Unit 2 Test Review Quickbooks
The timer feature is used for timed activities on the current day
only. correct answersTrue
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 correct answers
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. correct answersFalse
When is unearned income recorded as earned? correct answersAfter you
deliver the goods/services the customer purchased
Which statement about time tracking is true? correct answersYou 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. correct answersFalse
Classes can be used to track particular segments of your
business. correct answersTrue
When you memorize a report, you are memorizing both the data and the
formatting. correct answersFalse
When you memorize a report, what does QuickBooks do? correct answersIt
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? correct answersNo, 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. correct answersTrue
What happens on the Profit & Loss by Category report if there are
unclassified transactions correct answersThe report will include a column
showing the unclassified amount for each transaction.
The timer feature is used for timed activities on the current day
only. correct answersTrue
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 correct answers
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. correct answersFalse
When is unearned income recorded as earned? correct answersAfter you
deliver the goods/services the customer purchased
Which statement about time tracking is true? correct answersYou 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. correct answersFalse
Classes can be used to track particular segments of your
business. correct answersTrue
When you memorize a report, you are memorizing both the data and the
formatting. correct answersFalse
When you memorize a report, what does QuickBooks do? correct answersIt
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? correct answersNo, 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. correct answersTrue
What happens on the Profit & Loss by Category report if there are
unclassified transactions correct answersThe report will include a column
showing the unclassified amount for each transaction.
