QUICKBOOKS STUDY GUIDE 2026
COMPREHENSIVE QUESTIONS AND STEP
BY STEP SOLUTIONS
◉ 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: Write Checks or use check register
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.
d. The beginning balance should always be zero.
Answer: It should always match the opening balance on the paper
bank statement
◉ 49. What is a reason to use the Items tab when entering a bill?
a. To track expenses.
b. To assign a cost to a job or purchase inventory.
c. To track freight charges.
d. There is not an Items tab on the Enter Bills form.
, Answer: To assign a cost to a job or purchase inventory
To have accurate job cost reports in the
"Jobs, Time, and Mileage" category, QuickBooks requires item
information on any job-related expense. You must also enter
inventory items when you purchase them so QuickBooks can keep
track of the quantity on hand.
◉ How do you set up QuickBooks to automatically use discounts and
credits?
a. QuickBooks cannot be set up to automatically use discounts and
credits.
b. Choose Edit > Preferences > Discounts & Credits.
c. Memorize a bill and select the box next to Automatically use
discounts and credits
d. Choose Edit > Preferences > Bills > Company Preferences, and
then select to automatically use discounts or credits.
Answer: Choose Edit > Preferences > Bills > Company Preferences,
and then select to automatically use discounts or credits
COMPREHENSIVE QUESTIONS AND STEP
BY STEP SOLUTIONS
◉ 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: Write Checks or use check register
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.
d. The beginning balance should always be zero.
Answer: It should always match the opening balance on the paper
bank statement
◉ 49. What is a reason to use the Items tab when entering a bill?
a. To track expenses.
b. To assign a cost to a job or purchase inventory.
c. To track freight charges.
d. There is not an Items tab on the Enter Bills form.
, Answer: To assign a cost to a job or purchase inventory
To have accurate job cost reports in the
"Jobs, Time, and Mileage" category, QuickBooks requires item
information on any job-related expense. You must also enter
inventory items when you purchase them so QuickBooks can keep
track of the quantity on hand.
◉ How do you set up QuickBooks to automatically use discounts and
credits?
a. QuickBooks cannot be set up to automatically use discounts and
credits.
b. Choose Edit > Preferences > Discounts & Credits.
c. Memorize a bill and select the box next to Automatically use
discounts and credits
d. Choose Edit > Preferences > Bills > Company Preferences, and
then select to automatically use discounts or credits.
Answer: Choose Edit > Preferences > Bills > Company Preferences,
and then select to automatically use discounts or credits
