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Accounting Certification Practice Test #3
Questions and Correct Answers/ Latest
Update / Already Graded
Which of the following statements is true regarding Undeposited
Funds in QuickBooks?
Ans: Undeposited 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?
Ans: If you record sales through the bank deposit or journal
entry screen, the sale will not appear on sales reports.
Which form cannot be customized in QuickBooks?
Ans: Bill
Which three statements are true about setting up a product or service
in QuickBooks Online? (Choose three)
Ans: 1. 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.
All rights reserved © 2025/ 2026 |
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3. To create an invoice, you can use either a product or a
service.
You are setting up a new product you will frequently need to purchase
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?
Ans: Enable the box, "I purchase this product/service from a
supplier."
What transaction should you enter if a customer returns a damaged
product, or in the case of service, complains so much you decide to
write them a check for a refund?
Ans: Refund Receipt
For each statement below identify if the statement is True or False.
Ans: True: You can enter a Sales Receipt if the Customer field
is empty.
False: You can enter an Invoice if the Customer field is empty.
You can enter a Receive Payment if the customer field is empty.
All rights reserved © 2025/ 2026 |
Accounting Certification Practice Test #3
Questions and Correct Answers/ Latest
Update / Already Graded
Which of the following statements is true regarding Undeposited
Funds in QuickBooks?
Ans: Undeposited 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?
Ans: If you record sales through the bank deposit or journal
entry screen, the sale will not appear on sales reports.
Which form cannot be customized in QuickBooks?
Ans: Bill
Which three statements are true about setting up a product or service
in QuickBooks Online? (Choose three)
Ans: 1. 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.
All rights reserved © 2025/ 2026 |
, Page |2
3. To create an invoice, you can use either a product or a
service.
You are setting up a new product you will frequently need to purchase
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?
Ans: Enable the box, "I purchase this product/service from a
supplier."
What transaction should you enter if a customer returns a damaged
product, or in the case of service, complains so much you decide to
write them a check for a refund?
Ans: Refund Receipt
For each statement below identify if the statement is True or False.
Ans: True: You can enter a Sales Receipt if the Customer field
is empty.
False: You can enter an Invoice if the Customer field is empty.
You can enter a Receive Payment if the customer field is empty.
All rights reserved © 2025/ 2026 |
