QuickBooks Practice Exam 1
Which of the following statements is true regarding undeposited funds in
QuickBooks? correct answersUndeposited funds is an account used to
record payments before you make a deposit.
What is one reason to not use a bank deposit or journal entry screen to
record sales? correct answersIf your record sales through the bank deposit
or journal entry screen, the sale will not appear on sales reports.
You're setting up a new customer. How do you tell QuickBooks that this
customers invoices should be due after 30 days they are issued? correct
answersSet the customers terms to Net30.
Your boss wants to know if there are any overdue bills. What report would
your run to give him this information? correct answersAccounts Payable
Aging Report
What is the purpose of the audit log report? correct answersTo track any
changes and deletions to transactions as well as track which user makes
the change or deletion.
Which form cannot be customized in QuickBooks? correct answersBill.
Which three statements are true about setting up a product or service in
QuickBooks online? correct answers1. You can use one product/service to
represent different services or goods.
2.Products/services allow you to track your sales in more detail without
cluttering your Chart of Accounts or Profit & Loss.
3. To create an invoice, you can use either a product or service.
You are setting up a new product you will need to purchase frequently for
your company. You want QuickBooks online to provide fields to track the
product. How do you set up a new product to be tracked by QuickBooks?
correct answersEnable to box, "I purchase this product/service from a
supplier."
When should you not delete a check? correct answersYou printed a
check and the check number has been used.
You have a customer who will now also be a vendor. How do you handle
this in QuickBooks? correct answersUse a "V" at the end of the display
name on the vendor record to differentiate the vendor record from the
customer record.
Which of the following statements is true regarding undeposited funds in
QuickBooks? correct answersUndeposited funds is an account used to
record payments before you make a deposit.
What is one reason to not use a bank deposit or journal entry screen to
record sales? correct answersIf your record sales through the bank deposit
or journal entry screen, the sale will not appear on sales reports.
You're setting up a new customer. How do you tell QuickBooks that this
customers invoices should be due after 30 days they are issued? correct
answersSet the customers terms to Net30.
Your boss wants to know if there are any overdue bills. What report would
your run to give him this information? correct answersAccounts Payable
Aging Report
What is the purpose of the audit log report? correct answersTo track any
changes and deletions to transactions as well as track which user makes
the change or deletion.
Which form cannot be customized in QuickBooks? correct answersBill.
Which three statements are true about setting up a product or service in
QuickBooks online? correct answers1. You can use one product/service to
represent different services or goods.
2.Products/services allow you to track your sales in more detail without
cluttering your Chart of Accounts or Profit & Loss.
3. To create an invoice, you can use either a product or service.
You are setting up a new product you will need to purchase frequently for
your company. You want QuickBooks online to provide fields to track the
product. How do you set up a new product to be tracked by QuickBooks?
correct answersEnable to box, "I purchase this product/service from a
supplier."
When should you not delete a check? correct answersYou printed a
check and the check number has been used.
You have a customer who will now also be a vendor. How do you handle
this in QuickBooks? correct answersUse a "V" at the end of the display
name on the vendor record to differentiate the vendor record from the
customer record.
