Gmetrix Test 1 Questions And Answers!!

What account is affected by bills and bill payments? - Answer-Accounts Payable When setting up a new payroll liability, QuickBooks asks for which of the following pieces of information? A. The frequency with which the liability has to be paid B. The vendor that the company pays C. The Account number, which is the number the payee used to identify you D. All of the above - Answer-D. All of the above During the company setup process, which of the following is NOT a step when creating a new company file? A. Importing lists of customers and vendors B. Choosing your company's beginning Chart of Accounts C. Entering the company's address and the other contact information D. Selecting the Multi-User option so the multiple people can log in to a file at the same time - Answer-D. Selecting the Multi-User option so the multiple people can log in to a file at the same time In QuickBooks, what is a Sales receipt? - Answer-A sales receipt is a record of a customer purchasing something from you and paying you at the time of the sale Where in QuickBooks do you issue a Vendor Credit memo? - Answer-Bills How do items affect your Profit & Loss and Balance Sheet? - Answer-When you record a sale or purchase with an item, it acts as a pointer, increasing or decreasing the accounts assigned to it Suppose you own a company that sells bird baths and you want to keep track of how many bird baths you have on hand. What item type should you use? - Answer-Inventory Part What form should you use when you buy something with a credit card? - Answer-Credit Card ChargeYou want to keep track of your customers' birthdays so you know when to send birthday cards. How can you do this in QuickBooks? - Answer-QuickBooks doesn't have a birthday field by default, but you can set one up by clicking Additional Info and then Define Fields to create your own field. Which of the following statements about setting up multiple company files is true? A. You are limited to ten company files per license B. QuickBooks can create and store information for an unlimited number of company files C. Each company file had to be purchased separately when setting it up D. To set up another company file, click File> Start a New Business - Answer-B. QuickBooks can create and store information for an unlimited number of company files How do you change where your icon bar appears? - Answer-Click the View menu and select Top, Left, or Hide Icon Bar Which of the following transactions will affect an Accrual Basis report but not a Cash Basis report? A. An Open Invoice B. A Check C. A Sales Receipt D. A Deposit - Answer-A. An Open Invoice When reconciling your bank account in QuickBooks, where does the beginning balance come from? - Answer-The beginning balance is the sum of all reconciled transactions for that account. Normally this number will come from the most recent reconciliation's ending balance. If an account has never been reconciled, this number will come from the account's opening balance. When you set up a new QuickBooks company, how do you set up a new Item & Service that is not on the default lists of Items & Services? - Answer-Next to the "Add the products and services you sell," click Add More Suppose your company doesn't need to track Quantity of Rate on invoices. How could you turn those options off? - Answer-Click Create Invoices and then choose the Formatting tab. Click Customize Data Layout, and in the Columns section, uncheck the boxes for Quantity and RateWhich of the following is NOT a functional area of QuickBooks when setting up a user's access levels. A. Time Tracking B. Payroll and Employees C. Changing or Deleting Transactions D. Purchase Orders and Deposits - Answer-D. Purchase Orders and Deposits