Bookkeeping with Quickbooks Exam
Questions with Verified Answers
you're ready to create a new company file. which of the following quickbooks
features should you use? - -EasyStep interview
-ace just bought a new vehicle for the company. what account type should
you use to track the value of a vehicle he has purchased? - -Fixed Asset
-in quickbooks, the book value of a fixed asset account is represented by the
sum if its cost and which subaccount? - -Accumulated Depreciation
-which account in quickbooks will help you track bills ace receives from his
vendors? - -accounts payable
-which of the following best describes a purchase order? - -a document
indicating that you have ordered products or services from a vendor ahead
of delivery
-ace receives a customer payment for a completed job. when you enter the
customer payment in quickbooks, the payment is first recorded to which of
the following accounts? - -undeposited funds
-ace has completed his first month of business and wants to see how he's
doing. which of the following quickbooks preset reports will show his
company's financial position is that (or ant) moment in time? - -balance
sheet
-ace is trying to learn more about quickbooks files and calls his accountant.
the first thing he wants to know is the difference between a portable file and
an accountant copy. if his accountant knows his stuff, what would he
answer? - -an accountant's copy allows the user to still work in the file while
the accountant also makes entries
-ace is interested in offering all nikon digital cameras at 20% off as a
summer promotion hat would you do in Quickbooks to account for this sale? -
-change the price of the items in the change item Prices window
-the fiscal year for ace photography has come to an end qhat so you do in
QuickBooks to close the books - -set a closing date password
-ace is interested in giving a discount to some of his loyal customers ad he
doesn't need to teach this information which of the following would you
create in Quickbooks to grant the discount? - -a fixed percentage price level
, -ace has been reviewing his finance charge policy and wants you to, make
some changes which feature should you use to adjust the finance charge
settings in the company file? - -preferences
-you'd like to create batch invoices to make your billing work easier. what
should you create if you want to send recurring invoices to the same
customers in the future? - -billing group
-A housing developer buys a piece of land for $220,000. she puts down 20%
($44,000) and borrows the rest after the transaction how would her
accounting equation look - -$220,000 (assets) equals $ 176,000 (liabilities)
plus $44,000 (equity)
-what is the collection of accounts that you use to trach the flow of money
into, through, and out of your business known as? - -chart of accounts
-ace wants you to track line of credit account more closely which account
type in quickbooks can you use to track line is credit accounts where ace
draws and repays the account on a regular basis? - -credit card
-ace wants to better manage his time and thinks quickbooks can help him.
which of the following lists can he use to keep track of upcoming tasks,
appointments, or events? - -calendar to so list
-which quickbooks feature can you use trach information for a customer
where a field does not already exist not already exist (birth dates, spouse
name) - -custom fields
-which of the following are assets used in your business that are typically
exchanged for cash or services in under a year's time? - -current assets
-ace has received several bills and wants you to enter them into QuickBooks
what window should you use to tell QuickBooks about these new bills? - -
Enter Bills window
-ace is now ready to pay the bills previously received. where in quickbooks
should you go - -Pay Bills window
-what's the main reason you would edit an existing letter template in
quickbooks instead of creating a new one from scratch? - -it's often easier to
edit an existing letter rather than start from scratch
-ace wants to bill a customer for expense incurred on the customer's behalf.
what's the most efficient way to do that? - -when you enter the expenses
flag the expense as billable
Questions with Verified Answers
you're ready to create a new company file. which of the following quickbooks
features should you use? - -EasyStep interview
-ace just bought a new vehicle for the company. what account type should
you use to track the value of a vehicle he has purchased? - -Fixed Asset
-in quickbooks, the book value of a fixed asset account is represented by the
sum if its cost and which subaccount? - -Accumulated Depreciation
-which account in quickbooks will help you track bills ace receives from his
vendors? - -accounts payable
-which of the following best describes a purchase order? - -a document
indicating that you have ordered products or services from a vendor ahead
of delivery
-ace receives a customer payment for a completed job. when you enter the
customer payment in quickbooks, the payment is first recorded to which of
the following accounts? - -undeposited funds
-ace has completed his first month of business and wants to see how he's
doing. which of the following quickbooks preset reports will show his
company's financial position is that (or ant) moment in time? - -balance
sheet
-ace is trying to learn more about quickbooks files and calls his accountant.
the first thing he wants to know is the difference between a portable file and
an accountant copy. if his accountant knows his stuff, what would he
answer? - -an accountant's copy allows the user to still work in the file while
the accountant also makes entries
-ace is interested in offering all nikon digital cameras at 20% off as a
summer promotion hat would you do in Quickbooks to account for this sale? -
-change the price of the items in the change item Prices window
-the fiscal year for ace photography has come to an end qhat so you do in
QuickBooks to close the books - -set a closing date password
-ace is interested in giving a discount to some of his loyal customers ad he
doesn't need to teach this information which of the following would you
create in Quickbooks to grant the discount? - -a fixed percentage price level
, -ace has been reviewing his finance charge policy and wants you to, make
some changes which feature should you use to adjust the finance charge
settings in the company file? - -preferences
-you'd like to create batch invoices to make your billing work easier. what
should you create if you want to send recurring invoices to the same
customers in the future? - -billing group
-A housing developer buys a piece of land for $220,000. she puts down 20%
($44,000) and borrows the rest after the transaction how would her
accounting equation look - -$220,000 (assets) equals $ 176,000 (liabilities)
plus $44,000 (equity)
-what is the collection of accounts that you use to trach the flow of money
into, through, and out of your business known as? - -chart of accounts
-ace wants you to track line of credit account more closely which account
type in quickbooks can you use to track line is credit accounts where ace
draws and repays the account on a regular basis? - -credit card
-ace wants to better manage his time and thinks quickbooks can help him.
which of the following lists can he use to keep track of upcoming tasks,
appointments, or events? - -calendar to so list
-which quickbooks feature can you use trach information for a customer
where a field does not already exist not already exist (birth dates, spouse
name) - -custom fields
-which of the following are assets used in your business that are typically
exchanged for cash or services in under a year's time? - -current assets
-ace has received several bills and wants you to enter them into QuickBooks
what window should you use to tell QuickBooks about these new bills? - -
Enter Bills window
-ace is now ready to pay the bills previously received. where in quickbooks
should you go - -Pay Bills window
-what's the main reason you would edit an existing letter template in
quickbooks instead of creating a new one from scratch? - -it's often easier to
edit an existing letter rather than start from scratch
-ace wants to bill a customer for expense incurred on the customer's behalf.
what's the most efficient way to do that? - -when you enter the expenses
flag the expense as billable
