QuickBooks Study Guide Questions 1-150 (Parts 1-3)Verified by Experts

Why would you hide or collapse sub accounts on a report? -ANSWER - D.) To temporarily hide unnecessary details and hide parent accounts What should you do after you click Save and Close on a Customer Credit Memo? -ANSWER - D.) 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 - A.) Checks Which is NOT shown on the Payroll Summary Report in QuickBooks? -ANSWER - A.) 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 - B.) Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount. Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each report? -ANSWER - D.) Click the edit menu and select preferences then click the reports and graphs group to set your report preferences. Suppose you want to restrict which users can access customer credit card numbers. How do you do this? -ANSWER - B.) 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 - B.) The beginning balance calculated by QuickBooks does not match last months ending phase. Which of the following statements is true regarding undeposited funds? -ANSWER - D.) It is an account used to record payments before you make a deposit Which accounts are affected when you enter Time in QuickBooks? -ANSWER - D.) 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 - A.) Employees If you have a customized report that you