QuickBooks Certification Practice Test #1 Questions with correct Answers

QuickBooks Certification Practice Test #1 Questions with correct Answers How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? - ANS ️️ Set a closing date You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice the beginning balance calculated by QB is different than the bank. How can this happen? - ANS ️️ Someone deleted or changed a cleared transaction. When should you use a sales receipt in QB? - ANS ️️ To record a customer payment at the time of sale. How does entering time for a job affect job cost reports? - ANS ️️ None of these answers are correct.. What account on the Chart of Accounts is affected when you sell an item? - ANS ️️ The account you selected when you set up the item. You notice that multiple accounts should actually be subaccounts. How quickly can you make these accounts subaccounts of another account? - ANS ️️ Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then, click the diamond again, drag to the right, and release the mouse button. What happens if you click "Collapse" on a report? - ANS ️️ QB hides subaccounts and only shows parent accounts. What is the reason you use the items tab when Entering Bills? - ANS ️️ To assign a cost to a job or purchase inventory. When you start a company or are hired as a bookkeeper, it is important to know which edition you are using. What are the major QB versions? - ANS ️️ QB Online, QB Pro, QB Premier, QB Enterprise Solutions Suppose you have a subcontractor who receives a 1099 from your company. Which list would you add them to? - ANS ️️ Vendor list What are the two main financial statements you can run from the 'Company & Financial' category of reports? - ANS ️️ Balance sheet, Profit & Lo