ACCOUNTING CERTIFICATION
PRACTICE TEST #3 EXAM 2025
QUESTIONS AND ANSWERS
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.
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."
1 @COPYRIGHT THESTAR 2025/2026
, 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.
For each statement below, determine whether it is related to QuickBooks Payments or
traditional Receive Payments. - ANS QuickBooks Payments: These are automatically
deposited in your bank account.
You customer clicks a link on their invoice email to pay via credit card.
Receive Payments: You must deposit these in the bank. You receive a check from your
customer.
You made a sale, and the customer paid the entire amount in cash. How do you enter this sale
into QuickBooks Online? Put the steps for entering this sale in the correct order. Not all steps
will be used. - ANS 1. Click the "+ New" icon.
2. Select the Sales Receipt.
3. Enter the sale and payment information.
4. Save the transaction.
Which are considered services? Choose two answers. - ANS 1. Tile Installation
2. A Home Inspection
Which statements about inventory products are true? Choose two answers. - ANS 1.
Inventory products are tracked as assets on the balance sheet.
2 @COPYRIGHT THESTAR 2025/2026
PRACTICE TEST #3 EXAM 2025
QUESTIONS AND ANSWERS
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.
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."
1 @COPYRIGHT THESTAR 2025/2026
, 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.
For each statement below, determine whether it is related to QuickBooks Payments or
traditional Receive Payments. - ANS QuickBooks Payments: These are automatically
deposited in your bank account.
You customer clicks a link on their invoice email to pay via credit card.
Receive Payments: You must deposit these in the bank. You receive a check from your
customer.
You made a sale, and the customer paid the entire amount in cash. How do you enter this sale
into QuickBooks Online? Put the steps for entering this sale in the correct order. Not all steps
will be used. - ANS 1. Click the "+ New" icon.
2. Select the Sales Receipt.
3. Enter the sale and payment information.
4. Save the transaction.
Which are considered services? Choose two answers. - ANS 1. Tile Installation
2. A Home Inspection
Which statements about inventory products are true? Choose two answers. - ANS 1.
Inventory products are tracked as assets on the balance sheet.
2 @COPYRIGHT THESTAR 2025/2026
