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WorksheetsQuickBooks Final Assessment
Total questions: 96
Worksheet time: 51mins
Match the QuickBooks subscription (license) to the business requirements.
Advanced
Self-Employed
Essentials
Simple Start
Plus
Essentials
Self-Employed
Plus
Simple Start
Advanced
For each statement about QuickBooks Plus, indicate whether it is True or False.
QuickBooks Plus provides inventory tracking.
QuickBooks Plus allows up to 5 user licenses.
QuickBooks Plus provides project profitability tracking.
True
False
QuickBooks Plus includes payroll support at no additional cost.
True
False
What is the main purpose of using QuickBooks apps?
Provide security to cloud data.
Enhance functionality.
Reduce the price of QuickBooks.
Fix company file errors.
Identify three reasons to install QuickBooks apps.
Create a shopping cart for your website.
Automate tasks like data entry.
Add a security layer to banking.
Add industry-specific tools.
Track more data/reporting.
Which two are the benefits of using apps to extend QuickBooks?
A. Apps provide guaranteed security for your QuickBooks data.
B. All apps come with a free license from Intuit.
C. Apps are automatically downloaded based on your company’s industry.
D. Apps can automate tasks like invoicing and bookkeeping.
E. Apps let you manage your QuickBooks data from mobile devices.
Choose two risks of using third-party apps with QuickBooks.
Support is typically available only through community forums.
Apps are only secure on iPhones.
Apps could corrupt your data.
Anyone can get an app and steal your cloud data.
An Internet connection is required.
Where do you get verified QuickBooks-compatible apps?
QuickBooks App Store
Google Play
Apple App Store
iTunes
What is the main purpose of the QuickBooks Home Dashboard?
It provides a setup wizard for your company file.
It is used mainly to print reports.
It gives a complete overview of your business’s financial health.
It displays customer and vendor lists by default.
What can you do directly from the QuickBooks Dashboard?
Record mileage
Review audit log
Match QuickBooks roles to their access level.
Company Admin
Admin-level access in Advanced
Customer User
Varying access to vendors, customers, and reports
Primary Admin
Full control of QuickBooks
Standard User
Restricted access to select features in Advanced
For each statement about default user roles, indicate whether it is True or False.
Time Tracking role doesn’t count toward user limits.
Standard user with full access can view company settings.
Primary (Master) Admin cannot be reassigned.
You want to find out who made a change to your books, what was changed, and when. Where should you go in QuickBooks?
(a)
Put the steps to move data from QuickBooks Desktop to QuickBooks Online in the correct order.
Click Select Destination and sign in to your QuickBooks account.
Open QuickBooks Desktop and log in as an Admin to the company file you want to move.
Click Get Started to begin the export process.
From the Company menu, choose Export Company File to QuickBooks.
From the Company menu, choose Export Company File to QuickBooks.
Click Get Started to begin the export process.
Open QuickBooks Desktop and log in as an Admin to the company file you want to move.
Click Select Destination and sign in to your QuickBooks account.
Select three tasks that can be automated in QuickBooks.
Payroll
Financial reporting
Payment reminders
Auditing
Inventory reordering
For each statement regarding third-party apps, indicate whether it is True or False. Statement: QuickBooks includes access to the App Store at no extra cost.
True
False
For each statement regarding third-party apps, indicate whether it is True or False. Statement: The App Store is accessible directly within QuickBooks Plus.
True
False
For each statement regarding third-party apps, indicate whether it is True or False. Statement: Apps that don’t meet Intuit’s standards can still connect to your QuickBooks account.
True
False
Which fields can be edited in the Company tab of Account and Settings?
A. Employer Identification Number (EIN)
B. Company Name and Address
C. Services Price List
D. Company Products
E. Contact Info
Categorize the following statement as Cash or Accrual accounting method. Statement: Revenue is recognized only when payment is received following a sale.
Cash
Accrual
Hybrid
Modified Cash
Categorize the following statement as Cash or Accrual accounting method. Statement: Provides a more accurate picture of a company because it includes Accounts Receivable and Accounts payable.
Accrual
Cash
Hybrid
Single-entry
The method most widely used by small businesses. (Fill in the blank)
Cash
Accrual
Double-entry
Credit
A company makes a sale and records the expected revenue as an Accounts Receivable transaction. (Fill in the blank)
Accrual
Cash
Deferral
Prepaid
Which two are advantages of using the Close the Books feature in QuickBooks?
It keeps a record of all transactions modified after the closing date.
It logs any updates made to entries from closed accounting periods.
It produces a detailed report showing changes after the books are closed.
It blocks users from viewing data from locked accounting periods.
It restricts users from editing transactions once the books are closed.
Which lists can be imported into QuickBooks?
Products & Services
Customers
Credit Cards
Chart of Accounts
Vendors
For each statement regarding the Chart of Accounts, indicate whether it is True or False. Statement: QuickBooks sets up accounts based on industry.
True
False
For each statement regarding the Chart of Accounts, indicate whether it is True or False. Statement: Only income and expense accounts can be added.
True
False
You can add new accounts anytime.
True
False
You can only add accounts during setup.
