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To record a cash purchase, use the:
A.Pay Bills
B.Write Check
C.Purchase Order
D.None of these
Taxes are withheld from paychecks for:
A.Employees
B.Independent Contractors
C.Owner's withdrawals
D.All of these
The following are payroll liabilities except:
A.Federal income taxes
B.Unemployment taxes
C.Sales taxes
D.FICA
When recording a customer payment from a cash sale, select:
A.Create Invoice > Customer Payment > Customer Name Only
B.Make Deposit
C.Create Sales Receipt > Record Deposits
D.Receive Payment > Customer & Job Name
When reconciling a bank account, which one of the following is considered a timing
difference (difference between the bank balance and the book balance)?
A.Checks that have cleared the bank
B.Deposits recorded by the bank
C.Outstanding checks
D.Errors
In QuickBooks, time data is listed on customer invoices using the:
A.Timesheet icon
B.Pay Sales Taxes icon
C.Pay Employees button
D.Time/Costs button
When creating a new QuickBooks data file for an existing company, QuickBooks
automatically offsets inventory item balances with an entry to the:
A.Uncategorized Expenses account
B.Uncategorized Income account
C.Opening Balance Equity account
D.Capital Stock account
Which of the following steps will record a deposit?
A.Use the Make Deposits window.
B.Enter the information directly into the check register.
C.None of these
D.Both use the Make Deposits window and enter the information directly into the check
register.
All of the following automatically calculate payroll tax withholdings in QuickBooks
except:
A.Basic Payroll
B.Assisted Payroll
C.Enhanced Payroll
D.All of these automatically calculate payroll tax withholdings
When using QuickBooks, sales tax is:
A.Calculated manually for each item sold
B.Calculated for all items that are listed on an invoice
C.Calculated automatically by QuickBooks for items flagged as taxable
D.All of these
For long-term projects that are to be billed, as each stage of the project is complete, the
QuickBooks _________ feature should be used.
A.Progressive Projects
B.Long Term Projects
C.Projects Billing
D.Progress Billing
When the balance of an equity account, like Capital Stock, increases, it means that the
account has been:
A.Debited
B.Credited
C.Deposited
D.None of these
When you record the receipt of a customer payment QuickBooks reduces _______ and
increases ________.
A.Bank Account, Accounts Receivable
B.Accounts Payable, Undeposited Funds
C.Accounts Receivable, Undeposited Funds
D.Accounts Receivable, Bank Account
QuickBooks considers all of the following to be vendors except:
A.Financial institutions such as banks
B.Tax agencies such as the IRS
C.Utility companies
D.All of these
If you received inventory without a bill, once the bill has arrived you could do all of the
following, except:
A.Enter the bill against the inventory already recorded
B.Enter the inventory and then enter the bill separately
C.Enter the bill and wait for the inventory to arrive
D.Enter the inventory and bill at the same time
What information does the Balance Sheet provide?
A.A summary of cash inflows and outflows over a specific time period
B.A company's financial position on a specific date
C.Sales and expenses for a specific time period
D.None of these
Which of the following ways to track time is not supported by QuickBooks Pro and
QuickBooks Premier?
A.Time Single Activity
B.Weekly Timesheet
C.Time clock
D.Online Timesheets
What is a liability?
A.Inventory
B.An amount a company owes
C.A resource a company owns
D.None of these
All of the following tasks can be completed in the Banking section of the Home page
except:
A.Pay Employees
B.Reconcile Accounts
C.Print Checks
D.Record Deposits
Which of the following tasks can be completed in the Vendor section of the Home
page?
A.Create Invoices
B.Create Estimates
C.Receive Inventory
D.Receive Payments
What options do you have when adding the "People You Do Business With" section of
the QuickBooks Setup Window:
A.Importing from Outlook
B.Importing from Yahoo or Gmail
C.Pasting from Excel or entering manually
D.All of these
Sole Proprietorships use __________ as its Federal Tax ID number.
A.the owner's social security number
B.an EIN number
C.business operating license number
D.none of these
Online billing allows you to:
A.Sell goods over the internet
B.Email invoices to customers
C.Receive online payments from customers
D.QuickBooks does not support online billing
What is an asset?
A.Mortgage payable
B.An amount a company owes
C.A resource a company owns
D.None of these
The objective of an accounting information system, like QuickBooks, is to:
A.Save company resources, like time and paper
B.Use the computer for keeping accounting records
C.Collect, summarize, and analyze data
D.None of these
A company is required to withhold payroll taxes for:
A.Employees
B.Vendors
C.Subcontractors
D.All of these
When recording a bill, QuickBooks automatically:
A.Records an expense (credit) and the obligation to pay later (debit)
B.Records an expense (debit) and the obligation to pay later (credit)
C.Reduces the liability (debit) and the checking account (credit)
D.Reduces the liability (credit) and the checking account (debit)
Which QuickBooks window is used to record services received?
A.Create Invoice
B.Purchase Order
C.Enter Bills
D.Estimates
The day the check is prepared is the:
A.Check Date
B.Pay Period End Date
C.The last day the employee works in the pay period
D.The last day of the pay period
After creating a new QuickBooks data file for an existing company and entering all the
existing balances, use an opening adjustment to move the balance in the _________
account to the Capital Stock account.
A.Uncategorized Expenses
B.Uncategorized Income
C.Opening Balance Equity
D.None of these
To print the entire Journal, select:
A.Report Center > Accountant & Taxes > Journal
B.Company Center > Company & Financials > Journal
C.Report Center > Company & Financials > Journal
D.Company Center > Accountant & Taxes > Journal
A company's computer is classified as what account type:
A.Expense
B.Owner's Equity
C.Fixed Asset
D.Retained Earnings
To print multiple checks at one time, use:
A.Banking menu > Write Checks > Print Checks
B.Vendor menu > Print Forms > Print Checks
C.File menu > Print Forms > Checks
D.Banking menu > Print Forms > Checks
