QuickBooks Online Test 1 Exam Questions With Correct Answers

You've just been hired as a bookkeeper, and the company's QuickBooks is a mess. There are many list entries that are duplicates. You decide to merge list entries to clean up the lists. Which of the following statements is true about merging? - ANSWER-You can only merge names from the same type. You have two customers with the same name. How do you handle this in QuickBooks? - ANSWER-Use a middle initial or other letter in the display name to make one name different from the other. Your customer, Donna Comeback, has gone out of business and you will never sell to her again. Put the steps for removing her from the customer list in the correct order. - ANSWER-1. Click the Customer tab. 2. Edit the Customer you want to remove (Donna). 3. Click Make Inactive. How do delayed charges affect a customer's balance? - ANSWER-Delayed charges have no effect on a customer's balance. Which of the following statements is true regarding Undeposited Funds in QuickBooks? - ANSWER-Undeposited Funds is an account used to record payments before you make a deposit. What is one reason to not use a bank deposit or journal entry screen to record sales? - ANSWER-If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports. What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund? - ANSWER-Credit Memo