INTUIT QUICKBOOKS CERTIFICATION
EXAM QUESTIONS AND ANSWERS
What item type should you use for inventory that you assemble from other items and
then sell? - Answer-Inventory Assembly
Which of the following statements is true concerning items? - Answer-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, and To create an
invoice, you must use an item.
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
When should you use a Sales Receipt in QuickBooks? - Answer-To record a customer
payment at the time of sale
How do you track accounts payable in QuickBooks? - Answer-Enter a bill, and then use
the Pay Bills window.
What transaction/form do you begin with to enter a vendor credit? - Answer-Enter Bill
When printing paychecks, what is the preferred check style to give an employee a
paystub? - Answer-Voucher
When setting up a new employee, what is important about the Payroll Info tab? -
Answer-Whatever you enter/see in this window affects each paycheck, unless you
change the information on the paycheck itself
How do you create a memorized group of reports? - Answer-Open the Memorized
Report List and then click Memorized Report > New Group
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
When you run Financial Statements in QuickBooks, what bookkeeping basis can you
use to view the report? - Answer-Cash Basis, Accrual Basis, and you can switch the
bookkeeping basis if you want.
What are the 2 main Financial Statements you can run from the "Company and
Financial" category of reports? - Answer-Balance Sheet, Profit and Loss
EXAM QUESTIONS AND ANSWERS
What item type should you use for inventory that you assemble from other items and
then sell? - Answer-Inventory Assembly
Which of the following statements is true concerning items? - Answer-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, and To create an
invoice, you must use an item.
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
When should you use a Sales Receipt in QuickBooks? - Answer-To record a customer
payment at the time of sale
How do you track accounts payable in QuickBooks? - Answer-Enter a bill, and then use
the Pay Bills window.
What transaction/form do you begin with to enter a vendor credit? - Answer-Enter Bill
When printing paychecks, what is the preferred check style to give an employee a
paystub? - Answer-Voucher
When setting up a new employee, what is important about the Payroll Info tab? -
Answer-Whatever you enter/see in this window affects each paycheck, unless you
change the information on the paycheck itself
How do you create a memorized group of reports? - Answer-Open the Memorized
Report List and then click Memorized Report > New Group
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
When you run Financial Statements in QuickBooks, what bookkeeping basis can you
use to view the report? - Answer-Cash Basis, Accrual Basis, and you can switch the
bookkeeping basis if you want.
What are the 2 main Financial Statements you can run from the "Company and
Financial" category of reports? - Answer-Balance Sheet, Profit and Loss
