QUICKBOOKS FINAL EXAM ACTUAL QUESTIONS AND
ANSWERS GUARANTEE A+
✔✔What are other benefits of using items?
a. You can track the actual quantity of goods or services you sell .
b. They can save you time by automatically entering a description and price on forms.
c. They allow you to track a lot of detail without cluttering your Chart of Accounts.
d. All of the above. - ✔✔All of the above
✔✔What item type should you use for inventory that you assemble from other items and
then sell?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part - ✔✔Inventory Assembly
✔✔You've just been hired by a bakery that sells delicious cup cakes. When they buy
ingredients (flour, eggs, milk, and sugar), they use the Expense tab and assign the
costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item
type should you use?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part - ✔✔d
✔✔What account (on the Chart of Accounts) is affected when you sell an item?
a. The account you selected when you set up the item.
b. Other Income account.
c. A default sales account set up by QuickBooks.
,d. Accounts are not affected by items. - ✔✔The account you selected when you set up
the item.
✔✔If you associate a service item with two accounts, how does QuickBooks know
which account to use on a transaction?
a. When the item is on a sales form, QuickBooks uses the account under "Sales
Information" in the item setup. When it's on a purchase form, it uses the account under
"Purchase Information."
b. When you enter the item on a transaction, QuickBooks asks which account to use.
c. You cannot associate two accounts to an item.
d. Items do not affect accounts. - ✔✔When the item is on a sales form, QuickBooks
uses the account under "Sales Information" in the item setup. When it's on a purchase
form, it uses the account under "Purchase Information."
You can set up an item to affect different
accounts (based on whether it's a sale or purchase) by selecting "This service is
performed by a sub-contractor or partner."
✔✔What transaction should you enter if a customer returns a damaged product or, in
the case of a service, complains so much you decide to offer a refund?
a. Debit Memo
b. Credit Memo
c. Customer Return
d. Check or Bill - ✔✔Credit Memo
On the Home Page, click Refunds and Credits. This decreases the amount owed by the
customer and reverses the sale.
✔✔When would you create an estimate in QuickBooks?
a. When you want to send a billing statement
b. When a customer requests a bid, quote, or proposal
c. When a customer loses an invoice and needs a second copy
, d. When a customer pays for goods and services at the time of sale - ✔✔When a
customer requests a bid, quote, or proposal
✔✔When you invoice for time and costs, where does QuickBooks get the billable time
or costs?
a. QuickBooks places a "Time/Costs" stamp on the invoice, but you must manually
enter the line items on the invoice.
b. From billable time entered on bills and checks.
c. From payroll costs/expenses marked as billable on paychecks.
d. From billable time entered on timesheets and/or billable costs entered on checks and
bills. - ✔✔From billable time entered on timesheets and/or billable costs entered on
checks and bills.
When you enter an expense, item, or time
and also assign that line to a Customer: Job, QuickBooks displays a billable checkmark.
You can uncheck this if you don't want to invoice for the cost.
✔✔When should you create an invoice in QuickBooks?
a. When a customer purchases goods or services and pays you in cash at the time of
the sale
b. When a customer purchases goods or services and pays you by check or credit card
at the time of the sale
c. When a customer purchases goods or services, but you don't want to record the sale
as final
d. When a customer purchases goods or services but does not pay you at the time of
the sale - ✔✔When a customer purchases goods or services but does not pay you at
the time of the sale
✔✔When should you use a Sales Receipt in QuickBooks?
a. To give a customer a receipt for payment of an invoice
b. To record a customer prepayment or deposit
c. To record a customer payment at the time of sale
ANSWERS GUARANTEE A+
✔✔What are other benefits of using items?
a. You can track the actual quantity of goods or services you sell .
b. They can save you time by automatically entering a description and price on forms.
c. They allow you to track a lot of detail without cluttering your Chart of Accounts.
d. All of the above. - ✔✔All of the above
✔✔What item type should you use for inventory that you assemble from other items and
then sell?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part - ✔✔Inventory Assembly
✔✔You've just been hired by a bakery that sells delicious cup cakes. When they buy
ingredients (flour, eggs, milk, and sugar), they use the Expense tab and assign the
costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item
type should you use?
a. Group
b. Inventory Part
c. Inventory Assembly
d. Non-inventory Part - ✔✔d
✔✔What account (on the Chart of Accounts) is affected when you sell an item?
a. The account you selected when you set up the item.
b. Other Income account.
c. A default sales account set up by QuickBooks.
,d. Accounts are not affected by items. - ✔✔The account you selected when you set up
the item.
✔✔If you associate a service item with two accounts, how does QuickBooks know
which account to use on a transaction?
a. When the item is on a sales form, QuickBooks uses the account under "Sales
Information" in the item setup. When it's on a purchase form, it uses the account under
"Purchase Information."
b. When you enter the item on a transaction, QuickBooks asks which account to use.
c. You cannot associate two accounts to an item.
d. Items do not affect accounts. - ✔✔When the item is on a sales form, QuickBooks
uses the account under "Sales Information" in the item setup. When it's on a purchase
form, it uses the account under "Purchase Information."
You can set up an item to affect different
accounts (based on whether it's a sale or purchase) by selecting "This service is
performed by a sub-contractor or partner."
✔✔What transaction should you enter if a customer returns a damaged product or, in
the case of a service, complains so much you decide to offer a refund?
a. Debit Memo
b. Credit Memo
c. Customer Return
d. Check or Bill - ✔✔Credit Memo
On the Home Page, click Refunds and Credits. This decreases the amount owed by the
customer and reverses the sale.
✔✔When would you create an estimate in QuickBooks?
a. When you want to send a billing statement
b. When a customer requests a bid, quote, or proposal
c. When a customer loses an invoice and needs a second copy
, d. When a customer pays for goods and services at the time of sale - ✔✔When a
customer requests a bid, quote, or proposal
✔✔When you invoice for time and costs, where does QuickBooks get the billable time
or costs?
a. QuickBooks places a "Time/Costs" stamp on the invoice, but you must manually
enter the line items on the invoice.
b. From billable time entered on bills and checks.
c. From payroll costs/expenses marked as billable on paychecks.
d. From billable time entered on timesheets and/or billable costs entered on checks and
bills. - ✔✔From billable time entered on timesheets and/or billable costs entered on
checks and bills.
When you enter an expense, item, or time
and also assign that line to a Customer: Job, QuickBooks displays a billable checkmark.
You can uncheck this if you don't want to invoice for the cost.
✔✔When should you create an invoice in QuickBooks?
a. When a customer purchases goods or services and pays you in cash at the time of
the sale
b. When a customer purchases goods or services and pays you by check or credit card
at the time of the sale
c. When a customer purchases goods or services, but you don't want to record the sale
as final
d. When a customer purchases goods or services but does not pay you at the time of
the sale - ✔✔When a customer purchases goods or services but does not pay you at
the time of the sale
✔✔When should you use a Sales Receipt in QuickBooks?
a. To give a customer a receipt for payment of an invoice
b. To record a customer prepayment or deposit
c. To record a customer payment at the time of sale
