QuickBooks Certification: Practice Test
#1
How can you stop yourself and others from deleting, editing, or adding
transactions in a closed period? correct answersSet a closing date
You successfully reconciled the checking account last month. This month,
when you begin to reconcile the same account, you notice the beginning
balance calculated by QB is different than the bank. How can this happen?
correct answersSomeone deleted or changed a cleared transaction.
When should you use a sales receipt in QB? correct answersTo record a
customer payment at the time of sale.
How does entering time for a job affect job cost reports? correct
answersNone of these answers are correct..
What account on the Chart of Accounts is affected when you sell an
item? correct answersThe account you selected when you set up the
item.
You notice that multiple accounts should actually be subaccounts. How
quickly can you make these accounts subaccounts of another account?
correct answersClick on the diamond to the left of the account, drag it below
the appropriate parent account, and release the mouse button. Then, click
the diamond again, drag to the right, and release the mouse button.
What happens if you click "Collapse" on a report? correct
answersQB hides subaccounts and only shows parent accounts.
What is the reason you use the items tab when Entering Bills? correct
answersTo assign a cost to a job or purchase inventory.
When you start a company or are hired as a bookkeeper, it is important to
know which edition you are using. What are the major QB versions? correct
answersQB Online, QB Pro, QB Premier, QB Enterprise Solutions
Suppose you have a subcontractor who receives a 1099 from your company.
Which list would you add them to? correct answersVendor list
What are the two main financial statements you can run from the 'Company
& Financial' category of reports? correct answersBalance sheet, Profit & Loss
, Which of the following statements is true about items?
a) All of these are correct.
b) You can use one item to represent different services or goods.
c) To create an invoice, you must use an item.
d)Items allow you to track your sales in more detail without cluttering
your chart of accounts correct answersa) All of these are correct.
What item type should you use for inventory that you assemble from
other items and then sell?
e) Group
f) Inventory Assembly
g)Non-inventory part
h) Inventory part correct answersb) Inventory Assembly
What is the maximum number of names that can be included on the Names
lists in QB Pro or Premier?
i) 1,000
j) 14,500
k) 10,000
l) 2,500 correct answersb) 41,500
What transaction/form do you begin with to enter a Vendor Credit?
m)Vendor Credit
n) Enter Bill
o) Receive Vendor Credit
p) Pay Bills window correct answersd) Pay Bills window
When setting up a new company through Advanced/Detailed set up, some
company information is optional and some is absolutely required. Which of
the following pieces of information does QB require you to enter during the
Easy Step Interview?
q) All of these are correct
r) Company Name
s) Company password
t) Tax ID correct answersb) Company Name
Suppose you have to track a specific piece of information about your
customers that QB does not track. What is the best way to do this?
u)Export the customer list to Excel, add the information there, and then
re-import the list
v) Use the 'Notes' feature for each customer
w)Edit a customer and click the "Additional Info" tab. Click 'Define
fields' to create a custom field to track anything you want
x)You can't create new fields or rename fields in QB correct answersc) Edit
a customer and click the "Additional Info" tab. Click 'Define fields' to create a
custom field to track anything you want.
#1
How can you stop yourself and others from deleting, editing, or adding
transactions in a closed period? correct answersSet a closing date
You successfully reconciled the checking account last month. This month,
when you begin to reconcile the same account, you notice the beginning
balance calculated by QB is different than the bank. How can this happen?
correct answersSomeone deleted or changed a cleared transaction.
When should you use a sales receipt in QB? correct answersTo record a
customer payment at the time of sale.
How does entering time for a job affect job cost reports? correct
answersNone of these answers are correct..
What account on the Chart of Accounts is affected when you sell an
item? correct answersThe account you selected when you set up the
item.
You notice that multiple accounts should actually be subaccounts. How
quickly can you make these accounts subaccounts of another account?
correct answersClick on the diamond to the left of the account, drag it below
the appropriate parent account, and release the mouse button. Then, click
the diamond again, drag to the right, and release the mouse button.
What happens if you click "Collapse" on a report? correct
answersQB hides subaccounts and only shows parent accounts.
What is the reason you use the items tab when Entering Bills? correct
answersTo assign a cost to a job or purchase inventory.
When you start a company or are hired as a bookkeeper, it is important to
know which edition you are using. What are the major QB versions? correct
answersQB Online, QB Pro, QB Premier, QB Enterprise Solutions
Suppose you have a subcontractor who receives a 1099 from your company.
Which list would you add them to? correct answersVendor list
What are the two main financial statements you can run from the 'Company
& Financial' category of reports? correct answersBalance sheet, Profit & Loss
, Which of the following statements is true about items?
a) All of these are correct.
b) You can use one item to represent different services or goods.
c) To create an invoice, you must use an item.
d)Items allow you to track your sales in more detail without cluttering
your chart of accounts correct answersa) All of these are correct.
What item type should you use for inventory that you assemble from
other items and then sell?
e) Group
f) Inventory Assembly
g)Non-inventory part
h) Inventory part correct answersb) Inventory Assembly
What is the maximum number of names that can be included on the Names
lists in QB Pro or Premier?
i) 1,000
j) 14,500
k) 10,000
l) 2,500 correct answersb) 41,500
What transaction/form do you begin with to enter a Vendor Credit?
m)Vendor Credit
n) Enter Bill
o) Receive Vendor Credit
p) Pay Bills window correct answersd) Pay Bills window
When setting up a new company through Advanced/Detailed set up, some
company information is optional and some is absolutely required. Which of
the following pieces of information does QB require you to enter during the
Easy Step Interview?
q) All of these are correct
r) Company Name
s) Company password
t) Tax ID correct answersb) Company Name
Suppose you have to track a specific piece of information about your
customers that QB does not track. What is the best way to do this?
u)Export the customer list to Excel, add the information there, and then
re-import the list
v) Use the 'Notes' feature for each customer
w)Edit a customer and click the "Additional Info" tab. Click 'Define
fields' to create a custom field to track anything you want
x)You can't create new fields or rename fields in QB correct answersc) Edit
a customer and click the "Additional Info" tab. Click 'Define fields' to create a
custom field to track anything you want.
