QuickBooks Study Guide Questions 1-
150 (Parts 1-3) Questions and Answers
Already Passed
Why would you hide or collapse sub accounts on a report? ✔✔D.) To temporarily hide
unnecessary details and hide parent accounts
What should you do after you click Save and Close on a Customer Credit Memo? ✔✔D.)
Choose between retained as an available credit, give a refund or apply to an invoice
Which of the following can be memorized in QuickBooks? ✔✔A.) Checks
Which is NOT shown on the Payroll Summary Report in QuickBooks? ✔✔A.) 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? ✔✔B.) Record a transaction to
show the customer owes you the money and that the checking balance has decreased by that
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 to customize each report? ✔✔D.) Click
the edit menu and select preferences then click the reports and graphs group to set your report
preferences.
Suppose you want to restrict which users can access customer credit card numbers. How do you
do this? ✔✔B.) Give the user access to sales and accounts receivable but do not check the
complete credit card numbers.
Which of the following is a possible reason for a bank reconciliation discrepancy? ✔✔B.) The
beginning balance calculated by QuickBooks does not match last months ending phase.
Which of the following statements is true regarding undeposited funds? ✔✔D.) It is an account
used to record payments before you make a deposit
Which accounts are affected when you enter Time in QuickBooks? ✔✔D.) Accounts Receivable
Workers who require a W2 tax form at the end of the year should be added to which of the
following lists? ✔✔A.) Employees
, If you have a customized report that you use each month,which feature lets you run the report
with updated data each month? ✔✔B.) Memorize Report
What is the primary reason for setting a closing date in QuickBooks? ✔✔B.) 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? ✔✔C.) Enter 40,000 in the payroll info window.
What steps must you complete to use the payroll center to pay payroll liabilities? ✔✔C.) Set
deposit frequencies
Name the section of the Balance Sheet. ✔✔D.) Assets, Liabilities, and Equity
When you create a new company file, QuickBooks asks for your start date. What is the best
definition of start date in QuickBooks? ✔✔C.) The day you chose to start the new company file.
150 (Parts 1-3) Questions and Answers
Already Passed
Why would you hide or collapse sub accounts on a report? ✔✔D.) To temporarily hide
unnecessary details and hide parent accounts
What should you do after you click Save and Close on a Customer Credit Memo? ✔✔D.)
Choose between retained as an available credit, give a refund or apply to an invoice
Which of the following can be memorized in QuickBooks? ✔✔A.) Checks
Which is NOT shown on the Payroll Summary Report in QuickBooks? ✔✔A.) 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? ✔✔B.) Record a transaction to
show the customer owes you the money and that the checking balance has decreased by that
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 to customize each report? ✔✔D.) Click
the edit menu and select preferences then click the reports and graphs group to set your report
preferences.
Suppose you want to restrict which users can access customer credit card numbers. How do you
do this? ✔✔B.) Give the user access to sales and accounts receivable but do not check the
complete credit card numbers.
Which of the following is a possible reason for a bank reconciliation discrepancy? ✔✔B.) The
beginning balance calculated by QuickBooks does not match last months ending phase.
Which of the following statements is true regarding undeposited funds? ✔✔D.) It is an account
used to record payments before you make a deposit
Which accounts are affected when you enter Time in QuickBooks? ✔✔D.) Accounts Receivable
Workers who require a W2 tax form at the end of the year should be added to which of the
following lists? ✔✔A.) Employees
, If you have a customized report that you use each month,which feature lets you run the report
with updated data each month? ✔✔B.) Memorize Report
What is the primary reason for setting a closing date in QuickBooks? ✔✔B.) 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? ✔✔C.) Enter 40,000 in the payroll info window.
What steps must you complete to use the payroll center to pay payroll liabilities? ✔✔C.) Set
deposit frequencies
Name the section of the Balance Sheet. ✔✔D.) Assets, Liabilities, and Equity
When you create a new company file, QuickBooks asks for your start date. What is the best
definition of start date in QuickBooks? ✔✔C.) The day you chose to start the new company file.
