Quickbooks Test 47
Questions and Complete
Solutions Graded A+
During the company setup process, which of the following is NOT a step when creating a new company
file? - Answer: Selecting the Multi-User mode option so that multiple people can log in to a file at the
same time
Which of the following statements about setting up multiple company files is true? - Answer: QBO can
create and store information for an unlimited number of company files
When you set up a new QBO company, how do you set up a new Item & Service that is not on the
default list of Items & Services? - Answer: Next to "Add the products and services you sell," click Add
More
Which of the following features allows you to keep all of your list and preferences but start from scratch
with everything else in a company file? - Answer: Condense Data
How do you change where your icon bar appears? - Answer: Click the View menu and select Top, Left, or
Hide Icon Bar
How do you open the Product Information screen, which includes version and company file information,
in Quickbooks? - Answer: Press F2 on your keyboard
Suppose you own a company that sells birdbaths and you want to keep track of how many birdbaths you
have on hand. What item type should you use? - Answer: Inventory Part
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
, Which of the following statements best summarizes Undeposited Funds? - Answer: Money that has
been collected from customers but has not yet been deposited at the bank
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
Which of the following do you have to enter before you can start progress invoicing? - Answer: Estimate
What purpose does the Record Bounced Check feature serve? - Answer: Record Bounced Check is a
button on the Customer Payment screen that can be used when a customer's check is rejected by the
bank
What is one way to track Accounts Receivable in Quickbooks? - Answer: Record an Invoice. Then when
the customer pays, use Receive Payment
What is one method for recording a customer's prepayment or deposit toward a future invoice? -
Answer: Click Receive Payments and enter the customer's name. Then enter the details of the payment.
At the bottom left, select the option, "Leave the credit to be used later."
When should you void a check? - Answer: You recorded the check accurately along with the number, but
the check will never be cashed
What accounts is affected by bills and bill payments? - Answer: Accounts Payable
What form should you use when you buy something with a credit card? - Answer: Credit Card Charge
When reconciling your bank account in QB 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
Questions and Complete
Solutions Graded A+
During the company setup process, which of the following is NOT a step when creating a new company
file? - Answer: Selecting the Multi-User mode option so that multiple people can log in to a file at the
same time
Which of the following statements about setting up multiple company files is true? - Answer: QBO can
create and store information for an unlimited number of company files
When you set up a new QBO company, how do you set up a new Item & Service that is not on the
default list of Items & Services? - Answer: Next to "Add the products and services you sell," click Add
More
Which of the following features allows you to keep all of your list and preferences but start from scratch
with everything else in a company file? - Answer: Condense Data
How do you change where your icon bar appears? - Answer: Click the View menu and select Top, Left, or
Hide Icon Bar
How do you open the Product Information screen, which includes version and company file information,
in Quickbooks? - Answer: Press F2 on your keyboard
Suppose you own a company that sells birdbaths and you want to keep track of how many birdbaths you
have on hand. What item type should you use? - Answer: Inventory Part
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
, Which of the following statements best summarizes Undeposited Funds? - Answer: Money that has
been collected from customers but has not yet been deposited at the bank
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
Which of the following do you have to enter before you can start progress invoicing? - Answer: Estimate
What purpose does the Record Bounced Check feature serve? - Answer: Record Bounced Check is a
button on the Customer Payment screen that can be used when a customer's check is rejected by the
bank
What is one way to track Accounts Receivable in Quickbooks? - Answer: Record an Invoice. Then when
the customer pays, use Receive Payment
What is one method for recording a customer's prepayment or deposit toward a future invoice? -
Answer: Click Receive Payments and enter the customer's name. Then enter the details of the payment.
At the bottom left, select the option, "Leave the credit to be used later."
When should you void a check? - Answer: You recorded the check accurately along with the number, but
the check will never be cashed
What accounts is affected by bills and bill payments? - Answer: Accounts Payable
What form should you use when you buy something with a credit card? - Answer: Credit Card Charge
When reconciling your bank account in QB 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
