QuickBooks Exam
Ch.1 - Data entry is the same in QuickBooks whether you use accrual or
cash basis accounting. correct answersTrue
Ch.1 - The cash basis accounting method means the sales transaction is
recorded when the sale is made and expenses are recorded when they
are incurred. correct answersFalse
Ch.1 - Always back up your company file to a location NOT on the same
hard drive as the original file. correct answersTrue
Ch.1 - QuickBooks for Mac has the same basic look as the Windows
version, but the functions are different. correct answersFalse
Ch.1 - Leann works for a nonprofit organization. At a past job she used
QuickBooks to manage the business's finances, but she can't at this job
because QuickBooks CANNOT be used for nonprofits. correct answersFalse
Ch.1 - Rahim is having trouble managing his small business's finances. His
friend is encouraging him to purchase QuickBooks because, "You don't
have to know anything about accounting. QuickBooks does all the work and
prevents you from having any problems." Is what Rahim's friend is saying
true or false? correct answersFalse
Ch.1 - The QuickBooks working file has the .QBW extension and is the
company file. correct answersTrue
Ch.1 - The working QuickBooks company file, with the .QBW
extension, is a compressed file. correct answersFalse
Ch.1 - In QuickBooks, portable files must be restored before use.
correct answersTrue
Ch.1 - The active window will always appear at the top of the Open Window
List. correct answersTrue
Ch.1 - The act of decompressing a QuickBooks portable file is
called: correct answersRestoring
Ch.1 - When are transactions saved in QuickBooks? correct answersAs
they are entered (automatically)
,Ch.1 - What accounting method records income when a sale is made and
records an expense when it is incurred? correct answersAccrual basis
Ch.1 - What can you do with QuickBooks? correct answersAll these options,
Run payroll for employees, Process sales transactions and cash receipts,
Run end-of-period financial reports
Ch.1 - Which of these QuickBooks tasks do/does NOT take place behind the
scenes? correct answersBoth lists and reporting
Ch.1 - Which of these describes the GAAP consistency principle? correct
answersThe company uses the same accounting principles and methods
from year to year
Ch.1 - Omar is setting up his company in QuickBooks and selects the
accrual basis of accounting. How will his business record income and
expenses? correct answersIncome is recorded when sales are made;
expenses are recorded when incurred.
Ch.1 - Keith has been using QuickBooks for several years. The system has
recently been performing slowly, and Keith is worried that his company
file is corrupted. What can Keith do to check the integrity of his file?
correct answersCreate a backup file
Ch.1 - What do the arrows on the QuickBooks Home page
indicate? correct answersThe workflow to follow when executing
tasks in QuickBooks
Ch.1 - Rasha is working in QuickBooks as a heavy storm begins. Her
building is notorious for losing power during storms, so she wants to save
her company file right away. How should she do this? correct
answersThere is no need to save because QuickBooks automatically saves
all actions.
Ch.1 - Elise's business has hundreds of transactions every day, and her
accountant has suggested she back up her QuickBooks company file to
secure her data. With so many daily transactions, how often should Elise
back up her company file? correct answersDaily
Ch.1 - If you've already been using QuickBooks, what does it do
automatically when you start it? correct answersIt opens the last company
file that was open when you exited QuickBooks.
Ch.1 - What prior accounting knowledge should you have before using
QuickBooks? correct answersA basic knowledge of debits and credits, and
what happens behind the scenes
Ch.1 - Match each QuickBooks file type to its description. correct
answersCompany file- a decompressed, regular file for carrying out daily
transactions
Backup file- a compressed copy of your data that can be stored online
, Portable company file- a compressed copy of your data; great for
sending via email Transaction log file- helps to recover any data entered
after the last backup Network data file- contains important configuration
data; should not be deleted
Ch.1 - Match these accounting terms to their descriptions. correct
answersBehind the scenes- the accounting QuickBooks performs when a
transaction is recorded Activities- what the user enters on forms such as
invoices or bills
GAAP- principles generally accepted in the accounting world
Ch.2 - To edit an existing transaction in QuickBooks, you void it and then
re-create it. correct answersFalse
Ch.2 - Lists in QuickBooks are used for storing your list of
accounts. correct answersFalse
Ch.2 - You CANNOT add information to a customer entry; you must
enter the information into a job. correct answersFalse
Ch.2 - You CANNOT edit a customer record after it has been
created. correct answersFalse
Ch.2 - You CANNOT merge more than two customer names at one
time. correct answersTrue
Ch.2 - Non-inventory items are tracked in the Cost of Goods
account. correct answersTrue
Ch.2 - Use a sales graph to display your sales by item, customer, or
rep. correct answersTrue
Ch.2 - Subitems do NOT affect the accounting behind the scenes.
correct answersTrue
Ch.2 - What type of information can the Search feature help you
find? correct answersList entries
Ch.2 - Jemal is trying to create an invoice but in the Customer:Job list, only
<Add New> is showing. What must Jemal do to populate his customer list?
correct answersHe must first enter his customers into the Customers & Jobs
List.
