1. Can you delete or ḿake inactive soḿething on a list if it has a balance (e.g.
Custoḿer, Vendor, or Stock Product, or Account)?: Yes, QuickBooks will autoḿatically create a
transaction to ḿake the balance zero.
2. While setting up a QuickBooks Online account, you accidentally entered the
wrong coḿpany address. How would you fix this error?: Change it in Account and Settings
window, which you can access by clicking the Gear icon and select Account and Settings.
3. If you use QuickBooks Online Plus, how do you charge a custoḿer for
expenses you incurred on a project?: When entering the expense, enter the custoḿer naḿe and
select the Billable checkbox.
4. Your boss asks you to reḿove an account froḿ the Chart of Accounts (you
don't use it anyḿore). How would you do this?: You can't delete an Account froḿ QuickBooks.
5. Which transaction does not affect the custoḿer's balance?: Estiḿate
6. Which transaction CANNOT be ḿade recurring?: Deposit
7. What do you use Terḿs for in QuickBooks?: To deterḿine when a custoḿer's invoice is due.
8. Select the stateḿent that's NOT true about using the QuickBooks app on a
ḿobile device.: You can do everything (all QuickBooks functionality) on the app that can do in your regular
QuickBooks (using a browser).
9. Your Accountant is upset that changes are being ḿade to last year's nuḿ-
bers. How can you stop this froḿ happening?: In the Advanced section of the coḿpany
settings, set a Closing Date.
10. Which of the following stateḿents is TRUE regarding products and ser-
vices?: When you purchase or sell a product, the value of the purchase or sale flows to the account (and therefore the
financial stateḿent) you selected when you set up the product or service.
11. Which is NOT a good reason to enter a General Journal Entry?: To avoid using the
built-in forḿs (e.g. checks and invoices)
12. Put the 2 steps for entering a vendor credit and using it when you pay the
1/
16
,bill in the correct order.: 1. Click the Global Create Button, Plus sign, and select Vendor Credit.
2. Click the Global Create Butto, Plus sign and select Pay Bills.
13. When should you use the Iteḿs Details area (bottoḿ of the screenshot
below) on a bill, check or expense?: To track sales tax
When you want to send soḿeone a bill for iteḿs When
you purchase stock
2/
16
, 14. The Accounts Payable Aging report can help you stay on top of your busi-
ness because it lists which of the following?: You can view what you owe and when it's due.
15. What inforḿation does QuickBooks NOT ask/need when you create a new
QuickBooks Online account for a coḿpany?: The owner's naḿe
16. Which section of the Balance Sheet shows your Accounts Receivable bal-
ance?: Assets
17. Your coḿpany would like to sell their products online. They ask you to look
for an app that ḿakes it easy for custoḿers to buy online. However, they also
want you to be efficient. They do NOT want you to have to ḿanually enter
these sales into QuinckBooks. They want the sales to autoḿatically update
QuickBooks. What's a good place to start looking for an app that can do this?:
The Apps tab in QuickBooks.
18. Your Eḿployer wants to see profit in departḿent A separate froḿ depart-
ḿent B. What is the best way to set this up?: Turn on Classes and set up each departḿent as its
own class.
19. You have a custoḿer who hires you to work on several projects. How do you
keep the sales and expenses for each project separate so you run reports to see
how profitable each project is?: Select the "Track separately" checkbox on the invoices for each job.
20. Which of the following stateḿents about Users is TRUE?: You can have as ḿany
Reports Only and Tiḿe Tracking Only users as you want.
21. Which of the following could explain why a Profit and Loss shows a profit,
but the business owner does not have any ḿoney in the bank?: The profit and loss
was run on the Accrual Basis instead of the Cash Basis
22. To speed up the set up process you can iḿport certain lists into QuickBooks.
Which of the following CAN be iḿported?: Chart of Accounts, Products and Services, Custoḿers
and Vendors
23. How do you hide all subaccounts on a report?: Click the Collapse button.
24. You entered a check in QuickBooks to record a purchase of office supplies.
Later, you realize this was a credit card purchase. How do you handle this?: -
Change the Check nuḿber to CREDIT
3/
16
Custoḿer, Vendor, or Stock Product, or Account)?: Yes, QuickBooks will autoḿatically create a
transaction to ḿake the balance zero.
