QUICKBOOKS FINAL EXAM QUESTIONS
AND ANSWERS
The QuickBooks Desktop Setup window is first used - Answer-to select the method of
new company setup
In the Journal report, if you double-click a transaction with a transaction type of -
Answer-bill, you can make corrections to a vendor's opening balance or date
Which of the following equity accounts is automatically created in QuickBooks when a
new sole proprietorship is set up? - Answer-opening balances, owners equity, owners
draw
Which of the following is not correct? - Answer-when entering a beginning balance for a
customer, the balance date must be the beginning of the fiscal year
Which of the following is not a field in the Sales Information section of the Edit Item
window? - Answer-COGS account
Which of the following is true?
If a customer balance is entered during the setup process, QuickBooks creates an entry
using the Accounts Receivable and Uncategorized Income accounts.
If a vendor balance is entered during the setup process, QuickBooks creates an entry
using the Accounts Payable and Uncategorized Expenses accounts.
If an inventory balance is entered during the setup process, QuickBooks creates an
entry using the Inventory Asset and Opening Balance Equity accounts.
All of the choices are correct. - Answer-D
In QuickBooks, you enter all opening balances, excluding those balances for inventory,
accounts receivable, and accounts payable, as one compound journal entry in the
__________ window. - Answer-Make general journal entries
At the same time information is entered in the __________ window, QuickBooks uses
the information to record opening balances for Accounts Receivable, Accounts Payable,
and Inventory Asset. - Answer-quickbooks desktop setup
If you forget to click the Enter opening balances link on the Add the people you do
business with page, then - Answer-you will have to remember the customers with
balances
AND ANSWERS
The QuickBooks Desktop Setup window is first used - Answer-to select the method of
new company setup
In the Journal report, if you double-click a transaction with a transaction type of -
Answer-bill, you can make corrections to a vendor's opening balance or date
Which of the following equity accounts is automatically created in QuickBooks when a
new sole proprietorship is set up? - Answer-opening balances, owners equity, owners
draw
Which of the following is not correct? - Answer-when entering a beginning balance for a
customer, the balance date must be the beginning of the fiscal year
Which of the following is not a field in the Sales Information section of the Edit Item
window? - Answer-COGS account
Which of the following is true?
If a customer balance is entered during the setup process, QuickBooks creates an entry
using the Accounts Receivable and Uncategorized Income accounts.
If a vendor balance is entered during the setup process, QuickBooks creates an entry
using the Accounts Payable and Uncategorized Expenses accounts.
If an inventory balance is entered during the setup process, QuickBooks creates an
entry using the Inventory Asset and Opening Balance Equity accounts.
All of the choices are correct. - Answer-D
In QuickBooks, you enter all opening balances, excluding those balances for inventory,
accounts receivable, and accounts payable, as one compound journal entry in the
__________ window. - Answer-Make general journal entries
At the same time information is entered in the __________ window, QuickBooks uses
the information to record opening balances for Accounts Receivable, Accounts Payable,
and Inventory Asset. - Answer-quickbooks desktop setup
If you forget to click the Enter opening balances link on the Add the people you do
business with page, then - Answer-you will have to remember the customers with
balances
