GMetrix Test 1 Testing Accounting Questions Perfectly Answered!!

You've just been hired as a bookkeeper, and the company's QuickBooks is a mess. There are many list entries that are duplicates. You decide to merge list entries to clean up the lists. Which of the following statements is true about the merging? - Answer-You can only merge names from the same type. You have two customers with the same name. How do you handle this in QuickBooks? - Answer-Use a middle initial letter in the display name to make one name different from the other. How do delayed charges affect a customer's balance? - Answer-Delayed charges have no effect on a customer's balance. Which of the following statements is true regarding the Undeposited Funds in QuickBooks? - AnswerUndeposited Funds is an account used to record payments before you make a deposit. What is one reason to not make a bank deposit or journal entry screen to record sales? - Answer-If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports. What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund? - Answer-Credit Memo When you invoice for time and costs, where does QuickBooks get the billable time or costs? - AnswerQuickBooks gets the billable time or costs from billable time entered on timesheets and/or billable costs entered on checks and bills. You're setting up a new customer. How do you tell QuickBooks that his customer's invoices should be due 30 days after they're issued? - Answer-Set the customer's Terms to Net30. How would you enter a transaction that won't be downloaded in which you paid for a service using a debit card? - Answer-Click the Global Create button + and select Expense. Fill out the expense and use Debit Card as the payment method.In QuickBooks Online, entering a purchase order for inventory affects which accounts? - Answer-No accounts are affected because purchase orders are non-posting transactions. Which of the following statements is true regarding vendor credit memos? - Answer-Vendor credit memos reduce what you owe the vendor. Why would a business choose to enter a bill and then pay the bill later (requiring two steps) instead of just recording the check or expense when paying the bill (requiring one step) - Answer-Entering a bill and paying it later allows you to track accounts payable. Your boss wants to know if there are any overdue bills. What report would you run to give him this information? - Answer-Accounts Payable Aging report When would you enter a journal entry? - Answer-All of the answers are correct What is the purpose of the Audit Log report? - Answer-To track any changes and deletions to transactions as well as track which user makes the change or deletion What is the primary reason for setting a Closing Date in QuickBooks? - Answer-To restrict users from deleting, editing, or adding transactions to a closed period, such as a previous fiscal year If you have a customized report that you use each month, which feature lets you run the report with updated data each month? - Answer-Save Customizations The owner of the business asks you to set up a QuickBooks to automatically email him a specific report on a regular basis (e.g., weekly or monthly). How would you do this? - Answer-Run the report you want to email. Click Save Customizations. Select Reports and go to My Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule in this window. Which type of account must you have to collapse the Profit and Loss report? - Answer-Subaccounts You sent a QuickBooks report to excel and made some changes. How do you import the change in the excel back to QuickBooks? - Answer-You can't import changes in Excel back to QuickBooks.What form cannot be customized in QuickBooks? - Answer-Bill You want to create a recurring invoice. How do you do this in QuickBooks Online? - Answer-Open the transaction form (invoice in this case) and click Make recurring. Your company has 2 departments: landscaping and a greenhouse. You'd like to see how your business is doing overall and how each department is doing individually. This means you need to tag each transaction as either landscaping. greenhouse, or split to both. What is the best way to set this up in QuickBooks? - Answer-Turn on Classes and set up the greenhouse and landscaping each as their own class. Your employer asked you to track the service person assigned to each sale. She wants to see their name on the invoice. How can you track the sales person on the sales forms? - Answer-Navigate to company settings, and in the Sales category of settings, create a custom field for sales reps True or False: Because QuickBooks Online is in the cloud, you don't need to manually back it up. - Answer-True