QuickBooks Study Guide Questions 1-150 (Parts 1-
3) REVISED AND APPROVED
Why would you hide or collapse sub accounts on a report? - ANSW 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? - ANSW 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? - ANSW A.) Checks
Which is NOT shown on the Payroll Summary Report in QuickBooks? - ANSW 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? - ANSW 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? - ANSW 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?
- ANSW 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? - ANSW B.) The
beginning balance calculated by QuickBooks does not match last months ending phase.
Which of the following statements is true regarding undeposited funds? - ANSW D.) It is an account
used to record payments before you make a deposit
, Which accounts are affected when you enter Time in QuickBooks? - ANSW 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? - ANSW 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? - ANSW B.) Memorize Report
What is the primary reason for setting a closing date in QuickBooks? - ANSW 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? -
ANSW C.) Enter 40,000 in the payroll info window.
What steps must you complete to use the payroll center to pay payroll liabilities? - ANSW C.) Set
deposit frequencies
Name the section of the Balance Sheet. - ANSW 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? - ANSW C.) The day you chose to start the new company file.
Which of the following statements is not true regarding entering and paying bills in QuickBooks? - ANSW
B.) If you enter the bills windows to record a bill, do not use the write checks window or check register to
pay that same bill.
How do you use a different forms template when creating a new transaction? (i.e. Invoice) - ANSW D.)
Open the form, click the templates drop down list and select the appropriate form.
How do you change the report basis, accrual vs. cash for just one report? - ANSW B.) Click the modify
report button on the report and then choose accrual or cash on the display pad.
3) REVISED AND APPROVED
Why would you hide or collapse sub accounts on a report? - ANSW 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? - ANSW 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? - ANSW A.) Checks
Which is NOT shown on the Payroll Summary Report in QuickBooks? - ANSW 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? - ANSW 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? - ANSW 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?
- ANSW 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? - ANSW B.) The
beginning balance calculated by QuickBooks does not match last months ending phase.
Which of the following statements is true regarding undeposited funds? - ANSW D.) It is an account
used to record payments before you make a deposit
, Which accounts are affected when you enter Time in QuickBooks? - ANSW 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? - ANSW 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? - ANSW B.) Memorize Report
What is the primary reason for setting a closing date in QuickBooks? - ANSW 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? -
ANSW C.) Enter 40,000 in the payroll info window.
What steps must you complete to use the payroll center to pay payroll liabilities? - ANSW C.) Set
deposit frequencies
Name the section of the Balance Sheet. - ANSW 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? - ANSW C.) The day you chose to start the new company file.
Which of the following statements is not true regarding entering and paying bills in QuickBooks? - ANSW
B.) If you enter the bills windows to record a bill, do not use the write checks window or check register to
pay that same bill.
How do you use a different forms template when creating a new transaction? (i.e. Invoice) - ANSW D.)
Open the form, click the templates drop down list and select the appropriate form.
How do you change the report basis, accrual vs. cash for just one report? - ANSW B.) Click the modify
report button on the report and then choose accrual or cash on the display pad.
