QUICKBOOKS ONLINE EXAM FINAL
PAPER 2026 COMPLETE SOLUTIONS AND
CORRECT ANSWERS GRADED A+
⩥ What should you do after you click and Save and Close on a
Customer Memo? Answer: Choose between retained as an available
credit, give a refund or apply an invoice
⩥ Which of the following CAN be memorized in QuickBooks? Answer:
Checks
⩥ Which is not a Payroll Summary Report in QuickBooks? Answer:
Information necessary to complete your state unemployment tax form
⩥ The bank notified you that a customer's check you deposited has
bounced. The customer did not have sufficient funds to cover the check.
What should you do? Answer: Record a transaction to show the
customer owes you money and that the checking balance has decreased
by the same amount
⩥ Suppose you always want all reports to show a specific size and color,
how do you set the standard or preference in QuickBooks so you don't
have customize each report? Answer: Click the reports menu reports and
select global report preferences
,⩥ Suppose you want to restrict which users can access customer credit
card numbers. How do you do this? Answer: Give the user access to
sales and accounts receivable but do not check the complete credit card
numbers
⩥ Which of the following is the possible reason for a bank reconciliation
discrepancy? Answer: The bank reconciliation is on a cash basis instead
of accrual basis.
⩥ Which of the following statements is TRUE regarding Undeposited
Funds? Answer: It is account used to record payments before you make
a deposit.
⩥ Which accounts are affected when you enter QuickBooks? Answer:
Accounts Receivable
⩥ Workers who require a W2 tax form at the end of the year should be
added to which of the following lists Answer: Employees
⩥ If you have customized report that you use each month, which feature
lets you run the report with updated data each month. Answer:
Memorize Report
, ⩥ What is the primary reason for setting a closing date in QuickBooks?
Answer: To restrict users from deleting, editing or adding transactions to
last year
⩥ Your new employee earned an annual salary of $40,000. How do you
enter this into QuickBooks? Answer: Enter 40,000 in the payroll info
window
⩥ What steps must you complete to use the payroll liabilities? Answer:
Set deposit frequencies
⩥ Name the section in the Balance Sheet Answer: Assets, Liabilities &
Equity
⩥ When you create a new company file, QuickBooks asks for your start
date. What is the best definition to start date in QuickBooks Answer:
The day you chose to start recording the financial records in
QuickBooks.
⩥ Which of the following statements is NOT true regarding entering and
paying bills in QuickBooks? Answer: If you use the enter bill windows
to record a bill, do not use the write checks window or check register to
pay the same bill.
PAPER 2026 COMPLETE SOLUTIONS AND
CORRECT ANSWERS GRADED A+
⩥ What should you do after you click and Save and Close on a
Customer Memo? Answer: Choose between retained as an available
credit, give a refund or apply an invoice
⩥ Which of the following CAN be memorized in QuickBooks? Answer:
Checks
⩥ Which is not a Payroll Summary Report in QuickBooks? Answer:
Information necessary to complete your state unemployment tax form
⩥ The bank notified you that a customer's check you deposited has
bounced. The customer did not have sufficient funds to cover the check.
What should you do? Answer: Record a transaction to show the
customer owes you money and that the checking balance has decreased
by the same amount
⩥ Suppose you always want all reports to show a specific size and color,
how do you set the standard or preference in QuickBooks so you don't
have customize each report? Answer: Click the reports menu reports and
select global report preferences
,⩥ Suppose you want to restrict which users can access customer credit
card numbers. How do you do this? Answer: Give the user access to
sales and accounts receivable but do not check the complete credit card
numbers
⩥ Which of the following is the possible reason for a bank reconciliation
discrepancy? Answer: The bank reconciliation is on a cash basis instead
of accrual basis.
⩥ Which of the following statements is TRUE regarding Undeposited
Funds? Answer: It is account used to record payments before you make
a deposit.
⩥ Which accounts are affected when you enter QuickBooks? Answer:
Accounts Receivable
⩥ Workers who require a W2 tax form at the end of the year should be
added to which of the following lists Answer: Employees
⩥ If you have customized report that you use each month, which feature
lets you run the report with updated data each month. Answer:
Memorize Report
, ⩥ What is the primary reason for setting a closing date in QuickBooks?
Answer: To restrict users from deleting, editing or adding transactions to
last year
⩥ Your new employee earned an annual salary of $40,000. How do you
enter this into QuickBooks? Answer: Enter 40,000 in the payroll info
window
⩥ What steps must you complete to use the payroll liabilities? Answer:
Set deposit frequencies
⩥ Name the section in the Balance Sheet Answer: Assets, Liabilities &
Equity
⩥ When you create a new company file, QuickBooks asks for your start
date. What is the best definition to start date in QuickBooks Answer:
The day you chose to start recording the financial records in
QuickBooks.
⩥ Which of the following statements is NOT true regarding entering and
paying bills in QuickBooks? Answer: If you use the enter bill windows
to record a bill, do not use the write checks window or check register to
pay the same bill.
