liabilities plus equity in the balance sheet, To ensure that revenues equal expenses in the income statement, To ensure that cash inflows equal cash outflows in the statement of cash flows
b)
To show that balance pending through the chart of accounts
37.
What is a credit memo used for?
a)
To reduce the amount owed by a customer, To increase the amount owed by a customer, To reduce the amount owed to a supplier, To increase the amount owed to a supplier
b)
to credit the loan, thus reducing the negative due
38.
What is a contra account?
a)
An account that is used to offset another account, An account that has a credit balance instead of a debit balance, An account that is used to record expenses instead of revenues, An account that is used to record revenues instead of expenses
b)
trick question
39.
What is the difference between a current liability and a long-term liability?
a)
Current liabilities are debts that are due within one year, Long-term liabilities are debts that are due in more than one year
b)
Current liabilities are debts that are due in more than one year, Long-term liabilities are debts that are due within one year
c)
Current liabilities are debts that are due within one month, Long-term liabilities are debts that are due in more than one year
d)
Current liabilities are debts that are due in more than one year, Long-term liabilities are debts that are due within one month
40.
What is the purpose of the adjusted trial balance?
a)
To ensure that the debits and credits in the general ledger are still in balance after adjusting entries are made, To ensure that the financial statements are accurate, To ensure that the income statement shows a profit, To ensure that the balance sheet shows a positive balance in equity
b)
To ensure that the company account balances during month end
41.
What is the difference between cash flow and net income?
a)
Cash flow is the movement of money in and out of a business, Net income is the profit or loss of a business
b)
Cash flow is the profit or loss of a business, Net income is the movement of money in and out of a business
c)
Cash flow is the difference between assets and liabilities, Net income is the revenue of a business
d)
Cash flow is the revenue of a business, Net income is the difference between assets and liabilities
42.
What is a prepaid expense?
a)
An expense that has been paid in advance but has not yet been incurred, An expense that has been incurred but has not yet been paid, A revenue that has been earned but has not yet been received, A revenue that has been received but has not yet been earned
b)
An expense that the invidual paid and reimbursed later
43.
What is a post-closing trial balance?
a)
A trial balance that is prepared after closing entries are made to ensure that the debits and credits still balance
b)
False
c)
True
44.
What is the difference between a cash basis and an accrual basis income statement?
a)
Cash basis recognizes revenue when cash is received, Accrual basis recognizes revenue when earned
b)
Cash basis recognizes revenue when earned, Accrual basis recognizes revenue when cash is received
c)
Cash basis recognizes expenses when cash is paid, Accrual basis recognizes expenses when incurred
d)
Cash basis recognizes expenses when incurred, Accrual basis recognizes expenses when cash is paid
45.
What is the purpose of a closing entry?
a)
To transfer the balances of temporary accounts to the retained earnings account, To adjust the balances of permanent accounts, To record transactions that occur after the end of the accounting period, To reconcile the balances of the general ledger with the balances of the subsidiary ledgers
b)
To ensure that the general ledger has unchanged values to determine the value of an asset
46.
What is the difference between a current liability and a long-term liability?
a)
Current liabilities are expected to be paid within one year, Long-term liabilities are expected to be paid over more than one year
b)
Current liabilities are expected to be paid over more than one year, Long-term liabilities are expected to be paid within one year
c)
Current liabilities are obligations to employees, Long-term liabilities are obligations to creditors
d)
Current liabilities are obligations to creditors, Long-term liabilities are obligations to employees
47.
What is a prepaid expense?
a)
An expense paid in advance that has not yet been used or consumed, An expense that has been incurred but not yet paid, An expense that has been used or consumed, A revenue that has not yet been earned
b)
An expense that the company paid and reimbursed later
48.
What is the difference between a cash account and a bank account?
a)
A cash account tracks all the cash transactions made by a company, A bank account is a type of cash account held at a bank
b)
A cash account is a type of bank account held at a bank, A bank account tracks all the cash transactions made by a company
c)
A cash account is a type of account payable, A bank account is a type of account receivable
d)
A cash account is a type of account receivable, A bank account is a type of account payable
49.
What is a post-closing trial balance?
a)
A list of all the accounts used by a company with their respective debit and credit balances after the closing entries have been made
b)
False
c)
True
50.
What is a contra account?
a)
