Question 1

The audit trail lists:

Accepted Answer

A) All deleted transactions 
B) All changes to transactions 
C) User ID of person entering transactions 
D) All of these 
A) All deleted transactions 
B) All changes to transactions 
C) User ID of person entering transactions 
D) All of these D

Question 2

The Direct Write-off Method for bad debts:

Accepted Answer

A) 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 
B) Complies with GAAP 
C) Estimates bad debt expense and establishes an allowance or reserve for uncollectible 
D) None of these 
A) 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 
B) Complies with GAAP 
C) Estimates bad debt expense and establishes an allowance or reserve for uncollectible 
D) None of these A

Question 3

Which of the following file extensions identifies an accountant's copy file?

Accepted Answer

A) .QBX 
B) .QBW 
C) .QBB 
D) .QBM 
A) .QBX 
B) .QBW 
C) .QBB 
D) .QBM A

Question 4

To print an audit trail report:

Accepted Answer

A) Select Report menu > Company & Financials > Audit Trail 
B) Select the Audit Trail icon in the Company Center 
C) Select Report Center > Accountant & Taxes > Audit Trail 
D) Select the Audit Trail report from the Company section of the Home page 
A) Select Report menu > Company & Financials > Audit Trail 
B) Select the Audit Trail icon in the Company Center 
C) Select Report Center > Accountant & Taxes > Audit Trail 
D) Select the Audit Trail report from the Company section of the Home page

Question 5

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

Accepted Answer

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

Question 6

When doing business in multiple currencies,QuickBooks allows you to:

Accepted Answer

A) Apply currency conversions automatically 
B) Download the current currency exchange rates 
C) Specify your home currency 
D) All of these 
A) Apply currency conversions automatically 
B) Download the current currency exchange rates 
C) Specify your home currency 
D) All of these

Question 7

A credit card payment received against/on an open invoice would be recorded as:

Accepted Answer

A) Using the Statements icon in the Customers section of the Home page 
B) Using the Receive Payments icon in the Customers section of the Home page 
C) Using the Credit Card icon in the Banking section of the Home page 
D) None of these 
A) Using the Statements icon in the Customers section of the Home page 
B) Using the Receive Payments icon in the Customers section of the Home page 
C) Using the Credit Card icon in the Banking section of the Home page 
D) None of these

Question 8

Progress Invoicing is turned on by going to Edit > Preferences > ____________.

Accepted Answer

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

Question 9

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

Accepted Answer

The direct write of method of

Question 10

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

Question 11

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 of these 
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 of these

Question 12

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 of these 
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 of these

Question 13

Which of the following identifies a QuickBooks portable company file:

Accepted Answer

A) .QBB 
B) .QBM 
C) .QBW 
D) .QBX 
A) .QBB 
B) .QBM 
C) .QBW 
D) .QBX

Question 14

QuickBooks Go Payment:

Accepted Answer

A) Is an Intuit app that connects you to your QuickBooks software. 
B) Allows you to collect customer payments on the go. 
C) To use: connects a credit card reader to your mobile device. 
D) All of these 
A) Is an Intuit app that connects you to your QuickBooks software. 
B) Allows you to collect customer payments on the go. 
C) To use: connects a credit card reader to your mobile device. 
D) All of these

Question 15

QuickBooks Mobile App:

Accepted Answer

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 
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

Question 16

Briefly explain the allowance method for accounting for bad debts.

Accepted Answer

The allowance method of accoun

Question 17

When recording a credit card sale using QuickBooks,select:

Accepted Answer

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

Question 18

Which of the following identifies a QuickBooks backup company file:

Accepted Answer

A) .QBB 
B) .QBM 
C) .QBW 
D) .QBX 
A) .QBB 
B) .QBM 
C) .QBW 
D) .QBX

Question 19

In QuickBooks,budget types include:

Accepted Answer

A) Profit & Loss 
B) Balance Sheet 
C) Both profit & loss and balance sheet 
D) None of these 
A) Profit & Loss 
B) Balance Sheet 
C) Both profit & loss and balance sheet 
D) None of these

Question 20

You would use which QuickBooks feature to prepare a bid for a potential customer?

Accepted Answer

A) Progress Billing 
B) Estimates 
C) Enter Bills 
D) Invoice 
A) Progress Billing 
B) Estimates 
C) Enter Bills 
D) Invoice

The audit trail lists:

The Direct Write-off Method for bad debts:

Which of the following file extensions identifies an accountant's copy file?

To print an audit trail report:

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

When doing business in multiple currencies,QuickBooks allows you to:

A credit card payment received against/on an open invoice would be recorded as:

Progress Invoicing is turned on by going to Edit > Preferences > ____________.

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

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

When creating a budget in QuickBooks,you can:

The Allowance Method for bad debts:

Which of the following identifies a QuickBooks portable company file:

QuickBooks Go Payment:

QuickBooks Mobile App:

Briefly explain the allowance method for accounting for bad debts.

When recording a credit card sale using QuickBooks,select:

Which of the following identifies a QuickBooks backup company file:

In QuickBooks,budget types include:

You would use which QuickBooks feature to prepare a bid for a potential customer?

Introduction to PFP

Time Value of Money

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Cash Flow Planning

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Filters

Exam 12: Retirement Planning

The audit trail lists:

The Direct Write-off Method for bad debts:

Which of the following file extensions identifies an accountant's copy file?

To print an audit trail report:

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

When doing business in multiple currencies,QuickBooks allows you to:

A credit card payment received against/on an open invoice would be recorded as:

Progress Invoicing is turned on by going to Edit > Preferences > ____________.

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

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

When creating a budget in QuickBooks,you can:

The Allowance Method for bad debts:

Which of the following identifies a QuickBooks portable company file:

QuickBooks Go Payment:

QuickBooks Mobile App:

Briefly explain the allowance method for accounting for bad debts.

When recording a credit card sale using QuickBooks,select:

Which of the following identifies a QuickBooks backup company file:

In QuickBooks,budget types include:

You would use which QuickBooks feature to prepare a bid for a potential customer?

Introduction to PFP

Time Value of Money

Beginning the Planning Process

Household Finance

Financial Statements Analysis

Cash Flow Planning

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Filters