2015 Test 1 Training (Intuit Quickbooks Desktop)

Question 1

What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier?

Answer 1

14,500

Note: You can have as many names as you want in QuickBooks Enterprise Solutions

Question 2

When you set up a new QuickBooks company, how do you setup a new account that is not on the default list of accounts.

Answer 2

You can’t add accounts that are not on the QuickBooks default list. Finish setting up and then add the accounts directly to the Chart of Accounts.

Also, you can’t add any balances to the accounts (an opening Trial Balance). However, you can add bank and other balance sheet account balances as you add them.

Question 3

Why would you restore a data file from the backup file?

Answer 3

All of these are reasons to restore from the backup file

1. The company data file on your hard drive is damaged and cannot be used.
2. You wish to review the company data as it stood at an earlier data
3. Your computer crashed. You reloaded QuickBooks, and now you are ready to open the company file

Question 4

If you choose to remove transactions as of a specific date from the “Condense Data” window, what does QuickBooks do?

Answer 4

Removes all transactions while leaving lists, preferences, and service subscriptions intact

Question 5

When would you enter a journal entry?

Answer 5

All of these answers are correct

1. To enter depreciation
2. To correct errors (if you have a strong accounting background)
3. For year-end adjustments

Also, you should not use journal entries instead of the built-in forms and windows in QuickBooks. This can create unexpected results on reports.

Question 6

When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions?

Answer 6

QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions

Note: There is no QuickBooks Basic

Question 7

What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer: Job)?

Answer 7

You can click on the diamond and move the list entry to a different location on the list

Question 8

How do you combine or merge two list entries?

Answer 8

Rename the unwanted list entry to match the name of the list entry you want to merge into.

Question 9

Suppose you own a company that repairs bicycles. What item type should you use for “bicycle repair”?

Answer 9

Service

Question 10

Which of the following statements is true concerning items?

Answer 10

All of these answers are correct

1. You can use one item to represent different services or goods
2. Items allow you to track your sales in more detail without cluttering you Chart of Accounts or Profit & Loss
3. To create an invoice, you must use an item

Question 11

What item type should you use for inventory that you assemble from other items and then sell?

Answer 11

Inventory Assembly

Question 12

What account (on the Chart of Accounts) is affected when you sell an item?

Answer 12

The account you selected when you set up the item

Question 13

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 13

Credit Memo

Note: On the Home Page, click Refunds and Credits. This decreases the amount owed by the customer and reverses the sale.

Question 14

When you invoice for time and costs, where does QuickBooks get the billable time and costs?

Answer 14

From billable time entered on time sheets and/or billable costs entered on checks and bills

Question 15

When should you use a Sales Receipt in QuickBooks?

Answer 15

To record a customer payment at the time of sale

Question 16

When you create a statement and select “All open transactions as of Statement Date,” what does QuickBooks show on the statement?

Answer 16

Open transactions as of the statement date

Question 17

You received 5 customer payments in the mail. At the bank you deposit the 5 checks as one deposit. When you record the 5 separate payment in QuickBooks, how do you show that the 5 checks were actually 1 deposit?

Answer 17

When you use the Receive Payments window, QuickBooks doesn’t deposit the money in your checking account. After you record this 5 payments, click Record Deposits and select the 5 checks.

Question 18

Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to?

Answer 18

Vendor List

Question 19

What transaction/form do you begin with to enter a vendor credit?

Answer 19

Enter Bill

Question 20

Which form should you use to enter petty cash expenditures?

Answer 20

Write Checks or use check register

Note: Make sure that the bank account is a Petty Cash account that you set up (not your actual checking account).

Question 21

What is a reason to use the items tab when entering a bill?

Answer 21

To assign a cost to a job or purchase inventory.

Question 22

When printing paychecks, what is the preferred check style to give an employee a paystub?

Answer 22

Voucher

Note: This style prints one check per page. The check on top, and the voucher contains information regarding earnings, taxes, and payroll.

Question 23

Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)?

