Question 1

Progress Invoicing is turned on by going to Edit > Preferences > ________

Accepted Answer

A) Bills 
B) Jobs and Estimates 
C) Sales and Customers 
D) Time and Expenses 
A) Bills 
B) Jobs and Estimates 
C) Sales and Customers 
D) Time and Expenses B

Question 2

After displaying the QuickBooks Audit Trail report,the report can be exported to Excel using the Autofilter by selecting:

Accepted Answer

A) Excel button > Create new worksheet > Replace an existing worksheet > Advanced tab > Auto Filtering 
B) Excel button > Advanced > Auto Filter 
C) Export > Auto Filtering 
D) None of the choices are correct 
A) Excel button > Create new worksheet > Replace an existing worksheet > Advanced tab > Auto Filtering 
B) Excel button > Advanced > Auto Filter 
C) Export > Auto Filtering 
D) None of the choices are correct A

Question 3

When creating a budget in QuickBooks,you can:

Accepted Answer

A) Create a budget that increases each monthly amount by a specific percentage 
B) Create a budget from previous year's actual data 
C) Create a budget from scratch 
D) All the choices are correct 
A) Create a budget that increases each monthly amount by a specific percentage 
B) Create a budget from previous year's actual data 
C) Create a budget from scratch 
D) All the choices are correct D

Question 4

Briefly explain the direct write off method for accounting for bad debts.

Accepted Answer

The direct write of method of

Question 5

Briefly explain the allowance method for accounting for bad debts.

Accepted Answer

The allowance method of accoun

Question 6

In QuickBooks,budget types include:

Accepted Answer

A) Profit & Loss 
B) Balance Sheet 
C) All the choices are correct 
D) None of the choices are correct 
A) Profit & Loss 
B) Balance Sheet 
C) All the choices are correct 
D) None of the choices are correct

Question 7

Compare and contrast the direct write off method versus the allowance method for account for bad debts.

Accepted Answer

The two different methods that can be us

Question 8

The Allowance Method for bad debts:

Accepted Answer

A) Should be used if uncollectible accounts have a material effect on the company's financial statements used by investors and creditors 
B) Complies with GAAP 
C) Estimates bad debt expense and establishes an allowance or reserve for uncollectible 
D) All the choices are correct 
A) Should be used if uncollectible accounts have a material effect on the company's financial statements used by investors and creditors 
B) Complies with GAAP 
C) Estimates bad debt expense and establishes an allowance or reserve for uncollectible 
D) All the choices are correct

Question 9

To create an audit trail report:

Accepted Answer

A) Select Reports Center > Accountant & Taxes > Audit Trail 
B) Select Reports Menu > Company & Financials > Audit Trail 
C) Select the Audit Trail icon in the Company Center 
D) Select the Audit Trail report from the Company section of the Home Page 
A) Select Reports Center > Accountant & Taxes > Audit Trail 
B) Select Reports Menu > Company & Financials > Audit Trail 
C) Select the Audit Trail icon in the Company Center 
D) Select the Audit Trail report from the Company section of the Home Page

Question 10

To create a budget:

Accepted Answer

A) From the Company Center,select Company & Financials > Budgets 
B) From the Edit Menu,select Preferences > Set Up Budgets 
C) From the Company Menu,select Planning & Budgeting > Set Up Budgets 
D) From the Banking Menu,select Planning & Budgets > Budgets 
A) From the Company Center,select Company & Financials > Budgets 
B) From the Edit Menu,select Preferences > Set Up Budgets 
C) From the Company Menu,select Planning & Budgeting > Set Up Budgets 
D) From the Banking Menu,select Planning & Budgets > Budgets

Question 11

To write off a transaction that was charged a sales tax,use:

Accepted Answer

A) A journal entry to move the customer's balance (credit)to the Bad Debt Expense account (debit) 
B) A journal entry to move the customer's balance (credit)to Allowance for Uncollectible Accounts (debit) 
C) The Receive Payments window (Discount Info button) 
D) The Credit Memo window 
A) A journal entry to move the customer's balance (credit)to the Bad Debt Expense account (debit) 
B) A journal entry to move the customer's balance (credit)to Allowance for Uncollectible Accounts (debit) 
C) The Receive Payments window (Discount Info button) 
D) The Credit Memo window

Question 12

The audit trail can improve which of the following?

Accepted Answer

A) Bad debt expense 
B) Progress invoicing 
C) Creating estimates 
D) Internal control 
A) Bad debt expense 
B) Progress invoicing 
C) Creating estimates 
D) Internal control

Question 13

If the Estimates icon does not appear on your screen in QuickBooks,select:

Accepted Answer

A) Edit Menu > Preferences > Jobs and Estimates > Company Preferences 
B) Customers Menu > Jobs > Estimates 
C) Company Menu > Estimates > Preferences 
D) Company Menu > Preferences > Estimates 
A) Edit Menu > Preferences > Jobs and Estimates > Company Preferences 
B) Customers Menu > Jobs > Estimates 
C) Company Menu > Estimates > Preferences 
D) Company Menu > Preferences > Estimates

Question 14

For long-term projects that are to be billed as each stage of the project is complete,the QuickBooks ________ feature should be used.

Accepted Answer

A) Progressive Projects 
B) Long Term Projects 
C) Progress Billing 
D) Projects Billing 
A) Progressive Projects 
B) Long Term Projects 
C) Progress Billing 
D) Projects Billing

Question 15

The audit trail lists:

Accepted Answer

A) All deleted transactions 
B) All changes to transactions 
C) User ID of person entering transactions 
D) All the choices are correct 
A) All deleted transactions 
B) All changes to transactions 
C) User ID of person entering transactions 
D) All the choices are correct

Question 16

When exporting the Audit Trail report to Excel,which of the following can be used to perform further analysis?