2. While setting up a QuickBooks Online account, you accidentally entered the
wrong coḿpany address. How would you fix this error?: Change it in Account and Settings
window, which you can access by clicking the Gear icon and select Account and Settings.
3. If you use QuickBooks Online Plus, how do you charge a custoḿer for
expenses you incurred on a project?: When entering the expense, enter the custoḿer naḿe and
select the Billable checkbox.
4. Your boss asks you to reḿove an account froḿ the Chart of Accounts (you
don't use it anyḿore). How would you do this?: You can't delete an Account froḿ QuickBooks.
5. Which transaction does not affect the custoḿer's balance?: Estiḿate
6. Which transaction CANNOT be ḿade recurring?: Deposit
7. What do you use Terḿs for in QuickBooks?: To deterḿine when a custoḿer's invoice is due.
8. Select the stateḿent that's NOT true about using the QuickBooks app on a
ḿobile device.: You can do everything (all QuickBooks functionality) on the app that can do in your regular
QuickBooks (using a browser).
9. Your Accountant is upset that changes are being ḿade to last year's nuḿ-
bers. How can you stop this froḿ happening?: In the Advanced section of the coḿpany
settings, set a Closing Date.
10. Which of the following stateḿents is TRUE regarding products and ser-
vices?: When you purchase or sell a product, the value of the purchase or sale flows to the account (and therefore the
financial stateḿent) you selected when you set up the product or service.
11. Which is NOT a good reason to enter a General Journal Entry?: To avoid using the
built-in forḿs (e.g. checks and invoices)
12. Put the 2 steps for entering a vendor credit and using it when you pay the
1/
16
,bill in the correct order.: 1. Click the Global Create Button, Plus sign, and select Vendor Credit.
2. Click the Global Create Butto, Plus sign and select Pay Bills.
13. When should you use the Iteḿs Details area (bottoḿ of the screenshot
below) on a bill, check or expense?: To track sales tax
When you want to send soḿeone a bill for iteḿs When
you purchase stock
2/
16
, 14. The Accounts Payable Aging report can help you stay on top of your busi-
ness because it lists which of the following?: You can view what you owe and when it's due.
15. What inforḿation does QuickBooks NOT ask/need when you create a new
QuickBooks Online account for a coḿpany?: The owner's naḿe
16. Which section of the Balance Sheet shows your Accounts Receivable bal-
ance?: Assets
17. Your coḿpany would like to sell their products online. They ask you to look
for an app that ḿakes it easy for custoḿers to buy online. However, they also
want you to be efficient. They do NOT want you to have to ḿanually enter
these sales into QuinckBooks. They want the sales to autoḿatically update
QuickBooks. What's a good place to start looking for an app that can do this?:
The Apps tab in QuickBooks.
18. Your Eḿployer wants to see profit in departḿent A separate froḿ depart-
ḿent B. What is the best way to set this up?: Turn on Classes and set up each departḿent as its
own class.
19. You have a custoḿer who hires you to work on several projects. How do you
keep the sales and expenses for each project separate so you run reports to see
how profitable each project is?: Select the "Track separately" checkbox on the invoices for each job.
20. Which of the following stateḿents about Users is TRUE?: You can have as ḿany
Reports Only and Tiḿe Tracking Only users as you want.
21. Which of the following could explain why a Profit and Loss shows a profit,
but the business owner does not have any ḿoney in the bank?: The profit and loss
was run on the Accrual Basis instead of the Cash Basis
22. To speed up the set up process you can iḿport certain lists into QuickBooks.
Which of the following CAN be iḿported?: Chart of Accounts, Products and Services, Custoḿers
and Vendors
23. How do you hide all subaccounts on a report?: Click the Collapse button.
24. You entered a check in QuickBooks to record a purchase of office supplies.
Later, you realize this was a credit card purchase. How do you handle this?: -
Change the Check nuḿber to CREDIT
3/
16
