QuickBooks
Certification: Practice
Test #1 Questions and
Complete Solutions
Graded A+
How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? -
Answer: Set a closing date
You successfully reconciled the checking account last month. This month, when you begin to reconcile
the same account, you notice the beginning balance calculated by QB is different than the bank. How
can this happen? - Answer: Someone deleted or changed a cleared transaction.
When should you use a sales receipt in QB? - Answer: To record a customer payment at the time of sale.
How does entering time for a job affect job cost reports? - Answer: None of these answers are correct..
What account on the Chart of Accounts is affected when you sell an item? - Answer: The account you
selected when you set up the item.
You notice that multiple accounts should actually be subaccounts. How quickly can you make these
accounts subaccounts of another account? - Answer: Click on the diamond to the left of the account,
drag it below the appropriate parent account, and release the mouse button. Then, click the diamond
again, drag to the right, and release the mouse button.
What happens if you click "Collapse" on a report? - Answer: QB hides subaccounts and only shows
parent accounts.
, What is the reason you use the items tab when Entering Bills? - Answer: To assign a cost to a job or
purchase inventory.
When you start a company or are hired as a bookkeeper, it is important to know which edition you are
using. What are the major QB versions? - Answer: QB Online, QB Pro, QB Premier, QB Enterprise
Solutions
Suppose you have a subcontractor who receives a 1099 from your company. Which list would you add
them to? - Answer: Vendor list
What are the two main financial statements you can run from the 'Company & Financial' category of
reports? - Answer: Balance sheet, Profit & Loss
Which of the following statements is true about items?
a) All of these are correct.
b) You can use one item to represent different services or goods.
c) To create an invoice, you must use an item.
d) Items allow you to track your sales in more detail without cluttering your chart of accounts - Answer:
a) All of these are correct.
What item type should you use for inventory that you assemble from other items and then sell?
a) Group
b) Inventory Assembly
c) Non-inventory part
d) Inventory part - Answer: b) Inventory Assembly
What is the maximum number of names that can be included on the Names lists in QB Pro or Premier?
a) 1,000
b) 14,500
c) 10,000
Certification: Practice
Test #1 Questions and
Complete Solutions
Graded A+
How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? -
Answer: Set a closing date
You successfully reconciled the checking account last month. This month, when you begin to reconcile
the same account, you notice the beginning balance calculated by QB is different than the bank. How
can this happen? - Answer: Someone deleted or changed a cleared transaction.
When should you use a sales receipt in QB? - Answer: To record a customer payment at the time of sale.
How does entering time for a job affect job cost reports? - Answer: None of these answers are correct..
What account on the Chart of Accounts is affected when you sell an item? - Answer: The account you
selected when you set up the item.
You notice that multiple accounts should actually be subaccounts. How quickly can you make these
accounts subaccounts of another account? - Answer: Click on the diamond to the left of the account,
drag it below the appropriate parent account, and release the mouse button. Then, click the diamond
again, drag to the right, and release the mouse button.
What happens if you click "Collapse" on a report? - Answer: QB hides subaccounts and only shows
parent accounts.
, What is the reason you use the items tab when Entering Bills? - Answer: To assign a cost to a job or
purchase inventory.
When you start a company or are hired as a bookkeeper, it is important to know which edition you are
using. What are the major QB versions? - Answer: QB Online, QB Pro, QB Premier, QB Enterprise
Solutions
Suppose you have a subcontractor who receives a 1099 from your company. Which list would you add
them to? - Answer: Vendor list
What are the two main financial statements you can run from the 'Company & Financial' category of
reports? - Answer: Balance sheet, Profit & Loss
Which of the following statements is true about items?
a) All of these are correct.
b) You can use one item to represent different services or goods.
c) To create an invoice, you must use an item.
d) Items allow you to track your sales in more detail without cluttering your chart of accounts - Answer:
a) All of these are correct.
What item type should you use for inventory that you assemble from other items and then sell?
a) Group
b) Inventory Assembly
c) Non-inventory part
d) Inventory part - Answer: b) Inventory Assembly
What is the maximum number of names that can be included on the Names lists in QB Pro or Premier?
a) 1,000
b) 14,500
c) 10,000