Ch.2 - Match each form type to its best description and use. correct
answersUsed to gather customer charges for a specific period.-
Statements
Used when a customer does not pay at time of service.- Invoice
Used when a customer makes a payment at time of service.- Sales receipt
Ch.2 - Before you can add something to an invoice, it must be created as
a(n): correct answersItem
Ch.1 - Data entry is the same in QuickBooks whether you use accrual or
cash basis accounting. correct answersTrue
Ch.1 - The cash basis accounting method means the sales transaction is
recorded when the sale is made and expenses are recorded when they
are incurred. correct answersFalse
Ch.1 - Always back up your company file to a location NOT on the same
hard drive as the original file. correct answersTrue
Ch.1 - QuickBooks for Mac has the same basic look as the Windows
version, but the functions are different. correct answersFalse
Ch.1 - Leann works for a nonprofit organization. At a past job she used
QuickBooks to manage the business's finances, but she can't at this job
because QuickBooks CANNOT be used for nonprofits. correct answersFalse
Ch.1 - Rahim is having trouble managing his small business's finances. His
friend is encouraging him to purchase QuickBooks because, "You don't
have to know anything about accounting. QuickBooks does all the work and
prevents you from having any problems." Is what Rahim's friend is saying
true or false? correct answersFalse
Ch.1 - The QuickBooks working file has the .QBW extension and is the
company file. correct answersTrue
Ch.1 - The working QuickBooks company file, with the .QBW
extension, is a compressed file. correct answersFalse
Ch.1 - In QuickBooks, portable files must be restored before use.
correct answersTrue
Ch.1 - The active window will always appear at the top of the Open Window
List. correct answersTrue
Ch.1 - The act of decompressing a QuickBooks portable file is
called: correct answersRestoring
Ch.1 - When are transactions saved in QuickBooks? correct answersAs
they are entered (automatically)
,Ch.1 - What accounting method records income when a sale is made and
records an expense when it is incurred? correct answersAccrual basis
Ch.1 - What can you do with QuickBooks? correct answersAll these options,
Run payroll for employees, Process sales transactions and cash receipts,
Run end-of-period financial reports
Ch.1 - Which of these QuickBooks tasks do/does NOT take place behind the
scenes? correct answersBoth lists and reporting
Ch.1 - Which of these describes the GAAP consistency principle? correct
answersThe company uses the same accounting principles and methods
from year to year
Ch.1 - Omar is setting up his company in QuickBooks and selects the
accrual basis of accounting. How will his business record income and
expenses? correct answersIncome is recorded when sales are made;
expenses are recorded when incurred.
Ch.1 - Keith has been using QuickBooks for several years. The system has
recently been performing slowly, and Keith is worried that his company
file is corrupted. What can Keith do to check the integrity of his file?
correct answersCreate a backup file
Ch.1 - What do the arrows on the QuickBooks Home page
indicate? correct answersThe workflow to follow when executing
tasks in QuickBooks
Ch.1 - Rasha is working in QuickBooks as a heavy storm begins. Her
building is notorious for losing power during storms, so she wants to save
her company file right away. How should she do this? correct
answersThere is no need to save because QuickBooks automatically saves
all actions.
Ch.1 - Elise's business has hundreds of transactions every day, and her
accountant has suggested she back up her QuickBooks company file to
secure her data. With so many daily transactions, how often should Elise
back up her company file? correct answersDaily
Ch.1 - If you've already been using QuickBooks, what does it do
automatically when you start it? correct answersIt opens the last company
file that was open when you exited QuickBooks.
Ch.1 - What prior accounting knowledge should you have before using
QuickBooks? correct answersA basic knowledge of debits and credits, and
what happens behind the scenes
Ch.1 - Match each QuickBooks file type to its description. correct
answersCompany file- a decompressed, regular file for carrying out daily
transactions
Backup file- a compressed copy of your data that can be stored online
, Portable company file- a compressed copy of your data; great for
sending via email Transaction log file- helps to recover any data entered
after the last backup Network data file- contains important configuration
data; should not be deleted
Ch.1 - Match these accounting terms to their descriptions. correct
answersBehind the scenes- the accounting QuickBooks performs when a
transaction is recorded Activities- what the user enters on forms such as
invoices or bills
GAAP- principles generally accepted in the accounting world
Ch.2 - To edit an existing transaction in QuickBooks, you void it and then
re-create it. correct answersFalse
Ch.2 - Lists in QuickBooks are used for storing your list of
accounts. correct answersFalse
Ch.2 - You CANNOT add information to a customer entry; you must
enter the information into a job. correct answersFalse
Ch.2 - You CANNOT edit a customer record after it has been
created. correct answersFalse
Ch.2 - You CANNOT merge more than two customer names at one
time. correct answersTrue
Ch.2 - Non-inventory items are tracked in the Cost of Goods
account. correct answersTrue
Ch.2 - Use a sales graph to display your sales by item, customer, or
rep. correct answersTrue
Ch.2 - Subitems do NOT affect the accounting behind the scenes.
correct answersTrue
Ch.2 - What type of information can the Search feature help you
find? correct answersList entries
Ch.2 - Jemal is trying to create an invoice but in the Customer:Job list, only
<Add New> is showing. What must Jemal do to populate his customer list?
correct answersHe must first enter his customers into the Customers & Jobs
List.
Ch.2 - Match each form type to its best description and use. correct
answersUsed to gather customer charges for a specific period.-
Statements
Used when a customer does not pay at time of service.- Invoice
Used when a customer makes a payment at time of service.- Sales receipt
Ch.2 - Before you can add something to an invoice, it must be created as
a(n): correct answersItem
