QuickBooks Exam
Questions and Complete
Solutions Graded A+
What are the 2 main Financial Statements you can run from the "Company and Financial" category of
reports? - Answer: Balance Sheet, Profit and Loss
When should you create an invoice in QuickBooks? - Answer: When a customer purchases goods or
services but does not pay you at the time of the sale
You've been hired by a company that started in 1911. They've never used QuickBooks. During the
EasyStep Interview, what "Start Date" should you use? - Answer: The date you want to begin tracking
the company's finances in QuickBooks.
Which of the following is NOT a backup option in QuickBooks? - Answer: All of the above are QuickBooks
backup options
If you choose to "Remove Transactions as of a specific date" from the "Clean Up Company Data"
window, what does QuickBooks do? - Answer: Removes all transactions while leaving lists, preferences,
and service subscriptions intact.
What item type should you use for inventory that you assemble from other items and then sell? -
Answer: Inventory Assembly
What is the purpose of subaccounts? - Answer: Track finances in more detail by grouping accounts in a
logical fashion and showing a subtotal for those accounts
You need to enter the same transaction each month (for example, an insurance payment). How can you
automate this process in QuickBooks? - Answer: While the transaction is on the screen, choose Edit >
Memorize check (or the name of the transaction).
, Which of the following statements is true concerning items? - Answer: You can use one item to
represent different servicesor goods; Items allow you to track your sales in more detail without
cluttering your Chart of Accounts or Profit & Loss.; To create an invoice, you must use an item.
When should you use a Sales Receipt in QuickBooks? - Answer: To record a customer payment at the
time of sale
What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or
Premier? - Answer: 14,500
What do the diamonds mean on certain lists (for example, the diamonds to the left of each
Customer:Job)? - Answer: a. You can click on the diamond and move the list entry to a different location
on the list.
Suppose your address information appears on the upper left of your invoice and you want to move it to
the lower right. How would you do this? - Answer: d. Use the Layout Designer
How do you track accounts payable in QuickBooks? - Answer: d. Enter a bill, and then use the Pay Bills
window.
What transaction/form do you begin with to enter a vendor credit? - Answer: c. Enter Bill
How do you create a memorized group of reports? - Answer: a. Open the Memorized Report List and
then click Memorized Report > New Group.
When setting up a new employee, what is important about the Payroll Info tab? - Answer: d. Whatever
you enter/see in this window affects each paycheck, unless you change the information on the paycheck
itself.
When printing paychecks, what is the preferred check style to give an employee a paystub? - Answer:
Voucher
Questions and Complete
Solutions Graded A+
What are the 2 main Financial Statements you can run from the "Company and Financial" category of
reports? - Answer: Balance Sheet, Profit and Loss
When should you create an invoice in QuickBooks? - Answer: When a customer purchases goods or
services but does not pay you at the time of the sale
You've been hired by a company that started in 1911. They've never used QuickBooks. During the
EasyStep Interview, what "Start Date" should you use? - Answer: The date you want to begin tracking
the company's finances in QuickBooks.
Which of the following is NOT a backup option in QuickBooks? - Answer: All of the above are QuickBooks
backup options
If you choose to "Remove Transactions as of a specific date" from the "Clean Up Company Data"
window, what does QuickBooks do? - Answer: Removes all transactions while leaving lists, preferences,
and service subscriptions intact.
What item type should you use for inventory that you assemble from other items and then sell? -
Answer: Inventory Assembly
What is the purpose of subaccounts? - Answer: Track finances in more detail by grouping accounts in a
logical fashion and showing a subtotal for those accounts
You need to enter the same transaction each month (for example, an insurance payment). How can you
automate this process in QuickBooks? - Answer: While the transaction is on the screen, choose Edit >
Memorize check (or the name of the transaction).
, Which of the following statements is true concerning items? - Answer: You can use one item to
represent different servicesor goods; Items allow you to track your sales in more detail without
cluttering your Chart of Accounts or Profit & Loss.; To create an invoice, you must use an item.
When should you use a Sales Receipt in QuickBooks? - Answer: To record a customer payment at the
time of sale
What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or
Premier? - Answer: 14,500
What do the diamonds mean on certain lists (for example, the diamonds to the left of each
Customer:Job)? - Answer: a. You can click on the diamond and move the list entry to a different location
on the list.
Suppose your address information appears on the upper left of your invoice and you want to move it to
the lower right. How would you do this? - Answer: d. Use the Layout Designer
How do you track accounts payable in QuickBooks? - Answer: d. Enter a bill, and then use the Pay Bills
window.
What transaction/form do you begin with to enter a vendor credit? - Answer: c. Enter Bill
How do you create a memorized group of reports? - Answer: a. Open the Memorized Report List and
then click Memorized Report > New Group.
When setting up a new employee, what is important about the Payroll Info tab? - Answer: d. Whatever
you enter/see in this window affects each paycheck, unless you change the information on the paycheck
itself.
When printing paychecks, what is the preferred check style to give an employee a paystub? - Answer:
Voucher
