Quick Books Pro 2008 Test.4

Quick Books Pro 2008 Test
Changing How the World Works.
Item No: 1 of 40
Time Remaining: 0:40:00
Question: Which of the following cannot be recorded by using a journal entry? a. Bank account transactions b. c. d. Inventory quantities Fixed assets Lines of credit
Flag as inappropriate
Powered by
Item No: 2 of 40
Question: Why would you export a customer list to Excel when you can manage it within Quickbooks? a. Working with Excel is easier b. c. d. The list can always be uploaded back to Quickbooks after editing in Excel It looks better in Excel
You need to provide the information to someone who does not have Quickbooks and/or you do not want t them with the full Quickbooks data file
Powered by
Item No: 3 of 40
Question: Why is it important to include the customers' email address in their Customer set up? a. So you do not have to keep record in your email program b. c. It enables Quickbooks to email a statement, invoice, credit memo or other document to the customer It is not possible for you to proceed without an email address in the profile
Powered by
Item No: 4 of 40
Question: You hire an employee who will work as a staff member, but also provide outside services to your company unrelated job. How is this best handled in Quickbooks? a. Create an employee and segregate what he/she does as an employee and as a contractor b. c. d. Create a vendor and enter separate invoices for employee and for contractor Create 2 vendors, one for employee wages and one for contract work Create an employee for his/her regular wages, and a Vendor for his/her contract work
Powered by
Item No: 5 of 40
Question: Which report(s) could you run to see the reversing journal entry QuickBooks makes when voiding a check from a pri without affecting the prior period financials? a. Adjusting journal entries b. c. d. Transaction journal Prior period changes Voided checks
Powered by
Item No: 6 of 40
Question: A base unit in QuickBooks is usually defined as: a. the smallest unit of measure used in business while buying, tracking, and selling an item b. c. d. the smallest unit of measure for an item to be tracked in inventory the most common unit of measure used in business the largest unit of measure used in business
Powered by
Item No: 7 of 40
Question: What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax pay showing on the Pay Sales Tax window? a. The company purchased a large taxable item on credit. b. c. d.
Sales tax was adjusted retroactively when you marked items taxable that a client had mistakenly marked a taxable. The client erroneously paid the wrong tax agency.
The client is paying sales tax with regular checks and posting the payment to the sales tax payable accoun using the Pay Sales Tax window to create the payment.
Powered by
Item No: 8 of 40
Question: Which report would you recommend for clients who want to know which customers made the maximum purchases f a. Sales by customer detail b. c. d. Sales by customer summary Income by customer detail A/R aging summary
Powered by
Item No: 9 of 40
Question: Which of the following resources can be used to find manual changes of reconciled status in bank account entries? a. Audit trail report b. c. Transaction history report Find feature
Powered by
Item No: 10 of 40
Question: If a client miscalculated a fixed tax (like Medicare), how would you correct this discrepancy in After-the-Fact Payrol a. Adjust Federal Withholding b. c. Adjust Social Security Adjust Net Pay
Powered by
Item No: 11 of 40
Question: Which of the following "standard" accounting reports must be created by modifying another report in QuickBooks? a. Income statement b. c. d. Journal entry listing General ledger Audit trail
Powered by
Item No: 12 of 40
Question: Which of the following can be done in the Financial Statement Designer? a. Quick Zoom to edit source transactions b. c. d. Customize Statements to report on net income before and after tax Export Customized Templates for use with other clients All of the above
Powered by
Item No: 13 of 40
Question: What report should be used to check the taxable status of the existing product and service items as well as the rates a associated with the Sales Tax items? a. Quick Reports b. c. d. Open invoice report Sales tax liability report Item listing report
Powered by
Item No: 14 of 40
Question: Which of the following reports shows how a specific month's actual results compare with the budget for that month; to-date actual results compare with the year-to-date budget; and how much of the annual budget has been achieved? a. Budget Overview b. c. d. Budget Comparison Profit & Loss Budget Performance All of the above
Powered by
Item No: 15 of 40
Question: What field do you need to complete in the Enter Time/Single Activity or Weekly Timesheet windows in order to tran employee paychecks? a. Customer Job b. c. d. Service Item Payroll Item Other Charges Item
Powered by
Item No: 16 of 40
Question: To which of the following items can units of measure be assigned? a. Inventory Part, Inventory Assembly, Non-Inventory Part, and Other Charges b. c. d. Inventory Part, Inventory Assembly, Non-Inventory Part, Group, and Service Group, Discount, Subtotal, Inventory, Service, and Inventory Assembly Payment, Group, Discount, Service, and Other Charges
Powered by
Item No: 17 of 40
Question: Which of the following describes a method for handling shared payroll expenses? a. Link the employee deduction payroll item to an expense account. Then record the employee and employe portions on a regular bill or check. b. Add the company-paid portion to the payroll liability check. c. d. Both a and b None of the above
Powered by
Item No: 18 of 40
Question: Which of the following can be used to enter opening balances in QuickBooks? a. Journal entries b. c. d. Forms Lists All of the above
Powered by
Item No: 19 of 40
Question: Which of the following is not a common mistake clients make while recording and depositing payments as identified module? a. Customer payments not grouped into deposits b. c. d. Customer payments entered directly in the Receive Payments window Payments or credits not applied against invoices Undeposited Funds overlooked while making deposits
