PAPER 2026 ACCURATE ANSWERS GRADED
A+
◉ What should you do after you click save & close on a customer
credit memo? Answer: Choose between retained as an available
credit, give a refund or apply to an invoice
◉ Which of the following CAN be memorized in quickbooks?
Answer: check
◉ Which is NOT shown on the payroll summary report on
quickbooks? Answer: information necessary to complete your state
unemployment tax form
◉ 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? Answer: Record a transaction to show
the customer owes you the money and that the checking balance
decreased by that same amount
◉ Suppose you always want all reports to show a specific size and
color,how do you set standard preference in quickbooks so you don't
have to customize each report? Answer: Click the edit menu and
select preferences then click the reports and graphs group to set
preferences
, ◉ Suppose you want to restrict which users can access customer
credit card numbers. How do you do this? Answer: Give the user
access to sales and accounts receivable but do not check the complete
credit card numbers
◉ Which of the following is a possible reason for a bank
reconciliation discrepancy? Answer: The beginning balance calculated
by quickbooks does not match last months ending balance
◉ which of the following statements is TRUE regarding Undeposited
funds? Answer: It is an account used to record payments before you
make a deposit
◉ Which accounts are affected when you enter Time in quickbooks?
Answer: Accounts receivable
◉ Workers who require a W2 tax form at the end of the year should
be added to which of the following lists? Answer: Employee
◉ If you have customized report that you use each month, which
feature lets you run the Answer: Memorize Report
◉ What is the primary reason for setting a closing date in
Quickbooks? Answer: To restrict users from deleting, editing or
adding transactions to last year
, ◉ Your new employee earned an annual salary of $40,000. How do
you enter this into quickbooks? Answer: Enter 40,000 in the payroll
info window
◉ What steps must you complete to use the payroll center to pay
payroll liabilities Answer: set deposit frequencies
◉ Name the section of the balance sheet Answer: Assets, Liabilities,
Equity
◉ When you create a new company file, quickbooks asks for your
start date. What is the best definition of the start date in quickbooks?
Answer: The day you chose to start recording the finacial records in
quickbooks
◉ Which of the following statements is NOT true regarding entering
and paying bills in quickbooks? Answer: If you use the enter bills
window to record a bill, do not use the write checks window or check
register to pay that same bill
◉ How do you use a different forms template when creating a new
transaction? (i.e. Invoice) Answer: Open the form, click the templates
drop down list and select the appropriate form
◉ How do you change the report basis, accrual vs. cash for just one
report? Answer: Click the modify report button on the report and then
choose accrual or cash on the display pad