Question 1

In QuickBooks, budget types include:

Accepted Answer

A) Profit & Loss 
B) Balance Sheet 
C) All of these 
D) None of these 
A) Profit & Loss 
B) Balance Sheet 
C) All of these 
D) None of these C

Question 2

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 A

Question 3

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) Customer menu > Jobs > Estimates 
C) Company menu > Estimates > Preferences 
D) Company menu > Preferences > Estimates 
A) Edit menu > Preferences > Jobs and Estimates > Company Preferences 
B) Customer menu > Jobs > Estimates 
C) Company menu > Estimates > Preferences 
D) Company menu > Preferences > Estimates A

Question 4

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 5

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

Accepted Answer

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

Question 6

QuickBooks can export reports to all of the following types for files except:

Accepted Answer

A) Numbers Document 
B) Excel Document 
C) Comma Delimited 
D) Adobe PDF 
A) Numbers Document 
B) Excel Document 
C) Comma Delimited 
D) Adobe PDF

Question 7

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 8

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 9

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 10

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 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

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 13

To print a budget:

Accepted Answer

A) From the Report Center, select Budgets & Forecasts 
B) From the Company Center, select Company & Financials, Budgets 
C) From the Report Center, select Company & Financials, Budgets 
D) From the Report Center, select Accountant & Taxes, Budgets 
A) From the Report Center, select Budgets & Forecasts 
B) From the Company Center, select Company & Financials, Budgets 
C) From the Report Center, select Company & Financials, Budgets 
D) From the Report Center, select Accountant & Taxes, Budgets

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

Question 15

To create a budget:

Accepted Answer

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

Question 16

Briefly explain the allowance method for accounting for bad debts.

Accepted Answer

The allowance method of accoun

Question 17

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

Question 18

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

Accepted Answer

The direct write of method of

Question 19

The Docs Center:

Accepted Answer

A) Helps you to organize your accounting and business documents within QuickBooks software. 
B) Is accessed by clicking on the Docs icon in My Shortcuts. 
C) Offers you the ability to attach an electronic version of a document to a QuickBooks transaction. 
D) All of these 
A) Helps you to organize your accounting and business documents within QuickBooks software. 
B) Is accessed by clicking on the Docs icon in My Shortcuts. 
C) Offers you the ability to attach an electronic version of a document to a QuickBooks transaction. 
D) All of these

Question 20

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

In QuickBooks, budget types include:

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

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

The Allowance Method for bad debts:

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

QuickBooks can export reports to all of the following types for files except:

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

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

QuickBooks Go Payment:

To print an audit trail report:

When creating a budget in QuickBooks, you can:

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

To print a budget:

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

To create a budget:

Briefly explain the allowance method for accounting for bad debts.

The Direct Write-off Method for bad debts:

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

The Docs Center:

When recording a credit card sale using QuickBooks, select:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Filters

Exam 12: Advanced Quickbooks Features for Accountants

In QuickBooks, budget types include:

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

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

The Allowance Method for bad debts:

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

QuickBooks can export reports to all of the following types for files except:

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

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

QuickBooks Go Payment:

To print an audit trail report:

When creating a budget in QuickBooks, you can:

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

To print a budget:

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

To create a budget:

Briefly explain the allowance method for accounting for bad debts.

The Direct Write-off Method for bad debts:

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

The Docs Center:

When recording a credit card sale using QuickBooks, select:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Filters