Answer 23

So that Payroll Liabilities show up in the Pay Taxes & Other Liabilities list in the Payroll Center.

QuickBooks uses this information to list the due date, status (upcoming, due, overdue), amount, and other important information so you remember to pay your payroll liabilities on time

Question 24

Dan T. Miller, one of your employees, recently got a raise. His new salary is $45,000 a year. Enter this salary change in QuickBooks.

Answer 24

Question #26 QuickBooks application

Question 25

Which of the follow Payroll Services are available with QuickBooks?

Answer 25

All of these answers are correct 1. Basic 2. Enhanced 3. Assisted

Question 26

How does entering time for a job affect job cost reports?

Answer 26

None of these answers are correct 1. QuickBooks adds the cost of that employee's time to the job cost. 2. QuickBooks adds the cost of that employee's "labor burden" to the job cost. 3. QuickBooks adds the cost of that employee's time AND "labor burden" to the job cost

Question 27

What report should you use to help you complete the state unemployment tax form?

Answer 27

Employee State Taxes Detail

Question 28

Which of the following is a way to access a report in QuickBooks?

Answer 28

All of these answers are correct 1. From the Reports menu 2. From the Report Center 3. By Clicking Reports at the bottom of lists

Question 29

How do you create a memorized group of reports?

Answer 29

Open the Memorized Report List and then click Memorized Report > New Group

Question 30

What is the easiest way to organize your memorized reports?

Answer 30

Create a report group

Question 31

How do you display or print a batch/group of reports quickly?

Answer 31

Choose Reports > Process Multiple Reports

Question 32

What happens if you click Collapse on a report?

Answer 32

QuickBooks hides Subaccounts and only shows Parent accounts

Question 33

You have customized and then memorized a report. What does QuickBooks save when memorizing a report?

Answer 33

Report header, filters, and columns but not the actual transactions

Question 34

What can you do in the Reports & Graphs Preferences (Edit > Preferences)?

Answer 34

All of these answers are correct 1. Change the summary basis (Accrual or Cash) for all reports 2. Change Format options like font color and size 3. Set which date to use for aging reports

Question 35

What happens when you QuickZoom on a number in a report?

Answer 35

QuickBooks shows more detail about the number on the report.

Question 36

What is one way that QuickBooks uses the Account Type?

Answer 36

To identify where that account appears on the financial statements

Question 37

What is the purpose of the Chart of Accounts?

Answer 37

It is how you categorize financial transactions

Question 38

How can you stop yourself and others from deleting, editing, or adding transactions in a closed period?

Answer 38

Set a closing date

Question 39

What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports?

Answer 39

Balance Sheet, Profit and Loss

Question 40

You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice that the beginning balance calculated by QuickBooks is different from the beginning balance according to the bank. How can this happen?

Answer 40

Someone changed or deleted a cleared transaction

Question 41

Suppose your address information appears on the upper left of your invoice and you want to move it to the lower right. How would you do this?

Answer 41

Use the Layout Designer

Question 42

How do you set up multiple users in QuickBooks Pro or Premier?

Answer 42

Choose Company > Set Up Users and Passwords > Set Up Users

Question 43

Suppose you have to track a specific piece of information about your customers that QuickBooks does NOT track. What is the best way to do this?

Answer 43

Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.

Question 44

You notice that when you print an invoice, the information in a field is cut off (that is, it doesn't fit). How can you fix this?

Answer 44

Use the Layout Designer to make the field wider.

Question 45

Suppose you customized an invoice in QuickBooks. You really like how it looks and want your estimates to look similar. How do you do this?

Answer 45

Choose Lists > Templates. Select the form you want to duplicate. Then select the type of template you want to create with the same look, in this case, estimate.

Question 46

You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account?

Answer 46

Click on the diamond to the left of the account drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.

Question 47

During the Advanced/Detailed Setup, you can turn on and off which features in the EasyStep Interview?

Answer 47

All of these answers are correct 1. Inventory 2. Progress Invoicing 3. Sales taxes