HS Accounting Services - Quickbooks Quiz

HS Accounting & Computer Services

The following test consists of multiple choice and essay questions. Enter the best answer for each question. You may not use any notes or books. Good luck!!!

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Last Version Used

The last version of QuickBooks you have used. If you are unsure, write "Unknown".
1) If you enter a Bill through the "Enter Bills" window, pay the Bill through which window:

A. Write Checks B. Pay Bills C. Receive Bills: D. Any of the above
2) Which one of the following transactions is NOT included in the "Accounts Receivable Register" for a Customer:Job?

a. Statement Charges: b. Invoices: c. Cash Sales Receipts: d. Credit Memos:
3) You can "Enter an Invoice" directly into a Customer:Job Register.

a. True b. False
4) Which one of the following is not a "Current Asset"?

a. Checking Account b. Accounts Receivable c. Inventory Asset d. Truck
5) The "940 Form" is used for which one of the following:

a. To report income for a corporation b. To report Federal Unemployment Tax Liability c. To report quarterly withholding and tax liability for employees d. To reconcile W-2's with quarterly reports at year-end
6) If you make a mistake when "Entering an Invoice", it is a good idea to delete the invoice and create another.

True False
7) Which one of the following is a "Long-Term Liability"?

a. Truck Loan b. Payroll Liability c. Accounts Payable d. Sales Tax Payable
8) You can "Add Custom Fields" for which one of the following Lists?

a. Vendors, Employees, Items b. Items, Other Names, Employees c. Employees, Customer:Job, Other Names d. Items, Vendors, Other Names
9) A "Credit Memo" reduces a "Customer:Job balance".

True False
10) If you "Create an Invoice" for $530, where $500 is for services rendered and $30 is for sales tax, which one of the following does the journal entry formula look like?

a. $500 debit to A/R, $30 debit Sales Tax, $530 credit to Revenue b. $530 debit to A/R, $530 credit to Revenue c. $530 debit to Revenue, $500 credit to A/R, $30 credit to Sales Tax d. $530 debit to A/R, $30 credit to Sales Tax Payable, $500 credit to Revenue
11) Using the text box below, explain the purpose of a "941 Form".
12) "Estimates" automatically post to the A/R Account.

True False
13) "Balance Sheet Accounts" and "Income Accounts" both have QuickBooks® Registers that are accessed by double-clicking on the Account from the Chart of Accounts.

True False
14) Using the text box below, explain which "Account" QuickBooks® uses as default to hold money a company has received but NOT deposited?
15) Which one of the following "Reports" summarizes the financial position of a company, the value of assets, liabilities and equity for a specified date?

a. Balance Sheet b. Profit & Loss Statement c. Income & Expense Graph d. Sales Graph
16) Using the text box below, answer "yes" or "no" and explain your answer for the following question: Does QuickBooks® allow you to enter "Pending Invoices?

Start your answer with "YES" or "NO" and then explain your answer.
17) Using the text box below, explain the easiest way to view a "List of Transactions" posted to an "Expense Account".
18) Which one of the following is the "accounting equation"?

a. Income minus expenses b. Assets - Liabilities = Income c. Assets = Liabilities + Equity d. Debits = Credits
19) Using the text box below, explain how would you handle QuickBooks® Lists if you have a company that is both a vendor and a customer?
20) Using the text box below, explain which "Report" in QuickBooks® summarizes your Income & Expenses for a month?
21) Using the text box below, explain how you would set up QuickBooks® so that your best customers receive a 10% discount on all their purchases.
22) If you need to record a "Vendor Credit", which one of the following will open the correct window to enter the transaction?

a. The "Vendor Credit" icon from the "Vendor Navigator" b. The "Enter Bills" icon from the "Vendor Navigator" c. The "Vendor Credit" icon from the "Customer Navigator" d. The "Receive Credit" icon from the "Customer Navigator"
23) An "Item" created for services performed by the owner of a company should be set up as which one of the following item "Types"?

a. Group Item b. Non-Inventory Item c. Service Item d. Revenue Item
24) In order to back up the company data file you must be in the "Multi-User" mode.

a. True b. False
25) Which one of the following statments best describes an "Item" in QuickBooks®?

a. Items help track vendors b. Items are used to perform calculations on the amounts in a sale c. Items help track employees d. All of the above
26) Using the text box below, explain at least 3 of what you have found (through your experiences) to be common mistakes made by QuickBoooks® users.
27) QuickBooks® will handle an unlimited amount of inventory without a problem.

a. True b. False
28) Using the text box below, explain what one thing QuickBooks® will NOT allow you to change once the program is set up?
29) Using the text box below, explain how using a "Job Cost System" can help you with your business. Please be specific.
30) Which of the following is NOT a QuickBooks® "Item"?

a. Inventory Part b. Supply Item c. Sales Tax Item d. Non-Inventory Part

HS Accounting & Computer Services

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