Powered by
Item No: 20 of 40
Question: While setting up payroll schedules, which of the following is true? a. The IRS bases the tax liability on the pay period end date. b. c. d. The IRS bases the tax liability on the check date. The IRS bases the tax liability on the pay period start date. None of the above.
Powered by
Item No: 21 of 40
Question: Which of the following activities does QuickBooks support? a. Track billable versus non-billable time b. c. d. Track payroll costs by job, class, or type of work Accumulate sick and vacation pay in hours All of the above
Powered by
Item No: 22 of 40
Question: Where does the column headings come from in the After-the-Fact Payroll window? a. Employee defaults b. c. d. Payroll items Employee items Prior paychecks
Powered by
Item No: 23 of 40
Question: You run a client's balance sheet on cash basis, but the balance in the Sales Tax Payable account does not change. Wh cause? a. Sales tax preferences are set to accrual b. c. d. Sales tax was paid using a regular check Adjustments to Sales Tax Payable were entered as journal entries Credit memos for taxable items were not properly applied
Powered by
Item No: 24 of 40
Question: Which of the following is a step involved in setting up QuickBooks to track 1099 information? a. Turn on the Tax: 1099 preference b. c. d. Link 1099 categories to QuickBooks accounts Designate which vendors should receive 1099s All of the above
Powered by
Item No: 25 of 40
Question: If a company's tax form is recorded incorrectly, then where should the corrections be made? a. Easy Step Interview b. c. d. Company Information Window Preferences All of the above
Powered by
Item No: 26 of 40
Question: Which of the following inventory valuation methods does QuickBooks support? a. Average cost b. c. d. FIFO (first in first out) LIFO (last in first out) All of the above
Powered by
Item No: 27 of 40
Question: In which list do you enter the sales tax rates? a. Vendor list b. c. d. Sales Tax list Item list Sales Tax Payable list
Powered by
Item No: 28 of 40
Question: Why do you need to use the Receive Payments feature in Customers rather than book receipts directly to the bank? a. It serves the same purpose as a deposit in Banking b. c. In order for it to reflect on the customer's account Because of the limited functionality of Quickbooks
Powered by
Item No: 29 of 40
Question: Under which of these circumstances would a Journal Entry be most appropriate? a. While expensing the monthly prepaid expenses b. c. d. While entering a new invoice While giving a customer a credit While booking an adjustment for the bank reconciliation
Powered by
Item No: 30 of 40
Question: Which of the following editions allows toggling among different editions of QuickBooks without having all the editi a. Retail Edition b. c. d. Contractor Edition Professional Services Edition Accountant Edition
Powered by
Item No: 31 of 40
Question: In which QuickBooks window would you record the amount and payment terms for money that a client owes a vendo a. Enter Bills b. c. d. Write Checks Create Purchase Orders Pay Bills
Powered by
Item No: 32 of 40
Question: Which of the following functions does the QuickBooks items perform? a. Calculating amounts on sales forms b. c. d. Allowing you to create a customized chart of accounts Linking sales and purchase transactions to the chart of accounts Allocating paychecks to customers' jobs
Powered by
Item No: 33 of 40
Question: Which of the following statements is true? a. A client cannot use the company file while the accountant is working on the accountant's copy. b. c. d. The dividing date for an accountant's copy must be the same as the closing date of the period. Only clients who use QuickBooks: Pro for Windows can create an accountant's copy. The client is required to back up the data file prior to importing changes from the accountant's copy
Powered by
Item No: 34 of 40
Question: Which of the following balance sheet accounts doesn't have an account register? a. Retained earnings b. c. d. Opening balance equity Payroll liabilities Owner's capital
Powered by
Item No: 35 of 40
Question: Which of the following can facilitate payroll setup by having QuickBooks prefill the payroll information that most em have in common? a. Memorized transactions b. c. d. Employee defaults Employee center Employee templates list
Powered by
Item No: 36 of 40
Question: What does using the Item tab on checks and bills allow you to do? a. Track costs for products and services as well as Customer Job profitability b. c. d. Track revenue for products and services as well as Customer Job profitability Ensure that the line "no item" appears on job profitability reports None of the above
Powered by
Item No: 37 of 40
Question: How can you track deposits that clients make to vendors? a. Track deposits as negative balances in accounts payable b. c. Record the deposit in the Enter Bills window Neither of the above
Powered by
Item No: 38 of 40
Question: A client's bank balance is different from the balance shown on the balance sheet. What is the problem? a. The register contains post-dated checks b. c. d. A reconciled transaction was manually unreconciled A memorized transaction An NSF check
Powered by
Item No: 39 of 40
Question: How can you set up QuickBooks: Pro or higher so that time data for salaried employees is transferred to the payroll automatically? a. Select the "Use time data to create paycheck" checkbox on the Payroll tab of the employee's record b. c. d. Set up employee defaults Use the Select Billable Time and Costs window All of the above
Powered by
Item No: 40 of 40
Question: What does QuickBooks do so that you don't have to restate the financials when voiding a check from a prior period? a. Changes the check amount to zero, marks it void, and enters a memo about the related journal entries. b. c. d. Creates a journal entry dated the same as that of the check.
Creates a reversing journal entry as of the current system date that does not change the prior year's financ while allowing you to reconcile the bank account. All of the above.
This is the last question of your test.
Powered by