An account that is used to offset the balance of another account, An account that is used to record expenses, An account that is used to record revenues, An account that is used to record assets
b)
Trick Question
51.
What is the purpose of a statement of cash flows?
a)
To show a company's cash inflows and outflows over a period of time, To show a company's assets, liabilities, and equity at a specific point in time, To show a company's revenues and expenses over a period of time, To show a company's retained earnings over a period of time
b)
To show a company ledger in a point in time
52.
What is a sales invoice?
a)
A document that shows the products or services sold to a customer, A document that shows the products or services purchased from a supplier, A document that shows the amount owed by a customer, A document that shows the amount owed to a supplier
b)
A document that determines COGS for the vendor
53.
What is the difference between a debit note and a credit note?
a)
A debit note is used to increase the amount owed by a customer, a credit note is used to decrease the amount owed by a customer
b)
A debit note is used to decrease the amount owed to a supplier, a credit note is used to increase the amount owed to a supplier
c)
A debit note is used to increase the amount owed to a supplier, a credit note is used to decrease the amount owed to a supplier
d)
A debit note is used to decrease the amount owed by a customer, a credit note is used to increase the amount owed by a customer
54.
What is the difference between straight-line depreciation and accelerated depreciation?
a)
Straight-line depreciation allocates an equal amount of depreciation expense each year, Accelerated depreciation allocates a higher amount of depreciation expense in the earlier years
b)
Straight-line depreciation allocates a higher amount of depreciation expense in the earlier years, Accelerated depreciation allocates an equal amount of depreciation expense each year
c)
Straight-line depreciation allocates a higher amount of depreciation expense in the later years, Accelerated depreciation allocates a lower amount of depreciation expense in the earlier years
d)
Straight-line depreciation allocates a lower amount of depreciation expense in the earlier years, Accelerated depreciation allocates a higher amount of depreciation expense in the later years
55.
What is a long-term liability?
a)
A liability that is due in more than one year, A liability that is due in less than one year, A liability that is not expected to be paid, A liability that has already been paid
b)
A liability owed to the company as per GAAP accrual rules
56.
What is a contingent liability?
a)
A potential liability that depends on a future event, A liability that is already due, A liability that is not expected to be paid, A liability that has already been paid
b)
A liability identified as a likely cause to drive bankruptcy upon profit gain
57.
What is the difference between a defined benefit plan and a defined contribution plan?
a)
A defined benefit plan promises a specific amount of retirement benefits, while a defined contribution plan promises a specific contribution amount
b)
A defined benefit plan promises a specific contribution amount, while a defined contribution plan promises a specific amount of retirement benefits
c)
A defined benefit plan promises a specific contribution amount, while a defined contribution plan promises a specific benefit amount
d)
A defined benefit plan promises a specific benefit amount, while a defined contribution plan promises a specific contribution amount
58.
What is the difference between FIFO and LIFO inventory costing methods?
a)
FIFO assumes that the first units purchased are the first units sold, LIFO assumes that the last units purchased are the first units sold
b)
FIFO assumes that the last units purchased are the first units sold, LIFO assumes that the first units purchased are the first units sold
c)
FIFO assumes that the first units purchased are the last units sold, LIFO assumes that the last units purchased are the last units sold
d)
FIFO assumes that the last units purchased are the last units sold, LIFO assumes that the first units purchased are the last units sold
59.
What is a statement of changes in equity?
a)
A financial statement that shows the changes in a company's equity over a period of time, A financial statement that shows a company's revenues and expenses over a period of time, A financial statement that shows a company's cash inflows and outflows over a period of time, A financial statement that shows a company's assets, liabilities, and equity at a specific point in time
b)
A document that shows transaction detail as per GAAP accounting rule
60.
What is the difference between an expense and a capital expenditure?
a)
An expense is a cost incurred in the current period, while a capital expenditure is a cost incurred to acquire an asset with a useful life beyond the current period
b)
An expense is a cost incurred to acquire an asset with a useful life beyond the current period, while a capital expenditure is a cost incurred in the current period
c)
An expense is a cost incurred to acquire a liability, while a capital expenditure is a cost incurred to acquire an asset
d)
An expense is a cost incurred to acquire an asset, while a capital expenditure is a cost incurred to acquire a liability
61.

