GMETRIX QUICKBOOKS EXAM
QUESTIONS AND ANSWERS
14,500 - Answer-What is the maximum number of names that can be included on the
Names lists in QuickBooks Pro or Premier?
Rename the unwanted list entry to match the name of the list entry you want to merge
into. - Answer-How do you merge or combine two list entries?
Service. - Answer-Suppose you own a company that repairs bicycles. What item type
should you use for bicycle repair?
To create an invoice you must use an item. You can use one item to represent different
services or goods. Items allow you to track your sales in more detail without cluttering
your Chart of Accounts or Profit & Loss. - Answer-Which of the following statements is
true concerning items?
Inventory Assembly. - Answer-What item type should you use for inventory that you
assemble from other items and then sell?
The account you selected when you set up the item. - Answer-What account on the
Chart of Accounts is affected when you sell an item?
Credit Memo. - Answer-What transaction should you enter if a customer returns a
damaged product or, in the case of a service, complains so much you decide to offer a
refund?
From billable time entered on time sheets and/or billable costs entered on checks and
bills. - Answer-When you invoice for your time and costs, where does QuickBooks get
the billable time or costs?
To record a customer payment at the time of a sale. - Answer-When should you use a
Sales Receipt in QuickBooks?
Open transactions as of the statement date. - Answer-When you create a statement and
select "All open transactions as of Statement Date," what does QuickBooks show on the
statement?
When you use the Receive Payments window, QuickBooks doesn't deposit the money
in your checking account. After you record the 5 payments, click Record Deposits and
select the 5 checks. - Answer-You received 5 customer payments in the mail. At the
bank you deposit the 5 checks as one deposit. When you record the 5 separate
payments in QuickBooks, how do you show that the 5 check were actually 1 deposit?
QUESTIONS AND ANSWERS
14,500 - Answer-What is the maximum number of names that can be included on the
Names lists in QuickBooks Pro or Premier?
Rename the unwanted list entry to match the name of the list entry you want to merge
into. - Answer-How do you merge or combine two list entries?
Service. - Answer-Suppose you own a company that repairs bicycles. What item type
should you use for bicycle repair?
To create an invoice you must use an item. You can use one item to represent different
services or goods. Items allow you to track your sales in more detail without cluttering
your Chart of Accounts or Profit & Loss. - Answer-Which of the following statements is
true concerning items?
Inventory Assembly. - Answer-What item type should you use for inventory that you
assemble from other items and then sell?
The account you selected when you set up the item. - Answer-What account on the
Chart of Accounts is affected when you sell an item?
Credit Memo. - Answer-What transaction should you enter if a customer returns a
damaged product or, in the case of a service, complains so much you decide to offer a
refund?
From billable time entered on time sheets and/or billable costs entered on checks and
bills. - Answer-When you invoice for your time and costs, where does QuickBooks get
the billable time or costs?
To record a customer payment at the time of a sale. - Answer-When should you use a
Sales Receipt in QuickBooks?
Open transactions as of the statement date. - Answer-When you create a statement and
select "All open transactions as of Statement Date," what does QuickBooks show on the
statement?
When you use the Receive Payments window, QuickBooks doesn't deposit the money
in your checking account. After you record the 5 payments, click Record Deposits and
select the 5 checks. - Answer-You received 5 customer payments in the mail. At the
bank you deposit the 5 checks as one deposit. When you record the 5 separate
payments in QuickBooks, how do you show that the 5 check were actually 1 deposit?