True
False
Match each list to its corresponding description.
Chart of Accounts
Financial categories like A/P, equity, etc.
Customer List
Names, contact info, billing terms
Item List (Products and Services)
Names, descriptions, prices, SKUs
Vendor List
Supplier names, addresses, and payment terms
For each customer and vendor account field, identify if the entry must be Unique or Identical. Account Field:
First name: Identical Last name: Identical Display name: Unique Company name: Identical
First name: Unique Last name: Unique Display name: Identical Company name: Unique
First name: Unique Last name: Identical Display name: Unique Company name: Unique
First name: Identical Last name: Unique Display name: Identical Company name: Unique
For each statement regarding customers and vendors, indicate whether it is True or False. Statement: Vendors sell goods and services, customers buy goods and services.
True
False
For each statement regarding customers and vendors, indicate whether it is True or False. Statement: You can tag a customer as a vendor using a checkbox.
True
False
For each statement regarding customers and vendors, indicate whether it is True or False. Statement: Customers cannot also be vendors.
True
False
For each statement regarding customers and vendors, indicate whether it is True or False. Statement: You can edit a Display Name indicating whether it is a customer or vendor.
True
False
For each statement regarding Display Name field, indicate whether it is True or False. Statement: Display name is optional
True
False
For each statement regarding Display Name field, indicate whether it is True or False. Statement: Display name must be unique
True
False
For each statement regarding Display Name field, indicate whether it is True or False. Statement: Display name helps sort lists
True
False
Match each tracking tool with its purpose.
Projects
matching to their respective purposes
Locations
matching to their respective purposes
Classes
matching to their respective purposes
What is the correct answer for this purpose?
Classes
Objects
Methods
Variables
What is the correct answer for this purpose?
Locations
Colors
Animals
Numbers
What is the correct answer for this purpose?
Projects
Assignments
Exams
Reports
For each statement regarding tracking, indicate whether it is True or False. Statement: Project/Class/Location tracking is available in all QuickBooks versions.
True
False
For each statement regarding tracking, indicate whether it is True or False. Statement: Tracking can be enabled in the Advanced settings.
True
False
For each statement regarding tracking, indicate whether it is True or False. Statement: Budgets and reports are available by project.
True
False
For each statement regarding tracking, indicate whether it is True or False. Statement: Class codes are required to use Project tracking.
True
False
For each statement regarding merging accounts, indicate whether it is True or False. Statement: After two vendor accounts are merged, if needed the action can be reversed.
True
False
For each statement regarding merging accounts, indicate whether it is True or False. Statement: To merge two vendor accounts, change the name of the record you want to merge so it matches the name of the vendor record you want to keep.
True
False
For each statement regarding merging accounts, indicate whether it is True or False. Statement: The only accounts you can merge are vendor accounts.
True
False
You should merge vendor accounts when you discover two accounts with slightly different display names are actually the same vendor.
True
False
Which two reasons explain why you should set up the products and services you sell in QuickBooks?
A. So you can track sales by product or service.
B. So you can add items to invoices, receipts, and expenses.
C. So QuickBooks can automatically reorder inventory.
D. So your bank tracks sales for taxes.
What’s a benefit of using Products & Services in QuickBooks?
To create sales reports.
To set custom formulas in reports.
For which types of items is the “income account used when recording a sale” field available?
Inventory only
Services only
Inventory and Services
For each statement regarding setup of products and services, indicate whether it is True or False. You must provide Price, Income Account, and COGS when setting up a Product.
True
False
For each statement regarding setup of products and services, indicate whether it is True or False. You must mark items as non-taxable; the default status is taxable.
True
False
For each statement regarding setup of products and services, indicate whether it is True or False. You cannot change a product’s type after saving.
True
False
For each statement regarding setup of products and services, indicate whether it is True or False. You should enable “Show Product/Service column on sales forms.
True
False
When tracking Inventory and Services in QuickBooks, which items allow entry of starting quantity on hand?
Inventory only
Services only
Both inventory and services
Classify the items below as Inventory or Non-inventory: Product: Shelving used to display products.
Non-inventory
Inventory
Raw Material
Finished Goods
Classify the items below as Inventory or Non-inventory: Product: Fruits and vegetables for sale.
Inventory
Non-inventory
Fixed Asset
Expense
Classify the items below as Inventory or Non-inventory: Product: Special request food item not intended for sale.
Non-inventory
Inventory
Raw material
Finished goods
Classify items sold by a clothing store as Inventory or Non-inventory: Products: Hangers for product display.
Non-inventory
Inventory
Fixed Asset
Raw Material
Classify items sold by a clothing store as Inventory or Non-inventory: Products: Regularly stocked shirts.
Inventory
Non-inventory
Fixed Asset
Prepaid Expense
Classify items sold by a clothing store as Inventory or Non-inventory: Products: Custom-ordered shirt not intended for sale.
Non-inventory
Inventory
Raw materials
Finished goods
For each statement regarding customers and sales tax, indicate whether it is True or False. Statement: The default tax status for new customers is Taxable.
