Which order are payroll tasks are typically completed?
A.Enter Time > Process Payroll Forms > Pay Employees > Pay Payroll Liabilities
B.Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms
C.Enter Time > Pay Payroll Liabilities > Process Payroll Forms > Pay Employees
D.Enter Time > Pay Payroll Liabilities > Pay Employees > Process Payroll Forms
A short term loan to be repaid within one year is classified as a(n):
A.Other Current Asset
B.Other Current Liability
C.Expense
D.Owner’s Due
What QuickBooks activity comes next in the this string of business activities: Purchase
Order > Receive Items > Enter Bills > ______.
A.Receive Payments
B.Pay Bills
C.Deposit
D.Vendor List
Which window is used to pay sales taxes?
A.Create Invoice
B.Write Checks
C.Manage Sales Tax
D.Enter Bills
All the times below are when you can receive a bill except:
A.When receiving a service
B.When submitting a purchase order
C.When receiving inventory
D.After receiving inventory
The Favorites menu allows you to:
A.Add websites that are useful to your business
B.Customize up to 30 of your favorite QuickBooks menu items
C.Add one favorite QuickBooks menu item
D.None of these
Which icon does not appear in the Vendors section for service companies that do not
sell inventory?
A.Receive Inventory
B.Pay Bills
C.Enter Bills
D.All of these
You can obtain a copy of Circular E to use for payroll preparation from:
A.The Employee section of the Home page
B.The Employee Center of the Home page
C.The QuickBooks website
D.The IRS website
To Re-sort the Chart of Accounts, first display the Chart of Accounts window, then:
A.Click on the Company heading bar
B.Click Account > Re-sort List
C.Click File > Sort
D.Right click Sort by Name
When you place an order for items from a vendor, which one of the following
QuickBooks forms would you use?
A.Create Invoice
B.Purchase Order
C.Receive Inventory
D.None of these
Which screen provides a summary of important company information?
A.Company Information
B.Company Snapshot
C.Home Page
D.Company Center
Sales in QuickBooks can be recorded with all of the following means of payment,
except:
A.Cash
B.Check
C.Credit Card
D.Purchase Order
In QuickBooks, budget types include:
A.Profit & Loss
B.Balance Sheet
C.Both profit & loss and balance sheet
D.None of these
All of the reports below provide information about customer and job profitability,
except:
A.Customer Detail List
B.Income by Customer Summary
C.Income by Customer Detail
D.Job Profitability Detail
What does the Chart of Accounts list?
A.Assets, liabilities and owner’s equity accounts
B.Income and expense accounts
C.Owner’s contributions
D.All of these
What is the purpose of Federal Form 941?
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
Accounting information is used to do all of the following except:
A.Prepare financial statements for investors
B.Prepare tax returns for the IRS
C.Prepare reports for management
D.Prepare meeting minutes for the board of directors
To change a company name in QuickBooks, select the following from the Menu Bar:
A.Company > Preferences
B.Home > Edit > Preferences
C.Company > My Company > Edit
D.None of these
Which of the following identifies a QuickBooks backup company file:
A..QBB
B..QBM
C..QBW
D..QBX
QuickBooks creates a Chart of Accounts for your company based on:
A.Company address
B.Industry type
C.Your Federal ID Tax number
D.None of these
The following are examples of possible memorized transactions except:
A.Rent payments
B.Utility bills
C.Special order for a customer
D.None of these
Sales taxes are:
A.Charged on sales to other retailers
B.Charged on retail sales to customers
C.Paid by the retailer on sales to customers
D.Paid by the vendor
Which of the following may be billed to a specific customer job?
A.Mileage
B.Hours
C.Expenses
D.All of these
Which tax form would you select for a Subchapter S corporation?
A.Form 1120
B.Form 1120S
C.Form 1040
D.Form 1040S
An example of a non-posting account is ________.
A.Employee Expense
B.Inventory
C.Purchase Orders Account
D.Accounts Payable
When tracking time for subcontractors, which QuickBooks window is used to enter
subcontractor information?
A.Vendor List
B.Item List
C.Payroll Setup
D.Employee List
QuickBooks automatically closes ________________ accounts to start each new year
with a $0 balance in all _______________ accounts:
A.temporary; permanent
B.temporary; temporary
C.permanent; permanent
D.permanent; temporary
To print multiple checks at one time:
A.Report Center > Banking > Checks
B.Company menu > Banking > Checks
C.Banking menu > Forms > Checks
D.File menu > Print Forms > Checks
All of the following are nonsales type of deposits except:
A.Money received from a loan
B.Payment from a customer
C.Cash from investors
D.Interest earned
Which one of the following activities is associated with the Banking section of the
Home page?
A.Enter credit card charges
B.Select bills received to pay later
C.Record finance charges
D.Create invoices to bill customers
When creating a new QuickBooks data file for an existing company, opening balances
are added when you:
A.Customize the Chart of Accounts
B.Add vendors to the vendor list
C.Add customers to the customer list
D.Add inventory the item list
The Doing Business As name identifies a company for:
A.Bank accounts
B.Sales
C.Patents
D.None of these
Briefly explain how the supplies on hand account is adjusted at the end of the period.
Briefly explain the difference between creating a sales receipt and creating an invoice.
Name 2 (two) differences between accounting for a service company and a retail shop.
List 3 (three) types for payroll liabilities and who is responsible for funding them.
Briefly explain the purpose and benefits of using a password for QuickBooks access?
What are Inventory Items, Non-inventory items, and Services?
Briefly describe the QuickBooks “drill-down” feature and how helps companies.
Name 2 (two) of the 5 centers on the QuickBooks home screen and briefly describe
what kind of activity flows through those centers:
List the 3 (three) different type of QuickBooks files. What is the purpose of each file
type?
Briefly describe how you manually process payroll forms.
What does the QuickBooks Company Snapshot provide?
What are the 4 (four) types of bills that should not be paid using the one-step approach?
What is the difference between the cash basis and the accrual basis?
Briefly explain the difference between a permanent and a temporary account.
Briefly explain 2 (two) differences between depreciation on a tax return and on a
financial statement.
Briefly describe what the “Time by Job” project reports tell management.
List 3 (three) questions asked by the QuickBooks EasyStep Interview.
Briefly explain how to record an owner’s investment in their company.