QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
Which of the following is not an input field or selection at the Add New Account
window?
a. Financial Statement Override
b. Description
c. Account Type
d. Enter Opening Balance ✔✔a. Financial Statement Override
Which of the following is not an available button at the Glad you're here! page
when completing
the Express Start method?
a. Preview Your Settings
b. Create Company
c. Create Chart of Accounts
d. All of the choices are correct. ✔✔c. Create Chart of Accounts
Which is a correct statement?
, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
a. The Uncategorized Expenses account is created when you enter outstanding
accounts
receivable balances in the Vendor Center.
b. Upon completion of the New Company Setup level of operation, customizing
and updating the
Lists/Centers, viewing and printing Reports, and making a backup copy of the
new company file,
your accounting records are ready for recording daily activities.
c. The Uncategorized Income account is created when you enter outstanding
accounts payable
balances in the Customer Center.
d. All of the choices are correct ✔✔b. Upon completion of the New Company
Setup level of
operation, customizing and updating the Lists/Centers, viewing and printing
Reports, and making
, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
a backup copy of the new company file, your accounting records are ready for
recording daily
activities.
Which of the following is true regarding payment terms when you set up a new
company?
a. QuickBooks creates a list automatically, which can then be modified.
b. QuickBooks copies the payment terms used in the last company you set up.
c. QuickBooks creates no payment terms; you must establish them yourself.
d. QuickBooks creates a list automatically for customers only. ✔✔a. QuickBooks
creates a list
automatically, which can then be modified.
The accrual basis of accounting
a. does not follow GAAP-generally accepted accounting principles.
b. is not used for preparing the accounting reports and financial statements in
QuickBooks.
, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
c. requires the recording of revenues when earned and expenses when incurred
regardless of cash
receipts or cash payments.
d. is the same as cash basis of accounting, which records revenue only when the
cash has been
received for services provided or for a product sold, and records expenses only
when cash
payments have been made. ✔✔c. requires the recording of revenues when
earned and expenses
when incurred regardless of cash receipts or cash payments.
In QuickBooks, by default, the accounting reports and financial statements are
prepared using
the __________ basis of accounting.
a. cash
b. cost
c. revenue
Complete Solutions 2024/25 Update
Which of the following is not an input field or selection at the Add New Account
window?
a. Financial Statement Override
b. Description
c. Account Type
d. Enter Opening Balance ✔✔a. Financial Statement Override
Which of the following is not an available button at the Glad you're here! page
when completing
the Express Start method?
a. Preview Your Settings
b. Create Company
c. Create Chart of Accounts
d. All of the choices are correct. ✔✔c. Create Chart of Accounts
Which is a correct statement?
, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
a. The Uncategorized Expenses account is created when you enter outstanding
accounts
receivable balances in the Vendor Center.
b. Upon completion of the New Company Setup level of operation, customizing
and updating the
Lists/Centers, viewing and printing Reports, and making a backup copy of the
new company file,
your accounting records are ready for recording daily activities.
c. The Uncategorized Income account is created when you enter outstanding
accounts payable
balances in the Customer Center.
d. All of the choices are correct ✔✔b. Upon completion of the New Company
Setup level of
operation, customizing and updating the Lists/Centers, viewing and printing
Reports, and making
, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
a backup copy of the new company file, your accounting records are ready for
recording daily
activities.
Which of the following is true regarding payment terms when you set up a new
company?
a. QuickBooks creates a list automatically, which can then be modified.
b. QuickBooks copies the payment terms used in the last company you set up.
c. QuickBooks creates no payment terms; you must establish them yourself.
d. QuickBooks creates a list automatically for customers only. ✔✔a. QuickBooks
creates a list
automatically, which can then be modified.
The accrual basis of accounting
a. does not follow GAAP-generally accepted accounting principles.
b. is not used for preparing the accounting reports and financial statements in
QuickBooks.
, QuickBooks Final Exam; Questions with
Complete Solutions 2024/25 Update
c. requires the recording of revenues when earned and expenses when incurred
regardless of cash
receipts or cash payments.
d. is the same as cash basis of accounting, which records revenue only when the
cash has been
received for services provided or for a product sold, and records expenses only
when cash
payments have been made. ✔✔c. requires the recording of revenues when
earned and expenses
when incurred regardless of cash receipts or cash payments.
In QuickBooks, by default, the accounting reports and financial statements are
prepared using
the __________ basis of accounting.
a. cash
b. cost
c. revenue
