Unit 2 Test Review
Quickbooks Questions
and Complete Solutions
Graded A+
The timer feature is used for timed activities on the current day only. - Answer: True
Estimate : Can be created for either a customer or a job
Job costing : Will help in creating future estimates
Progress invoicing : Allows you to invoice from an estimate in stages
Change orders : Done after the estimate has been created
Finance charge : Assessed to customers who have not paid on time - Answer:
If you set a closing date in QuickBooks, you will NOT be able to create a closing date exception report
that displays any modified transactions dated on or before the closing date. - Answer: False
When is unearned income recorded as earned? - Answer: After you deliver the goods/services the
customer purchased
Which statement about time tracking is true? - Answer: You can include billable mileage when you
create an invoice.
Before you can use custom fields in reports, you must first set them up in the Item List. - Answer: False
Classes can be used to track particular segments of your business. - Answer: True
, When you memorize a report, you are memorizing both the data and the formatting. - Answer: False
When you memorize a report, what does QuickBooks do? - Answer: It memorizes the format.
An inexperienced bookkeeper working with a traditional paper system may simply debit money from
Checking when a purchase is made. Is this the correct approach? - Answer: No, they should also credit
another account to balance the equation.
You can apply filters to any report, but NOT all filtering options are available for every report. - Answer:
True
What happens on the Profit & Loss by Category report if there are unclassified transactions - Answer:
The report will include a column showing the unclassified amount for each transaction.
Lucas has been printing his reports for several months. The process is tedious, especially since he's
creating the same reports every month, and he hates manually creating each report and printing them
individually. What might you suggest to Lucas? - Answer: Create a memorized report group and process
it as a batch.
Which of these does QuickBooks NOT do for you automatically at the end of the fiscal year? - Answer:
Ensure you start the new fiscal year with zero balances for the permanent accounts
On which sales forms will you find the class field? - Answer: A. Create Invoices
B. Create Purchase Orders
C. Pay Bills
D. All of these options
What is the difference between discounts and price levels? - Answer: Discounts are not linked to
individual customers.
You can customize a report to add the Class field or filter by class. - Answer: True
Quickbooks Questions
and Complete Solutions
Graded A+
The timer feature is used for timed activities on the current day only. - Answer: True
Estimate : Can be created for either a customer or a job
Job costing : Will help in creating future estimates
Progress invoicing : Allows you to invoice from an estimate in stages
Change orders : Done after the estimate has been created
Finance charge : Assessed to customers who have not paid on time - Answer:
If you set a closing date in QuickBooks, you will NOT be able to create a closing date exception report
that displays any modified transactions dated on or before the closing date. - Answer: False
When is unearned income recorded as earned? - Answer: After you deliver the goods/services the
customer purchased
Which statement about time tracking is true? - Answer: You can include billable mileage when you
create an invoice.
Before you can use custom fields in reports, you must first set them up in the Item List. - Answer: False
Classes can be used to track particular segments of your business. - Answer: True
, When you memorize a report, you are memorizing both the data and the formatting. - Answer: False
When you memorize a report, what does QuickBooks do? - Answer: It memorizes the format.
An inexperienced bookkeeper working with a traditional paper system may simply debit money from
Checking when a purchase is made. Is this the correct approach? - Answer: No, they should also credit
another account to balance the equation.
You can apply filters to any report, but NOT all filtering options are available for every report. - Answer:
True
What happens on the Profit & Loss by Category report if there are unclassified transactions - Answer:
The report will include a column showing the unclassified amount for each transaction.
Lucas has been printing his reports for several months. The process is tedious, especially since he's
creating the same reports every month, and he hates manually creating each report and printing them
individually. What might you suggest to Lucas? - Answer: Create a memorized report group and process
it as a batch.
Which of these does QuickBooks NOT do for you automatically at the end of the fiscal year? - Answer:
Ensure you start the new fiscal year with zero balances for the permanent accounts
On which sales forms will you find the class field? - Answer: A. Create Invoices
B. Create Purchase Orders
C. Pay Bills
D. All of these options
What is the difference between discounts and price levels? - Answer: Discounts are not linked to
individual customers.
You can customize a report to add the Class field or filter by class. - Answer: True
