What QuickBooks activity comes next in the this string of business activities: Invoice >
Receive Payments > ______.
A.Deposit
B.Receive Payments
C.Pay Bills
D.Vendor List
When standard checks are used for pay checks, pay stubs are printed by selecting:
A.Employee menu > Print Pay Stubs
B.File menu > Print Forms > Pay Stubs
C.Banking menu > Print Forms > Pay Stubs
D.Company menu > Print Checks > Pay Stubs
What is owner’s equity?
A.What a company owes
B.What is left after the liabilities are satisfied
C.What a company owns
D.None of these
How can I create a filter on a Report?
A.Click Customize Report, then click Filters Tab
B.Click Customize Report, then click Company Tab
C.Click Customize Report, then click Edit
D.None of these
The order of steps to process payroll is:
A.Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms
B.Enter Time > Pay Employees > Process Payroll Forms > Print Payroll Report
C.Pay Employees > Process Payroll Forms > Pay Payroll Liabilities
D.Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Print Liabilities
Report
When recording a customer payment from a credit sale, select:
A.Create Invoice > Customer Payment > Customer & Job Name
B.Make Deposit
C.Create Sales Receipt > Record Deposits
D.Receive Payment > Customer & Job Name
When creating a new account to record a new loan, enter the loan amount as:
A.an opening balance
B.investment
C.income
D.a separate transaction
Cash inflows and outflows related to acquisition and disposal of long-term assets are
categorized as cash flows from:
A.Investing activities
B.Financing activities
C.Sales activities
D.Operating activities
The Home page in QuickBooks consists of all of the following sections except:
A.Employee
B.Lists
C.Customer
D.Vendor
Which of the following file extensions identifies an accountant’s copy file?
A..QBX
B..QBW
C..QBB
D..QBM
Which of the following identifies a QuickBooks portable company file:
A..QBB
B..QBM
C..QBW
D..QBX
To add a new job to the Customer List:
A.Select Customer menu, Click Add Job
B.Select Customer Center Window, Click New Customer & Job
C.Select the Customer List icon from the Customer section of the Home page
D.Select Report Center, add Customer
What is purpose of Federal Form 940?
A.Summarize the amount of unemployment tax paid and due by the company
B.Summarize the amount of federal income tax, Social Security, and Medicare withheld
from employee paychecks for the quarter
C.Summarize the amount of federal income tax, Social Security, and Medicare withheld
from employee paychecks for the year
D.Summarize of all your W-2 forms
Which one of the following is usually classified as an inventory item?
A.Goods purchased for resale to customers
B.Items purchased and the quantity on hand does not need to be tracked
C.Items purchased and used by the company such as office supplies
D.Items purchased for a specific customer job
When closing the accounting period you:
A.Close temporary accounts at year end
B.Bring account balances up to date at year end
C.Close permanent accounts at year-end
D.All of these
To complete company setup you must complete all of the following except:
A.Add customers
B.Add payroll forms
C.Add products and services as items
D.Add vendors
Which of the following determines if the account appears classified properly on the
balance sheet?
A.Tax-Mapping Line
B.Account Number
C.Item Number
D.None of these
Which one of the following is a vendor transaction?
A.Make Deposits
B.Receive Customer Payments
C.Enter Bills
D.Sell Goods to Customers
Which of the following reports is typically used when counting inventory on hand?
A.Inventory Valuation Summary
B.Inventory Valuation Detail
C.Inventory Stock Status by Item
D.Physical Inventory Worksheet
Examples of management reports for internal decision making include all of the
following except:
A.1120S Report
B.Cash Budget
C.Cash Forecast
D.Accounts Receivable Aging Summary
Which account below is not an Expense account?
A.Utilities
B.Rent
C.Accounts Payable
D.Advertising
A non-inventory item is:
A.Goods purchased for resale to customers
B.An item purchased for a specific customer job
C.A service purchased from a vendor
D.A service sold to a vendor
The QuickBooks file extension .QBM indicates the file is a:
A.QuickBooks working file
B.QuickBooks movable file
C.QuickBooks Accountant’s transfer file
D.QuickBooks Accountant’s working file
To write off a transaction that was charged a sales tax:
A.use a journal entry to move the customer’s balance (credit) to the Bad Debt Expense
account (debit)
B.use a journal entry to move the customer’s balance (credit) to Allowance for
Uncollectable Accounts (debit)
C.use the Credit Memo window
D.use the Receive Payments window (Discount Info button)
How would you indicate that a payment is split between 2 or more accounts?
A.Use the notation “split” in your checking account
B.Skip it; it will be done automatically in QuickBooks
C.Note on your invoices only
D.None of these
Which report provides information on items ordered but not received?
A.Accounts Payable Aging Detail
B.Accounts Payable Aging Summary
C.Open Purchase Orders Report
D.Physical Inventory Worksheet
Which of the following is a temporary account?
A.Sales
B.Inventory
C.Accounts Payable
D.Accounts Receivable
The QuickBooks file extension .QBA indicates the file is a:
A.QuickBooks working file
B.QuickBooks movable file
C.QuickBooks Accountant’s transfer file
D.QuickBooks Accountant’s working file
When setting up an existing company in QuickBooks, which of the following opening
adjustments require journal entries?
A.When accounts payable opening balances create Uncategorized Expenses
B.When the Customer List is created
C.When payroll entries are added
D.None of these
Providing information to internal users’ decision making is the purpose of which of the
following?
A.Management Reports
B.Tax forms
C.Financial statements
D.Vendor list