True
False
For each statement regarding customers and sales tax, indicate whether it is True or False. Statement: Taxability of a product or service can be changed on the invoice or sales receipt.
True
False
For each statement regarding customers and sales tax, indicate whether it is True or False. Statement: If you sell a taxable service to a taxable customer, QuickBooks calculates sales tax and adds it to the invoice.
True
False
For each statement regarding customers and sales tax, indicate whether it is True or False. Statement: If you sell a taxable service to a non-taxable customer, QuickBooks calculates sales tax and adds it to the invoice.
True
False
Which three statements about inventory are true?
Starting quantity is required.
You can adjust inventory manually.
Available in all QuickBooks versions.
FIFO is used for costing.
Inventory value can be edited directly.
Match each item type with its corresponding definition.
Inventory
Non-Inventory
Non-Inventory
Service
Service
Bundle
Bundle
Inventory
Which report shows income and expenses for a specific time period?
Which setting allows you to display a column for each month on a report?
Report Period
Compare Another Period
Display Columns By
Customize > Monthly
Match each function to the correct financial report.
Balance Sheet
Financial health at a point in time showing assets, liabilities, and equity.
Cash Flow Statement
Summarizes in/out movement of cash.
Profit and Loss
Tracks income/expenses over time.
Which format is NOT available for sharing a QuickBooks report?
Google Sheets
For each report component, indicate whether it can be customized.
Date Range: Yes, Accounting Method: Yes, Formulas and calculations: No
Date Range: No, Accounting Method: Yes, Formulas and calculations: Yes
Date Range: Yes, Accounting Method: No, Formulas and calculations: Yes
Date Range: No, Accounting Method: No, Formulas and calculations: Yes
What setting lets you compare the same report across two time periods?
Report Period
Compare Another Period
Non-zero filter
Customize > Filters
When viewing a Cash Flow Statement, which is true?
It only shows equity.
It has the same headings as the income statement.
It is divided into Operating, Investing, and Financing.
It includes the bank balance.
Select the two scenarios in which you would use a journal entry in QuickBooks.
To record depreciation and to correct errors in accounts
To enter daily sales transactions and to create invoices
To pay vendors and to reconcile bank statements
To track inventory and to process payroll
Which of the following is a reason to use journal entries in QuickBooks?
Setting up a repeating transaction.
Using automation to post income and expenses.
Manually recording debits and credits.
Reclassifying money between income and expense accounts.
Adding a new product to inventory.
For each statement regarding setup of journal entries, indicate whether it is True or False. Statement: You must click Save and Close to record the journal entry.
True
False
For each statement regarding setup of journal entries, indicate whether it is True or False. Statement: QuickBooks fills in the date and journal entry number automatically.
True
False
For each statement regarding setup of journal entries, indicate whether it is True or False. Statement: After entering a debit account, QuickBooks automatically adds the credit account.
True
False
Your business owns a forklift that loses $1,000 in value each year. How should you record this annual depreciation as a journal entry in QuickBooks?
# Account Debits Credits 1 Forklift-Accumulated Depreciation $1,000 2 Depreciation Expense $1,000
# Account Debits Credits 1 Uncategorized Asset $1,000 2 Depreciation Expense $1,000
Put the steps to create a journal entry in the correct order.
Add a short memo to describe the entry
Select the account to use
Confirm that debits and credits are equal
Enter the debit and credit amounts
Enter the debit and credit amounts
Confirm that debits and credits are equal
Select the account to use
Add a short memo to describe the entry
Which report helps you track past due bills?
Transaction List by Vendor
Bill Payments List
Unpaid Bills
Vendor Balance Detail
Which two steps must you take to support a new Net 15 vendor term?
Add Net 15 to the Terms list.
Update the term on unpaid bills.
Edit the vendor record to use Net 15.
Change the default invoice term in Account and Settings.
For each statement regarding 1099 workers, indicate whether it is True or False. Statement: They pay their own taxes.
True
False
For each statement regarding 1099 workers, indicate whether it is True or False. Statement: They usually get company benefits.
True
False
For each statement regarding 1099 workers, indicate whether it is True or False. Statement: They have some choice in deciding where or when to work.
True
False
For each statement regarding 1099 workers, indicate whether it is True or False. Statement: They are full-time employees.
True
False
What report shows vendor charges and totals by account?
Transaction List by Vendor
Vendor Balance Summary
Purchases by Vendor
Expenses by Vendor Summary
Which two categories represent Money-out transactions?
Check
Vendor Bill
Reminder
Purchase Order
Invoice
Which two tabs can be found on the Bills page?
For Review
Unpaid
Mark as Paid
Pay by Credit Card
Pay by Bank Account
What happens when you receive a vendor credit?
Credit the account used for the original purchase.
Credit COGS.
Reissue the bill for less.
Request a refund.
A vendor has changed your payment terms from Net 15 to Net 30. What’s the correct way to update these terms for future bills in QuickBooks?
Change the default invoice terms in Account and Settings to Net 30.
Open each past bill and manually update the term to Net 30.
Edit the vendor’s profile and change the term to Net 30.
Go to the Terms list and edit the Net 15 term to say Net 30.