Payment with cash should be recorded as

a)

Debit cash account.

b)

Credit cash account.

c)

Debit bank account.

d)

Credit bank account.

62.

Assets equal £76,500 and liabilities are £24,725 how much is capital?

a)

£101,225

b)

£24,225

c)

£76,500

d)

£51,775

63.

General journal can be used to record

a)

purchase of non-current asset.

b)

credit purchase of goods/ stocks.

c)

credit sales of goods.

64.

Accounts receivable is firm's

a)

customers or assets.

b)

suppliers or liabilities.

c)

customers or liabilities.

d)

suppliers or assets.

65.

If a bookkeeper suspects one of his clients is money laundering he does not need to report it?

a)

True

b)

False

66.

Which of the following assets is guaranteed to LOSE value over time (depreciation)?

a)

house

b)

cash

c)

stocks

d)

car

67.

What is left over after all debts are paid is called:

a)

assets

b)

liabilities

c)

equity

d)

liquidity

68.

Things that a business own that are worth value are called:

a)

assets

b)

liabilities

c)

equity

d)

liquidity

69.

For which financial statement does the following rule apply: the two sides of the statement need to be equal

a)

Income Statement

b)

Balance Sheet

c)

Statement of Cash Flows

d)

Statement of Stockholder's Equity

70.

Accounting

a)

keeping records of all financial transactions related to an individual

b)

what you owe

c)

financial information

71.

2. What is the recording of the financial transactions of a business in a chronological and systematic manner?

a)

A. Accounting

b)

B. Bookkeeping

c)

C. Posting

d)

D. Reporting

72.

10. What is a professional who renders professional service for a fee and who is trained to interpret the data?

a)

A. Accountant

b)

B. Bookkeeper

c)

C. Seller

d)

D. Marketer

73.

5. During middle ages period, a more formal method of account-keeping method was developed by ______________.

a)

A. bankers

b)

B. merchant

c)

C. merchant and bankers

d)

D. none of the above

74.

7. Among are the task of the bookkeeper except _______________.

a)

A. Prepares and provides on going report

b)

B. Focus on the analysis of financial data

c)

C. Archives and stores data for easy retrieval

d)

D. Classifies and records transactions accurately

75.

If you purchased a land in account,

a)

a. Liabilities increase, assets decrease

b)

b. Debit-credit bookkeeping

c)

c. No effect

d)

d. Assets increase, liabilities increase

76.

Which is not an asset?

a)

a. cash

b)

b. inventory

c)

c. loans payable

d)

d. vehicle

77.

The bookkeeping system used up to today is called ____________.

a)

a. Single-bookkeeping

b)

b. Debit-credit bookkeeping

c)

c. Double-line bookkeeping

d)

d. Double-entry bookkeeping

78.
It represents advanced payments from customers which requires settlement through delivery of goods or services in the future.
a)
Sales Revenue
b)
Service Revenue
c)
Unearned Revenue
d)
Accrued Revenue
79.

What is the nationality of the Father of Modern Accounting?

a)

a. Italian

b)

b. Russian

c)

c. French

d)

d. British

80.
Refer to the costs incurred in the conducting business.
a)
Assets
b)
Liabilities
c)
Revenues
d)
Expenses
81.

Which is an equity account?  a.       Loan payable b.       Inventory c.       Petty cash d.       Owner’s drawings

a)

a.       Loan payable

b)

b.       Inventory

c)

c.       Petty cash

d)

d.       Owner’s drawings

82.

You purchased inventory worth P5,000, paying P2,500 cash and the other half on account. Which of the following is correct?  a.       Liabilities increase by P5,000 b.       Cash decrease by P5,000 c.       Inventory increase by P2,500 d.       Cash decrease by P2,500 

a)

 a.       Liabilities increase by P5,000

b)

b.       Cash decrease by P5,000

c)

c.       Inventory increase by P2,500

d)

d.       Cash decrease by P2,500 

83.

