Bookkeeping with Quickbooks Exam
Questions and Answers
you're ready to create a new company file. which of the following quickbooks features
should you use? - Answer -EasyStep interview
ace just bought a new vehicle for the company. what account type should you use to
track the value of a vehicle he has purchased? - Answer -Fixed Asset
in quickbooks, the book value of a fixed asset account is represented by the sum if its
cost and which subaccount? - Answer -Accumulated Depreciation
which account in quickbooks will help you track bills ace receives from his vendors? -
Answer -accounts payable
which of the following best describes a purchase order? - Answer -a document
indicating that you have ordered products or services from a vendor ahead of delivery
ace receives a customer payment for a completed job. when you enter the customer
payment in quickbooks, the payment is first recorded to which of the following
accounts? - Answer -undeposited funds
ace has completed his first month of business and wants to see how he's doing. which
of the following quickbooks preset reports will show his company's financial position is
that (or ant) moment in time? - Answer -balance sheet
ace is trying to learn more about quickbooks files and calls his accountant. the first thing
he wants to know is the difference between a portable file and an accountant copy. if his
accountant knows his stuff, what would he answer? - Answer -an accountant's copy
allows the user to still work in the file while the accountant also makes entries
ace is interested in offering all nikon digital cameras at 20% off as a summer promotion
hat would you do in Quickbooks to account for this sale? - Answer -change the price of
the items in the change item Prices window
the fiscal year for ace photography has come to an end qhat so you do in QuickBooks
to close the books - Answer -set a closing date password
, ace is interested in giving a discount to some of his loyal customers ad he doesn't need
to teach this information which of the following would you create in Quickbooks to grant
the discount? - Answer -a fixed percentage price level
ace has been reviewing his finance charge policy and wants you to, make some
changes which feature should you use to adjust the finance charge settings in the
company file? - Answer -preferences
you'd like to create batch invoices to make your billing work easier. what should you
create if you want to send recurring invoices to the same customers in the future? -
Answer -billing group
A housing developer buys a piece of land for $220,000. she puts down 20% ($44,000)
and borrows the rest after the transaction how would her accounting equation look -
Answer -$220,000 (assets) equals $ 176,000 (liabilities) plus $44,000 (equity)
what is the collection of accounts that you use to trach the flow of money into, through,
and out of your business known as? - Answer -chart of accounts
ace wants you to track line of credit account more closely which account type in
quickbooks can you use to track line is credit accounts where ace draws and repays the
account on a regular basis? - Answer -credit card
ace wants to better manage his time and thinks quickbooks can help him. which of the
following lists can he use to keep track of upcoming tasks, appointments, or events? -
Answer -calendar to so list
which quickbooks feature can you use trach information for a customer where a field
does not already exist not already exist (birth dates, spouse name) - Answer -custom
fields
which of the following are assets used in your business that are typically exchanged for
cash or services in under a year's time? - Answer -current assets
ace has received several bills and wants you to enter them into QuickBooks what
window should you use to tell QuickBooks about these new bills? - Answer -Enter Bills
window
ace is now ready to pay the bills previously received. where in quickbooks should you
go - Answer -Pay Bills window
what's the main reason you would edit an existing letter template in quickbooks instead
of creating a new one from scratch? - Answer -it's often easier to edit an existing letter
rather than start from scratch
Questions and Answers
you're ready to create a new company file. which of the following quickbooks features
should you use? - Answer -EasyStep interview
ace just bought a new vehicle for the company. what account type should you use to
track the value of a vehicle he has purchased? - Answer -Fixed Asset
in quickbooks, the book value of a fixed asset account is represented by the sum if its
cost and which subaccount? - Answer -Accumulated Depreciation
which account in quickbooks will help you track bills ace receives from his vendors? -
Answer -accounts payable
which of the following best describes a purchase order? - Answer -a document
indicating that you have ordered products or services from a vendor ahead of delivery
ace receives a customer payment for a completed job. when you enter the customer
payment in quickbooks, the payment is first recorded to which of the following
accounts? - Answer -undeposited funds
ace has completed his first month of business and wants to see how he's doing. which
of the following quickbooks preset reports will show his company's financial position is
that (or ant) moment in time? - Answer -balance sheet
ace is trying to learn more about quickbooks files and calls his accountant. the first thing
he wants to know is the difference between a portable file and an accountant copy. if his
accountant knows his stuff, what would he answer? - Answer -an accountant's copy
allows the user to still work in the file while the accountant also makes entries
ace is interested in offering all nikon digital cameras at 20% off as a summer promotion
hat would you do in Quickbooks to account for this sale? - Answer -change the price of
the items in the change item Prices window
the fiscal year for ace photography has come to an end qhat so you do in QuickBooks
to close the books - Answer -set a closing date password
, ace is interested in giving a discount to some of his loyal customers ad he doesn't need
to teach this information which of the following would you create in Quickbooks to grant
the discount? - Answer -a fixed percentage price level
ace has been reviewing his finance charge policy and wants you to, make some
changes which feature should you use to adjust the finance charge settings in the
company file? - Answer -preferences
you'd like to create batch invoices to make your billing work easier. what should you
create if you want to send recurring invoices to the same customers in the future? -
Answer -billing group
A housing developer buys a piece of land for $220,000. she puts down 20% ($44,000)
and borrows the rest after the transaction how would her accounting equation look -
Answer -$220,000 (assets) equals $ 176,000 (liabilities) plus $44,000 (equity)
what is the collection of accounts that you use to trach the flow of money into, through,
and out of your business known as? - Answer -chart of accounts
ace wants you to track line of credit account more closely which account type in
quickbooks can you use to track line is credit accounts where ace draws and repays the
account on a regular basis? - Answer -credit card
ace wants to better manage his time and thinks quickbooks can help him. which of the
following lists can he use to keep track of upcoming tasks, appointments, or events? -
Answer -calendar to so list
which quickbooks feature can you use trach information for a customer where a field
does not already exist not already exist (birth dates, spouse name) - Answer -custom
fields
which of the following are assets used in your business that are typically exchanged for
cash or services in under a year's time? - Answer -current assets
ace has received several bills and wants you to enter them into QuickBooks what
window should you use to tell QuickBooks about these new bills? - Answer -Enter Bills
window
ace is now ready to pay the bills previously received. where in quickbooks should you
go - Answer -Pay Bills window
what's the main reason you would edit an existing letter template in quickbooks instead
of creating a new one from scratch? - Answer -it's often easier to edit an existing letter
rather than start from scratch
