QUICKBOOKS CH 1-5 EXAM
QUESTIONS WITH CORRECT ANSWERS
The end of a year (for example, 12-31-20xx) is the ideal date to use as a start date. -
Answer-False
If you choose all settings at the beginning, you CANNOT later customize a preference
setting. - Answer-False
Which of the following is true regarding historical transactions? - Answer-a. You should
use a combination of summary totals and individual transactions.
b. You should enter open accounts receivable and accounts payable transactions.
c. One side of each entry must be an equity account.
D. ALL OF THE ABOVE
Who controls the user access and monitors activity? - Answer-The Master Administrator
What is a product or service linked to? - Answer-At least one account in the Chart of
Accounts
Which of the following account types is/are considered a liability? - Answer-a. Accounts
Payable
b. Credit Card
c. Long Term Liabilities
D. ALL OF THE ABOVE
When entering opening balances, how must they be entered? - Answer-As a journal
entry or entered directly into the account register
Which starting date would be the most appropriate when setting up a new company file?
- Answer-April 1
What is one of the reasons for creating the Chart of Accounts? - Answer-To categorize
the assets and liabilities
A credit card account is an example of what type of account? - Answer-Liability
You can create a statement, receipt, invoice, or other transaction using the Action menu
in the Sales center. - Answer-True
The Sales center is the only way to add customers. - Answer-False
A sales transaction can only be recorded when the customer pays for the product or
service at the time of the sale. - Answer-False
, You CANNOT change the default settings on a sales form, but you can implement other
settings. - Answer-False
All customer payments are by default deposited to the Deposited Funds account. -
Answer-False
Using the AR Aging Summary report is useful for managing overdue invoices. - Answer-
True
In the Reports center, the recommended reports are determined by the business type
you set up in the beginning. - Answer-True
a. Receive a payment from an invoiced customer
b. Receive a payment from a customer for a cash sale
c. Research a customer, his information, and transactions affecting him
d. Bill a customer who will make a payment after the service is rendered - Answer-a.
deposited to undeposited funds
b. create a sales receipt
c. view in sales center
d. create an invoice
a. Customer Balance Summary
b. Customer Balance Detail
c. Customer Summary
d. Sales by Product/Service Detail - Answer-a. Displays all balances due for each
customer
b. Allows you to view details such as invoice dates and amounts for each customer
c. Displays total sales to each customer
d. Details each product and service, who bought it, and the sales amount
a. create an invoice
b. Enter a cash sale and deposit it directly in the bank
c. Receive payments on an invoice - Answer-a.Accounts Receivable
b. Checking
c.Undeposited Funds
a. Customers list
b. Action menu
c. Sub-customer
d. Import Data tool - Answer-a. Displays names, contact information, and open balances
b. Allows you to create a statement, receipt, invoice, or other transaction
c. Related to a customer by multiple projects, locations, or members
d. Uses an Excel or CSV file containing data or customer lists
a. New Customer
QUESTIONS WITH CORRECT ANSWERS
The end of a year (for example, 12-31-20xx) is the ideal date to use as a start date. -
Answer-False
If you choose all settings at the beginning, you CANNOT later customize a preference
setting. - Answer-False
Which of the following is true regarding historical transactions? - Answer-a. You should
use a combination of summary totals and individual transactions.
b. You should enter open accounts receivable and accounts payable transactions.
c. One side of each entry must be an equity account.
D. ALL OF THE ABOVE
Who controls the user access and monitors activity? - Answer-The Master Administrator
What is a product or service linked to? - Answer-At least one account in the Chart of
Accounts
Which of the following account types is/are considered a liability? - Answer-a. Accounts
Payable
b. Credit Card
c. Long Term Liabilities
D. ALL OF THE ABOVE
When entering opening balances, how must they be entered? - Answer-As a journal
entry or entered directly into the account register
Which starting date would be the most appropriate when setting up a new company file?
- Answer-April 1
What is one of the reasons for creating the Chart of Accounts? - Answer-To categorize
the assets and liabilities
A credit card account is an example of what type of account? - Answer-Liability
You can create a statement, receipt, invoice, or other transaction using the Action menu
in the Sales center. - Answer-True
The Sales center is the only way to add customers. - Answer-False
A sales transaction can only be recorded when the customer pays for the product or
service at the time of the sale. - Answer-False
, You CANNOT change the default settings on a sales form, but you can implement other
settings. - Answer-False
All customer payments are by default deposited to the Deposited Funds account. -
Answer-False
Using the AR Aging Summary report is useful for managing overdue invoices. - Answer-
True
In the Reports center, the recommended reports are determined by the business type
you set up in the beginning. - Answer-True
a. Receive a payment from an invoiced customer
b. Receive a payment from a customer for a cash sale
c. Research a customer, his information, and transactions affecting him
d. Bill a customer who will make a payment after the service is rendered - Answer-a.
deposited to undeposited funds
b. create a sales receipt
c. view in sales center
d. create an invoice
a. Customer Balance Summary
b. Customer Balance Detail
c. Customer Summary
d. Sales by Product/Service Detail - Answer-a. Displays all balances due for each
customer
b. Allows you to view details such as invoice dates and amounts for each customer
c. Displays total sales to each customer
d. Details each product and service, who bought it, and the sales amount
a. create an invoice
b. Enter a cash sale and deposit it directly in the bank
c. Receive payments on an invoice - Answer-a.Accounts Receivable
b. Checking
c.Undeposited Funds
a. Customers list
b. Action menu
c. Sub-customer
d. Import Data tool - Answer-a. Displays names, contact information, and open balances
b. Allows you to create a statement, receipt, invoice, or other transaction
c. Related to a customer by multiple projects, locations, or members
d. Uses an Excel or CSV file containing data or customer lists
a. New Customer