8. Which is a liability account?  

a)

a.       Loan payable

b)

b.       Inventory

c)

c.       Petty cash

d)

d.       Owner’s drawings

84.
Refer to economic benefits received from business activities; the amount earned in the conduct of business.
a)
Assets
b)
Liabilities
c)
Revenues
d)
Expenses
85.

Who is the Father of Modern Accounting?

a)

a. Luca Paciolli

b)

b. Lucca Pacioli

c)

c. Luca Pacioli

d)

d. Luca Pacilli

86.
Assets that are held for sale in the normal operations of the business.
a)
Inventories
b)
Accounts Receivable
c)
Furnitures and Fixtures
d)
Intangibles
87.
Refers to indebtedness that arise from purchase of goods, materials, supplies or services and other transaction in the normal course of business operations.
a)
Accounts Payable
b)
Notes Payable
c)
Bonds Payable
d)
Loans Payable
88.

9. A current asset is defined as any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle. Which of the following is a current asset?  a.       Land b.       Inventory c.       Vehicle d.       Machinery 

a)

a.       Land

b)

 b.       Inventory 

c)

c.       Vehicle

d)

d.       Machinery 

89.
Refer to the water and electricity costs incurred in the conduct of business.
a)
Telecommunications Expense
b)
Utilities Expense
c)
Supplies Expense
d)
Repairs and Maintenance
90.
Refer to the costs of compensation to employees for their services to the company.
a)
Taxes and Licenses
b)
Delivery Expense
c)
Training and Development
d)
Salaries and Wages
91.

You purchased something with a debit card, which of the following is not a step?

a)

From the chart of accounts set up a credit card type account named debit card.

b)

Enter who you paid how much and what it was for, expense account.

c)

On the homepage record credit card charge

d)

Open the Write Checks window. Type debit in the number field type, who you paid, how much and what it was for, expense account.

e)

Choose Save and Close

92.

Which user types do not have permissions to view customer or vendor information? Choose two answers.

a)

Accountants

b)

Custom user

c)

Reports only

d)

Time tracking only

93.

What should you do after you click Save & Close on a Customer Credit Memo?

a)

Print a bill payment stub

b)

Apply the credit memo against the customer's balance using the receive payments window.

c)

Apply the credit memo used in the Pay Bills window

d)

Choose between retained as an available credit, give a refund or apply to an invoice.

94.

What is the quickest way to find an invoice from 6 months ago?

a)

Click the Help menu, search for invoice by date.

b)

Click the help and search for the invoice by number.

c)

Open an invoice and click the find button.

d)

Click the previous button until you find the invoice.

95.

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?

a)

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.

b)

Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount.

c)

Delete the customer's payment from the deposit

d)

Delete the customer's statement charge from your records

96.

What is the quickest way to find an invoice from 6 months ago?

a)

Click the Help menu, search for invoice by date.

b)

Click the help and search for the invoice by number.

c)

Open an invoice and click the find button.

d)

Click the previous button until you find the invoice.

97.

You're setting up a new customer and the customer's invoices should be due 30 days after they are issued. How do you do that?

a)

Set the customer's terms to Net30

b)

Set the due date on the next invoice you enter for the customer. After that, QuickBooks will remember

c)

You have to set this on each invoice you enter for the customer

d)

Select the checkbox next to due in 30 days

98.

What is the primary reason for setting a closing date in QuickBooks?

a)

To transfer current year net income to retained earnings.

b)

To delete prior year transactions.

c)

To restrict users from deleting, editing or adding transactions to last year.

d)

To reduce company file size

99.

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?

a)

Select file, open company from the menu.

b)

Select company information from the menu.

c)

Select file Express Start from the menu.

d)

Select edit preferences from the menu.

100.

Which of the following is a possible reason for a bank reconciliation discrepancy?

a)

You did not record checks in QuickBooks that are dated after the bank statement date.

b)

The QuickBooks Balance will never match the banks' balance.

c)

The beginning balance calculated by QuickBooks does not match last months ending balance.

d)

The bank reconciliation is on a cash basis instead of the correct accrual basis.

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