Quick Books Pro 2008 Test.4

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Quick Books Pro 2008 Test.4

Uploaded by

Copyright:

Available Formats

Quick Books Pro 2008 Test

Changing How the World Works.

Time Remaining: 0:40:00

Changing How the World Works.

Time Remaining: 0:39:52

Changing How the World Works.

Time Remaining: 0:39:40

Changing How the World Works.

Time Remaining: 0:39:33

Changing How the World Works.

Time Remaining: 0:39:25

Changing How the World Works.

Time Remaining: 0:39:17

Changing How the World Works.

Time Remaining: 0:39:10

Changing How the World Works.

Time Remaining: 0:39:03

Changing How the World Works.

Time Remaining: 0:38:55

Changing How the World Works.

Time Remaining: 0:38:48

Changing How the World Works.

Time Remaining: 0:38:39

Changing How the World Works.

Time Remaining: 0:38:32

Changing How the World Works.

Time Remaining: 0:38:24

Changing How the World Works.

Time Remaining: 0:37:49

Changing How the World Works.

Time Remaining: 0:37:23

Changing How the World Works.

Time Remaining: 0:37:15

Changing How the World Works.

Time Remaining: 0:37:08

Changing How the World Works.

Time Remaining: 0:36:59

Changing How the World Works.

Time Remaining: 0:36:50

Changing How the World Works.

Time Remaining: 0:36:37

Changing How the World Works.

Time Remaining: 0:36:29

Changing How the World Works.

Time Remaining: 0:36:20

Changing How the World Works.

Time Remaining: 0:36:14

Changing How the World Works.

Time Remaining: 0:36:01

Changing How the World Works.

Time Remaining: 0:35:53

Changing How the World Works.

Time Remaining: 0:35:44

Changing How the World Works.

Time Remaining: 0:35:37

Changing How the World Works.

Time Remaining: 0:35:29

Changing How the World Works.

Time Remaining: 0:35:21

Changing How the World Works.

Time Remaining: 0:35:15

Changing How the World Works.

Time Remaining: 0:34:56