QUICKBOOKS CERTIFICATION EXAMINATION
QUESTIONS AND CORRECT ANSWER&EXPLANATION
|GRADED A+ STUDY GUIDE SOUTHERN NEW
HAMPSHIRE UNIVERSITY
1. QuickBooks is primarily used for:
A. Video editing only
B. Accounting and bookkeeping
C. Graphic design only
D. Network security only
Answer: B
Rationale: QuickBooks is accounting software for financial management.
2. Intuit developed:
A. Microsoft Excel
B. QuickBooks
C. Oracle Database
D. SAP ERP
Answer: B
Rationale: Intuit is the creator of QuickBooks.
3. The chart of accounts in QuickBooks contains:
A. Customer addresses only
B. List of all financial accounts
C. Payroll tax forms only
D. Inventory photos only
Answer: B
Rationale: Chart of accounts organizes financial transactions.
4. Assets are normally increased with:
,A. Credits
B. Debits
C. Journal reversals only
D. Closing entries only
Answer: B
Rationale: Asset accounts increase with debits.
5. Liabilities generally increase with:
A. Debits
B. Credits
C. Inventory adjustments only
D. Expense allocations only
Answer: B
Rationale: Liability accounts carry normal credit balances.
6. Equity represents:
Equity = Assets - Liabilities
A. Assets − Liabilities
B. Revenue − Expenses
C. Cash + Inventory
D. Sales − Payroll
Answer: A
Rationale: Equity is owners’ residual interest.
7. Double-entry accounting requires:
A. One-sided transaction entries only
B. Equal debits and credits
C. Cash transactions only
D. Inventory tracking only
Answer: B
Rationale: Double-entry maintains accounting balance.
8. The home page in QuickBooks provides:
, A. Workflow navigation icons
B. Payroll tax forms only
C. Inventory reports only
D. Audit confirmations only
Answer: A
Rationale: Home page helps users access functions quickly.
9. Customer invoices are used to:
A. Record vendor payments
B. Bill customers for goods or services
C. Record payroll only
D. Track depreciation only
Answer: B
Rationale: Invoices create accounts receivable.
10. Accounts receivable represents:
A. Amounts owed to suppliers
B. Amounts owed by customers
C. Payroll taxes payable
D. Cash shortages only
Answer: B
Rationale: Receivables are customer obligations.
11. Vendor records are primarily used for:
A. Tracking suppliers and purchases
B. Payroll processing only
C. Inventory counting only
D. Customer billing only
Answer: A
Rationale: Vendor profiles support purchasing activities.
12. Accounts payable represents:
QUESTIONS AND CORRECT ANSWER&EXPLANATION
|GRADED A+ STUDY GUIDE SOUTHERN NEW
HAMPSHIRE UNIVERSITY
1. QuickBooks is primarily used for:
A. Video editing only
B. Accounting and bookkeeping
C. Graphic design only
D. Network security only
Answer: B
Rationale: QuickBooks is accounting software for financial management.
2. Intuit developed:
A. Microsoft Excel
B. QuickBooks
C. Oracle Database
D. SAP ERP
Answer: B
Rationale: Intuit is the creator of QuickBooks.
3. The chart of accounts in QuickBooks contains:
A. Customer addresses only
B. List of all financial accounts
C. Payroll tax forms only
D. Inventory photos only
Answer: B
Rationale: Chart of accounts organizes financial transactions.
4. Assets are normally increased with:
,A. Credits
B. Debits
C. Journal reversals only
D. Closing entries only
Answer: B
Rationale: Asset accounts increase with debits.
5. Liabilities generally increase with:
A. Debits
B. Credits
C. Inventory adjustments only
D. Expense allocations only
Answer: B
Rationale: Liability accounts carry normal credit balances.
6. Equity represents:
Equity = Assets - Liabilities
A. Assets − Liabilities
B. Revenue − Expenses
C. Cash + Inventory
D. Sales − Payroll
Answer: A
Rationale: Equity is owners’ residual interest.
7. Double-entry accounting requires:
A. One-sided transaction entries only
B. Equal debits and credits
C. Cash transactions only
D. Inventory tracking only
Answer: B
Rationale: Double-entry maintains accounting balance.
8. The home page in QuickBooks provides:
, A. Workflow navigation icons
B. Payroll tax forms only
C. Inventory reports only
D. Audit confirmations only
Answer: A
Rationale: Home page helps users access functions quickly.
9. Customer invoices are used to:
A. Record vendor payments
B. Bill customers for goods or services
C. Record payroll only
D. Track depreciation only
Answer: B
Rationale: Invoices create accounts receivable.
10. Accounts receivable represents:
A. Amounts owed to suppliers
B. Amounts owed by customers
C. Payroll taxes payable
D. Cash shortages only
Answer: B
Rationale: Receivables are customer obligations.
11. Vendor records are primarily used for:
A. Tracking suppliers and purchases
B. Payroll processing only
C. Inventory counting only
D. Customer billing only
Answer: A
Rationale: Vendor profiles support purchasing activities.
12. Accounts payable represents:
