The steps for manually processing payroll tax forms are:
A.Click the Process Payroll Forms icon > Print the payroll tax forms
B.Print management reports > Locate payroll tax forms > Transfer the amounts in the
management reports to the tax forms
C.Print financial statements > Locate payroll tax forms > Transfer the amounts in the
financial statements to the tax forms
D.Print payroll reports > Locate payroll tax forms > Transfer the amounts in the payroll
reports to the tax forms
The Purchase Orders window is used to record which one of the following transactions?
A.Cash purchases of supplies
B.Services received but not yet paid
C.An order to purchase goods from a vendor
D.A customer order to purchase goods
Which financial statement below summarizes a company’s cash inflow and outflow?
A.Statement of Cash Flows
B.Profit & Loss Statement
C.Balance Sheet
D.Income Statement
Adjusting entries should be made ______________ preparing financial statements.
A.Before
B.During
C.After
D.Never
The General Ledger:
A.Is always provided to external users for decision making
B.Provides the quickest way to communicate financial information
C.Is a collection of all of the company’s accounts and account activity
D.None of these
All of the following are QuickBooks Payroll Services, except:
A.Basic
B.Assisted
C.Advanced
D.Enhanced
Inventory items received should be compared against:
A.Purchase order
B.Sales order
C.Supplies inventory
D.Sales receipt
To include a charge for labor on an invoice, labor as a service item must be recorded in
the:
A.Item List
B.Vendor List
C.Inventory List
D.Employee List
The audit trail lists:
A.All deleted transactions
B.All changes to transactions
C.User ID of person entering transactions
D.All of these
The two-step approach for writing checks must be used to pay which of the following?
A.Rent Payments
B.Legal Services
C.Sales Taxes
D.None of these
To edit an account in the Chart of Accounts:
A.From the Company Center > Edit Chart of Accounts
B.From the Chart of Accounts window > right-click > New
C.From the Chart of Accounts window > Account > Edit Account
D.From the Company menu > New Account
The Trial Balance:
A.Lists all the company’s accounts and ending balances
B.Is printed before and after making adjustments
C.Verifies the accounting system balances
D.All of these
To print the General Ledger:
A.Select Chart of Accounts icon > Print Report
B.From the Company section of the Home page > select Trial Balance icon
C.Select Report Center > Accountant & Taxes, General Ledger
D.Select Company Center > Print General Ledger
The Vendor List contains information about:
A.Addresses, contacts and phone numbers of customers
B.Addresses, contacts and phone numbers for suppliers
C.Quantities and prices of items on hand
D.All of these
The Income Statement:
A.lists the accounts and account numbers
B.lists a company’s assets
C.summarizes what a company owns and what it owes
D.reports the results of a company’s operations, listing income and expenses for a
period of time
Vendor reports can be accessed in QuickBooks in all of the following ways except:
A.Report Center
B.Vendor Center
C.Report Menu
D.All of these
Providing information to external users’ decision making is the purpose of which of the
following?
A.Management Reports
B.Tax forms
C.Financial statements
D.Inventory reports
All of the following are one of the four main categories of transactions in QuickBooks
except?
A.Chart of Accounts
B.Customers
C.Vendors
D.Employees
Which of the following activities and QuickBooks window used to record it is
incorrect?
A.Sell goods and bill customers; Invoice
B.Record inventory information; Inventory List
C.Record vendor information; Vendor List
D.Order goods; Purchase Order
To add an existing opening balance to a new account, choose:
A.New Account > Opening Balance
B.Account Options > Enter Opening Balance
C.Account > Opening Balance
D.Edit Account > Enter Opening Balance
Which QuickBooks version is designed for small businesses that have industry specific
needs?
A.QuickBooks Pro
B.QuickBooks Premier
C.QuickBooks Accountant
D.QuickBooks Enterprise Solutions
If the supplies on hand at the end of January totaled $200 and the Supplies on Hand
account before adjustment is $900, what would be the adjustment at month-end?
A.Reduce supplies on hand by $700; increase supplies expense by $700
B.Increase supplies on hand by $900; reduce supplies expense by $900
C.Reduce supplies on hand by $200; increase supplies expense by $200
D.Increase supplies on hand by $200; reduce supplies expense by $200
In the Easy Step Interview, you must identify:
A.Type of Industry
B.Company name
C.Company address
D.All of these
Which one of the following payroll services automatically calculates the tax
deductions?
A.QuickBooks Basic Payroll
B.QuickBooks Assisted Payroll
C.QuickBooks Enhanced Payroll
D.All of these
A corporation uses __________ 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
QuickBooks can export reports to all of the following types for files except:
A.Numbers Document
B.Excel Document
C.Comma Delimited
D.Adobe PDF
Payroll taxes a company must pay are recorded as:
A.Payroll expense
B.Payroll liabilities
C.Payroll payable
D.Payroll revenue
When deleting a check all of the following is true except:
A.It is better to delete the check than void the check in order to erase all records of the
transaction
B.The deleted check no longer appears in the check register
C.QuickBooks changes the amount deducted in the check register to zero
D.All of these are true
Why should you customize the Chart of Accounts?
A.It’s required
B.To modify it for your specific business
C.To make the system function
D.None of these
The Customer List contains information about:
A.The quantity of non-inventory parts on hand
B.The credit rating of the vendors
C.Vendors from whom the company buys products and services
D.Customer addresses, contacts and phone numbers
The Statement of Cash Flows lists:
A.Operating, Investing, and Financing Activity
B.Assets, Liabilities, and Owner’s Equity
C.Income, Expenses, and Liabilities
D.Gains, Losses, and Net Income
Credit sales are recorded using the _________ window.
A.Make Deposits
B.Sales Receipts
C.Create Invoices
D.Receive Items
What feature helps you to track tasks and due dates?
A.Control
B.Calendar
C.Charting
D.All of these
QuickBooks Mobile App:
A.Allows you to see who owes you money, permitting you to view and add invoices.
B.Allows you to create and email sales receipts to customers.
C.Allows you to add new customer information on the go and then synced to your
QuickBooks software.
D.All of these
Which QuickBooks version is designed for small businesses without industry specific
needs?
A.QuickBooks Pro
B.QuickBooks Premier
C.QuickBooks Accountant
D.QuickBooks Enterprise Solutions
Briefly explain the direct write off method for accounting for bad debts.
Briefly explain the allowance method for accounting for bad debts.
Name 4 (four) accounts that would commonly be used for a service company and
identify the account type for each.
Name 3 (three) types of payroll liabilities and indicate who funds each one.
Name 3 (three) reasons why a job for a customer might be “pending”.