QUICKBOOKS CERTIFICATION PRACTICE EXAM (PURCHASES) QUESTIONS AND ANSWERS

QUICKBOOKS CERTIFICATION
PRACTICE EXAM (PURCHASES)
QUESTIONS AND ANSWERS
What transaction/form do you begin with to enter a vendor credit?

a. Vendor Credit
b. Enter Bill
c. Pay Bills window
d. Receive Vendor Credit - Answer-b. Enter Bill
This is the correct answer. Open the Enter Bills window and select
Credit in the top left part of the form. This turns the Bill into a
Vendor Credit, which reduces the amount you owe a Vendor.

What happens to the inventory asset account when you enter a purchase order for
inventory?

a. The inventory asset account increases.
b. The inventory asset account decreases.
c. The inventory asset account is not affected. Cost of Goods Sold increases.
d. No accounts are affected. - Answer-d. No accounts are affected.
This is the correct answer. Purchase Orders are nonposting. This
means they do not affect accounts at all.

Which form should you use to enter petty cash expenditures?

a. Enter Petty Cash
.
b. Money Out
c. Enter Credit Card Charges
d. Write Checks or use check register - Answer-d. Write Checks or use check register
This is the correct answer. Make sure that the bank account is a Petty
Cash account that you set up (not your actual checking account).

When reconciling your bank account in QuickBooks, what must the beginning
balance match?

a. The beginning balance should always equal the net amount of all uncleared bank
transactions.
b. It should always match the opening balance on the paper bank statement.
c. It should always match the original account opening balance when the account
was created.