Accepted Answer

A) Excel Autofilter 
B) Word tables 
C) QuickBooks fast format 
D) All the choices are correct 
A) Excel Autofilter 
B) Word tables 
C) QuickBooks fast format 
D) All the choices are correct

Question 17

To print a budget:

Accepted Answer

A) From the Company Center,select Company & Financials > Budgets 
B) From the Reports Center,select Budgets & Forecasts > Budget Overview 
C) From the Reports Center,select Company & Financials > Budgets 
D) From the Reports Center,select Accountant & Taxes > Budgets 
A) From the Company Center,select Company & Financials > Budgets 
B) From the Reports Center,select Budgets & Forecasts > Budget Overview 
C) From the Reports Center,select Company & Financials > Budgets 
D) From the Reports Center,select Accountant & Taxes > Budgets

Question 18

The Direct Write-off Method for bad debts:

Accepted Answer

A) Complies with GAAP 
B) Removes a customer's uncollectible account receivable and records a bad debt expense and is recorded at the time a specific customer's account becomes uncollectible 
C) Estimates bad debt expense and establishes an allowance or reserve for uncollectible 
D) None of the choices are correct 
A) Complies with GAAP 
B) Removes a customer's uncollectible account receivable and records a bad debt expense and is recorded at the time a specific customer's account becomes uncollectible 
C) Estimates bad debt expense and establishes an allowance or reserve for uncollectible 
D) None of the choices are correct

Question 19

Customer payments received on progress invoices are:

Accepted Answer

A) Recorded using the Check Register 
B) Recorded using the Statement icon in the Customers section of the Home Page 
C) Recorded in the same manner as customer payments for standard invoices 
D) Recorded using the Progress Invoices icon in the Customers section of the Home Page 
A) Recorded using the Check Register 
B) Recorded using the Statement icon in the Customers section of the Home Page 
C) Recorded in the same manner as customer payments for standard invoices 
D) Recorded using the Progress Invoices icon in the Customers section of the Home Page

Question 20

When recording a customer credit card payment on account using QuickBooks,select:

Accepted Answer

A) Create Invoice > Customer Payment > Customer & Job Name 
B) Create Sales Receipt > Record Deposits 
C) Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card information 
D) Make Deposit > Select Customer & Job Name > Select Payment Method and enter credit card information 
A) Create Invoice > Customer Payment > Customer & Job Name 
B) Create Sales Receipt > Record Deposits 
C) Receive Payment > Select Customer & Job Name > Select Payment Method and enter credit card information 
D) Make Deposit > Select Customer & Job Name > Select Payment Method and enter credit card information

Progress Invoicing is turned on by going to Edit > Preferences > ________

After displaying the QuickBooks Audit Trail report,the report can be exported to Excel using the Autofilter by selecting:

When creating a budget in QuickBooks,you can:

Briefly explain the direct write off method for accounting for bad debts.

Briefly explain the allowance method for accounting for bad debts.

In QuickBooks,budget types include:

Compare and contrast the direct write off method versus the allowance method for account for bad debts.

The Allowance Method for bad debts:

To create an audit trail report:

To create a budget:

To write off a transaction that was charged a sales tax,use:

The audit trail can improve which of the following?

If the Estimates icon does not appear on your screen in QuickBooks,select:

For long-term projects that are to be billed as each stage of the project is complete,the QuickBooks ________ feature should be used.

The audit trail lists:

When exporting the Audit Trail report to Excel,which of the following can be used to perform further analysis?

To print a budget:

The Direct Write-off Method for bad debts:

Customer payments received on progress invoices are:

When recording a customer credit card payment on account using QuickBooks,select:

Navigation and Settings

Chart of Accounts

Transactions

Banking

Customers and Sales

Vendors and Expenses

Inventory

Employees and Payroll

Adjustments

Reports

Service Company

Merchandise Company

Desktop Versus Quickbooks Online

Review Guide

Filters

Exam 13: Features for Accountants

Progress Invoicing is turned on by going to Edit > Preferences > ________

After displaying the QuickBooks Audit Trail report,the report can be exported to Excel using the Autofilter by selecting:

When creating a budget in QuickBooks,you can:

Briefly explain the direct write off method for accounting for bad debts.

Briefly explain the allowance method for accounting for bad debts.

In QuickBooks,budget types include:

Compare and contrast the direct write off method versus the allowance method for account for bad debts.

The Allowance Method for bad debts:

To create an audit trail report:

To create a budget:

To write off a transaction that was charged a sales tax,use:

The audit trail can improve which of the following?

If the Estimates icon does not appear on your screen in QuickBooks,select:

For long-term projects that are to be billed as each stage of the project is complete,the QuickBooks ________ feature should be used.

The audit trail lists:

When exporting the Audit Trail report to Excel,which of the following can be used to perform further analysis?

To print a budget:

The Direct Write-off Method for bad debts:

Customer payments received on progress invoices are:

When recording a customer credit card payment on account using QuickBooks,select:

Navigation and Settings

Chart of Accounts

Transactions

Banking

Customers and Sales

Vendors and Expenses

Inventory

Employees and Payroll

Adjustments

Reports

Service Company

Merchandise Company

Desktop Versus Quickbooks Online

Review Guide

Filters